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

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

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

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

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>FORM
<span id="xdx_903_edei--DocumentType_c20230101__20231231_zp5WwIrwXO2j"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000013" name="dei:DocumentType">20-F</ix:nonNumeric></span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_edei--DocumentRegistrationStatement_c20230101__20231231_zsH5wdoQBVb8"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000014" name="dei:DocumentRegistrationStatement">&#9744;</ix:nonNumeric></span>
<b>REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_edei--DocumentAnnualReport_c20230101__20231231_z8B7aZVVlrT1"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleantrue" id="Fact000015" name="dei:DocumentAnnualReport">&#9746;</ix:nonNumeric></span>
<b>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the fiscal year ended <span id="xdx_90E_edei--DocumentPeriodEndDate_c20230101__20231231_z64X2W9j8qKd"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:datemonthdayyearen" id="Fact000016" name="dei:DocumentPeriodEndDate"><span id="xdx_906_edei--CurrentFiscalYearEndDate_c20230101__20231231_zBqMcpYFvrlb"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:datemonthdayen" id="Fact000017" name="dei:CurrentFiscalYearEndDate">December 31</ix:nonNumeric></span>, <span id="xdx_907_edei--DocumentFiscalYearFocus_c20230101__20231231_zs0GTa6Es8Xh"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000018" name="dei:DocumentFiscalYearFocus">2023</ix:nonNumeric></span></ix:nonNumeric></span></b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_edei--DocumentTransitionReport_c20230101__20231231_zI4u9DuFtBr7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000019" name="dei:DocumentTransitionReport">&#9744;</ix:nonNumeric></span>
<b>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_edei--DocumentShellCompanyReport_c20230101__20231231_zzkg4TMNBCn2"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000020" name="dei:DocumentShellCompanyReport">&#9744;</ix:nonNumeric></span>
<b>SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commission
file number: <span id="xdx_909_edei--EntityFileNumber_c20230101__20231231_zVnOQ4bfq2Xi"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000021" name="dei:EntityFileNumber">001-42027</ix:nonNumeric></span></span></p>

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

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b><span id="xdx_906_edei--EntityRegistrantName_c20230101__20231231_zNSW3fuN4zZ9"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000022" name="dei:EntityRegistrantName">mF
International Limited</ix:nonNumeric></span></b></span></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_902_edei--EntityIncorporationStateCountryCode_c20230101__20231231_zzYDWkp2Mbri"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:edgarprovcountryen" id="Fact000023" name="dei:EntityIncorporationStateCountryCode">British
Virgin Islands</ix:nonNumeric></span></b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90D_edei--EntityAddressAddressLine1_c20230101__20231231_z20eYw5Ky9ab"><span id="xdx_90F_edei--EntityAddressAddressLine1_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zN59LjOfIrxa"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000024" name="dei:EntityAddressAddressLine1"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000025" name="dei:EntityAddressAddressLine1">Unit
1801, Fortis Tower</ix:nonNumeric></ix:nonNumeric></span></span>, <span id="xdx_901_edei--EntityAddressAddressLine2_c20230101__20231231_zBJ827CUG4U6"><span id="xdx_90D_edei--EntityAddressAddressLine2_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zBO4JWVOZN8b"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000026" name="dei:EntityAddressAddressLine2"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000027" name="dei:EntityAddressAddressLine2">77-79 Gloucester Road</ix:nonNumeric></ix:nonNumeric></span></span>,<br/>
<span id="xdx_90B_edei--EntityAddressCityOrTown_c20230101__20231231_zNWbb6HNn0jb"><span id="xdx_902_edei--EntityAddressCityOrTown_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zvlOJgUQiugg"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000028" name="dei:EntityAddressCityOrTown"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000029" name="dei:EntityAddressCityOrTown">Wan Chai</ix:nonNumeric></ix:nonNumeric></span></span>, <span id="xdx_903_edei--EntityAddressCountry_c20230101__20231231_zJ8WOcNuDh76"><span id="xdx_906_edei--EntityAddressCountry_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z8ZURIUzXXxl"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:countrynameen" id="Fact000030" name="dei:EntityAddressCountry"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" format="ixt-sec:countrynameen" id="Fact000031" name="dei:EntityAddressCountry">Hong Kong</ix:nonNumeric></ix:nonNumeric></span></span><br/>
(+852) 3426-6200</b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90A_edei--ContactPersonnelName_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zHiaObqXIR34"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000032" name="dei:ContactPersonnelName">Chi
Weng Tam</ix:nonNumeric></span>, Chief Executive Officer</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Telephone:
<span id="xdx_90E_edei--CityAreaCode_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z9TNatpNLK3g"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000033" name="dei:CityAreaCode">(+852)</ix:nonNumeric></span> <span id="xdx_902_edei--LocalPhoneNumber_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zlgIWEexb7F3"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000034" name="dei:LocalPhoneNumber">3426-6200</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Email:
<span id="xdx_90D_edei--ContactPersonnelEmailAddress_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zr5jerTGfoPi"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000035" name="dei:ContactPersonnelEmailAddress">dick.tam@m-finance.net</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>At
the address of the Company set forth above</b></span></p>

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

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

<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">&#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: 38%; 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; padding-bottom: 1.5pt; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 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; padding-bottom: 1.5pt; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 40%; 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; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90E_edei--Security12bTitle_c20230101__20231231_z1vAdGjVkkUg"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000036" name="dei:Security12bTitle">Ordinary
    Shares</ix:nonNumeric></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90A_edei--TradingSymbol_c20230101__20231231_zYE9pWevG66e"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000037" name="dei:TradingSymbol">MFI</ix:nonNumeric></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
    <span id="xdx_909_edei--SecurityExchangeName_c20230101__20231231_z4DJt838SUQb"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:exchnameen" id="Fact000038" name="dei:SecurityExchangeName">Nasdaq</ix:nonNumeric></span> Capital Market</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

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

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

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">An aggregate of <span id="xdx_906_edei--EntityCommonStockSharesOutstanding_iI_c20231231_ztaFJca8dIle"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-12-31" id="Fact000039" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,585,000</ix:nonFraction></span> ordinary shares, no
par value, were outstanding as of December 31, 2023.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes
&#9744; <span id="xdx_90D_edei--EntityWellKnownSeasonedIssuer_c20230101__20231231_z1gvgYEmXs2d"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000040" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span> &#9746;</span></p>

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

<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">If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes
&#9744; <span id="xdx_90A_edei--EntityVoluntaryFilers_c20230101__20231231_zp21A3ri8KMi"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000041" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span> &#9746;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_edei--EntityCurrentReportingStatus_c20230101__20231231_zbK6QvaM6433"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000042" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span>
&#9746; No &#9744;</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_edei--EntityInteractiveDataCurrent_c20230101__20231231_zcIBZMv3LCza"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000043" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span>
&#9746; No &#9744;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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,&#8221; &#8220;accelerated filer,&#8221; and &#8220;emerging growth company&#8221;
in Rule 12b-2 of the Exchange Act.</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    accelerated filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 35%"><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: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_edei--EntityFilerCategory_c20230101__20231231_zV3RB8P0q6b7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:entityfilercategoryen" id="Fact000044" name="dei:EntityFilerCategory">Non-accelerated
    filer</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_edei--EntityEmergingGrowthCompany_c20230101__20231231_zfgO8fHL6Vd9"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleantrue" id="Fact000045" name="dei:EntityEmergingGrowthCompany">&#9746;</ix:nonNumeric></span></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">&#160;</span></p>

<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">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. <span id="xdx_900_edei--EntityExTransitionPeriod_c20230101__20231231_zvJ48chdOa8e"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000046" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></span></p>

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

<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">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_90E_edei--IcfrAuditorAttestationFlag_c20230101__20231231_zPEPw3QOUuf3"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000047" name="dei:IcfrAuditorAttestationFlag">&#9744;</ix:nonNumeric></span></span></p>

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

<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">If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. <span id="xdx_903_edei--DocumentFinStmtErrorCorrectionFlag_c20230101__20231231_zUPoK3X54dze"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000048" name="dei:DocumentFinStmtErrorCorrectionFlag">&#9744;</ix:nonNumeric></span></span></p>

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

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_edei--DocumentAccountingStandard_c20230101__20231231_zYAi1iLMHC1l" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000049" 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: 0pt 0pt 0pt 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: 0pt 0pt 0pt 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    &#9744;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. Item 17 &#9744; Item 18 &#9744;</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">&#160;</span></p>

<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">If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes &#9744; No <span id="xdx_902_edei--EntityShellCompany_dbF_c20230101__20231231_zv9khvYN8la6"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000050" name="dei:EntityShellCompany">&#9746;</ix:nonNumeric></span></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"></p>

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#aj_001">INTRODUCTION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">ii</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#aj_002">PART I</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.65in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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; width: 0.5in; 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">ITEM
    1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#aj_003">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&#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">ITEM
    2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#aj_004">OFFER STATISTICS AND EXPECTED TIMETABLE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&#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">ITEM
    3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#aj_005">KEY INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&#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">ITEM
    4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#aj_006">INFORMATION ON THE COMPANY</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: -10pt; vertical-align: bottom; text-align: center">26</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&#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">ITEM
    4A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#lo_001">UNRESOLVED STAFF COMMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">45</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&#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">ITEM
    5.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#lo_002">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">45</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&#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">ITEM
    6.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#lo_003">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">64</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&#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">ITEM
    7.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Sj_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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; vertical-align: bottom">&#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">ITEM
    8.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Sj_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL INFORMATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">75</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&#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">ITEM
    9.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Sj_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE OFFER AND LISTING</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">76</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&#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">ITEM
    10.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Sj_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADDITIONAL INFORMATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">76</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&#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">ITEM
    11.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Sj_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">83</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&#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">ITEM
    12.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Sj_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">84</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="#Sj_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART II</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">85</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&#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">ITEM
    13.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Sj_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">85</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&#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">ITEM
    14.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Sj_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">85</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&#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">ITEM
    15.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Sj_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTROLS AND PROCEDURES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">85</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: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&#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">ITEM
    16.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Sj_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RESERVED</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">86</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&#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">ITEM
    16A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Sj_012"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AUDIT COMMITTEE FINANCIAL EXPERT</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">86</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&#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">ITEM
    16B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Sj_013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CODE OF ETHICS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">86</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&#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">ITEM
    16C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Sj_014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRINCIPAL ACCOUNTANT FEES AND SERVICES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">87</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&#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">ITEM
    16D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Sj_015"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">87</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&#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">ITEM
    16E.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Sj_016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">87</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&#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">ITEM
    16F.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Sj_017"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">87</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&#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">ITEM
    16G.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Sj_018"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CORPORATE GOVERNANCE</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">87</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&#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">ITEM
    16H.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Sj_019"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MINE SAFETY DISCLOSURE</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">88</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: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&#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">ITEM
    16I.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Sj_020"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">88</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: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: 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">ITEM
    16J.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Sj_021"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INSIDER TRADING POLICIES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">88</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: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: 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">ITEM
    16K.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Sj_022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CYBERSECURITY</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">88</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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 colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="#Sj_023"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART III</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">89</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&#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">ITEM
    17.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Sj_024"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL STATEMENTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">89</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&#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">ITEM
    18.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Sj_025"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL STATEMENTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">89</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">&#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">ITEM
    19.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#Sj_026"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXHIBITS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">89</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">&#160;</span></p>


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="aj_001"></span>INTRODUCTION</b></span></p>

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

<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">In
this annual report on Form 20-F, unless the context otherwise requires, references to:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><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;$,&#8221;
    &#8220;dollars,&#8221; &#8220;USD&#8221;, &#8220;US$&#8221; or &#8220;U.S. dollars&#8221; are to the legal currency of the United
    States.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#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">&#8220;AUD&#8221;
    are to the legal currency of Australia;</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">&#8220;BVI
    Act&#8221; are to the BVI Business Companies Act, 2004 (as amended);</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">&#8220;BVI&#8221;
    are to the British Virgin Islands;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#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">&#8220;CAD&#8221;
    are to the legal currency of Canada;</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">&#8220;CHF&#8221;
    are to the legal currency of Switzerland and Liechtenstein;</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">&#8220;China&#8221;
    or the &#8220;PRC&#8221; are to the People&#8217;s Republic of China, including the special administrative regions of Hong Kong and
    Macau, unless referencing specific laws and regulations adopted by the PRC. The same legal and operational risks associated with
    operations in China may also apply to operations in Hong Kong;</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">&#8220;Company,&#8221;
    &#8220;mF International,&#8221; &#8220;we&#8221;, &#8220;us&#8221;, or &#8220;our,&#8221; are to mF International Limited, a British
    Virgin Islands holding company, and to describing our consolidated financial 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">&#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">&#8220;EURO&#8221;
    are to the legal currency of 20 of the 27 member states of the European Union;</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">&#8220;GBP&#8221;
    are to the legal currency of the United Kingdom and nine of its associated territories;</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">&#8220;HK$&#8221;,
    &#8220;HKD&#8221; and &#8220;HK Dollar&#8221; are to the legal currency of Hong Kong;</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>
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    report only;</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>
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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">&#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>
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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">&#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">
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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">&#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>
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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">&#8220;mFTT&#8221;
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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">&#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">&#8220;NZD&#8221;
    are to the legal currency of New Zealand, the Cook Islands, Niue, the Ross Dependency, Tokelau, and a British territory, the Pitcairn
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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">&#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">&#8220;Operating
    Subsidiaries&#8221; are to m-FINANCE, mFTT and OTX (as defined below), wholly-owned subsidiaries of mF International, unless otherwise
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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">&#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">&#8220;Ordinary
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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">&#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>
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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">&#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>
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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">&#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>
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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">&#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>
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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">&#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>
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    WFOE&#8221; are to m-FINANCE Software (Shenzhen) Limited, a mainland China company incorporated on March 27, 2014 and a wholly-owned
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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">&#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">&#8220;U.S.
    GAAP&#8221; refers to generally accepted accounting principles in the United States; 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">&#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">&#8220;XAU&#8221;
    refers to internationally accepted code for spot gold traded on the foreign exchange market.</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">&#160;</span></p>

<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">We
do not have any material operations of our own. We are a holding company with operations conducted in Hong Kong through the Operating
Subsidiaries using Hong Kong dollars, the currency of Hong Kong. The Operating Subsidiaries reporting currency is in Hong Kong dollars.
This annual report contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. Translations
of amounts in the consolidated balance sheets, consolidated statements of income and comprehensive income, consolidated statements of
changes in shareholders&#8217; equity and consolidated statements of cash flows from HK$ into US$ as of and for the years ended December
31, 2023 and 2022 are solely for the convenience of the reader and were calculated at the noon buying rate of US$1 = HK$7.8109 and US$1 =
HK$7.8015, respectively, as published in H.10 statistical release of the United States Federal Reserve Board. No representation is
made that the HK$ amounts could have been, or could be, converted, realized or settled into US$ at such rate or at any other rate.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="aj_002"></span>Part
I</b></span></p>

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

<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><span id="aj_003"></span>Item
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</b></span></p>

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

<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">Not
Applicable.</span></p>

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

<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><span id="aj_004"></span>Item
2. OFFER STATISTICS AND EXPECTED TIMETABLE</b></span></p>

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

<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">Not
Applicable.</span></p>

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

<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><span id="aj_005"></span>Item
3. KEY INFORMATION</b></span></p>

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

<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>Our
Corporate History</b></span></p>

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

<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">mF
International is a BVI business company limited by shares and established under the laws of the British Virgin Islands on June 15, 2022.
It is a holding company with no business operations of its own. mF International, through its wholly-owned subsidiaries m-FINANCE, mFTT
and OTX, conducts business operations in Hong Kong. A reorganization of the legal structure of the Company (the &#8220;Reorganization&#8221;)
was completed on August 22, 2022. Prior to the Reorganization, our main Hong Kong subsidiary, m-FINANCE, with its three subsidiaries
mFTT, OTX and SZ WFOE, was ultimately controlled by Gaderway Investments Limited.</span></p>

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

<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">As
part of the Reorganization, mF International was incorporated under the laws of the British Virgin Islands on June 15, 2022, and being
interspersed between Gaderway Investments Limited and m-FINANCE. Consequently, mF International became the holding company of m-FINANCE,
with its three subsidiaries on August 22, 2022. The Company and its subsidiaries resulting from Reorganization has always been under
the common control of the same controlling shareholder, Gaderway Investments Limited, before and after the Reorganization. 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 accompanying consolidated financial statements.</span></p>

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

<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">For
the purpose of operating business in 2002, m-FINANCE was incorporated to provide financial trading solutions, including real-time mission
critical forex, bullion/commodities trading platform solutions, financial value-added services, mobile applications and financial information
for brokers and institutional clients in the region. After several years of operations, m-FINANCE had accumulated sufficient financial
resources, and it established three wholly owned subsidiaries, OTX, mFTT and SZ WFOE in 2009, 2013 and 2014, respectively, for the purpose
of increasing business efficiencies and diversification. In 2020, SZ WFOE applied for deregistration and the process of deregistration
was completed in March 2023. As of the date of this annual report, we conduct our business operations in Hong Kong solely through our
Operating Subsidiaries.</span></p>

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


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    <!-- Field: /Page -->

<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>

<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>History
of Share Issuances</b></span></p>

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

<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">The
Company was established under the laws of the British Virgin Islands on June 15, 2022. The authorized number of Ordinary Shares was unlimited
with no par value per share. On June 15, 2022, the Company issued 50,000 Ordinary Shares to Gaderway Investments Limited, for a consideration
of US$0.01 per share.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 11, 2023, our previous sole shareholder, Gaderway Investments Limited, approved a share split of our outstanding Ordinary Shares
at a ratio of 1:231.7, which became effective immediately, resulting in 11,585,000 Ordinary Shares issued and outstanding after the share
split. All references to Ordinary Shares, options to purchase Ordinary Shares, share data, per share data, and related information have
been retroactively adjusted, where applicable, in this annual report to reflect the split of our Ordinary Shares as if it had occurred
at the beginning of the earlier period presented.</span></p>

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

<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">After
the share split of our Ordinary Shares effective on August 11, 2023, in November 2023, Gaderway Investments Limited entered into instruments
of transfer with five investors (collectively, the &#8220;Investors&#8221;), whereby Gaderway Investments Limited sold an aggregate of
2,317,000 Ordinary Shares to the Investors for the aggregate consideration of $5,792,500.</span></p>

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

<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">The
following table sets forth the breakdown of the foregoing transactions among Gaderway Investments Limited and the Investors:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Name of the Investors</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">Number of <br/> Ordinary Shares <br/> Sold/Purchased</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">Consideration</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Cheung Hoi Hung</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">440,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,100,000</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Zhang Mi</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">222,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">555,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Poon Chung Lung</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">546,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,365,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Chan Chu Hing</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">569,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,422,500</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Lo Wing Sang</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">540,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,350,000</td><td style="text-align: left">&#160;</td></tr>
  </table>

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<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">On
February 21, 2024, Lo Wing Sang, one of the Investors, entered into an instrument of transfer with Miu Man Cheung, whereby Lo Wing Sang
sold the 540,000 Ordinary Shares he held to Miu Man Cheung for a consideration of $1,350,000.</span></p>

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<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">On
April 24, 2024, the Company completed its initial public offering (&#8220;IPO&#8221;) of 1,666,667 Ordinary Shares at a public offering
price of $4.50 per share. The net proceeds raised from the IPO were approximately $5.7 million after deducting underwriting discounts
and the offering expenses payable by the Company.</span></p>

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<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>Our
Corporate Structure</b></span></p>

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<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">The
following diagram illustrates our corporate structure as of the date of this annual report. Except as otherwise specified, equity
interests depicted in this diagram are held as to 100%.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="image_003.jpg" alt=""/>&#160;</p>

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

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

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gaderway
    Investments Limited, a company incorporated in the BVI on March 18, 2015 as a BVI business company limited by shares, is a
    holding company without business operations, which is owned as to approximately 61.54% by Mr. Tai Wai (Stephen) Lam and
    approximately 38.46% by Mr. Chi Weng Tam.</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; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">m-FINANCE
    Software (Shenzhen) Limited was dormant and the deregistration process was completed in March 2023.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
details of our principal shareholders&#8217; ownership, please refer to the beneficial ownership table in the section captioned &#8220;Item
6. Directors, Senior Management and Employees&#8212;E. Share Ownership.&#8221;</span></p>

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<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><i>Risks
Associated with our Corporate Structure and being based in Hong Kong</i></b></span></p>

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<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">mF
International is not a Chinese or Hong Kong operating company, but is a holding company incorporated in the British Virgin Islands, or
the BVI. mF International does not conduct any business operations. Our shareholders are only directly investing in the holding company,
mF International, and may never hold equity interests in the operating subsidiaries of the Company. As a limited company with no material
operations, all business operations are conducted by the Operating Subsidiaries in Hong Kong. This structure involves unique risks to
the investors, and Chinese regulatory authorities could disallow this structure, which would likely result in a material change in mF
International&#8217;s operations and/or a material change in the value of the securities of mF International, including that such event
could cause the value of such securities to significantly decline or become worthless. Investing in our Ordinary Shares involves a high
degree of risk, including the risk of losing your entire investment. For example, recently, the PRC government initiated a series of
regulatory actions and statements to regulate business operations in certain areas in China with little advance notice, including a cracking
down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas using the variable
interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly
enforcement. Given the recent statements by the Chinese government indicating an intent to exert more oversight and control over offerings
that are conducted overseas and/or foreign investment in China-based issuers, any such action could significantly limit or completely
hinder our ability to offer or continue to offer securities to investors and cause such securities to significantly decline or be worthless.
Additionally, any further control over offerings conducted overseas and/or foreign investment impacting the Operating Subsidiaries in
Hong Kong by the Hong Kong government could result in a material change in our operations, financial performance and/or the value of
our Ordinary Shares or impair our ability to raise money. See &#8220;&#8212; D. Risk Factors &#8212;Risks Related to Our Corporate Structure
&#8212; <i>Substantially all of the Operating Subsidiaries&#8217; operations are conducted in Hong Kong. However, due to the long arm
provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over
the conduct of such business and may intervene in or influence such operations at any time, which could result in a material change in
the operations of the Operating Subsidiaries and/or the value of our Ordinary Shares. The PRC government may also intervene or impose
restrictions on our ability to move money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside
of Hong Kong. Changes in the policies, regulations, rules, and the enforcement of laws of the Chinese government may also occur quickly
with little advance notice and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain.&#8221;
</i></span></p>

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<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">The
Operating Subsidiaries conduct a substantial amount of their business operations in Hong Kong, with less than 10% of their total customers
in mainland China. Accordingly, we do not expect that the PRC laws and regulations currently have any material impact on the business
of our subsidiaries, financial condition and results of operations. However, in the event that we or the Operating Subsidiaries were
to become subject to PRC laws and regulations, we could incur material costs to ensure compliance, and we or the Operating Subsidiaries
might be subject to fines, experience devaluation of securities or delisting, no longer be permitted to conduct offerings to foreign
investors, and/or no longer be permitted to continue business operations as presently conducted. Currently, we remain subject to certain
legal and operational risks associated with the Operating Subsidiaries being based in Hong Kong and having all of their operations to
date in Hong Kong. Recently, the Chinese regulatory entities have imposed more control over the Hong Kong legal system. Additionally,
the legal and operational risks associated with mainland China may also apply to operations in Hong Kong, and we face the risks and uncertainties
associated with the complex and evolving PRC laws and regulations and as to whether and how the recent PRC government statements and
regulatory developments, such as those relating to data and cyberspace security, and anti-monopoly concerns, would be applicable to our
Company or our subsidiaries in Hong Kong. These risks could result in material changes in the operations of the Operating Subsidiaries
and/or the value of the securities we are registering for sale or 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. Recently,
the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in China
with little advance notice, including a cracking down on illegal activities in the securities market, enhancing supervision over China-based
companies listed overseas, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly
enforcement, which may in the future impact the Operating Subsidiaries&#8217; ability to conduct business, or our ability to accept foreign
investments or list on a U.S. or other foreign exchange if we were to become subject to such regulations. On February 17, 2023, with
the approval of the State Council, the China Securities Regulatory Commission (the &#8220;CSRC&#8221;) released the Trial Administrative
Measures of Overseas Securities Offering and Listing by Domestic Companies (the &#8220;Trial Measures&#8221;) and five supporting guidelines,
which became effective on March 31, 2023. According to the Trial Measures, among other requirements, (1) domestic companies that seek
to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedures with the CSRC; if a domestic
company fails to complete the filing procedures, such domestic company may be subject to administrative penalties; and (2) where a domestic
company seeks to indirectly offer and list securities in an overseas market, the issuer shall designate a major domestic operating entity
responsible for all filing procedures with the CSRC, and such filings shall be submitted to the CSRC within three business days after
the submission of the overseas offering and listing application. As of the date of this annual report, as advised by Zhong Lun Law Firm,
our PRC counsel, we are not subject to the filing procedures under the Trial Measures and there are no effective laws or regulations
in the PRC explicitly require our Company or the Operating Subsidiaries in Hong Kong to seek approvals from the CSRC or any other PRC
governmental authorities for our future overseas offering plans. Nevertheless, since these statements and regulatory actions are new,
it is highly uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws
or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It is also highly uncertain what
the potential impacts such modified or new laws and regulations will have on the business operations of the Operating Subsidiaries, our
ability to accept foreign investments and the continued listing of our Ordinary Shares on a U.S. or other foreign exchanges. If it is
later determined that we are required by the Trial Measures to submit to the CRSC and complete the filing procedures with respect to any offering
and continued listing, we cannot assure you that we will be able to complete such filings in a timely manner or even at all. Any failure
by us to comply with such filing requirements under the Trial Measures may result in an order to rectify, warnings and fines against
us and could materially hinder our ability to offer or continue to offer our securities. Moreover, if certain PRC laws and regulations
were to become applicable to a company such as mF International or the Operating Subsidiaries in the future, the application of such
laws and regulations may have a material adverse impact on the business of our subsidiaries, our financial condition and results of operations
and our ability to offer or continue to offer securities to investors, any of which may cause the value of our securities, including
the Ordinary Shares, to significantly decline or become worthless. See &#8220;&#8212; D. Risk Factors &#8212; Risks Related to Our Corporate
Structure &#8212; <i>Recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations
in certain areas in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing
supervision over China-based companies listed overseas using the variable interest entity structure, adopting new measures to extend
the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. In the future, we may be subject to PRC laws
and regulations related to the current business operations of the Operating Subsidiaries and any changes in such laws and regulations
and interpretations may impair their ability to operate profitably, which could result in a material negative impact on such operations
and/or the value of the securities we are registering for sale.&#8221;</i>, &#8220;&#8212; D. Risk Factors &#8212; Risks Related to Doing
Business in Hong Kong &#8212; <i>The enactment of Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative
Region (the &#8220;Hong Kong National Security Law&#8221;) could impact the Operating Subsidiaries&#8221;, </i>and <i>&#8220;</i>&#8212;
D. Risk Factors &#8212; Risks Related to Doing Business in Hong Kong <i>&#8212; The Hong Kong legal system embodies uncertainties which
could limit the availability of legal protections.&#8221; </i></span></p>

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<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">Furthermore,
our Ordinary Shares may be prohibited from trading on a national exchange or in the over-the-counter trading market in the United States
under the Holding Foreign Companies Accountable Act (the &#8220;HFCA Act&#8221;), as amended by the Accelerating Holding Foreign Companies
Accountable Act (the &#8220;Accelerating HFCA Act&#8221;), if the Public Company Accounting Oversight Board (United States) (the &#8220;PCAOB&#8221;),
determines that it cannot inspect or fully investigate our auditors for two consecutive years beginning in 2022. As a result, an exchange
may determine to delist our securities. Additionally, our securities may be prohibited from trading if our auditor cannot be fully inspected
as more stringent criteria have been imposed by the SEC and the PCAOB, recently. On December 2, 2021, the SEC issued amendments to finalize
rules implementing the submission and disclosure requirements in the HFCA Act, which became effective on January 10, 2022. The rules
apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting
firm that is located in a foreign jurisdiction and that the PCAOB is unable to inspect or investigate completely because of a position
taken by an authority in foreign jurisdictions. For example, on December 16, 2021, the PCAOB issued a report on its determinations that
it was unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in mainland China and in Hong
Kong, because of positions taken by PRC authorities in those jurisdictions. On August 26, 2022, the PCAOB signed a Statement of Protocol
(SOP) Agreement with the CSRC and China&#8217;s Ministry of Finance (the &#8220;SOP Agreement&#8221;). The SOP Agreement established
a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based in mainland
China and Hong Kong, as required under U.S. law. On December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete
access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate
its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB&#8217;s
access in the future, the PCAOB Board will consider the need to issue a new determination. On December 29, 2022, legislation titled &#8220;Consolidated
Appropriations Act, 2023&#8221; (the &#8220;Consolidated Appropriations Act&#8221;), was signed into law by President Biden. The Consolidated
Appropriations Act contained, among other things, an identical provision to the Accelerating HFCA Act, which reduces the number of consecutive
non-inspection years required for foreign companies to comply with PCAOB audits under the HFCA Act from what was originally three years
to two, thus reducing the time period before their securities may be prohibited from trading or delisted. Our auditor, prior to February
16, 2023, Friedman LLP , an independent registered public accounting firm that issued the audit report included elsewhere in this annual
report, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, was subject to
laws in the United States pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional
standards. Our former auditor, Friedman LLP, had been subject PCAOB inspections until it filed its application to withdraw from the PCAOB
registration on December 30, 2022. Our new auditor as of the date of this annual report, Marcum Asia CPAs LLP (&#8220;Marcum Asia&#8221;)
is headquartered in New York, the United States and has been inspected by the PCAOB on a regular basis. However, we cannot assure you
that the NASDAQ Capital Market or other regulatory authorities would not apply additional or more stringent criteria to us after considering
the effectiveness of our auditor&#8217;s audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency
of resources, geographic reach or experience as it relates to the audit of our financial statements. The delisting of our Ordinary Shares,
or the threat of their being delisted, may materially and adversely affect the value of your investment in the future. See &#8220;&#8212;
D. Risk Factors &#8212; Risks Related to Our Ordinary Shares and the Trading Market &#8212; <i>Our Ordinary Shares may be prohibited
from being traded on a national exchange under the HFCA Act if the Public Company Accounting Oversight Board determines that it cannot
inspect or fully investigate our auditors for two consecutive years beginning in 2022 and, as a result, an exchange may determine to
delist our securities. The delisting of our Ordinary Shares, or the threat of being delisted, may materially and adversely affect the
value of your investment.&#8221; </i></span></p>

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<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">As
of the date of this annual report, Gaderway Investments Limited, our largest shareholder, owns more than a majority of the voting power
of our outstanding Ordinary Shares. As a result, Gaderway Investments Limited has the ability to control the outcome of matters submitted
to the shareholders for approval. Additionally, we may be deemed to be a &#8220;controlled company&#8221; within the meaning of the NASDAQ
listing rules. However, even if we are deemed to be a &#8220;controlled company,&#8221; we do not intend to avail ourselves of the corporate
governance exemptions afforded to a &#8220;controlled company&#8221; under the NASDAQ Listing Rules. For a more detailed discussion of
the risk of the Company being a controlled company, see &#8220;&#8212; D. Risk Factors &#8212; Risks Related to Our Corporate Structure
&#8212; <i>Gaderway Investments Limited, our largest shareholder, owns more than a majority of the voting power of our outstanding Ordinary
Shares. As a result, Gaderway Investments Limited has the ability to control the outcome of matters submitted to the shareholders for
approval. Additionally, we may be deemed to be a &#8220;controlled company&#8221; and may follow certain exemptions from certain corporate
governance requirements that could adversely affect our public shareholders</i>.&#8221; on page 14 and &#8220;Item 6. DIRECTORS, SENIOR
MANAGEMENT AND EMPLOYEES &#8212; A. Directors and Senior Management &#8212; Controlled Company.&#8221; &#160;</span></p>

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<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>Dividend
Distributions, Cash Transfer, and Tax Consequences </b></span></p>

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<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">mF
International is permitted under the laws of British Virgin Islands to provide funding to our subsidiaries in Hong Kong through loans
or capital contributions without restrictions on the amount of the funds. The Operating Subsidiaries are permitted under the laws of
Hong Kong to provide funding to mF International, the holding company incorporated in the British Virgin Islands, through dividend distributions
or payments without restrictions on the amount of the funds.</span></p>

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<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">There
are no restrictions or limitation on our ability to distribute earnings from our subsidiaries, including our subsidiaries in Hong Kong,
to mF International and shareholders and U.S. investors, provided that the entity remains solvent after such distribution. Subject to
the BVI Business Companies Act, 2004 (as amended), or the BVI Act and our Memorandum and Articles of Association, or Memorandum and Articles,
our board of directors may authorize and declare a dividend to shareholders at such time and of such an amount as they think fit if they
are satisfied, on reasonable grounds, that immediately following the dividend payment, the value of our assets will exceed our liabilities
and we will be able to pay our debts as they become due. According to the Companies Ordinance of Hong Kong, a Hong Kong company may only make a distribution out of profits available for
distribution. Other than the above, we did not adopt or maintain any cash management policies and procedures as of the date of this annual
report. Additionally, as of the date of this annual report, there are no further BVI or Hong Kong statutory restrictions on the amount
of funds which may be distributed by us by dividend payments. However, in the future, funds may not be available to fund operations or
for other use outside of Hong Kong, due to interventions in, or the imposition of restrictions and limitations on, our ability or on
our subsidiaries&#8217; ability by the PRC government to transfer cash. Any limitation on the ability of our subsidiaries to make payments
to us could have a material adverse effect on the ability to conduct business of the Operating Subsidiaries and might materially decrease
the value of our Ordinary Shares or cause them to be worthless. For a more detailed discussion of how the cash is transferred within
our organization, see &#8220;&#8212; D. Risk Factors &#8212; Risks Related to the Corporate Structure &#8212; <i>We rely on dividends
and other distributions on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we may have. In the
future, funds may not be available to fund operations or for other use outside of Hong Kong, due to interventions in, or the imposition
of restrictions and limitations on, our ability or the Operating Subsidiaries by the PRC government to transfer cash. Any limitation
on the ability of our Operating Subsidiaries to make payments to us could have a material adverse effect on the Operating Subsidiaries&#8217;
ability and might materially decrease the value of our Ordinary Shares or cause them to be worthless.</i>&#8221;</span></p>

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


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    <!-- Field: /Page -->

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

<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">Under
the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect of dividends paid by us.
As of the date of this annual report, there are no restrictions or limitations under the laws of Hong Kong imposed on the conversion
of HK$ into foreign currencies and the remittance of currencies out of Hong Kong or across borders and to U.S investors. The laws and
regulations of the PRC do not currently have any material impact on the transfer of cash from mF International to the Operating Subsidiaries
or from the Operating Subsidiaries to mF International, our shareholders and U.S. investors. However, the Chinese government may, in
the future, impose restrictions or limitations on our ability to transfer money out of Hong Kong, to distribute earnings and pay dividends
to and from the other entities within our organization, or to reinvest in our business outside of Hong Kong. Such restrictions and limitations,
if imposed in the future, may delay or hinder the expansion of our business outside of Hong Kong and may affect our ability to receive
funds from the Operating Subsidiaries in Hong Kong. The promulgation of new laws or regulations, or the new interpretation of existing
laws and regulations, in each case, that restrict or otherwise unfavorably impact the ability or way we or the Operating Subsidiaries
conduct business, could require us to change certain aspects of the business of the Operating Subsidiaries to ensure compliance, which
could decrease demand for our services, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals or certificates,
or subject us to additional liabilities. To the extent any new or more stringent measures are required to be implemented, the business
of the Operating Subsidiaries, our financial condition and results of operations could be adversely affected and such measures could
materially decrease the value of our Ordinary Shares, potentially rendering it worthless. For a more detailed discussion of this risk,
see &#8220;&#8212; D. Risk Factors &#8212; Risks Related to Our Corporate Structure &#8212; <i>We rely on dividends and other distributions
on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we may have. In the future, funds may not be
available to fund operations or for other use outside of Hong Kong, due to interventions in, or the imposition of restrictions and limitations
on, our ability or the Operating Subsidiaries by the PRC government to transfer cash. Any limitation on the ability of the Operating
Subsidiaries to make payments to us could have a material adverse effect on our Operating Subsidiaries&#8217; ability to conduct business
and might materially decrease the value of our Ordinary Shares or cause them to be worthless.</i>&#8221;</span></p>

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

<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">On
March 23, 2022, m-FINANCE declared an interim dividend of HK$0.863 per share (equivalent to US$0.111 per share), or HK$10,000,000 in
aggregate (equivalent to US$1,281,805), to its shareholder, which was settled in cash on March 24, 2022. On June 30, 2022, m-FINANCE
declared an interim dividend of HK$0.691 per share (equivalent to US$0.089 per share) or HK$8,000,000 (equivalent to US$1,025,444), to
its shareholder, and the amount of the dividend payable was concurrently settled by netting off the outstanding amounts due from related
parties. On August 15, 2022, m-FINANCE declared an interim dividend of HK$0.873 per share (equivalent to US$0.112 per share) or HK$10,114,311
in aggregate (equivalent to US$1,296,457), to its shareholder, and the dividend payable was concurrently settled by netting off the outstanding
amounts due from the related parties. The amounts due from related parties were presented as a reduction of the shareholder&#8217;s equity
pursuant to the Codification of Staff Accounting Bulletins Topic 4, section G. On March 27, 2023, the Company declared an interim dividend
of HK$0.218 per share (equivalent to US$0.028 per share), or HK$2,528,413 in aggregate (equivalent to US$324,093), to its shareholder,
which was settled in cash on the same day. On July 31, 2023, the Company declared an interim dividend of HK$0.242 per share (equivalent
to US$0.031 per share), or HK$2,800,800 in aggregate (equivalent to US$359,008), to its shareholder, which was settled in cash on the
same day.</span></p>

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

<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">The
Company and its Operating Subsidiaries currently intend to retain all of their respective remaining funds and future earnings, if any,
for the operation and expansion of the business and do not anticipate declaring or paying any further dividends in the foreseeable future.
Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering our
financial condition, results of operations, capital requirements, contractual requirements, business prospects and other factors the
board of directors deems relevant, and subject to the restrictions contained in any future financing instruments.</span></p>

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

<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">As
of the date of this annual report, we do not plan to pay any further dividends out of our retained earnings in the foreseeable future.</span></p>

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


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    <!-- Field: /Page -->

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

<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>Selected
Consolidated Financial Schedule </b></span></p>

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

<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">The
following selected consolidated statements of income and comprehensive income for the years ended December 31, 2023, 2022 and 2021 and
selected consolidated balance sheets data as of December 31, 2023, 2022 and 2021 have been derived from our consolidated financial statements
included elsewhere in this annual report.</span></p>

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

<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">Our
consolidated financial statements are prepared and presented in accordance with U.S. GAAP. Our historical results are not necessarily
indicative of the results that may be expected in the future. The following summary consolidated financial data should be read in conjunction
with &#8220;Item 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS &#8212; A. Operating Results&#8221; and our consolidated financial statements
included elsewhere in this annual report.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
of and for the years ended December 31, 2021, 2022 and 2023</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: center"><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 0 0pt 0pt; text-align: justify; text-indent: 0.25in"><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; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
<span style="text-decoration: underline">[Reserved]</span></span></p>

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

<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.
<span style="text-decoration: underline">Capitalization and Indebtedness</span></span></p>

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

<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">Not
applicable.</span></p>

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

<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">C.
<span style="text-decoration: underline">Reasons for the Offer and Use of Proceeds</span></span></p>

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

<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">Not
applicable.</span></p>

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

<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">D.
<span style="text-decoration: underline">Risk Factors</span></span></p>

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

<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>Risks
Related to Our Corporate Structure</b></span></p>

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

<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><i>We
rely on dividends and other distributions on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we
may have. In the future, funds may not be available to fund operations or for other use outside of Hong Kong, due to interventions in,
or the imposition of restrictions and limitations on, our ability or the Operating Subsidiaries by the PRC government to transfer cash.
Any limitation on the ability of the Operating Subsidiaries to make payments to us could have a material adverse effect on our Operating
Subsidiaries&#8217; ability to conduct business and might materially decrease the value of our Ordinary Shares or cause them to be worthless.</i></b></span></p>

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

<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">We
are a holding company incorporated in the British Virgin Islands, and we rely on dividends and other distributions on equity paid by
the Operating Subsidiaries for our cash and financing requirements, including for the provision of funds necessary to pay dividends and
other cash distributions to our shareholders and to service any debt we may incur. If the Operating Subsidiaries incur debt on their
own behalf in the future, the instruments governing the debt may restrict its ability to pay dividends or make other distributions to
us.</span></p>

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


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

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

<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">Under
the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect of dividends paid by us.
See &#8220;Item 4. Information on the Company &#8212; B. Business Overview &#8212; Regulations &#8212; Regulations related to Hong Kong
taxation.&#8221; The PRC laws and regulations do not currently have any material impact on transfers of cash from mF International to
Operating Subsidiaries or from Operating Subsidiaries to mF International, our shareholders and U.S. investors. However, the Chinese
government may, in the future, impose restrictions or limitations on our ability to transfer money out of Hong Kong, to distribute earnings
and pay dividends to and from the other entities within our organization, or to reinvest in our business outside of Hong Kong. Such restrictions
and limitations, if imposed in the future, may delay or hinder the expansion of our business outside of Hong Kong and may affect our
ability to receive funds from the Operating Subsidiaries in Hong Kong. The promulgation of new laws or regulations, or the new interpretation
of existing laws and regulations, in each case, that restrict or otherwise unfavorably impact the ability or way we or the Operating
Subsidiaries conduct business, could require us to change certain aspects of our Operating Subsidiaries&#8217; business to ensure compliance,
which could decrease demand for our services, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals
or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required to be implemented,
our business, our financial condition and results of operations could be adversely affected and such measures could materially decrease
the value of our Ordinary Shares, potentially rendering them worthless.</span></p>

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

<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><i>Recently,
the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in China
with little or no advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over
China-based companies listed overseas using the variable interest entity structure, adopting new measures to extend the scope of cybersecurity
reviews, and expanding the efforts in anti-monopoly enforcement. In the future, we may be subject to PRC laws and regulations related
to our current business operations and any changes in such laws and regulations and interpretations may impair our ability to operate
profitably, which could result in a material negative impact on our operations and/or the value of the securities we are registering
for sale.</i></b></span></p>

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

<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">Although
we have direct ownership of the Operating Subsidiaries in Hong Kong, and currently do not have, nor intend to have, any subsidiary or
any contractual arrangement to establish a VIE structure with any entity in mainland China, we are still subject to certain legal and
operational risks associated with the Operating Subsidiaries being based in Hong Kong and having all operations conducted in Hong Kong,
as of the date of this annual report. However, the legal and operational risks associated with China may also apply to our Operating
Subsidiaries&#8217; operations in Hong Kong, and we face the risks and uncertainties associated with the complex and evolving PRC laws
and regulations and as to whether and how the recent PRC government statements and regulatory developments, such as those relating to
data and cybersecurity and anti-monopoly concerns, would be applicable to our Company or our subsidiaries in Hong Kong. In the event
that we or the Operating Subsidiaries were to become subject to PRC laws and regulations, we could incur material costs to ensure compliance,
and we or the Operating Subsidiaries might be subject to fines, experience devaluation of securities or delisting, no longer be permitted
to conduct offerings to foreign investors, and/or no longer be permitted to continue business operations as presently conducted. Our
organizational structure involves risks to the investors, and Chinese regulatory authorities could disallow this structure, which would
likely result in a material change in mF International&#8217;s operations and/or a material change in the value of the securities mF
International is registering for sale, including the risk that such event could cause the value of such securities to significantly decline
or become worthless. Moreover, there are substantial uncertainties regarding the interpretation and application of PRC laws and regulations
including, but not limited to, the laws and regulations related to our Operating Subsidiaries&#8217; business and the enforcement and
performance of our arrangements with customers in certain circumstances. The laws and regulations are sometimes vague and may be subject
to future changes, and their official interpretation and enforcement may involve substantial uncertainty. The effectiveness and interpretation
of newly enacted laws or regulations, including amendments to existing laws and regulations, may be delayed, and our Operating Subsidiaries&#8217;
business may be affected if we rely on laws and regulations which are subsequently adopted or interpreted in a manner different from
our understanding of these laws and regulations. New laws and regulations that affect existing and proposed future businesses may also
be applied retroactively. We cannot predict what effect the interpretation of existing or new PRC laws or regulations may have on our
Operating Subsidiaries&#8217; business.</span></p>

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<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">The
uncertainties regarding the enforcement of laws and the fact that rules and regulations in China can change quickly with little advance
notice, along with the risk that the Chinese government may intervene or influence our operations at any time could result in a material
change in our operations and/or the value of the securities we are registering.</span></p>

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<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><i>We
may become subject to a variety of PRC laws and other obligations regarding M&amp;A Rules and data security, and any failure to comply
with applicable laws and obligations could have a material and adverse effect on our Operating Subsidiaries&#8217; business, financial
condition and results of operations.</i></b></span></p>

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<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">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, require an overseas special purpose vehicle formed for listing purposes through acquisitions of
domestic companies in mainland China and controlled by companies or individuals of mainland China 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. In addition, on February 17, 2023 , the CSRC promulgated the Trial Measures and five supporting guidelines,
which became effective on March 31, 2023, requiring, among other things, that (1) domestic companies that seek to offer or list securities
overseas, both directly and indirectly, should fulfill the filing procedures with the CSRC; if a domestic company fails to complete the
filing procedures, such domestic company may be subject to administrative penalties; (2) where a domestic company seeks to indirectly
offer and list securities in an overseas market, the issuer shall designate a major domestic operating entity responsible for all filing
procedures with the CSRC, and such filings shall be submitted to the CSRC within three business days after the submission of the overseas
offering and listing application.</span></p>

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<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">mF
International is a holding company incorporated in the British Virgin Islands with three Operating Subsidiaries based in Hong Kong, and,
as of the date of this annual report, we have no active subsidiary, VIE structure or any direct operations in mainland China, nor do
we intend to have any subsidiary or VIE structure or intent to acquire any equity interests in any domestic companies in mainland China,
and we are not controlled by any companies or individuals of mainland China. Further, we are headquartered in Hong Kong, with our chief
executive officer, chief financial officer and all members of the board of directors of mF International based in Hong Kong, not mainland
China, and all of our revenues and profits are generated by the Operating Subsidiaries in Hong Kong. Moreover, pursuant to the Basic
Law of the Hong Kong Special Administrative Region, or the Basic Law, PRC laws and regulations shall not be applied in Hong Kong except
for those listed in Annex III of the Basic Law (which is confined to laws relating to national defense, foreign affairs and other matters
that are not within the scope of autonomy). Therefore, as of the date of this annual report, the CSRC&#8217;s approval is not required
for the listing and trading of our Ordinary Shares in the U.S. exchange as provided under the M&amp;A Rules, and we would not be subject
to filing requirements with the CSRC pursuant to the Trial Measures and supporting guidelines.</span></p>

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<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">We
are aware that, recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations
in certain areas in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing
supervision over China-based companies listed overseas using the variable interest entity structure, adopting new measures to extend
the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. For example, on July 6, 2021, the General
Office of the Communist Party of China Central Committee and the General Office of the State Council jointly issued a document to crack
down on illegal activities in the securities market and promote the high-quality development of the capital market, which, among other
things, requires the relevant governmental authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation,
to enhance supervision over China-based companies listed overseas, and to establish and improve the system of extraterritorial application
of the PRC securities laws.</span></p>

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<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">In
addition, on December 28, 2021, the Cyberspace Administration of China (the &#8220;CAC&#8221;), together with other administrative
departments, jointly promulgated the Cybersecurity Review Measures which became effective on February 15, 2022, and repealed the
Cybersecurity Review Measures promulgated on April 13, 2020. Such Measures require that, among other things, and in addition to any
operator of critical information infrastructure, any network platform operators possessing personal information of more than one
million users which seeks to list in a foreign stock exchange shall also be subject to cybersecurity review, and such Measures
further elaborate on the factors to be considered when assessing the national security risks of the relevant activities. The
publication and revision of the Cybersecurity Review Measures indicates greater oversight by the PRC regulatory authorities over
data security, which may impact our Operating Subsidiaries&#8217; business in the future. As of the date of this annual report, the
Operating Subsidiaries currently have less than 10% of their total customers in mainland China. Additionally, the Operating
Subsidiaries may collect and store certain data for customer registration purpose. As of the date of this annual report, we do not
expect the Cybersecurity Review Measures to have an impact on the Operating Subsidiaries business or operations to subject us or the
Operating Subsidiaries to permission requirements from the CAC or any other government agency that is required to approve our
operations, as we do not believe that we will be deemed to be an &#8220;operator of critical information infrastructure&#8221; or a
&#8220;network platform operator&#8221; possessing personal information of more than one million users, that are required to file
for cybersecurity review before listing in the U.S., because (i) all operations are conducted by the Operating Subsidiaries which
currently mostly serve clients outside mainland China; (ii) we do not have or intend to have, nor do we have or intend to establish,
a VIE structure with any entity in mainland China and the Cybersecurity Review Measures remain unclear whether they shall be applied
to a company like us; (iii) as of date of this annual report, we have neither collected nor stored any personal information of any
mainland China individual or within mainland China, nor do we entrust or expect to be entrusted by any individual or entity to
conduct any data processing activities of any mainland China individual or within mainland China; (iv) as of the date of this annual
report, we have not been informed by any PRC governmental authority of any requirement that we must file for a cybersecurity review;
and (v) pursuant to the Basic Law of the Hong Kong Special Administrative Region, or the Basic Law, PRC laws and regulations shall
not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to national
defense, foreign affairs and other matters that are not within the scope of autonomy). However, there remains significant
uncertainty in the interpretation and enforcement of relevant PRC cybersecurity laws and regulations. If we were deemed to be an
&#8220;operator of critical information infrastructure&#8221; or a &#8220;network platform operator&#8221; possessing personal
information of more than one million users, or if other regulations promulgated in relation to the Cybersecurity Review Measures are
deemed to apply to us, the business operations of the Operating Subsidiaries and the listing of our Ordinary Shares in the U.S.
could be subject to CAC&#8217;s cybersecurity review or we and the Operating Subsidiaries might be covered by permission from the
CAC or any other government agency that is required to approve our operations in the future. Nevertheless, since these statements
and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies will
respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or
promulgated, if any. It also remains highly uncertain what the potential impact such modified or new laws and regulations will have
on our daily business operations, its ability to accept foreign investments and the listing of our Ordinary Shares on a U.S. or
other foreign exchanges. If any or all of the foregoing were to occur, it may cause the value of our Ordinary Shares to
significantly decline or become worthless.</span></p>

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<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">On
February 17, 2023, with the approval of the State Council, the CSRC released the Trial Measures and five supporting guidelines, which
became effective on March 31, 2023. According to the Trial Measures, among other requirements, (1) domestic companies that seek to offer
or list securities overseas, both directly and indirectly, should fulfill the filing procedures with the CSRC; if a domestic company
fails to complete the filing procedures, such domestic company may be subject to administrative penalties; (2) where a domestic company
seeks to indirectly offer and list securities in an overseas market, the issuer shall designate a major domestic operating entity responsible
for all filing procedures with the CSRC, and such filings shall be submitted to the CSRC within three business days after the submission
of the overseas offering and listing application. As advised by our PRC counsel, Zhong Lun Law Firm, since the Company is a company duly
incorporated in the BVI, (i) with business operations conducted by the Operating Subsidiaries located in Hong Kong, and (ii) neither
the Company nor the Operating Subsidiaries currently have any subsidiary in the PRC nor have they entered into any contractual arrangements
to establish a variable interest entity structure with any entity in the PRC, the Company fails to meet the conditions under Article
15 of the Trial Measures and the supporting guidelines which constitute an indirect overseas listing in an overseas market that would
otherwise subject the Company to the Trial Measures and supporting guidelines as of the date of this annual report. Therefore, as of
the date of this annual report, no effective laws or regulations in the PRC explicitly require our Company or the Operating Subsidiaries
in Hong Kong to seek approvals from the CSRC or any other PRC governmental authorities for our future overseas offering plans. If it
is later determined that we are required by the Trial Measures to submit to the CRSC and complete the filing procedures of any offering
and listing, we cannot assure you that we will be able to complete such filings in a timely manner or even at all. Any failure by us
to comply with such filing requirements under the Trial Measures may result in an order to rectify, warnings and fines against us and
could materially hinder our ability to offer or continue to offer our securities.</span></p>

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<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">As
of the date of this annual report, we are advised by Hong Kong counsel, Bird &amp; Bird, that we are not required to obtain permission
or approval from Hong Kong authorities to offer the securities being registered to foreign investors, save that our Ordinary Shares may
not be offered or sold in Hong Kong by means of any document other than (i) in circumstances which do not constitute an offer to the
public within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong), (ii) to &#8220;professional investors&#8221; within
the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules promulgated thereunder, or (iii) in other
circumstances which do not result in the document being a &#8220;prospectus&#8221; within the meaning of the Companies Ordinance (Cap.32,
Laws of Hong Kong). Should there be any change in applicable laws, regulations, or interpretations, and we or any of the Operating Subsidiaries
are required to obtain such permissions or approvals in the future, we will strive to comply with the then applicable laws, regulations,
or interpretations.</span></p>

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<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">Based
on our understanding of the PRC laws and regulations currently in effect, as of the date of this annual report, neither we nor the
Operating Subsidiaries are subject to the M&amp;A Rules, the Cybersecurity Review Measures, the Trial Measures or the regulations or
policies that have been issued by the CSRC or the CAC as of the date of this annual report, nor are we currently covered by
permission requirements from the CSRC, the CAC or any other PRC governmental agency that is required to approve our listing on the
U.S. exchanges and offering securities. Hence, based on the foregoing, since we are not subject to the regulations or policies
issued by the CAC to date, we believe that we are currently not required to be compliant with such regulations and policies issued
by the CAC as of the date of this annual report. Further, as of the date of this annual report, neither we nor the Operating
Subsidiaries have ever applied for any such permission or approval, as we currently are not subject to the M&amp;A Rules or the
regulations and policies issued by the CAC. However, if there is significant change to current political arrangements between
mainland China and Hong Kong, or the applicable laws, regulations, or interpretations change, and, in such event, if we are required
to obtain such approvals in the future and we do not receive or maintain the approvals or are denied permission from mainland China
or Hong Kong authorities, we will not be able to list our Ordinary Shares on a U.S. exchange, or continue to offer securities to
investors, which would materially affect the interests of the investors and cause significant the value of our Ordinary Shares
significantly decline or be worthless.</span></p>

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<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><i>Substantially
all of our Operating Subsidiaries&#8217; operations are conducted in Hong Kong. However, due to the long arm provisions under the current
PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of such business
and may intervene in or influence such operations at any time, which could result in a material change in the operations of the Operating
Subsidiaries and/or the value of our Ordinary Shares. The PRC government may also intervene or impose restrictions on our ability to
move money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside of Hong Kong. Changes in
the policies, regulations, rules, and the enforcement of laws of the Chinese government may also occur quickly with little advance notice
and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain.</i></b></span></p>

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

<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">Recently,
the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in China
with little advance notice, including a cracking down on illegal activities in the securities market, enhancing supervision over China-based
companies listed overseas using the variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews,
and expanding the efforts in anti-monopoly enforcement. Given the recent statements by the Chinese government indicating an intent to
exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers, any such
action could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause such
securities to significantly decline or be worthless. Additionally, any further control over offerings conducted overseas and/or foreign
investment impacting the Operating Subsidiaries in Hong Kong by the Hong Kong government could result in a material change in our operations,
financial performance and/or the value of our Ordinary Shares or impair our ability to raise money.</span></p>

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<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><i>If
the Chinese government chooses to extend oversight and control over offerings that are conducted overseas and/or foreign investment in
mainland China-based issuers to Hong Kong-based issuers, such action may significantly limit or completely hinder our ability to offer
or continue to offer Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or be worthless.</i></b></span></p>

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

<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">Recent
statements, laws and regulations by the Chinese government, including the Cybersecurity Review Measures, the PRC Personal Information
Protection Law, and the Trial Measures published by CSRC, effective on March 31, 2023, have already indicated an intent to exert more
oversight and control over offerings that are conducted overseas and/or foreign investments in China-based issuers. It remains uncertain
whether the Chinese government will adopt additional requirements or extend the existing requirements to apply to the Operating Subsidiaries
located in Hong Kong. Any future action by the PRC government expanding the categories of industries and companies whose foreign securities
offerings are subject to review by the CSRC could significantly limit or completely hinder our ability to offer or continue to offer
securities to investors and could cause the value of such securities to significantly decline or be worthless.&#160;</span></p>

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<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><i>We
are an &#8220;emerging growth company&#8221; within the meaning of the Securities Act, and if we take advantage of certain exemptions
from disclosure requirements available to emerging growth companies, this could make it more difficult to compare our performance with
other public companies</i>.</b></span></p>

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<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">We
are an &#8220;emerging growth company&#8221; within the meaning of the Securities Act, as modified by the JOBS Act. Section 102(b)(1)
of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until
private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class
of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS
Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging
growth companies but any such an election to opt out is irrevocable. We have elected not to opt out of such extended transition period,
which means that when a standard is issued or revised, and it has different application dates for public or private companies, we, as
an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This
may make comparison of our financial statements with another public company which is neither an emerging growth company nor an emerging
growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences
in accountant standards used.</span></p>

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<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><i>As
an &#8220;emerging growth company&#8221; under applicable law, we are subject to lessened disclosure requirements. Such reduced disclosure
may make our Ordinary Shares less attractive to investors.</i></b></span></p>

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

<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">For
as long as we remain an &#8220;emerging growth company&#8221;, as defined in the JOBS Act, we will elect to take advantage of certain
exemptions from various reporting requirements that are applicable to other public companies that are not &#8220;emerging growth companies&#8221;,
including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley
Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from
the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments
not previously approved. Because of these lessened regulatory requirements, our shareholders would be left without information or rights
available to shareholders of more mature companies. If some investors find our Ordinary Shares less attractive as a result, there may
be a less active trading market for our Ordinary Shares and our Ordinary Share price may be more volatile.</span></p>

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

<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><i>We
will incur increased costs as a result of being a public company, particularly after we cease to qualify as an &#8220;emerging growth
company&#8221;.</i></b></span></p>

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

<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">As
of the date of this annual report, we incur significant legal, accounting and other expenses as a public company that we did not
incur as a private company. The Sarbanes-Oxley Act of 2002, as well as rules subsequently implemented by the SEC, impose various
requirements on the corporate governance practices of public companies. We are an &#8220;emerging growth company,&#8221; as defined
in the JOBS Act and will remain an emerging growth company until the earlier of (1) the last day of the fiscal year (a) following
the fifth anniversary of the completion of our IPO, (b) in which we have total annual gross revenue of at least $1.235 billion, or
(c) in which we are deemed to be a large accelerated filer, which means the market value of our Ordinary Shares that is held by
non-affiliates exceeds $700 million as of the prior the fiscal year ended on December 31, 2021 and (2) the date on which we have
issued more than $1.0 billion in non-convertible debt during the prior three-year period. 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 in the assessment of the emerging growth
company&#8217;s internal control over financial reporting and permission to delay adopting new or revised accounting standards until
such time as those standards apply to private companies.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance
with these rules and regulations increases our legal and financial compliance costs and makes some corporate activities more time-consuming
and costly. After we are no longer an &#8220;emerging growth company,&#8221; or until five years following the completion of our initial
public offering, whichever is earlier, we expect to incur significant expenses and devote substantial management effort toward ensuring
compliance with the requirements of Section 404 and the other rules and regulations of the SEC. For example, as a public company, we
may be required to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls
and procedures. We may invest in obtaining director and officer liability insurance. In addition, we may incur additional costs associated
with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve on our board
of directors or as executive officers. We are currently evaluating and monitoring developments with respect to these rules and regulations,
and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing of such costs.</span></p>

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<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><i>Gaderway
Investments Limited, our largest shareholder, owns more than a majority of the voting power of our outstanding Ordinary Shares. As a
result, Gaderway Investments Limited has the ability to control the outcome of matters submitted to the shareholders for approval. Additionally,
we may be deemed to be a &#8220;controlled company&#8221; and may follow certain exemptions from certain corporate governance requirements
that could adversely affect our public shareholders.</i></b></span></p>

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

<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">As
of the date of this annual report, our biggest shareholder, Gaderway Investments Limited, owns approximately 68.27% of the aggregate
voting power of our outstanding Ordinary Shares. As a result, Gaderway Investments Limited has the ability to control the outcome of
matters submitted to the shareholders for approval, including the election of directors and any merger, consolidation, or sale of all
or substantially all of our assets.</span></p>

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

<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">Under
the NASDAQ listing rules, a company of which more than 50% of the voting power is held by an individual, group, or another company is
a &#8220;controlled company&#8221; and is permitted to elect to rely, and may rely, on certain exemptions from the obligation to comply
with certain corporate governance requirements, including:</span></p>

<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">&#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; text-align: justify"><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">the
    requirement that our director nominees must be selected or recommended solely by independent directors; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    requirement that we have a corporate governance and nominating committee that is composed entirely of independent directors with
    a written charter addressing the committee&#8217;s purpose and responsibilities.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we do not intend to rely on the &#8220;controlled company&#8221; exemptions under the NASDAQ listing rules even if we are deemed to be
a &#8220;controlled company,&#8221; we could elect to rely on these exemptions in the future. If we were to elect to rely on the &#8220;controlled
company&#8221; exemptions, a majority of the members of our board of directors might not be independent directors and our nominating
and corporate governance and compensation committees might not consist entirely of independent directors. Accordingly, if we rely on
the exemptions, during the period we remain a controlled company and during any transition period following a time when we are no longer
a controlled company, you would not have the same protections afforded to shareholders of companies that are subject to all of the corporate
governance requirements of NASDAQ.</span></p>

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<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>Risks
Related to Doing Business in Hong Kong</b></span></p>

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

<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><i>It
may be difficult for overseas shareholders and/or regulators to conduct investigations or collect evidence within the territory of China,
including Hong Kong.</i></b></span></p>

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<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">Shareholder
claims or regulatory investigations that are common in the United States generally are difficult to pursue as a matter of law or practicality
in China. For example, in China, there are significant legal and other obstacles to providing information needed for regulatory investigations
or litigation initiated outside China. Although the authorities in China may establish a regulatory cooperation mechanism with the securities
regulatory authorities of another country or region to implement cross-border supervision and administration, such cooperation with the
securities regulatory authorities in the Unities States may not be efficient in the absence of mutual and practical cooperation mechanism.</span></p>

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

<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">Our
principal business operations are conducted in Hong Kong. In the event that the U.S. regulators carry out an investigation on us and
there is a need to conduct such investigation, or collect evidence within, the territory of the PRC, the U.S. regulators may not be able
to carry out such investigation or evidence collection directly in the PRC under the PRC laws. The U.S. regulators may, in the future,
consider cross-border cooperation with a securities regulatory authority of the PRC by way of judicial assistance, diplomatic channels
or regulatory cooperation mechanism established with the securities regulatory authority of the PRC. Additionally, our Hong Kong counsel,
Bird &amp; Bird, advised that the Securities and Futures Commission of Hong Kong (&#8220;SFC&#8221;) is a signatory to the International
Organisation of Securities Commissions Multilateral Memorandum of Understanding (&#8220;MMOU&#8221;), which provides for mutual investigatory
and other assistance and exchange of information between securities regulators around the world, including the SEC. This is also reflected
in section 186 of the Securities and Futures Ordinance (&#8220;SFO&#8221;) which empowers the SFC to exercise its investigatory powers
to obtain information and documents requested by non-Hong Kong regulators, and section 378 of the SFO which allows the SFC to share confidential
information and documents in its possession with such regulators. However, there is no assurance that such cooperation will materialize,
or if it does, whether it will adequately address any efforts to investigate or collect evidence to the extent that may be sought by
U.S. regulators.</span></p>

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

<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><i>You
may incur additional costs and procedural obstacles in effecting service of legal process, enforcing foreign judgments or bringing actions
in Hong Kong against us or our management named in this annual report based on Hong Kong laws.</i></b></span></p>

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

<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">Currently,
all of our operations are conducted outside the United States, and all of our assets are located outside the United States. All of our
directors and officers are Hong Kong nationals or residents and a substantial portion of their assets are located in Hong Kong outside
the United States. Foreign judgments of United States courts will not be directly enforced in Hong Kong, as there are currently no treaties
or other arrangements providing for reciprocal enforcement of foreign judgments between Hong Kong and the United States. You may incur
additional costs and procedural obstacles in effecting service of legal process, enforcing foreign judgments or bringing actions in Hong
Kong against us or our management named in the annual report, as judgments entered in the United States can be enforced in Hong Kong
only at common law. If you want to enforce a judgment of the United States in Hong Kong, it must be a final judgment conclusive upon
the merits of the claim, for a liquidated amount in a civil matter and not in respect of taxes, fines, penalties, or similar charges,
the proceedings in which the judgment was obtained were not contrary to natural justice, and the enforcement of the judgment is not contrary
to public policy of Hong Kong. Such a judgment must be for a fixed sum and must also come from a &#8220;competent&#8221; court as determined
by the private international law rules applied by the Hong Kong courts. For more information regarding the relevant laws of the British
Virgin Islands and Hong Kong.</span></p>

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

<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><i>The
enactment of Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region (the &#8220;Hong Kong National
Security Law&#8221;) could impact our Operating Subsidiaries.</i></b></span></p>

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

<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">On
June 30, 2020, the Standing Committee of the PRC National People&#8217;s Congress adopted the Hong Kong National Security Law. This law
defines the duties and government bodies of the Hong Kong National Security Law for safeguarding national security and four categories
of offences &#8212; secession, subversion, terrorist activities, and collusion with a foreign country or external elements to endanger
national security &#8212; and their corresponding penalties. On July 14, 2020, the former U.S. President Donald Trump signed the Hong
Kong Autonomy Act, or HKAA, into law, authorizing the U.S. administration to impose blocking sanctions against individuals and entities
who are determined to have materially contributed to the erosion of Hong Kong&#8217;s autonomy. On August 7, 2020 the U.S. government
imposed HKAA-authorized sanctions on eleven individuals, including HKSAR chief executive Carrie Lam. On October 14, 2020, the U.S. State
Department submitted to relevant committees of Congress the report required under HKAA, identifying persons materially contributing to
&#8220;the failure of the Government of China to meet its obligations under the Joint Declaration or the Basic Law.&#8221; On March 16,
2021, the U.S. State Department submitted a report listing an additional 24 foreign persons determined to meet the HKAA criteria. This
report is an update to the October 2020 and March 2021 reports, consistent with section 5(e) of the HKAA. The HKAA further authorizes
secondary sanctions, including the imposition of blocking sanctions, against foreign financial institutions that knowingly conduct a
significant transaction with foreign persons sanctioned under this authority. The imposition of sanctions may directly affect the foreign
financial institutions as well as any third parties or customers dealing with any foreign financial institution that is targeted. It
is difficult to predict the full impact of the Hong Kong National Security Law and HKAA on Hong Kong and companies located in Hong Kong.
If the Operating Subsidiaries are determined to be in violation of the Hong Kong National Security Law or the HKAA by competent authorities,
the business operations, our financial position and results of operations could be materially and adversely affected.</span></p>

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

<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><i>The
enforcement of laws and rules and regulations in China can change quickly with little advance notice. Additionally, the PRC laws and
regulations and the enforcement of such that apply or are to be applied to Hong Kong can change quickly with little or no advance notice.
As a result, the Hong Kong legal system embodies uncertainties which could limit the availability of legal protections, which could result
in a material change in our operations and/or the value of the securities we are registering for sale. </i></b></span></p>

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

<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">As
one of the conditions for the handover of the sovereignty of Hong Kong to China, China accepted conditions such as Hong Kong&#8217;s
Basic Law. The Basic Law ensured Hong Kong will retain its own currency (the Hong Kong Dollar), legal system, parliamentary system and
people&#8217;s rights and freedom for fifty years from 1997. This agreement has given Hong Kong the freedom to function with a high degree
of autonomy. The Special Administrative Region of Hong Kong is responsible for its own domestic affairs including, but not limited to,
the judiciary and courts of last resort, immigration and customs, public finance, currencies and extradition. Hong Kong continues using
the English common law system.</span></p>

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

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

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

<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><i>The
Hong Kong legal system embodies uncertainties which could limit the availability of legal protections.</i></b></span></p>

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

<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">As
one of the conditions for the handover of the sovereignty of Hong Kong to China, China accepted conditions such as Hong Kong&#8217;s
Basic Law. The Basic Law ensured that capitalist system and way of life in Hong Kong shall remain unchanged for 50 years, and has given
Hong Kong the freedom to function with a high degree of autonomy. Hong Kong is responsible for its own domestic affairs including, but
not limited to, the judiciary and courts of last resort, immigration and customs, public finance, currencies and extradition. Hong Kong
continues using the English common law system.</span></p>

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

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

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

<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><i>There
are some political risks associated with conducting business in Hong Kong.</i></b></span></p>

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

<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">The
operations of the Operating Subsidiaries are principally based in Hong Kong. Accordingly, the business operations of the Operating Subsidiaries
and financial conditions will be affected by the political and legal developments in Hong Kong. During the period covered by the financial
information incorporated by reference into and included in this annual report, we derive all of our revenue from operations in Hong Kong
and, specifically, from our Operating Subsidiaries. Any adverse economic, social and/or political conditions, material social unrest,
strike, riot, civil disturbance or disobedience, as well as significant natural disasters, may affect the market and may adversely affect
the business operations of our Operating Subsidiaries. Hong Kong is a special administrative region of the PRC and the basic policies
of the PRC regarding Hong Kong are reflected in the Basic Law, namely, Hong Kong&#8217;s constitutional document, which provides Hong
Kong with a high degree of autonomy and executive, legislative and independent judicial powers, including that of final adjudication
under the principle of &#8220;one country, two systems&#8221;. However, there is no assurance that there will not be any changes in the
economic, political and legal environment in Hong Kong in the future. Since all of our operations are based in Hong Kong, any change
of such political arrangements may pose an immediate threat to the stability of the economy in Hong Kong, thereby directly and adversely
affecting our results of operations and financial positions.</span></p>

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

<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">The
Hong Kong protests that began in 2019 are ongoing and were triggered by the introduction of the Fugitive Offenders amendment bill by
the Hong Kong government. If enacted, the bill would have allowed the extradition of criminal fugitives who are wanted in territories
with which Hong Kong does not currently have extradition agreements, including mainland China. This led to concerns that the bill would
subject Hong Kong residents and visitors to the jurisdiction and legal system of mainland China, thereby undermining the region&#8217;s
autonomy and people&#8217;s civil liberties. Various sectors of the Hong Kong economy have been adversely affected as the protests turned
increasingly violent. Most notably, the airline, retail, and real estate sectors have seen their sales decline.</span></p>

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

<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">Under
the Basic Law of the Hong Kong Special Administrative Region of the People&#8217;s Republic of China, Hong Kong is exclusively in charge
of its internal affairs and external relations, while the government of the PRC is responsible for its foreign affairs and defense. As
a separate customs territory, Hong Kong maintains and develops relations with foreign states and regions. Based on certain recent development
including the Law of the People&#8217;s Republic of China on Safeguarding National Security in the Hong Kong Special Administrative Region
issued by the Standing Committee of the PRC National People&#8217;s Congress in June 2020, the U.S. State Department has indicated that
the United States no longer considers Hong Kong to have significant autonomy from China and President Trump signed an executive order
and Hong Kong Autonomy Act, or HKAA, to remove Hong Kong&#8217;s preferential trade status and to authorize the U.S. administration to
impose blocking sanctions against individuals and entities who are determined to have materially contributed to the erosion of Hong Kong&#8217;s
autonomy. The United States may impose the same tariffs and other trade restrictions on exports from Hong Kong that it places on goods
from mainland China. These and other recent actions may represent an escalation in political and trade tensions involving the U.S, China
and Hong Kong, which could potentially harm our business.</span></p>

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

<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">Our
revenue is susceptible to the ongoing incidents or factors which affect the stability of the social, economic and political conditions
in Hong Kong. Any drastic events may adversely affect the business operations of our Operating Subsidiaries. Such adverse events may
include changes in economic conditions and regulatory environment, social and/or political conditions, civil disturbance or disobedience,
as well as significant natural disasters. Given the relatively small geographical size of Hong Kong, any of such incidents may have a
widespread effect on the business operations of our Operating Subsidiaries, which could in turn adversely and materially affect our business,
our results of operations and financial condition. It is difficult to predict the full impact of the HKAA on Hong Kong and companies
with operations in Hong Kong like us. Furthermore, legislative or administrative actions in respect of China-U.S. relations could cause
investor uncertainty for affected issuers, including us, and the market price of our Ordinary Shares could be adversely affected.&#160;</span></p>

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

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

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

<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><i>The
market in which the Operating Subsidiaries operate is competitive.</i></b></span></p>

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

<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">The
financial technology industry in Hong Kong and Asia is competitive and fragmented. With the rise of electronic trading in recent years,
the industry has attracted the presence of both Hong Kong-based and international companies.</span></p>

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

<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">The
market for financial trading solutions is still at its emerging stage, and we believe that it will continue to grow in the coming years.
The prospect and potential of this market is expected to attract entry by companies with substantial capital and resources. Mergers and
acquisitions of enterprises and consolidation of the industries may become a trend in the market. The environment in which our subsidiaries
operate will likely become more competitive as a result. The competitors of our subsidiaries may offer similar financial trading solutions
and services at prices lower than those of our subsidiaries. There is no guarantee that the projects undertaken and services provided
by our subsidiaries in the future will allow our subsidiaries to maintain their present profit margins, and a competitive environment
may adversely affect our profitability.</span></p>

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

<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><i>The
success of the Operating Subsidiaries is dependent on the financial and brokerage industry and its market participants. Any market consolidation
may adversely affect our Operating Subsidiaries&#8217; business development and financial performance.</i></b></span></p>

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

<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">The
Operating Subsidiaries provide financial trading solutions primarily to market participants in the financial and brokerage industry.
It is observed that the financial and brokerage industry is characterized by intensive competition. Intensive competition in the financial
and brokerage industry will inevitably affect the profit margins of market participants and may consequently affect such participants&#8217;
willingness to invest in new technologies or to expand their current usage of existing technologies. This may adversely affect our business
development. Traditional small to medium sized brokerage firms may face competition from larger brokers that have more capital, resources
or experience. The possible emergence of consolidation of the global brokerage industry may lead to reduction in the number of the players
in the industry. If the number of our potential and existing customers or their size of operations decrease, our existing business and
future growth potential may be adversely affected.</span></p>

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

<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><i>The
Operating Subsidiaries operate in dynamic industries, which make it difficult to evaluate the future prospects.</i></b></span></p>

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

<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">In
general, the financial technology industry is dynamic. The industries in which we operate, including those providing and maintaining
financial trading solutions, mobile and desktop trading applications and financial value-added services, are all highly dynamic and may
not develop as expected. Our customers may not fully understand the value of our solutions and potential new customers may have difficulty
distinguishing our solutions from those of our competitors. If we fail to convince our customers of the value of our solutions, the markets
for our solutions do not continue to develop as we expect or we fail to address the needs of these dynamic, evolving industries, our
Operating Subsidiaries&#8217; business may be materially and adversely affected.</span></p>

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

<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><i>Our
financial performance and business outlook are significantly affected by the volatility of the financial markets in which we and the
Operating Subsidiaries have no control.</i></b></span></p>

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

<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">The
target customers of the Operating Subsidiaries include financial brokers and institutions mainly located in Asia, whose demand for financial
trading solutions is dependent upon their business operations and expansion needs, which, to a large extent, are dependent upon the performance
of the global financial markets as a whole. The global financial markets are directly affected by, among others, the global and local
political and economic environments.</span></p>

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

<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">Any
sudden downturn in the global economic and political environments, which are beyond the control of our Operating Subsidiaries, may adversely
affect the financial market sentiment in general. Severe fluctuation in market and economic sentiments may also result in a prolonged
period of sluggish market activities, which would in turn have an adverse impact on the business and operating performance of our target
customers, and hence, their demand for our financial trading solutions. As such, our revenue and the profitability of our Company and
the Operating Subsidiaries may fluctuate and there is no assurance that we will be able to maintain our historical results in times of
difficult or unstable economic conditions. Our historical profit levels should not be relied solely upon as an indication of our future
financial performance.</span></p>

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

<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><i>Our
trading in foreign currencies significantly affected by the volatility of the financial and currency market in which we and the Operating
Subsidiaries have no control. Any sudden volatility in the financial and currency market in the future may adversely affect the performance
of our trading in foreign currencies and lead to realized and unrealized loss.</i></b></span></p>

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

<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">For
the years ended December 31, 2021, 2022 and 2023, we had realized loss on disposal of financial assets at fair value and change in fair
value on financial assets at fair value in the aggregate amounts of HK$676,445, HK$1,157,650 and HK$9,965 (US$1,276), respectively, from trading in foreign currencies, at fair value, with the intention to optimize a trading algorithm
based on live market interactions. The change in fair value on financial assets at fair value was mainly due to the increased
volatility of the financial and currency market in 2021, 2022 and 2023.</span></p>

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

<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">We
plan to continue trading in foreign currencies in the future to further optimize our trading algorithm through live trading in the real
foreign exchange market. Any sudden volatility in the financial and currency market, which are beyond the control of our Operating Subsidiaries,
may adversely affect the performance of our trading in foreign currencies and lead to realized and unrealized loss.</span></p>

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


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

<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><i>Unauthorized
use of the Operating Subsidiaries&#8217; intellectual property by third parties and expenses incurred in protecting their intellectual
property rights may adversely affect their business, reputation and competitive edge.</i></b></span></p>

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

<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">We
regard the Operating Subsidiaries&#8217; intellectual property, including their domain names, as important to their success, and they
rely on a combination of intellectual property laws, subscriptions and contractual arrangements with software providers to protect their
proprietary rights.</span></p>

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

<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">The
Operating Subsidiaries have filed various applications in Hong Kong and mainland China for protection of certain aspects of their intellectual
property, including multiple trademarks. Nevertheless, we can provide no assurance that they will be able to have all applications registered.
If the Operating Subsidiaries fail to register their trademarks, they may not be able to use such intellectual property without risk
of infringement and, even if they can use them, they may have difficulty in enforcing such intellectual property rights against infringement
by third parties, and this could have a material adverse impact on their business, financial conditions, and operating results.</span></p>

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

<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">Despite
these measures, any of the Operating Subsidiaries&#8217; intellectual property rights could be challenged, invalidated, circumvented
or misappropriated, or such intellectual property may not be sufficient to provide us with competitive advantages. Statutory laws and
regulations are subject to judicial interpretation and enforcement and may not be applied consistently. Accordingly, the Operating Subsidiaries
may not be able to effectively protect their intellectual property rights or to enforce their contractual rights in all jurisdictions.</span></p>

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

<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">Preventing
any unauthorized use of the Operating Subsidiaries&#8217; intellectual property is difficult and costly and the steps it takes may be
inadequate to prevent the misappropriation of their intellectual property. In the event that they must resort to litigation to enforce
their intellectual property rights, such litigation could result in substantial costs and a diversion of their managerial and financial
resources. We can provide no assurance that the Operating Subsidiaries will prevail in any such litigation. In particular, m-FINANCE
has nine trademarks registered in mainland China, but without having physical operations in mainland China, it may have limited ability
to timely respond or enforce its intellectual property rights, in the event of any infringement in mainland China.</span></p>

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

<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">In
addition, the Operating Subsidiaries&#8217; trade secrets may be leaked or otherwise become available to, or be independently discovered
by, their competitors. Any failure in protecting or enforcing their intellectual property rights could have a material adverse effect
on their business, reputation and competitive edge.</span></p>

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

<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>Risks
Related to Our Ordinary Shares and the Trading Market</b></span></p>

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

<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><i>Our
Ordinary Shares may be prohibited from being traded on a national exchange under the HFCA Act if the PCAOB determines that it cannot
inspect or fully investigate our auditors for two consecutive years, beginning in 2022, and, as a result, an exchange may determine to
delist our securities. The delisting of our Ordinary Shares, or the threat of being delisted, may materially and adversely affect the
value of your investment.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
HFCA Act, was enacted on December 18, 2020. The HFCA Act states if the SEC determines that a company has filed audit reports issued by
a registered public accounting firm that has not been subject to inspection by the PCAOB for three consecutive years beginning in 2021,
the SEC shall prohibit such company&#8217;s securities from being traded on a national securities exchange or in the over-the-counter
trading market in the U.S.</span></p>

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

<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">On
March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements
of the HFCA Act. A company will be required to comply with these rules if the SEC identifies it as having a &#8220;non-inspection&#8221;
year under a process to be subsequently established by the SEC. The SEC is assessing how to implement other requirements of the HFCA
Act, including the listing and trading prohibition requirements described above.</span></p>

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

<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">On
December 2, 2021, the SEC adopted amendments to finalize rules implementing the submission and disclosure requirements in the HFCA Act.
The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public
accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a
position taken by an authority in foreign jurisdictions.</span></p>

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


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

<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">On
December 16, 2021, the PCAOB has issued its report notifying the SEC of its determination that it is unable to inspect or investigate
completely accounting firms headquartered in mainland China or Hong Kong. Our auditor, the independent registered public accounting firm
that issues the audit report included elsewhere in this annual report, as an auditor of companies that are traded publicly in the United
States and a firm registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections
to assess its compliance with the applicable professional standards on a regular basis. However, we cannot assure you that NASDAQ or other regulatory authorities would not apply additional or more stringent criteria
to us after considering the effectiveness of our auditor&#8217;s audit procedures and quality control procedures, adequacy of personnel
and training, or sufficiency of resources, geographic reach or experience as it relates to the audit of our financial statements. On
August 26, 2022, the PCAOB signed the SOP Agreement with the CSRC and China&#8217;s Ministry of Finance. The SOP Agreement established
a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based in mainland
China and Hong Kong, as required under U.S. law.</span></p>

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

<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">On
December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to inspect and investigate registered
public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary.
However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB&#8217;s access in the future, the PCAOB Board will
consider the need to issue a new determination.</span></p>

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

<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">On
December 29, 2022, the Consolidated Appropriations Act, was signed into law by President Biden. The Consolidated Appropriations Act contained,
among other things, an identical provision to the Accelerating HFCA Act, which reduces the number of consecutive non-inspection years
required for foreign companies to comply with PCAOB audits under the HFCA Act from what was originally three years to two, thus reducing
the time period before their securities may be prohibited from trading or delisted.</span></p>

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

<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">If,
as a consequence, our Ordinary Shares are unable to be listed on another securities exchange, such a delisting would substantially impair
your ability to sell or purchase our Ordinary Shares when you wish to do so, and the risk and uncertainty associated with a potential
delisting would have a negative impact on the price of our Ordinary Shares.</span></p>

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

<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><i>The
recent joint statement by the SEC and proposed rule changes submitted by NASDAQ, all call for additional and more stringent criteria
to be applied to emerging market companies. These developments could add uncertainties to our business operations, share price
and reputation.</i></b></span></p>

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

<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">U.S.
public companies that have substantially all of their operations in China (including in Hong Kong) have been the subject of intense scrutiny,
criticism and negative publicity by investors, financial commentators and regulatory agencies, such as the SEC. Much of this negative
attention has centered on financial and accounting irregularities and mistakes, a lack of effective internal controls over financial
accounting, inadequate corporate governance policies or a lack of adherence thereto and, in many cases, allegations of fraud.</span></p>

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

<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">On
December 7, 2018, the SEC and the PCAOB issued a joint statement highlighting continued challenges faced by the U.S. regulators in their
oversight of financial statement audits of U.S.-listed companies with significant operations in China. On April 21, 2020, SEC Chairman
Jay Clayton and PCAOB Chairman, William D. Duhnke III, along with other senior SEC staff, released a joint statement highlighting the
risks associated with investing in companies based in or have substantial operations in emerging markets including China, reiterating
past SEC and PCAOB statements on matters including the difficulty associated with inspecting accounting firms and audit work papers in
China and higher risks of fraud in emerging markets and the difficulty of bringing and enforcing SEC, Department of Justice and other
U.S. regulatory actions, including in instances of fraud, in emerging markets generally.</span></p>

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

<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">On
May 21, 2021, NASDAQ filed three proposals with the SEC to (i) apply minimum offering size requirement for companies primarily operating
in a &#8220;Restrictive Market&#8221;, (ii) prohibit Restrictive Market companies from directly listing on NASDAQ Capital Market, and
only permit them to list on NASDAQ Global Select or NASDAQ Global Market in connection with a direct listing and (iii) apply additional
and more stringent criteria to an applicant or listed company based on the qualifications of the company&#8217;s auditors.</span></p>

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


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

<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">As
a result of such scrutiny, criticism and negative publicity, the publicly traded stock of many U.S. listed Chinese companies sharply
decreased in value and, in some cases, has become virtually worthless. Many of these companies are now subject to shareholder lawsuits
and SEC enforcement actions and are conducting internal and external investigations into the allegations. It is not clear what effect
this sector-wide scrutiny, criticism and negative publicity will have on us, our  business and our share price. If we become
the subject of any unfavorable allegations, whether such allegations are proven to be true or untrue, we will have to expend significant
resources to investigate such allegations and/or defend our Company. This situation will be costly and time consuming and distract our
management from developing our growth. If such allegations are not proven to be groundless, we and our Operating Subsidiaries&#8217;
business operations will be severely affected and you could sustain a significant decline in the value of our Ordinary Share.</span></p>

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

<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><i>NASDAQ
may apply additional and more stringent criteria for our continued listing because our insiders hold a large portion of our listed securities.</i></b></span></p>

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

<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">NASDAQ
Listing Rule 5101 provides NASDAQ with broad discretionary authority over, among other things, the continued listing of securities on
NASDAQ, and NASDAQ may use such discretion to apply additional or more stringent criteria for continued listing of particular securities,
or suspend or delist particular securities based on any event, condition, or circumstance that exists or occurs that makes continued
listing of the securities on NASDAQ inadvisable or unwarranted in the opinion of NASDAQ, even though the securities may meet all enumerated
criteria for continued listing on NASDAQ. In addition, NASDAQ may use its discretion to deny continued listing or to apply additional
and more stringent criteria including, but not limited to: where the company engaged an auditor that has not been subject to an inspection
by PCAOB, an auditor that PCAOB cannot inspect, or an auditor that has not demonstrated sufficient resources, geographic reach, or experience
to adequately perform the company&#8217;s audit. Our IPO was relatively small. As of the date of this annual report, there is not more
than 35% of the total issued capital in public hands, and the insiders of our Company hold a large portion of the Company&#8217;s listed
securities. Therefore, we may be subject to the additional and more stringent criteria of NASDAQ for our continued listing.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
do not intend to pay further dividends in the foreseeable future.</i></b></span></p>

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

<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">We
currently intend to retain all remaining funds and future earnings, if any, for the operations and expansion of the business of the Operating
Subsidiaries and do not anticipate declaring or paying any further dividends in the foreseeable future. Any future determination related
to our dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of
operations, capital requirements, contractual requirements, business prospects and other factors the board of directors deems relevant,
and will be subject to the restrictions contained in any future financing instruments.</span></p>

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

<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><i>If
securities or industry analysts do not publish research or reports about our Operating Subsidiaries&#8217; business, or if they publish
a negative report regarding our Ordinary Shares, the price of our Ordinary Shares and trading volume could decline.</i></b></span></p>

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

<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">The
trading market for our Ordinary Shares may depend in part on the research and reports that industry or securities analysts publish about
us or the Operating Subsidiaries business. We do not have any control over these analysts. If one or more of the analysts who cover us
downgrades us, the price of our Ordinary Shares would likely decline. If one or more of these analysts ceases coverage of our Company
or fails to regularly publish reports on us, we could lose visibility in the financial markets, which could cause the price of our Ordinary
Shares and the trading volume to decline.</span></p>

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

<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><i>The
market price for our Ordinary Shares may be volatile.</i></b></span></p>

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

<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">The
market price for our Ordinary Shares may be volatile and subject to wide fluctuations due to factors, such as:</span></p>

<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">&#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; text-align: justify"><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">the
    financial projections we may provide to the public, any changes in these projections or our failure to meet these projections;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">actual
    or anticipated fluctuations in our quarterly operating results;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">negative
    publicity, studies or reports;</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">&#160;</span></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">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><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
    capability to catch up with the technology innovations in the industry, and maintain such technological innovations, once attained;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements
    by us or our competitors of acquisitions, strategic partnerships, joint ventures or capital commitments;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">additions
    or departures of key personnel;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuations
    of exchange rates between Hong Kong dollar and the U.S. dollar; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
    economic or political conditions in Hong Kong, the PRC and greater Asia region.</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">&#160;</span></p>

<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">In
addition, the securities market has from time to time experienced significant price and volume fluctuations that are not related to the
operating performance of particular companies. These market fluctuations may also materially and adversely affect the market price of
our Ordinary Shares.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a company incorporated under the laws of the British Virgin Islands. Our corporate affairs are governed by our Memorandum and
Articles, the BVI Act and the common law of the British Virgin Islands. The rights of shareholders to take action against our
directors, actions by our minority shareholders and the fiduciary duties of our directors to us under the British Virgin Islands law
are to a large extent governed by the common law of the British Virgin Islands. The common law of the British Virgin Islands is
derived in part from comparatively limited judicial precedent in the British Virgin Islands as well as from the common law of
England, the decisions of whose courts are of persuasive authority, but are not binding, on a court in the British Virgin Islands.
The rights of our shareholders and the fiduciary duties of our directors under the British Virgin 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
British Virgin Islands has a less developed 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 British Virgin Islands. In addition, the
shareholders of British Virgin Islands companies may not have standing to initiate a shareholder derivative action in a federal
court of the United States.</span></p>

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

<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">Certain
corporate governance practices in the British Virgin Islands differ significantly from requirements
for companies incorporated in other jurisdictions such as the United States. We can rely on home country practice with respect to our
corporate governance. If we choose to follow the British Virgin Islands&#8217; practice in the future, our shareholders may be afforded
less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers. See &#8220;&#8212; D. Risk
Factors &#8212; Risks Related to Our Ordinary Shares and the Trading Market <i>&#8212; As a foreign private issuer, we are permitted
to rely on exemptions from certain NASDAQ Stock Exchange corporate governance standards applicable to domestic U.S. issuers.
This may afford less protection to holders of our Ordinary Shares.</i>&#8221;</span></p>

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

<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">As
a result of the foregoing, public shareholders may have more difficulties in protecting their interests in the face of actions taken
by our management, or members of our board of directors than they would as public shareholders of a company incorporated in the United
States.</span></p>

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

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

<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">We
are exempted from certain corporate governance requirements of the NASDAQ listing rules by virtue of being a foreign private issuer.
We are required to provide a brief description of the significant differences between our corporate governance practices and the corporate
governance practices required to be followed by domestic U.S. companies listed on NASDAQ. The standards applicable to us are considerably
different than the standards applied to domestic U.S. issuers. For instance, we are not required to:</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have complied with and intend to continue to comply with the above <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">corporate
governance requirements of the NASDAQ listing rules. However, we may consider following home country practice in lieu of the requirements
under the NASDAQ listing rules with respect to certain corporate governance standards, by which, as</span> a result, you may not be provided with the benefits of
certain corporate governance requirements of NASDAQ.</span></p>

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

<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><i>If
we cease to qualify as a foreign private issuer, we would be required to comply fully with the reporting requirements of the Exchange
Act applicable to U.S. domestic issuers, and we would incur significant additional legal, accounting and other expenses that we would
not incur as a foreign private issuer.</i></b></span></p>

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

<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">We
are qualified as a foreign private issuer. As a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing
the furnishing and content of proxy statements, and our officers, directors and principal shareholders will be exempt from the reporting
and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the
Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as United States domestic issuers,
and we will not be required to disclose in our periodic reports all of the information that United States domestic issuers are required
to disclose. While we currently expect to qualify as a foreign private issuer, we may cease to qualify as a foreign private issuer in
the future.</span></p>

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

<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><i>If
we cannot continue to satisfy the continued listing requirements and other rules of NASDAQ Capital Market, although we are exempt from
certain corporate governance standards applicable to U.S. issuers as a Foreign Private Issuer, our Ordinary Shares may be delisted, which
could negatively impact the price of our Ordinary Shares and the shareholders&#8217; ability to sell them.</i></b></span></p>

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

<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">In
order to maintain our listing on the NASDAQ Capital Market, we are required to comply with certain rules of the NASDAQ Capital
Market, including those regarding minimum shareholders&#8217; equity, minimum share price and certain corporate governance
requirements. Even though we have fulfilled the listing requirements and other applicable rules of the NASDAQ Capital Market, we may
not be able to continue to satisfy these requirements and applicable rules. If we are unable to satisfy the NASDAQ Capital Market
criteria for maintaining our listing, our Ordinary Shares could be subject to delisting.</span></p>

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

<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">If
the NASDAQ Capital Market delists our Ordinary Shares from trading, we could face significant consequences, including:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; 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">a
    limited availability for market quotations for our Ordinary Shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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">reduced
    liquidity with respect to our Ordinary Shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    determination that our Ordinary Share is a &#8220;penny stock,&#8221; which will require brokers trading in our Ordinary Share to
    adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our
    Ordinary Share;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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">limited
    amount of news and analyst coverage; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    decreased ability to issue additional securities or obtain additional financing in the future.</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">&#160;</span></p>


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    <!-- Field: /Page -->

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

<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><i>Because
our Operating Subsidiaries&#8217; business is conducted in Hong Kong dollars and the price of our Ordinary Shares is quoted in United
States dollars, changes in currency conversion rates may affect the value of your investments.</i></b></span></p>

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

<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">Substantially
all of our Operating Subsidiaries&#8217; business is conducted in Hong Kong (with less than 10% of their total customers clients in mainland
China), our books and records are maintained in Hong Kong dollars, which is the currency of Hong Kong, and the financial statements that
we file with the SEC and provide to our shareholders are presented in United States dollars. Changes in the exchange rate between the
Hong Kong dollar and U.S. dollar affect the value of our assets and the results of our operations in United States dollars. The value
of the Hong Kong dollar against the United States dollar and other currencies may fluctuate and is affected by, among other things, changes
in the Hong Kong&#8217;s political and economic conditions and perceived changes in the economy of Hong Kong and the United States. Any
significant revaluation of the Hong Kong dollar may materially and adversely affect our cash flows, revenue and financial condition.</span></p>

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

<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><i>Volatility
in our Ordinary Shares price may subject us to securities litigation.</i></b></span></p>

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

<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">The
market for our Ordinary Shares may have, when compared to seasoned issuers, significant price volatility and we expect that our share
price may continue to be more volatile than that of a seasoned issuer for the indefinite future. In the past, plaintiffs have often initiated
securities class action litigation against a company following periods of volatility in the market price of its securities. We may, in
the future, be the target of similar litigation. Securities litigation could result in substantial costs and liabilities and could divert
management&#8217;s attention and resources.</span></p>

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

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

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

<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">Our
management has broad discretion in the application of the net proceeds, including for any of the purposes described in &#8220;Item 14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS &#8212; Use of Proceeds,&#8221; and our shareholders do
not have the opportunity as part of their investment decision to assess whether the net proceeds are being used appropriately. Because
of the number and variability of factors that will determine our use of the net proceeds from the IPO, their ultimate use may vary substantially
from their currently intended use. The failure of our management to apply these funds effectively could harm the business of our Operating
Subsidiaries.</span></p>

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<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><i>There
can be no assurance that we will not be deemed a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for
any taxable year, which could result in adverse U.S. federal income tax consequences to U.S. holders of our ordinary shares.</i></b></span></p>

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<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">A
non-U.S. corporation will be a PFIC for any taxable year if either (1) at least 75% of its gross income for such year consists of certain
types of &#8220;passive&#8221; income; or (2) at least 50% of the value of its assets (based on an average of the quarterly values of
the assets) during such year is attributable to assets that produce passive income or are held for the production of passive income,
or the asset test. Based on our current and expected income and assets, we do not presently expect to be a PFIC for the current taxable year or the foreseeable future.
However, no assurance can be given in this regard because the determination of whether we are or will become a PFIC is a fact-intensive
inquiry made on an annual basis that depends, in part, upon the composition of our income and assets. In addition, there can be no assurance
that the Internal Revenue Service, or IRS, will agree with our conclusion or that the IRS would not successfully challenge our position.
Fluctuations in the market price of our Ordinary Shares may cause us to become a PFIC for the current or subsequent taxable years because
the value of our assets for the purpose of the asset test may be determined by reference to the market price of our Ordinary Shares.
The composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in
our IPO. If we were to be or become a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, certain adverse
U.S. federal income tax consequences could apply to such U.S. Holder and such U.S. Holder may be subject to additional reporting requirements.
For a more detailed discussion of the application of the PFIC rules to us and the consequences to U.S. taxpayers if we were or are determined
to be a PFIC, see &#8220;Item 10. Additional Information&#8212;E. Taxation&#8212;United States Federal Income Taxation&#8212;PFIC.&#8221;</span></p>

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<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><i>Our
lack of effective internal controls over financial reporting may affect our ability to accurately report our financial results or prevent
fraud, which may affect the market for and price of our Ordinary Share.</i></b></span></p>

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<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">To
implement Section 404 of the Sarbanes-Oxley Act of 2002, the SEC adopted rules requiring public companies to include a report of
management on the company&#8217;s internal control over financial reporting. Prior to the closing of our IPO in April 2024,
we were a private company with limited accounting personnel and other resources for addressing our internal control over financial
reporting. Our management has not completed an assessment of the effectiveness of our internal control over financial reporting and
our independent registered public accounting firm has not conducted an audit of our internal control over financial reporting.
However, in connection with the audits of our consolidated financial statements as of December 31, 2021, 2022 and 2023, we and our
independent registered public accounting firms identified certain material weaknesses in our internal control over financial
reporting PCAOB of the United States. A &#8220;material weakness&#8221; is a deficiency, or a combination of deficiencies, in
internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or
interim financial statements will not be prevented or detected on a timely basis. The material weaknesses identified related to (1)
our lack of sufficient full-time personnel with appropriate levels of accounting knowledge and experience to monitor the daily
recording of transactions, address complex U.S. GAAP accounting issues and to prepare and review financial statements and related
disclosures under U.S. GAAP; (2) our lack of a functional internal audit department or personnel that monitors the consistencies of
the preventive internal control procedures as well as adequate policies and procedures in internal audit function to ensure that our
policies and procedures have been carried out as planned; and (3) inadequate segregation of duties for certain key functions due to
limited staff and resources.</span></p>

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<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">Our
management has implemented and is currently taking the steps necessary to remediate the underlying causes of these material weaknesses,
including (i) conducting regular and continuous U.S. GAAP training programs and webinars for our financial reporting and accounting personnel;
ii) established three committees under the board of directors: an Audit Committee, a Compensation Committee and a Nominating and Corporate
Governance Committee (see <i>&#8220;Item 6- DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</i> for details&#8221;; iii) actively hiring more
qualified staff to fill up the key roles in the operations; and iv) setting up a financial and system control framework with formal documentation
of polices and controls in place.&#160;However, we cannot assure you that these measures may fully address the material weakness
in our internal control over financial reporting or that we may not identify additional material weaknesses or significant deficiencies
in the future.</span></p>



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<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">We
are subject to the requirement that we maintain internal controls and that management perform periodic evaluation of the effectiveness
of the internal controls. Effective internal control over financial reporting is important to prevent fraud. As a result, our business,
our financial condition, results of operations and prospects, as well as the market for and trading price of our Ordinary Shares, may
be materially and adversely affected if we do not have effective internal controls. Before the IPO, we were a private company with limited
resources. As a result, we may not discover any problems in a timely manner and current and potential shareholders could lose confidence
in our financial reporting, which would harm the business of the Operating Subsidiaries and the trading price of our Ordinary Shares.
The absence of internal controls over financial reporting may inhibit investors from purchasing our Ordinary Shares and may make it more
difficult for us to raise funds in a debt or equity financing.</span></p>

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<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">Additional
material weaknesses or significant deficiencies may be identified in the future. If we identify such issues or if we are unable to produce
accurate and timely financial statements, our Ordinary Share price may decline and we may be unable to maintain compliance with the NASDAQ
Listing Rules.</span></p>

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<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><i>The
price of our Ordinary Shares could be subject to rapid and substantial volatility, and such volatility may make it difficult for prospective
investors to assess the rapidly changing value of our Ordinary Shares.</i></b></span></p>

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<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">There
have been instances of extreme stock price run-ups followed by rapid price declines and strong stock price volatility with recent initial
public offerings, especially among those with relatively smaller public floats. As a relatively small-capitalization company with relatively
small public float, we may experience greater stock price volatility, extreme price run-ups, lower trading volume and less liquidity
than large-capitalization companies. In particular, our Ordinary Shares may be subject to rapid and substantial price volatility, low
volumes of trades and large spreads in bid and ask prices. Such volatility, including any stock-run up, may be unrelated to our actual
or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly
changing value of our Ordinary Shares.</span></p>

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

<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">In
addition, if the trading volumes of our Ordinary Shares are low, persons buying or selling in relatively small quantities may easily
influence prices of our Ordinary Shares. This low volume of trades could also cause the price of our Ordinary Shares to fluctuate greatly,
with large percentage changes in price occurring in any trading day session. Holders of our Ordinary Shares may also not be able to readily
liquidate their investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general
economic and political conditions may also adversely affect the market price of our Ordinary Shares. As a result of this volatility,
investors may experience losses on their investment in our Ordinary Shares. A decline in the market price of our Ordinary Shares also
could adversely affect our ability to issue additional shares of Ordinary Shares and our ability to obtain additional financing in the
future. No assurance can be given that an active market in our Ordinary Shares will develop or be sustained. If an active market does
not develop, holders of our Ordinary Shares may be unable to readily sell the shares they hold or may not be able to sell their shares
at all.</span></p>

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<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><span id="aj_006"></span>Item
4. INFORMATION ON THE COMPANY</b></span></p>

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<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">A.
<span style="text-decoration: underline">History and Development of the Company</span></span></p>

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<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">For
the history and development of the Company, please refer to &#8220;Item 3. Key Information&#8212;Our Corporate History.&#8221; On
April 22, 2024, our Ordinary Shares commenced trading on the Nasdaq Capital Market under the symbol &#8220;MFI.&#8221; On April 24,
2024, we closed our initial public offering. We raised $7.5 million in gross proceeds from our initial public offering, before
deducting underwriting discounts and other related expenses.</span></p>

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<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>Corporate
Information</b></span></p>

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<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">Our
principal executive offices are located at Unit 1801, Fortis Tower, 77-79 Gloucester Road, Wan Chai, Hong Kong, and our telephone number
is (+852) 3426-6200. Our registered office in the British Virgin Islands is at Vistra Corporate Services Centre, Wickhams Cay II, Road
Town, Tortola, BVI. We maintain a website at <i><span style="text-decoration: underline">https://www.m-finance.com</span></i>. The information contained on our website is not
a part of this annual report. Our agent for service of process in the United States is Cogency Global Inc., 122 East 42nd Street, 18th
Floor, New York, NY 10168.</span></p>

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<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">The
SEC maintains a website at www.sec.gov that contains reports, proxy, and information statements, and other information regarding issuers
that file electronically with the SEC using its EDGAR system.</span></p>

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<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">For
information regarding our principal capital expenditures, see &#8220;Item 5. Operating and Financial Review and Prospects &#8212; B.
Liquidity and Capital Resources &#8212; Capital Expenditures.&#8221;</span></p>

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<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.
<span style="text-decoration: underline">Business Overview</span></span></p>

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

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<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">We
are a holding company incorporated in the British Virgin Islands, and all of our operations are carried out by three Operating
Subsidiaries in Hong Kong. Our principal Hong Kong subsidiary, m-FINANCE, established in 2002, is a Hong Kong-based experienced
financial trading solution provider principally engaged in the development and provision of financial trading solutions. m-FINANCE
has approximately 20 years of experience in providing real-time mission critical forex, bullion/commodities trading platform
solutions, financial value-added services, mobile applications and financial information for brokers and institutional clients via
internet or platform as software as a service. m-FINANCE has provided a wide range of top-notch services, including mF4 Trading
Platform, Bridge and Plugins, CRM System, ECN System, Liquidity Solutions, Cross-platform &#8220;Broker+&#8221; Solution, Social
Trading Applications and other value-added services.</span></p>

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<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">m-FINANCE
has been committed to providing an advanced trading platform and innovative one-stop trading solution that fits for the Asian market,
with clients located over mainland China, Hong Kong and Southeast Asia. m-FINANCE&#8217;s customers are mainly financial institutions,
including brokers, investment banks, institutional clients and financial services providers. As of the date of this annual report, m-FINANCE&#8217;s
trading platform is handling a monthly average transaction value of over US$100 billion.</span></p>

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<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">Revenues
are primarily generated from the operations of the Operating Subsidiaries providing trading platform solutions and financial
value-added services via internet or platform as software as a service. For the years ended December 31, 2021, 2022 and 2023, our
total revenue was approximately HK<b>$</b>32<b>,</b>212,970<b>, </b>HK$34,931,827 and HK$31,961,177 (US$4,091,869), respectively.
Our gross profit and net income were HK$15,952,563 and HK$10,349,595, respectively, for the year ended December 31, 2021. Our gross
profit and net income were HK$18,419,125 and HK$6,818,599, respectively, for the year ended December 31, 2022. Our gross profit and
net income were HK$17,965,507 (US$2,300,056) and HK$6,628,881 (US$848,670), respectively, for the year ended December 31,
2023.</span><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"></span></p>


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

<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>Business
Strategy</b></span></p>

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<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><i>Unique
I-A-D-T philosophy</i></b></span></p>

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<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">m-FINANCE&#8217;s
business strategy originates from its experienced management team and unique company philosophy, I-A-D-T, which is designed to support
trading with a rational and systematic process:</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; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(I)nformation</i></b>:
    Gathering raw market information, including market indicators, price and publicly available news.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(A)nalysis</i></b>:
    Analyzing the collected information aims to identify the latest market trends and potential movements.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(D)ecision</i></b>:
    Formulating trading strategies and make investment decision based on risk appetite and market situation.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(T)ransaction</i></b>:
    Executing the transactions through a stable, efficient and secure trading platform.</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">&#160;</span></p>

<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">I-A-D-T
defines the framework of m-FINANCE&#8217;s services and m-FINANCE is committed to integrating this company philosophy into the design
of financial trading solutions. In the past two decades, m-FINANCE has implemented solutions designed to assist its customers in building
profitable businesses and benefitting from effective return-on-investment.</span></p>

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

<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><i>Continuing
to commit in R&amp;D to enhance existing m-FINANCE trading platform and financial value-added services for capturing world-wide demand
for our trading solutions</i></b></span></p>

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

<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"><span style="text-decoration: underline">Enhancing
and upgrading financial trading solutions</span></span></p>

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

<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">As
the financial technology industry is a fast-evolving industry, we believe that it is essential for m-FINANCE to keep pace with the technological
advancement and equip ourselves with the latest and/or prevailing technologies to formulate new projects and ideas.</span></p>

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

<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">In
addition, our management expects that industry competition will continue to intensify in the near future. Financial technology is taking
an increasingly important role in trading process, from pre-trade risk management to clearing and settlement, which creates opportunities
and challenges to the market players. It is observed by the management that the market participants are actively exploring ways to perform
system upgrades and service enhancements. In particular, algo-trading, big data and artificial intelligence applications are increasingly
integrated in the areas of trading. As part of our core strategies, the Operating Subsidiaries will endeavor to continuously update current
functions and may, in the future, seek to launch new functions.</span></p>

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

<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"><span style="text-decoration: underline">Business
development activities to support regional expansion</span></span></p>

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

<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">As
of the date of this annual report, we have had an established client base in Hong Kong, and some clients in other regions. In the future,
we intend to increase business presence of our Operating Subsidiaries, concentrating on regional expansion by reinforcing the existing
client base and developing operations in other regions by establishing new branches in other cities, as needed.</span></p>

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

<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"><span style="text-decoration: underline">Expansion
of client basis</span></span></p>

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

<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">m-FINANCE
is dedicated to providing holistic solutions aligned to customer needs. Consumers expect seamless, hyper-personalized digital services
tailored to their unique situations. We expect to continuously help m-FINANCE grow its client base with increased customer-focused, which
will require understanding what customers need, the experiences they covet and the heightened importance of financial well-being. m-FINANCE
plans to refine its strategies and services by designing and delivering customer experiences to increase trust and loyalty, creating
seamless interactions with the clients and providing flexible solutions that easily respond to shifting customer needs and aspirations.</span></p>

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


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

<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"><span style="text-decoration: underline">Establishment
of a proprietary trading platform for Algo-traders</span></span></p>

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

<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">Our
management expects that algorithmic trading will become more and more common. Algo trading is the use of algorithms or rules to make
purchasing and sales decisions on the investor&#8217;s behalf, based on a set of instructions defining price, quantity, timing, or any
mathematical model. It allows retail traders to get access to trading algorithm designed by worldwide strategists and hedge funds. Additionally,
this type of trading maximizes returns by arbitraging the advantages of enormous amounts of data, tiny processing delays, huge throughput
capacity, dynamically balanced portfolios, and intelligent predictive analytics.</span></p>

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

<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">In
light of the above, m-FINANCE intends to incorporate prevailing technologies to build a new platform business which will invite, qualify
and recruit algorithmic traders to participate in its proprietary trading platform. We envision that this proprietary trading platform may lead to improvement
of clients&#8217; trading life cycle, stickiness and may facilitate higher trading volume.</span></p>

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

<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><i>Retaining,
attracting and motivating high caliber and experienced staff</i></b></span></p>

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

<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">We
believe that human resources are of paramount importance to the business operations of the Operating Subsidiaries and our success depends
on the ability to hire new talents for the Operating Subsidiaries to deliver new features to the financial trading solutions they provide
and retain core employees to maintain our competitiveness. Additionally, we plan to recruit more sales and marketing personnel to broaden
our international market and client base. Further, for the purpose of regulatory compliance with the SEC and NASDAQ, we also plan to
hire additional in-house counsel and compliance officers. We also encourage potential staff to study and apply for relevant professional
qualifications through allowances and on-going training. We will also continue to maintain a people-oriented management culture and working
environment that promote employees&#8217; personal and professional development. We have instituted a pilot 4.5-day work week every other
week, to adapt to the new normal conventions in the workplace since July 2022, and we are a pioneer company in Hong Kong to carry out
this working scheme. We hope the measures will improve employee wellness so that employees will be better motivated at work and perform
more efficiently, creating a mutually beneficial situation.</span></p>

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

<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><i>Expansion
in sales and marketing </i></b></span></p>

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

<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">We
also plan to promote our Operating Subsidiaries&#8217; market presence by investing more in sales and marketing in the international
market, including online advertisement, promotion, digital marketing, and exhibition.</span></p>

<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>

<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>Competitive
Strengths</b></span></p>

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

<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">We
believe a combination of the following competitive strengths contribute to our Operating Subsidiaries&#8217; continued success and potential
for growth:</span></p>

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

<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><i>Experienced
management team fully understands the market situation and technology</i></b></span></p>

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

<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">We
have a highly committed and professional senior management team with strong credentials and extensive experience in the financial technology
industry. Our experienced management team is led by Chief Executive Officer, Chi Weng Tam, and Managing Director, Tai Wai (Stephen) Lam.
Both individuals have strong business connections and knowledge in the IT and finance sectors, and had proven track records in taking
business to the next level. The Managing Director, CEO and senior management team are adaptable to challenges and changing economic environment.
During the course of business, our management&#8217;s vision and entrepreneurial spirit, an integral part to building brand and developing
business of our Operating Subsidiaries, have played a crucial role in shaping m-FINANCE&#8217;s industry recognition, market reputation
and business success. m-FINANCE&#8217;s management also possesses extensive technical know-how and domain knowledge to respond to changing
trends in the industry, which we expect will aid in formulating and implementing business strategies in the financial technology industry.
See &#8220;Item 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES &#8212; A. Directors and Senior Management&#8221; for further details of
the management&#8217;s biographies.</span></p>

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


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

<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">The
extensive experience and market foresight of the management team, supported by a team of high-caliber solution analysts and application
developers, we believe will be able to help m-FINANCE capitalize on the industry expertise, adapt to the changes in market conditions,
and formulate and execute business strategies effectively.</span></p>

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

<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><i>Unique
comprehensive one-stop offering covering needs of traders, dealers and financial institutions.</i></b></span></p>

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

<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">In
order to strengthen m-FINANCE&#8217;s position as a financial trading solution provider, it endeavors in innovating new financial trading
solutions and enhancing its existing financial trading solutions, to respond to the changing needs and requirements of customers, serving
various sophisticated market players in the financial industry, such as traders, brokers and dealers. As of the date of this annual report,
m-FINANCE offers a comprehensive range of financial trading solutions covering the trade life cycle, such as providing real-time mission
critical forex, bullion/commodities trading platform solutions, financial value-added services, mobile applications and financial information.</span></p>

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

<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><i>24/7
round-the-clock support services specialized in mission critical application support and support provision</i></b></span></p>

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

<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">m-FINANCE
has a dedicated service team with knowledgeable and well-trained personnel, providing premium customer services on any technical issues
promptly regarding the platforms and applications developed by m-FINANCE. Clients have access to 24/7 online customer support services
via messaging applications such as WhatsApp, Skype, Tencent QQ, WeChat, emails and phone in Mandarin Chinese, Cantonese Chinese and English.</span></p>

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

<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>Key
Services</b></span></p>

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<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><i>m-FINANCE
Trading Platform</i></b></span></p>

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

<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">Our
flagship platform is a turnkey trading solution being built to fulfill brokers&#8217; business needs. This platform includes the following
major components:</span></p>

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

<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"><span style="text-decoration: underline">Front,
Middle and Back Office</span></span></p>

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

<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">m-FINANCE&#8217;s
award-winning platform (&#8220;The Most Outstanding Foreign Exchange Precious Metals Trading Platform of the Year in Greater China&#8221;
in 2022, awarded by Hong Kong&#8217;s Most Outstanding Business Awards 2022) suite covers all major features and functions required to
operate an online trading platform business. Our Front, Middle and Back Office modules allow traders, introducing brokers and account
managers, dealers, settlement and credit officers to easily monitor and execute trades, perform risk management and account openings,
and operate the trading business in a secured and stable environment.</span></p>

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

<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">m-FINANCE&#8217;s
trader terminal comes in .NET, Java, iOS, Android and HTML5 versions, providing the greatest flexibility for traders to manage their
positions and place orders anytime, anywhere.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_002.jpg" alt="" style="height: 284px; width: 600px"/></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to address the various needs of clients, the platform is designed to be highly configurable to address specific business requirements
without being required to redeploy or rebuild the applications. This is very crucial to serve the 24-hour non-stop over-the-counter market.</span></p>

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

<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"><span style="text-decoration: underline">Pricing
Engine</span></span></p>

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

<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">The
&#8220;Price Engine&#8221; is the heart of a trading platform, which links up with market data feeds and then distributes to all connected
applications in a timely and efficient manner. Due to the special nature of the over-the-counter market, there are chances of error quotes
from market data and discrepancies of price quotes from different sources. However, m-FINANCE&#8217;s pre-built data feed management
functionalities allow dealers to define filtering rules and specific templates to cope with various market conditions in real-time.</span></p>

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

<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><i>Customer
Relationship Management (CRM)</i></b></span></p>

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

<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">m-FINANCE&#8217;s
CRM system refers to a Customer Relationship Management system developed exclusively for facilitating forex/bullion brokerage companies
to manage all the Introducing Brokers (IBs) and clients efficiently. It assists to streamline and standardize the operation processes
with a view to reducing costs, improving efficiency and increasing customer retention. The cloud-based CRM system integrates with the
m-FINANCE trading platform as well as MT4/MT5 trading platforms from Metaquotes Ltd. It has a full-fledged affiliate system with multi-tier
rebate capabilities which allow brokers to grow their brokerage business rapidly. By introducing new functions to cater different business
models, the mF CRM system can help brokers manage their entire business effectively whilst reducing trading risk.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_003.jpg" alt="" style="height: 273px; width: 600px"/></span></p>

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

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

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

<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">m-FINANCE
provides liquidity services to customers for the use of the fully automatic hedging solution and sending their clients&#8217; orders
directly to the liquidity providers such as institutional brokers, market makers, exchanges and prime of prime brokers. m-FINANCE&#8217;s
solution supports Financial Information Exchange (FIX), which is the de-facto standard for international real-time exchange of transactions
among financial institutions. The trading platform provide brokers/dealers with automatic hedging services by sending clients&#8217;
orders directly to FIX-compliant international banks, exchanges, institutional brokers or electronic communication network (ECN) platforms.
Through assessing the specific demands of brokers/dealers, m-FINANCE may provide various hedging solutions, allowing them to define criteria
of switching between A-Book and B-Book business models. When brokers use the A-Book business model, all of their clients&#8217; orders
are transmitted directly to the connected liquidity providers. When brokers operate as market makers, it is referred to as the B-Book
model, orders are then processed in-house by the brokers. The easy switch between these two models allows the brokers to control their
investment risks and maximize their profits.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_004.jpg" alt="" style="height: 203px; width: 600px"/></span></p>

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

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

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

<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">m-FINANCE
provides white label services to customers by allowing them to add additional labels or brands to the trading platform services. Thess
provide customers the highest flexibility to operate their trading platform business based on their individual business development strategy
or marketing needs at a lower operating cost.</span></p>

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


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

<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><i>Social
and copy trading (&#8220;CopyMaster&#8221;)</i></b></span></p>

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

<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">Copy
trading is gaining popularity because it provides users with the opportunity to follow the trading portfolio of successful traders&#8217;
transactions such as buy/sell events and profit &amp; loss summary. With the convenience of using smart phones, users are demanding tools
or apps with copy trading function to assist them in making trading decision anywhere and anytime. Users may define their preferred trade
copying rules based on their own risk appetite, which enable them to automatically copy trading actions of other traders. By combining
copy trading with social media elements, such as comment and share functions, into m-FINANCE&#8217;s self-developed mobile application,
CopyMaster, traders, analysts, guru, introducing brokers can interact, share knowledge and strategies, and engage in the forex and bullion
markets with ease. This application, available in iOS and Android versions, is also equipped with several built-in interactive utilities,
including traders&#8217; ranking, market sentiment analysis, virtual points, group chats, messaging and alerts, as well as live broadcasts.</span></p>

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

<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><i>Cross-platform
&#8220;Broker+&#8221; solution</i></b></span></p>

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

<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">The
Cross-platform &#8220;Broker+&#8221; solution scales up brokers&#8217; business by providing them with flexibility to operate as a liquidity
provider. In combination with m-FINANCE&#8217;s trading platform, brokers can accept orders from other brokers who are using MT4 software
developed by Metaquotes Ltd. directly via STP, in order to expand their trading volume. &#8220;Broker+&#8221; solution allows configuration
of multiple modules with independent price quote setting for different brokers. More importantly, brokers utilizing the m-FINANCE trading
platform can have full flexibility to hedge specific orders from other brokers by switching between A-Book and B-Book modes conveniently.</span></p>

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

<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><i>Other
Financial Value-added services (FVAS)</i></b></span></p>

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

<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">Aligning
with its one-stop trading solutions strategy, m-FINANCE is also providing several financial value-added services to its clients, such
as interactive charts, professional trading analysis &amp; strategies, economic calendar, instant financial news, real-time quotes, online
payment gateway, mobile customer relationship management System (mCRM) and website development. All these services can be tailored to
assist clients to establish, promote and strengthen their online trading business and services. For example, the mCRM service is already
connected with multiple SMS gateways for delivery of short messages to world-wide users. It thus enables automatic delivery of important
information (such as cut loss, deposit/withdraw, reset password) or promotional messages to traders&#8217; mobile phones, significantly
reducing the workload of back office staff and providing a good means of marketing. Riding on m-FINANCE&#8217;s I-A-D-T philosophy, real-time
quotes and market analysis being the &#8220;I&#8221; and &#8220;A&#8221; components, the optional subscription services have been the
seamlessly integrated parts of the trading platform, distributing traders with timely market knowledge.</span></p>

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

<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>Revenue
Model </b></span></p>

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

<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">Our
revenue model is subject to the type of services provision to clients, which include:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fee
    Type</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading
    Platform</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CRM</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
    Solutions</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CopyMaster</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Broker+</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FVAS</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial
    set up, installation and customization services (Note 1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Y</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">Y</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">Y</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">Y</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">Y</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">Y</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"><b>2</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscriptions
    (Note 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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Y</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">Y</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#12288;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">Y</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">Y</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#12288;</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"><b>3</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hosting,
    support and maintenance services (Note 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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Y</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">Y</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">Y</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">Y</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">Y</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">O</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"><b>4</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">White
    label services (Note 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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">O</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#12288;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#12288;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#12288;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#12288;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#12288;</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"><b>5</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
    services income (Note 3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#12288;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">Y</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#12288;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#12288;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#12288;</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"><b>6</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quotes/news/package
    subscription services (Note 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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#12288;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#12288;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">O</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#12288;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">Y</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">&#160;</span></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">&#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">&#12288;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Remarks:</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">O
    = <i>Optional fee</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes:</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
    We charged a one-time service fee for the services provided.</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">&#12288;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
    We charged a monthly fee for the services provided.</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">&#12288;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
    We charged a transaction fee based on the trading volume or lot size.</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">&#160;</span></p>

<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">Prepayment
of recurrent fees is required in most cases, either on quarter or annual basis. The packaged platform deployment cycle is around two
weeks to one-month, subject to user acceptance testing duration to be performed by clients. All customization work will have fixed priced
quotation issued for the client to confirm an order. Clients are required to settle all one-time fees within the specified timeframe
per contractual term before production launch of services. We generally grant credit-terms of 30 days to the clients. Nevertheless, at
times, clients may require additional time to pay us or fail to pay us at all, management will then decide on whether to continue on
service provisioning based on the specific client situation. These exceptional cases may add up the overall collection exposure, increase
the amounts of accounts receivable and consequently lead to additional allowance for bad and doubtful debt accounts.</span></p>

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

<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>Revenue</b></span></p>

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

<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">The
following table sets forth the breakdown of our revenue for the years ended December 31, 2023, 2022 and 2021:</span></p>

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

<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"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="14" 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>&#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><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">2023</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">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">US$</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left">Initial set up, installation and customization services</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right">8,147,473</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: 11%; text-align: right">7,140,076</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: 11%; text-align: right">8,973,079</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>Subscriptions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12,124,676</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11,414,976</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11,445,019</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">3,304,830</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,186,369</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,338,184</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">3,220,992</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6,699,586</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,626,516</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">White label services</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,860,221</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,889,188</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,122,198</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">271,697</td><td style="text-align: left">&#160;</td></tr>
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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">3,554,778</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">3,601,632</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">2,456,181</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 style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Total revenue</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">32,212,970</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">34,931,827</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">31,961,177</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,091,869</td><td style="text-align: left">&#160;</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"></span>&#160;</p>

<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>Clients</b></span></p>

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

<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">Clients
of the Operating Subsidiaries are mainly financial institutions, including brokers, investment banks, institutional clients,
liquidity providers and financial services providers. The Operating Subsidiaries recruit new clients via existing client referrals,
personal networking, online advertisement, promotion, digital marketing, and exhibition. As of the date of this annual report, the
Operating Subsidiaries do not offer any incentive for client referrals. For the years ended December 31, 2021, 2022 and 2023, we had
64, 60 and 54, respectively.</span></p>

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

<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">We
did not have any key clients on which we depended during the years ended December 31, 2021, 2022 and 2023. Since the revenue generated
by each client depends on the type and amounts of services consumed, it is possible for any client or potential client to become a top
five client for a fiscal year. The following two facts further indicate that there is no key client on which we were dependent during
the years ended December 31, 2021, 2022 and 2023: (i) the total revenue generated by the top five clients represents less than 40% of
the revenue of the Operating Subsidiaries for the years ended December 31, 2021, 2022 and 2023; and (ii) the top five clients were not
exactly the same for the years ended December 31, 2021, 2022 and 2023.</span></p>


<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"></span></p>

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


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

<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><i>Salient
Terms of Service Agreements</i></b></span></p>

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

<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"><span style="text-decoration: underline">Scope
of services</span></span></p>

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

<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">The
Operating Subsidiaries generally enter into written service agreements with clients that set out the scope of services to be provided,
and will include the provision of one or more of our development and financial trading solutions services, subject to the request of
the customers.</span></p>

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

<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"><span style="text-decoration: underline">Term</span></span></p>

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

<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">During
the years ended December 31, 2021, 2022 and 2023, the service agreements entered were generally for a period of 1
year.&#160;</span></p>

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

<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"><span style="text-decoration: underline">Service
fees and payment terms</span></span></p>

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

<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">The
service agreements of the Operating Subsidiaries specify the terms of the service fees, including the payment schedule or a provision
that payment is required to be made upon the presentation of the invoice.</span></p>

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

<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"><span style="text-decoration: underline">Termination</span></span></p>

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

<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">The
service agreements generally grant both counterparties the right to terminate the contracts by providing written notice to the other
party within the specified timeframe.</span></p>

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

<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><i>Top
Five Clients</i></b></span></p>

<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">&#160;</span></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, our five largest
customers accounted for 10.5%, 7.9%, 7.1%, 5.9% and 4.8%, respectively, of our total revenues.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">For the year ended December 31, 2022, our five largest
customers accounted for 18.0%, 6.1%, 5.0%, 4.3% and 4.2%, respectively, of our total revenues.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-size: 10pt">For the
year ended December 31, 2023, our five largest customers accounted for 6.7%, 5.5%, 5.2%, 4.7% and 4.5%, respectively, of our total revenues.
</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-size: 10pt">None of our directors,
their close associates, or any shareholders who owned more than 5% of the issued shares of our Company, as of the date of this annual
report, had any interest in any of the five largest clients of Operating Subsidiaries during the years ended December 31, 2021, 2022 and
2023. As of the date of this annual report, we are not aware of any of the major clients having experienced material financial difficulties
that may materially affect our or the Operating Subsidiaries&#8217; business.</span><span style="font-size: 8pt"></span></p>


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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years of December 31, 2021, 2022 and 2023, the suppliers were all IT service providers. Our top five suppliers during the years ended
December 31, 2021, 2022 and 2023 did not grant credit terms to us and payments made to them were generally made by check and settled
in HK$.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">For the year ended December 31, 2021, <span style="background-color: white">our
five largest service providers accounted for 7.2%, 5.4%, 2.8%, 1.8% and 1.6%, respectively, of our total cost of revenue. </span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">For the year ended December 31, 2022, <span style="background-color: white">our
five largest service providers accounted for 5.2%, 4.0%, 2.8%, 1.7% and 1.0%, respectively, of our total cost of revenue. </span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">For the year ended December 31, 2023, <span style="background-color: white">our
five largest service providers accounted for 6.6%, 3.3%, 2.0%, 1.5% and 1.3%, respectively, of our total cost of revenue. </span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our directors, Tai Wai (Stephen) Lam and Chi Weng Tam, who are also the
shareholders who owned more than 5% of the number of issued Ordinary Shares of our Company as of the date of this annual report, own 100%
equity interests in one of the service providers, PrimeTime Global Technologies Limited through Gaderway Investments Limited. Other than as disclosed above, none of our directors, their close associates, nor any shareholders who owned
more than 5% of the issued shares of our Company, as of the date of this annual report, had any interest in any of the five largest service
providers during the years ended on December 31, 2021, 2022 and 2023. As of the date of this annual report, neither we nor the Operating
Subsidiaries had any significant disputes with any of other service providers for the years ended December 31, 2021, 2022 and 2023.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management is of the view that during the ordinary course of the business, the Operating Subsidiaries are primarily exposed to risks
related to information technology security. On the managerial level, our executive directors are responsible for the control measures
and supervision of operations in all aspects. The following sets out the risks and mitigating control measures taken by our Operating
Subsidiaries.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Operating Subsidiaries are using database clustering and redundancy to prevent the risk of any data loss.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
and the Operating Subsidiaries value our and the clients&#8217; data privacy. Sensitive data is only accessible to approved parties of
the customers through the services provided by our Operating Subsidiaries. All access to production systems are logged, and every logging
party only has limited access time to the systems.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Operating Subsidiaries employ redundant firewalls for monitoring and filtering network traffic.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Operating Subsidiaries deployed a separate encryption key for each client on the trading platform deployed when the clients are sending
and receiving transaction data.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Operating Subsidiaries also developed an alert system to notify support personnel upon various abnormal system events.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this annual report, the Operating Subsidiaries do not keep any inventory.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe the financial technology industry in Hong Kong and Asia is competitive and fragmented. With the rise of electronic trading in
recent years, the industry has attracted the presence of both Hong Kong-based and international companies. We believe the financial technology
industry in Hong Kong and Asia is competitive and fragmented. With the rise of electronic trading in recent years, the industry has attracted
the presence of both Hong Kong-based and international companies.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
the successful project delivery and sound reputation, some international financial trading solutions providers have applied their proven
expertise in the industry, while the local financial trading solutions providers leverage the established relationship with customers.
Strong local partnership allows efficient access to local networks and information, which our management believes is a key advantage
to our Operating Subsidiaries.</span></p>

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


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of our active Operating Subsidiaries were formed and are operating in Hong Kong, and they have received all required permissions from
Hong Kong authorities to operate their current business in Hong Kong, namely, their business registration certificates.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this annual report, neither we nor the Operating Subsidiaries own any real property. Our operating subsidiary, m-FINANCE,
has entered into three lease agreements with two independent third parties, the details of which are set out below.</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: Black 1.5pt solid; width: 24%; font-weight: bold; text-align: center">Address</td><td style="padding-bottom: 1.5pt; width: 2%; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 23%; font-weight: bold; text-align: center">Gross Floor Area</td><td style="padding-bottom: 1.5pt; width: 2%; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 23%; font-weight: bold; text-align: center">Use of the Property</td><td style="padding-bottom: 1.5pt; width: 2%; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 24%; font-weight: bold; text-align: center">Lease Term</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left">Unit 1801, Fortis Tower, 77-79 Gloucester Road, Wan Chai, Hong Kong</td><td style="text-align: left; vertical-align: top">&#160;</td>
    <td style="text-align: left; vertical-align: top">3750 (sq./ft)</td><td style="text-align: left; vertical-align: top">&#160;</td>
    <td style="text-align: left; vertical-align: top">Office</td><td style="text-align: left; vertical-align: top">&#160;</td>
    <td style="text-align: left; vertical-align: top"><p style="margin-top: 0; margin-bottom: 0">From January 31, 2022 to January 30, 2024</p>
                                                      <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
                                                      <p style="margin-top: 0; margin-bottom: 0">From January 31, 2024 to January 30, 2026</p>
                                                      <p style="margin-top: 0; margin-bottom: 0">(Renewed)</p></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left">&#160;</td><td style="text-align: left; vertical-align: top">&#160;</td>
    <td style="text-align: left; vertical-align: top">&#160;</td><td style="text-align: left; vertical-align: top">&#160;</td>
    <td style="text-align: left; vertical-align: top">&#160;</td><td style="text-align: left; vertical-align: top">&#160;</td>
    <td style="text-align: left; vertical-align: top">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: left">Carparking Space No. 33 on 2/Floor, Fortis Tower, NOS. 77, 78-79 Gloucester Road, Hong Kong</td><td style="text-align: left; vertical-align: top">&#160;</td>
    <td style="text-align: left; vertical-align: top">N/A</td><td style="text-align: left; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: left">Parking Lot</td><td style="text-align: left; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: left"><p style="margin-top: 0; margin-bottom: 0">From January 31, 2022 to January 30, 2023 <br/></p>
                                                      <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
                                                      <p style="margin-top: 0; margin-bottom: 0">From January 31, 2023 to January 30, 2024</p>
                                                      <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
                                                      <p style="margin-top: 0; margin-bottom: 0">From January 31, 2024 to January 30, 2025</p>
                                                      <p style="margin-top: 0; margin-bottom: 0">(Renewed)</p></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: left">&#160;</td><td style="text-align: left; vertical-align: top">&#160;</td>
    <td style="text-align: left; vertical-align: top">&#160;</td><td style="text-align: left; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: left">&#160;</td><td style="text-align: left; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left">Carparking Space No. 62 on 3/Floor, Fortis Tower, NOS. 77, 78-79 Gloucester Road, Hong Kong</td><td style="text-align: left; vertical-align: top">&#160;</td>
    <td style="text-align: left; vertical-align: top">N/A</td><td style="text-align: left; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: left">Parking Lot</td><td style="text-align: left; vertical-align: top">&#160;</td>
    <td style="text-align: left; vertical-align: top"><p style="margin-top: 0; margin-bottom: 0">From January 31, 2022 to January 30, 2024</p>
                                                      <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
                                                      <p style="margin-top: 0; margin-bottom: 0">No longer renewed after expiration</p></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left">&#160;</td><td style="text-align: left; vertical-align: top">&#160;</td>
    <td style="text-align: left; vertical-align: top">&#160;</td><td style="text-align: left; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: left">&#160;</td><td style="text-align: left; vertical-align: top">&#160;</td>
    <td style="text-align: left; vertical-align: top">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: left">Carparking Space No. 74 on 3/Floor, Fortis Tower, NOS. 77, 78-79 Gloucester
Road, Hong Kong</td><td style="text-align: left; vertical-align: top">&#160;</td>
    <td style="text-align: left; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">N/A</p></td><td style="text-align: left; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: left">Parking Lot</td><td style="text-align: left; vertical-align: top">&#160;</td>
    <td style="text-align: left; vertical-align: top">From January 31, 2024 to January 30, 2025</td></tr>
  </table>


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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are the registrants of the following domain names: goldtradingsignal.com, mfintrader.com, tradingguard.net, tradingsky.net, omegatraders.com,
fx24k.com, m-finance.net, m-finance.com, m-finance.hk, mfcloud.net, mmaster.com. algotraders.finance, tradingengine.net. As of the date
of this annual report, all of the domains remain active and the Company may renew such registrations for further periods, and expects
to do so for the foregoing domain names at appropriate times.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this annual report, the Operating Subsidiaries maintained 7 trademark registrations in Hong Kong and 9 trademark registrations
in mainland China through m-FINANCE regarding its business name and brand names. Registered trademarks in Hong Kong and mainland China
are valid for a period of 10 years beginning on the date of registration. The Company may renew successfully for further periods of 10
years at the end of the current period, and, as of the date of this annual report, expects to do so for the foregoing trademarks at appropriate
times. Our directors consider that the business and profitability of our Company and the Operating Subsidiaries are not dependent on
any patent, license or new manufacturing process.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Operating Subsidiaries&#8217; operations do not typically experience any seasonality.</span></p>

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


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this annual report, there are 33 employees in our Company, including the Operating Subsidiaries. As of December 31, 2023
and 2022, we had 32 and 28 employees, respectively. All of the employees are stationed in Hong Kong. The following table sets forth a
breakdown of the number of our employees by job functions as of the date of this annual report:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Job Functions</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">Number of Employees</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: 78%; text-align: justify">Management</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: center">&#160;</td><td style="width: 18%; text-align: center">2</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Business Analyst/Quality Assurance</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">7</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Design</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">1</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Finance</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">1</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Finance and Administration</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">1</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Office Administration</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">1</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Project Management</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">2</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Sales and Marketing</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">1</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Software Development</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">11</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Technical Support</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: center">6</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; 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: center">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: center">33</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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021, 2022 and 2023, there was no strike or labor dispute with the staff and we believe the
relationships with the employees and work environment are generally positive. We and the Operating Subsidiaries regularly assess the
job performance of our staff and we believe that our remuneration policy helps us attract and retain our staff. We determine our
employees&#8217; remuneration based on a number of factors, including their duties, position, experience, qualifications and
contributions to our Operating Subsidiaries. During the years ended on December 31, 2021, 2022 and 2023, the staff costs of the
employees, including salaries, contributions to Mandatory Provident Fund Scheme Ordinance (the &#8220;MPFSO&#8221;, a retirement
scheme in Hong Kong where employers are required to contribute certain amount of employee&#8217;s monthly income to the fund) and
other benefits were approximately HK$15,270,802, HK$16,332,699 and HK$16,509,766 (US$2,113,683),
respectively.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the course of the business operation through our Operating Subsidiaries, they may collect personal data from our customers in connection
with the business operations and this information may be subject to data privacy laws in the jurisdiction of Hong Kong. According to
the relevant law in relation to data privacy, it is necessary for customers, or data owners, to be informed of the purpose for which
the data is to be used on or before collecting the data, and such data shall not be used for a new purpose without the prescribed consent
of the data owners. Our subsidiaries&#8217; data privacy statement states that the personal data being collected can be used for purposes
of data analysis and supporting our subsidiaries to develop and to improve the functions of our subsidiaries. We believe that we and
our subsidiaries are in compliance with all relevant laws and regulations in all material respects with respect to data privacy.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that the nature of our subsidiaries&#8217; business does not impose any serious threats to social responsibility and environmental
protection matters.</span></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended on December 31, 2021, 2022 and 2023, and as of the date of this annual report, neither we nor the Operating
Subsidiaries have been involved in any litigation, claim, administrative action or arbitration which had a material adverse effect
on the operations or financial condition of our Company or our Operating Subsidiaries. On December 20, 2021, m-FINANCE entered into
a settlement agreement with one of its clients for HK$2.6 million to settle a contractual dispute, which dispute has been fully
settled in cash as of December 31, 2021.</span></p>

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


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Operating Subsidiaries provide business protection insurance including covering Property All Risks, Business Interruption Money and
Personal Assault, Public Liability, Employee&#8217;s Compensation in compliance with applicable Hong Kong laws. Such insurance
policies generally extend for one year and are renewable annually. We believe that the current insurance coverage is sufficient for
our Operating Subsidiaries&#8217; business operations and is consistent with the industry conventions in Hong Kong. The Operating
Subsidiaries were not subject to, nor did they receive, any insurance claims during the years ended on December 31, 2021, 2022 and
2023, and as of the date of this annual report.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December 31, 2021, 2022 and 2023, and as of the date of this annual report, the Operating Subsidiaries
mainly utilize internal resources for research and development and they also engaged PrimeTime Global Technologies Limited and three
independent third parties for research and development.&#160;</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulations
Related to our Business Operation in Hong Kong</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a BVI holding company with three Operating Subsidiaries as forex/bullion trading solutions providers in Hong Kong. Below sets out
a summary of certain aspects of the Hong Kong laws and regulations which are relevant to our Operating Subsidiaries&#8217; operations
and business.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Business
Registration Ordinance (Chapter 310 of the Laws of Hong Kong)</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Business Registration Ordinance requires every person carrying on any business to make an application to the Commissioner of Inland Revenue
in the prescribed manner for the registration of that business within one month after the commencement of business. The Commissioner
of Inland Revenue must register each business for which a business registration application is made and as soon as practicable after
the prescribed business registration fee and levy are paid and issue a business registration certificate or branch registration certificate
for the relevant business or the relevant branch, as the case may be. Any person who fails to apply for business registration shall be
guilty of an offence and shall be liable to a fine of HK$5,000 and to imprisonment for 1 year. As of the date of this annual report,
each of the Operating Subsidiaries has obtained and maintains a valid business registration certificate.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Regulations
related to employment and labor protection </i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Employment
Ordinance (Chapter 57 of the Laws of Hong Kong)</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Employment Ordinance, or the EO, is an ordinance enacted for, amongst other things, the protection of the wages of employees and the
regulation of the general conditions of employment and employment agencies. Under the EO, an employee is generally entitled to, amongst
other things, notice of termination of his or her employment contract; payment in lieu of notice; maternity protection in the case of
a pregnant employee; not less than one rest day in every period of seven days; severance payments or long service payments; sickness
allowance; statutory holidays or alternative holidays; and paid annual leave of up to 14 days depending on the period of employment.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Employees&#8217;
Compensation Ordinance (Chapter 282 of the Laws of Hong Kong)</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Employees&#8217; Compensation Ordinance, or the ECO, is an ordinance enacted for the purpose of providing for the payment of compensation
to employees injured in the course of employment. The EO establishes a no-fault and non-contributory employee compensation system for
work injuries and lays down the rights and obligations of employers and employees in respect of injuries or death caused by accidents
arising out of and in the course of employment, or by prescribed occupational diseases.</span></p>

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


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
stipulated by the ECO, no employer shall employ any employee in any employment unless there is in force in relation to such employee
a policy of insurance issued by an insurer for an amount not less than the applicable amount specified in the Fourth Schedule of the
ECO in respect of the liability of the employer. According to the Fourth Schedule of the ECO, the insured amount shall be not less than
HK$100,000,000 per event if a company has no more than 200 employees. Any employer who contravenes this requirement commits a criminal
offence and is liable on conviction to a fine and imprisonment. An employer who has taken out an insurance policy under the ECO is required
to display a prescribed notice of insurance in a conspicuous place on each of its premises where any employee is employed.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
directors confirm that we have maintained our employee&#8217;s compensation insurance policy and all of our local employees are insured
under the employee&#8217;s compensation insurance policy, as of the date of this annual report.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Occupational
Safety and Health Ordinance (Chapter 509 of the Laws of Hong Kong)</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Occupational Safety and Health Ordinance provides for the protection of health and safety of employees in workplaces, both industrial
and non-industrial.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employers
must, as far as reasonably practicable, ensure the safety and health at work of all employees by:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">providing
    and maintaining plant and systems of work that are safe and without risks to health; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">making
    arrangements for ensuring safety and absence of risks to health in connection with the use, handling, storage or transport of plant
    or substances; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">providing
    all necessary information, instruction, training, and supervision for ensuring safety and health; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
    regards any workplace under the employer&#8217;s control, maintaining the workplace in a condition that is safe and without risks
    to health and providing and maintaining means of access to and egress from the workplace that are safe and without risks to health</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Occupiers
Liability Ordinance (Chapter 314 of the Laws of Hong Kong)</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Occupiers Liability Ordinance regulates the obligations of a person occupying or having control of premises on injury resulting to persons
or damage caused to goods or other property lawfully on the land.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Mandatory
Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong)</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Mandatory Provident Fund Schemes Ordinance, or the MPFSO, is an ordinance enacted for the purposes of providing for the establishment
of non-governmental mandatory provident fund schemes, or the MPF Schemes. The MPFSO requires every employer of an employee of 18 years
of age or above but under 65 years of age to take all practical steps to ensure the employee becomes a member of a registered MPF Scheme
within the first 60 days of employment. Subject to the minimum and maximum relevant income levels, it is mandatory for both employers
and their employees to contribute 5% of the employee&#8217;s relevant income to the MPF Scheme.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
employer who contravenes the requirement of enrolling eligible employees in a registered MPF Scheme commits a criminal offence and is
liable on conviction to a maximum fine of HK$50,000 and imprisonment for six months on the first conviction and maximum fine of HK$100,000
and imprisonment for one year on each subsequent conviction.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
employer who contravenes the requirement of paying mandatory contributions to the MPF Scheme commits a criminal offence and is liable
on conviction to a maximum fine of HK$50,000 and imprisonment for six months on the first conviction and maximum fine of HK$100,000 and
imprisonment for one year on each subsequent conviction.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Minimum
Wage Ordinance (Chapter 608 of the Laws of Hong Kong)</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Minimum Wage Ordinance provides for a prescribed minimum hourly wage rate (currently at HK$40.0 per hour) during the wage period for
every employee engaged under a contract of employment under the Employment Ordinance. Any provision of the employment contract which
purports to extinguish or reduce the right, benefit or protection conferred on the employee by the Minimum Wage Ordinance is void.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure
to pay minimum wage amounts to a breach of the wage provisions under Employment Ordinance. An employer who willfully and without reasonable
excuse fails to pay wages to an employee when it becomes due is liable to prosecution and, upon conviction, to a fine of HK$350,000 and
to imprisonment for three years.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Inland
Revenue Ordinance (Chapter 112 of the Laws of Hong Kong)</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Inland Revenue Ordinance, where an employer commences to employ in Hong Kong an individual who is or is likely to be chargeable to
tax, or any married person, the employer shall give a written notice to the Commissioner of Inland Revenue not later than three months
after the date of commencement of such employment. Where an employer ceases or is about to cease to employ in Hong Kong an individual
who is or is likely to be chargeable to tax, or any married person, the employer shall give a written notice to the Commissioner of Inland
Revenue not later than one month before such individual ceases to be employed in Hong Kong.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the current practice of the Inland Revenue Department of Hong Kong, no withholding tax is payable in Hong Kong in respect of dividends
paid by the Operating Subsidiaries in Hong Kong.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Capital
gains and profit tax</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Inland Revenue Ordinance provides, among other things, that profits tax shall be charged on every person carrying on a trade, profession
or business in Hong Kong in respect of his or her assessable profits arising in or derived from Hong Kong at the standard rate at 16.5%,
except for the qualifying group entity under the two-tiered profits tax regime. The two-tiered profits tax regime is applicable to years
of assessment commencing on or after April 1, 2018, for which the first HK$2,000,000 assessable profits are taxed at the rate of 8.25%
and the remaining assessable profits are taxed at 16.5%. The Inland Revenue Ordinance also contains detailed provisions relating to,
among other things, permissible deductions for outgoings and expenses, set-offs for losses and allowances for depreciations of capital
assets.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
tax is imposed in Hong Kong in respect of capital gains from the sale of shares. However, trading gains from the sale of shares by persons
carrying on a trade, profession or business in Hong Kong, where such gains are derived from or arise in Hong Kong, will be subject to
Hong Kong profits tax. Certain categories of taxpayers (for example, financial institutions, insurance companies and securities dealers)
are likely to be regarded as deriving trading gains rather than capital gains unless these taxpayers can prove that the investment securities
are held for long-term investment purposes.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Stamp
Duty Ordinance (Chapter 117 of the Laws of Hong Kong)</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Stamp Duty Ordinance, the Hong Kong stamp duty currently charged at the ad valorem rate of 0.13% on the higher of the consideration
for or the market value of the shares, will be payable by the purchaser on every purchase and by the seller on every sale of Hong Kong
shares (in other words, a total of 0.26% is currently payable on a typical sale and purchase transaction of Hong Kong shares). In addition,
a fixed duty of HK$5 is currently payable on any instrument of transfer of Hong Kong shares. Where one of the parties is a resident outside
Hong Kong and does not pay the ad valorem duty due by it, the duty not paid will be assessed on the instrument of transfer (if any) and
will be payable by the transferee. If no stamp duty is paid on or before the due date, a penalty of up to ten times the duty payable
may be imposed.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong
Kong estate duty was abolished effective from February 11, 2006. No Hong Kong estate duty is payable by shareholders in relation to the
shares owned by them upon death.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Competition
Ordinance (Chapter 619 of the Laws of Hong Kong)</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Competition Ordinance that commenced full operation on December 14, 2015 (i) prohibits conduct that prevents, restricts or distorts competition
in Hong Kong; (ii) prohibits mergers that substantially lessen competition in Hong Kong; and (iii) provides for incidental and connected
matter.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
&#8220;First Conduct Rule&#8221; prohibits anti-competitive agreements, practices and decisions. It provides that an undertaking must
not (i) make or give effect to an agreement; (ii) engage in a concerted practice; or (iii) as a member of an association of undertakings,
make or give effect to a decision of the association, if the object or effect of the agreement, concerted practice or decision is to
prevent, restrict or distort competition in Hong Kong. Serious anti-competitive conduct includes (i) fixing, maintaining, increasing
or controlling the price for the supply of goods or services; (ii) allocating sales, territories, customers or markets for the production
or supply of goods or services; (iii) fixing, maintaining, controlling, preventing, limiting or eliminating the production or supply
of goods or services; and (iv) bid-rigging.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
&#8220;Second Conduct Rule&#8221; prohibits the abuse of market power. It provides that an undertaking that has a substantial degree
of market power in a market must not abuse such power by engaging in conduct that has as its object or effect the prevention, restriction
or distortion of competition in Hong Kong. This conduct may in particular, constitute an abuse of such market power if it involves predatory
behavior towards competitors or limiting production, markets or technical development to the prejudice of consumers. Matters that may
be taken into consideration when determining whether an undertaking has a substantial degree of market power in a market include (i)
the market share of the undertaking; (ii) the undertaking&#8217;s power to make pricing and other decisions; and (iii) any barriers to
entry to competitors into the relevant market.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
First Conduct Rule and the Second Conduct Rule apply to all sectors of the Hong Kong economy. Therefore, our business is subject to Competition
Ordinance generally.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of contravention of a competition rule, the Competition Tribunal may (i) on application by the Competition Commission, impose
pecuniary penalty of any amount it considers appropriate subject to a maximum of 10% of the turnover of the undertaking concerned for
each year in which the contravention occurred for each single contravention (if the contravention occurred in more than three years,
10% of the turnover of the undertaking for the three years that saw the highest, second highest and third highest turnover); (ii) on
application by the Competition Commission, make an order disqualifying a person from being a director of a company or from otherwise
being concerned in the affairs of a company; (iii) make orders it considers appropriate, including but not limited to prohibiting an
entity from making or giving effect to an agreement, requiring modification or termination of an agreement, requiring payment of damages
to a person who has suffered loss or damage as a result of the contravention.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Laws
in Relation to Intellectual Property Rights</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Copyright
Ordinance (Chapter 528 of the Laws of Hong Kong)</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Copyright Ordinance currently in force in Hong Kong came into effect on June 27, 1997. The Copyright Ordinance as reviewed and revised
from time to time provides comprehensive protection for recognised categories of work such as literary, dramatic, musical and artistic
works, as well as for sound recordings, films, television broadcasts and cable programmes. Certain copyrights may subsist in the works
we create in relation to our artistic works or literary works that qualify for copyright protection without registration.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Copyright Ordinance restricts certain acts such as copying and/or issuing or making available copies to the public of a copyright work
without the authorisation from the copyright owner which, if done, constitutes infringement of copyright.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Trade
Marks Ordinance (Chapter 559 of the Laws of Hong Kong)</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trade Marks Ordinance currently in force in Hong Kong came into effect on April 4, 2003. The Trade Marks Ordinance is a statute enacted
to make provision in respect of the registration of trademarks and for connected matters. The Trade Marks Ordinance provides (amongst
other things) that a person infringes a registered trade mark if the person uses in the course of trade or business a sign which is:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identical
    to the trade mark in relation to goods or services which are identical to those for which it is registered;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identical
    to the trade mark in relation to goods or services which are similar to those for which it is registered; and the use of the sign
    in relation to those goods or services is likely to cause confusion on the part of the public;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">similar
    to the trade mark in relation to goods or services which are identical or similar to those for which it is registered; and the use
    of the sign in relation to those goods or services is likely to cause confusion on the part of the public; or</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identical
    or similar in relation to goods or services which are not identical or similar to those for which the trade mark is registered; the
    trade mark is entitled to protection under the Paris Convention as a well-known trade mark; and the use of the sign, being without
    due cause, takes unfair advantage of, or is detrimental to, the distinctive character or repute of the trade mark.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Trade Marks Ordinance, the owner of a trade mark is entitled to bring infringement proceedings against a person infringing his or
her trade mark for damages, injunctions, accounts and any other relief available in law. As of the date of this annual report, our subsidiaries
registered seven trade marks in Hong Kong relating to our business, and there have been no infringement claims commenced by or against
the Operating Subsidiaries with respect to any trade mark.&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Regulations
related to anti-money laundering and counter-terrorist financing</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Anti-Money
Laundering and Counter-Terrorist Financing Ordinance (Chapter 615 of the Laws of Hong Kong)</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Anti-Money Laundering and Counter-Terrorist Financing Ordinance, or the AMLO, imposes requirements relating to client due diligence and
record-keeping and provides the regulatory authorities with the powers to supervise compliance with the requirements under the AMLO.
In addition, the regulatory authorities are empowered to (i) ensure that proper safeguards exist to prevent contravention of specified
provisions in the AMLO; and (ii) mitigate money laundering and terrorist financing risks.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Drug
Trafficking (Recovery of Proceeds) Ordinance (Chapter 405 of the Laws of Hong Kong)</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Drug Trafficking (Recovery of Proceeds) Ordinance, or the DTROP, contains provisions for the investigation of assets suspected to be
derived from drug trafficking activities, the freezing of assets on arrest and the confiscation of the proceeds from drug trafficking
activities. It is an offence under the DTROP if a person deals with any property knowing, or having reasonable grounds to believe, it
to be the proceeds from drug trafficking. The DTROP requires a person to report to an authorized officer if he/she knows or suspects
that any property (directly or indirectly) is the proceeds from drug trafficking or is intended to be used or was used in connection
with drug trafficking, and failure to make such disclosure constitutes an offence under the DTROP.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Organized
and Serious Crimes Ordinance (Chapter 455 of the Laws of Hong Kong)</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Organized and Serious Crimes Ordinance, or the OSCO, empowers officers of the Hong Kong Police Force and the Hong Kong Customs and Excise
Department to investigate organized crime and triad activities, and it gives the Hong Kong courts jurisdiction to confiscate the proceeds
from organized and serious crimes, to issue restraint orders and charging orders in relation to the property of defendants of specified
offences. The OSCO extends the money laundering offence to cover the proceeds of all indictable offences in addition to drug trafficking.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">United
Nations (Anti-Terrorism Measures) Ordinance (Chapter 575 of the Laws of Hong Kong)</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
United Nations (Anti-Terrorism Measures) Ordinance, or the UNATMO, provides that it is a criminal offence to: (i) provide or collect
funds (by any means, directly or indirectly) with the intention or knowledge that the funds will be used to commit, in whole or in part,
one or more terrorist acts; or (ii) make any funds or financial (or related) services available, directly or indirectly, to or for the
benefit of a person knowing that, or being reckless as to whether, such person is a terrorist or terrorist associate. The UNATMO also
requires a person to report his knowledge or suspicion of terrorist property to an authorized officer, and failure to make such disclosure
constitutes an offence under the UNATMO.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">The
Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong)</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Personal Data (Privacy) Ordinance, or the PDPO, imposes a statutory duty on data users to comply with the requirements of the six data
protection principles (the &#8220;Data Protection Principles&#8221;) contained in Schedule 1 to the PDPO. The PDPO provides that a data
user shall not do an act, or engage in a practice, that contravenes a Data Protection Principle unless the act or practice, as the case
may be, is required or permitted under the PDPO. The six Data Protection Principles are:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">Principle
    1 &#8212; purpose and manner of collection of personal data;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><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">Principle
    2 &#8212; accuracy and duration of retention of personal data;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><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">Principle
    3 &#8212; use of personal data;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><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">Principle
    4 &#8212; security of personal data;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><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">Principle
    5 &#8212; information to be generally available; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><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">Principle
    6 &#8212; access to personal data.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-compliance
with a Data Protection Principle may lead to a complaint to the Privacy Commissioner for Personal Data (the &#8220;Privacy Commissioner&#8221;).
The Privacy Commissioner may serve an enforcement notice to direct the data user to remedy the contravention and/ or instigate prosecution
actions. A data user who contravenes an enforcement notice commits an offense which may lead to a fine and imprisonment.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PDPO also gives data subjects certain rights, inter alia:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
    right to be informed by a data user whether the data user holds personal data of which the individual is the data subject;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><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">if
    the data user holds such data, to be supplied with a copy of such data; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><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">the
    right to request correction of any data they consider to be inaccurate.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PDPO criminalizes, including but not limited to, the misuse or inappropriate use of personal data in direct marketing activities, non-compliance
with a data access request and the unauthorized disclosure of personal data obtained without the relevant data user&#8217;s consent.
An individual who suffers damage, including injured feelings, by reason of a contravention of the PDPO in relation to his or her personal
data may seek compensation from the data user concerned.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Regulations
related to the British Virgin Islands Data Protection Act, 2021</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Data Protection act, 2021 (the &#8220;BVI DPA&#8221;) came into force in the British Virgin Islands on July 9, 2021. The BVI DPA establishes
a framework of rights and duties designed to safeguard individuals&#8217; personal data, balanced against the need of public authorities,
businesses and organizations to collect and use personal data for lawful purposes. The BVI DPA is centered around seven data protection
principles which require that:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">personal
    data must not be processed unless specific conditions are met;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    data controller must inform a data subject of specific matters, for instance the purposes for which it is being collected and further
    processed;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">personal
    data must not be disclosed for any purpose other than the purpose for which it was to be disclosed at the time of collection or a
    purpose directly related thereto or to any party other than a third party of a class previously notified to the data subject;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    data controller shall, when processing personal data, take practical steps to protect personal data from loss, misuse, modification,
    unauthorized or accidental access or disclosure, alteration or destruction;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">personal
    data must not be kept for longer than is necessary for the purpose;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">personal
    data must be accurate, complete, not misleading and kept up to date; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    data subject must be given access to his or her own personal data and be able to correct that data where it is inaccurate, incomplete,
    misleading or not up to date, except where a request for such access or correction is refused under the BVI DPA.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Information Commissioner is the regulator responsible for the proper functioning and enforcement of the BVI DPA. Offences under the BVI
DPA include:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><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">processing
    sensitive personal data in contravention of the BVI DPA;</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">willfully
    obstructing the Information Commissioner or an authorized officer in the conduct of his or her duties and functions;</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">willfully
    disclosing personal information in contravention of the BVI DPA; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">collecting,
    storing or disposing of personal information in a manner that contravenes the BVI DPA.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offences
committed under the BVI DPA may result in fines (up to US$500,000 in certain cases) or imprisonment. Further, a data subject who suffers
damage or distress as a result of their data being processed in contravention of the BVI DPA may institute civil proceedings in the British
Virgin Islands courts.</span></p>

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


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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;&#8212;A. History and Development of the Company.&#8221;</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;&#8212;B. Business Overview&#8212;Properties.&#8221;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="lo_001"></span>Item
4A. UNRESOLVED STAFF COMMENTS</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="lo_002"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated
financial statements and the related notes included elsewhere in this annual report. This discussion contains forward-looking statements
reflecting our current expectations that involve risks and uncertainties. See &#8220;Disclosure Regarding Forward-Looking Statements&#8221;
for a discussion of the uncertainties, risks and assumptions associated with these statements. Actual results and the timing of events
could differ materially from those discussed in our forward-looking statements as a result of many factors, including those set forth
under &#8220;Item 3. KEY INFORMATION &#8212; D. Risk Factors&#8221; and elsewhere in this annual report.</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Unless
otherwise indicated, all share amounts and per share amounts in this annual report have been presented giving effect to a share split
of our Ordinary Shares at a ratio of 1:231.7, which occurred on August 11, 2023.</i></span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International is a BVI holding company with three Hong Kong-based subsidiaries providing financial trading solutions by principally engaging
in research and development and sales of financial trading solutions. m-FINANCE, our principal operating subsidiary, is one of the financial
service market participants with clients in Hong Kong, mainland China and Southeast Asia, and a bullion trading platform solution provider
for the Chinese Gold and Silver Exchange (CGSE) Society member in Hong Kong. m-FINANCE has approximately 20 years of experience in providing
real-time mission critical forex, bullion/commodities trading platform solutions, financial value-added services, mobile applications
and financial information for brokers and institutional clients via internet or platform as software as a service. m-FINANCE has provided
a wide range of top-notch services, including mF4 Trading Platform, Bridge and Plugins, CRM System, ECN System, Liquidity Solutions,
Cross-platform &#8220;Broker+&#8221; Solution, Social Trading Applications and other value-added services.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Key
factors that affect operating results</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
results of operations have been and will continue to be affected by a number of factors, including those set out below:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>General
market conditions of the capital market and financial trading industry in Hong Kong</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Operating Subsidiaries&#8217; business is closely related to the capital market and financial trading industry in Hong Kong. Through
our Operating Subsidiaries, we provide financial trading solutions and the services provided by the Operating Subsidiaries are affected
by the capital market in Hong Kong. Any material deterioration in the financial and economic conditions of the financial and capital
market in Hong Kong could materially and adversely affect the business and prospects of our Operating Subsidiaries. The Hong Kong financial
and capital market is susceptible to changes in the global, as well as domestic economic, social and political conditions, including,
but not limited to, interest rate fluctuations, volatility of foreign currency exchange rates, monetary policy changes and legal and
regulatory changes. When there are unfavorable changes to the global or local market conditions, the financial and securities market
in Hong Kong may experience negative fluctuations in its performance. It may directly affect the demand for our Operating Subsidiaries&#8217;
services, pricing strategies, the level of business activities and consequently our revenue derived therefrom. This may materially and
adversely affect our financial condition and results of operations.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
Operating Subsidiaries&#8217; abilities to design and develop new services</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial service industry is characterized by rapidly evolving technology and standards, and our future success will depend on our ability
to enhance our Operating Subsidiaries&#8217; current financial trading solutions and to introduce new financial trading solutions that
keep pace with these rapidly evolving technology and standards. As such, our success is susceptible to our Operating Subsidiaries&#8217;
ability to integrate new technology and standards into their financial trading solutions, create new solutions and adapt to changing
business models and the customers in a timely manner. As a result, we may need to invest significant resources in research and development
to maintain our market position, keep pace with technological changes and compete effectively. For the years ended December
31, 2021, 2022 and 2023, we capitalized the research and development costs of HK$6,959,773, HK$5,993,675 and HK$7,270,898 (US$930,866),
respectively, as intangible assets. The failure to improve our Operating Subsidiaries&#8217; financial trading solutions
and services, offer new financial trading solutions and adapt to changing business models in a timely and cost-effective manner could
materially and adversely affect business of our Operating Subsidiaries, financial condition and results of operations.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
the rise of electronic trading in recent years, the industry has attracted the presence of both Hong Kong-based and international companies.
As such, the Operating Subsidiaries face potential competition with various financial trading solution providers in the same industry.
We believe that the Operating Subsidiaries have differentiated their services with comprehensive range of financial trading solutions
with high flexibility, established reputation with proven track record and strong and innovative development capabilities. Should the
Operating Subsidiaries fail to compete with their competitors, maintain their competitive advantage or keep pace with technological changes,
our overall results of operations could be adversely affected.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Operating Subsidiaries rely on IT staff and other skilled workers to complete their projects and the retention and recruitment of these
skilled professionals is challenging.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is a limited pool of IT staff and other skilled workers with the requisite skills, know-how and experience required for our Operating
Subsidiaries&#8217; business. As the quality of IT and technical know-how are keys to the business of our subsidiaries, attracting and
retaining talent are essential components of our Operating Subsidiaries&#8217; business strategy. We may have to offer better salaries,
incentive packages and training opportunities to attract and retain sufficient skilled workers to maintain our Operating Subsidiaries&#8217;
operations and growth, which may increase our costs and reduce our profitability. For the years ended December 31, 2021,
2022 and 2023, our staff costs of directors and employees, including salaries, provident fund contributions and other benefits were HK$15,270,802,
HK$16,332,699 and HK$16,509,766 (US$2,113,683), respectively. We cannot be certain that we will be able to retain our existing IT staff
and other skilled workers and recruit additional qualified professionals to support the future operations and growth of our Operating
Subsidiaries. Any failure to do so may adversely affect the business and growth of our Operating Subsidiaries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Impact
of the COVID-19 pandemic on the business and operations of the Operating Subsidiaries </i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
COVID-19 pandemic has resulted in quarantines, travel restrictions, limitations on social or public gatherings, and the temporary closure
of business venues and facilities across the world. The negative impacts of the COVID-19 outbreak on the business of the Operating Subsidiaries
include: (i) the uncertain economic conditions may deter clients from engaging our services; (ii) quarantines have impeded and may continue
to impede our Operating Subsidiaries&#8217; ability to contact existing and new clients and (iii) the operations of the clients of the
Operating Subsidiaries have been and could continue to be negatively impacted by the pandemic, which may in turn adversely impact their
business performance, and result in a decreased demand for their our services. Moreover, travel restrictions limited other parties&#8217;
ability to visit and meet the Operating Subsidiaries in person. Although most communication may be achieved via video calls, this form
of remote communication may be less effective in building trust and communicating with existing and new clients.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
of the customers of the Operating Subsidiaries were lost since certain small-sized customers had to shut down their businesses as a result
of the adverse impact of the COVID-19 pandemic on their profitability in 2021 and 2022. While COVID-19 may have had a significant overall
impact on the business of the Operating Subsidiaries in the short term, the prolonged phenomenon of COVID-19 and the effects of mutations
in the virus, both in terms of extent and intensity of the pandemic, together with their ongoing impact on our industry and the macroeconomic
situations are still difficult to anticipate and may pose substantial uncertainties. In the event that the health and economic environment
does not improve, or there is no significant recovery in the regions where the clients of the Operating Subsidiaries are served or operate,
our business, results of operations and financial condition could be materially and adversely affected. Considering the balance between
infection risks and the resumption of economic and livelihood impetus, the Hong Kong government canceled isolation orders to infected
persons beginning January 30, 2023. All mandatory mask-wearing requirements were lifted with effect beginning March 1, 2023. Starting
April 1, 2023, Hong Kong terminated its pre-departure COVID-19 testing requirement for overseas travelers, ending all pandemic-related
restrictions on visitors entering the city. We will continuously assess and adopt measures to offset any challenges created by the pandemic.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Quantitative
and qualitative disclosures about market risk</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to financial market risks, including changes in foreign currency exchange rate risk with respect to our investment at fair
value consisting of short-term foreign exchange investment made by the Company which is denominated in the US$. The fluctuation in US$
may result in increase or decrease in the value of our investment at fair value. We consider the foreign exchange risk in relation to
transactions denominated in US$ with respect to HK$ is not significant as HK$ is pegged to US$.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trades of foreign currencies conducted by the Operating Subsidiaries are denominated in the US$ and are paired with currencies with strong
liquidity traded in highly transparent markets, including such currencies as the EURO, USD, GBP, CHF, AUD and CAD, etc. Fluctuation in
exchange rates, changes in monetary and/or fiscal policy or inflation in the countries in which we paired our trades of foreign currencies
could have a material adverse effect on our results of operations. The clear position limits and floating profit/loss limits are set
to manage the market risks of our foreign exchange positions. For the years ended December 31, 2021, 2022 and 2023, we traded foreign
currencies of transaction amounts of US$3,110.4 million, US$1,448.7 million and US$4.1 million, respectively, while we had realized loss
on disposal of financial assets at fair value and change in fair value on financial assets at fair value in the aggregate amount of HK$676,445,
HK$1,157,650 and HK$9,965 (US$1,276), respectively. The realized loss on disposal of financial assets at fair value and change in fair
value on financial assets at fair value represented 0.00275%, 0.01025% and 0.0313% of our trading transaction amounts of foreign currencies
for the years ended December 31, 2021, 2022 and 2023, respectively. We will assess and monitor the challenges created by the increased
volatility in the financial and currency market.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transaction details of each foreign currency pair were set out below:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 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="22" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the years ended December
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  <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">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" 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">2023</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><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">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Foreign currency pair</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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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="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 -->47<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Comparison
of year ended December 31, 2021 with year ended December 31, 2022</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth key components of our results of operations for the years ended December 31, 2021 and 2022:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 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><td style="padding-bottom: 1.5pt">&#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><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">220,681</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">29,478</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">50,534</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</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">&#12288;</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">&#12288;</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">&#12288;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <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">1,402,874</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,265,200</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">162,174</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(137,674</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-9.8</td><td style="text-align: left">%</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(16,120</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">16,120</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-100.0</td><td style="text-align: left">%</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(660,325</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,157,650</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(148,388</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(497,325</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">75.3</td><td style="text-align: left">%</td></tr>
  <tr 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">(479,904</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(43,072</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#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><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: rgb(204,238,255)">
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  <tr 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">(387,845</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td><td>&#160;</td>
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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><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the breakdown of our revenue by major revenue type for the years ended December 31, 2021 and 2022, respectively:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">1,860,221</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Total revenue</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">32,212,970</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 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
revenue increased by HK$2,718,857 or 8.4% from HK$32,212,970 for the year ended December 31, 2021 to HK$34,931,827 for the year ended
December 31, 2022, primarily because of the increase in our revenue derived from our Operating Subsidiaries&#8217; liquidity services
and hosting, support and maintenance services, and was partially offset by the decrease in revenue derived from our Operating Subsidiaries&#8217;
initial set up, installation and customization services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from our Operating Subsidiaries&#8217; initial set up, installation and customization services decreased by HK$1,007,397, or 12.4%, from
HK$8,147,473 for the year ended December 31, 2021 to HK$7,140,076 for the year ended December 31, 2022. The decrease was mainly due to
the decrease in demand for our Operating Subsidiaries&#8217; customization services provided to customers to customize the functions
and features of the trading platforms during the year ended December 31, 2022. We believe the decrease in demand for the Operating Subsidiaries&#8217;
customization services was mainly due to the conservative budgeting of our customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from our Operating Subsidiaries&#8217; subscriptions decreased by HK$709,700, or 5.9%, from HK$12,124,676 for the year ended December
31, 2021 to HK$11,414,976 for the year ended December 31, 2022. The decrease was mainly due to the fact that some customers were lost,
since certain small-sized customers had to shut down their businesses as a result of the adverse impact of the COVID-19 pandemic on their
profitability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from our Operating Subsidiaries&#8217; hosting, support and maintenance services increased by HK$881,539, or 26.7%, from HK$3,304,830
for the year ended December 31, 2021 to HK$4,186,369 for the year ended December 31, 2022. The increase was mainly due to the increase
in customers for our hosting, support and maintenance services for the year ended December 31, 2021. We believe that the Operating Subsidiaries
realized an increase in the number of customers because of the referral of new customers from existing customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from our Operating Subsidiaries&#8217; liquidity services increased by HK$3,478,594, or 108.0%, from HK$3,220,992 for the year ended
December 31, 2021 to HK$6,699,586 for the year ended December 31, 2022. The increase was mainly due to the increase in demands from a
fast-growing customer who was engaging in in-house research on a trading signal. A trading signal is generated from algorithms with inputs
such as technical patterns, moving average crosses, trading volume surges and interest rates. When a trading signal is triggered, a signal
to buy or sell a futures contract is generated. It requires our Operating Subsidiaries&#8217; liquidity services, which provide automatic
hedging functions to enable such client to send its customers&#8217; orders directly to a broker&#8217;s platform.</span></p>

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


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the breakdown of our cost of revenue for the years ended December 31, 2021 and 2022:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 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><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
cost of revenue increased by HK$252,295 or 1.6% from HK$16,260,407 for the year ended December 31, 2021 to HK$16,512,702 for the year
ended December 31, 2022, which was mainly due to the increase in employee-related costs because lesser staff costs were capitalized as
intangible assets under research and development since more time and resources were allocated for supporting our financial trading solution
services in the year ended December 31, 2022.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Internet
service cost represented cost in relation to server hosting service provided by data center service providers as well as acquiring internet
data line from various service providers for internet access.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee-related
costs consisted primarily of payroll and other personnel-related expenses of our Operating Subsidiaries&#8217; staff to support our financial
trading solution services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
subscription costs represented costs incurred by the Operating Subsidiaries for subscription payments for price or news feeds from news
and financial market information providers. We will convert the raw data into usable data that can be used in our trading platform. The
decrease in subscription costs was due to a cancelled subscription from a financial market information provider.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Operating Subsidiaries may outsource some works to our related party and independent third parties. The outsourcing costs mainly represented
the charges and fees paid to subcontractors who handled implementation work for our Operating Subsidiaries. The outsourcing fees decreased
as Operating Subsidiaries required fewer outsourcing services in the year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
amortization of intangible assets mainly represented amortization of the Operating Subsidiaries in-house developed financial trading
solutions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commission
expenses represented the fees we paid to business partners of our Operating Subsidiaries, which bring new businesses to our Operating
Subsidiaries. The commission is generally determined based on a certain percentage of revenue generated from customers referred by business
partners.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
total gross profit increased by HK$2,466,562 or 15.5% from HK$15,952,563 for the year ended December 31, 2021 to HK$18,419,125 for the
year ended December 31, 2022. Our total gross profit margin increased from 49.5% for the year ended December 31, 2021 to 52.7% for the
year ended December 31, 2022. The increase in our gross profit and gross profit margin was primarily due to the increase in revenue from
liquidity services, which typically carries a higher gross margin.</span></p>

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


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operating expenses consisted of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="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><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <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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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
selling and marketing expenses mainly represented the advertising cost and marketing expenses. Our selling and marketing expenses decreased
by HK$58,890, or 26.7%, from HK$220,681 for the year ended December 31, 2021 to HK$161,791 for the year ended December 31, 2022, mainly
because lesser marketing expenses were incurred during the year ended December 31, 2022.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
research and development expenses primarily consisted of payroll and other personnel-related expenses of our Operating Subsidiaries&#8217;
software development team. Our research and development expenses increased by HK$50,534, or 171.4%, from HK$29,478 for the year ended
December 31, 2021 to HK$80,012 for the year ended December 31, 2022, because more staff costs were incurred for the preliminary project
research stage in the year ended December 31, 2022. We expect that our expenditures for research and development may increase in terms
of monetary value and may increase as a percentage of our total revenue over time, as the Operating Subsidiaries will expand their software
development capacity to continue to improve existing functions and develop new functions.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
general and administrative expenses mainly represented the staff costs, depreciation expenses of property and equipment, amortization
of operating lease right-of-use assets, interest of lease liabilities and legal and professional fees. Our general and administrative
expenses increased by HK$5,467,147, or 105.8%, from HK$5,167,704 for the year ended December 31, 2021 to HK$10,634,851 for the year ended
December 31, 2022, because the initial public offering expenses of HK$3,401,970 were incurred in the year ended December 31, 2022. We
expect our general and administrative expenses, including but not limited to staff costs, to increase in the foreseeable future, as our
Operating Subsidiaries&#8217; business is expected to grow further. We expect our legal and professional fees for legal, audit, and advisory
services to increase, as we will incur audit fees, legal fees and advisory fees for being a public company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
other income (expenses) consists of the following:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sundry
income</i></b>. The Operating Subsidiaries charged handling service fees for services provided to customers on using the multi-asset
trading software by the MT4/MT5 (forex trading platforms) service providers. Some customers requested the Operating Subsidiaries to subscribe
to such services from the MT4/MT5 service providers and they, in turn, charged such customers. The sundry income was the net amount of
sundry income from providing such handling services after deducting the expenses it incurred over the same period. The decrease in sundry
income was mainly due to the decrease in customers&#8217; requests for such service.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Commission
Income</i></b>. Commission income represented the commission income received from our related party for business referred by us. We would
charge a commission fee at an agreed percentage from the business referred by us to our related party. The decrease in commission income
was mainly due to the decrease in sales referred by us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Government
subsidies. </i></b>Government subsidies primarily related to one-off entitlements granted by the Hong Kong government pursuant to the
Employment Support Scheme under the Anti-epidemic Fund (&#8220;ESS&#8221;). The Operating Subsidiaries received government subsidies
that totaled HK$379,363 and HK$734,059 for the years ended December 31, 2021 and 2022, respectively, and recognized such amounts as other
income when they were received because we have (i) not implemented redundancies during the subsidy period; and (ii) spent all the wage
subsidies on paying wages to employees. The increase in government subsidies was mainly due to the increase in subsidies provided to
combat the pandemic.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Realized
loss on disposal of financial assets at fair value and change in fair value on financial assets at fair value.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Realized
loss on disposal of financial assets at fair value and change in fair value on financial assets at fair value represents realized loss
on disposal of and change in fair value on financial assets at fair value from certain investment agreements with certain brokerage companies
to trade with foreign currencies, at fair value, with the intention to optimize a trading algorithm based on live market interactions.
The increase in change in fair value on financial assets at fair value was mainly due to the increased volatility in the financial and
currency market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
incurred interest expenses on bank borrowings which totaled HK$479,904 and HK$443,577 for the years ended December 31, 2021 and 2022,
respectively, with an annual effective interest rate of 3.0% and 3.3% during the years ended December 31, 2021 and 2022, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the current and applicable laws of BVI, the Company is not subject to tax on income or capital gains.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s subsidiary, m-FINANCE Software (Shenzhen) Limited (&#8220;SZ WFOE&#8221;) established in the PRC is subject to PRC Enterprises
Income Tax rate of 25% for the years ended December 31, 2021 and 2022.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the relevant tax laws and regulations of Hong Kong, a company registered in Hong Kong is subject to income taxes within
Hong Kong at the applicable tax rate on taxable income. From year of assessment of 2018/2019 onwards, Hong Kong profit tax rates are
8.25% on assessable profits up to HK$2,000,000, and 16.5% on any part of assessable profits over HK$2,000,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc">Table of Contents</a></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxation
in the statement of income represents:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="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><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">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" 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">% of variance</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">US$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right">-</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: 11%; text-align: right">229,355</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: 11%; text-align: right">29,399</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: 11%; text-align: right">229,355</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr 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">431,630</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 style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Total income tax expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">431,630</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">387,845</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">49,714</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(43,785</td><td style="text-align: left">)</td><td>&#160;</td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
income tax decreased by HK$43,785 from HK$431,630 for the year ended December 31, 2021 to HK$387,845 for the year ended December 31,
2022, primarily due to the decrease in income before income taxes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Net
income. </i></b>As a result of the foregoing, we reported net income of HK$10,349,595 and HK$6,818,599 for the years ended December 31,
2021 and 2022, respectively.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
comprehensive income (loss). </i></b>Loss from foreign currency translation adjustment amounted to HK$14,168 for the year ended December
31, 2021, as compared to income from foreign currency translation adjustment amounted to HK$7,496 for the year ended December 31, 2022.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Comparison
of year ended December 31, 2022 with year ended December 31, 2023</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth key components of our results of operations for the years ended December 31, 2022 and 2023:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="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><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
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    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 11%; font-weight: bold; text-align: right">34,931,827</td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 2%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 11%; font-weight: bold; text-align: right">31,961,177</td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 2%; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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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><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(807,259</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(7,874</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,008</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(7,874</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,091</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">1,155,559</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><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 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"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc">Table of Contents</a></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the breakdown of our revenue by major revenue type for the years ended December 31, 2022 and 2023, respectively:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
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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">1,889,188</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
revenue decreased by HK$2,970,650 or 8.5% from HK$34,931,827 for the year ended December 31, 2022 to HK$31,961,177 for the year ended
December 31, 2023, primarily because of the decrease in our revenue derived from our Operating Subsidiaries&#8217; (i) liquidity services;
and (ii) quotes/news/package subscription services, and was partially offset by the increase in revenue derived from our Operating Subsidiaries&#8217;
(i) initial set up, installation and customization services; (ii) white label services; and (iii) hosting, support and maintenance services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from our Operating Subsidiaries&#8217; initial set up, installation and customization services increased by HK$1,833,003, or 25.7%, from
HK$7,140,076 for the year ended December 31, 2022 to HK$8,973,079 for the year ended December 31, 2023. The increase was mainly due to
the increase in demand for our Operating Subsidiaries&#8217; customization services provided to customers to customize the functions
and features of the trading platforms during the year ended December 31, 2023. The increase in demand for our Operating Subsidiaries&#8217;
customization services was mainly due to the growing need for implementing our customized trading platforms, which are one of our unique
offerings to clients. This service sets us apart from our competitors and enhances our platform solution by adding unique features and
functions, as well as usability, and flexibility.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from our Operating Subsidiaries&#8217; hosting, support and maintenance services increased by HK$151,815, or 3.6%, from HK$4,186,369
for the year ended December 31, 2022 to HK$4,338,184 for the year ended December 31, 2023. The increase was mainly due to the increase
in customers for our hosting, support and maintenance services for the year ended December 31, 2023. We believe that the Operating Subsidiaries
realized an increase in the number of customers because of the referral of new customers from existing customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from our Operating Subsidiaries&#8217; liquidity services decreased by HK$4,073,070, or 60.8%, from HK$6,699,586 for the year ended December
31, 2022 to HK$2,626,516 for the year ended December 31, 2023. The decrease was mainly due to a customer who was engaging in in-house
research on a trading signal and was developing new trading signals to replace the existing one. During the testing phase, the trading
volume will be kept at a lower level until they have optimized the new trading signals. A trading signal is generated from algorithms
with inputs such as technical patterns, moving average crosses, trading volume surges and interest rates. When a trading signal is triggered,
a signal to buy or sell a futures contract is generated. It requires our Operating Subsidiaries&#8217; liquidity services, which provide
automatic hedging functions to enable such client to send its customers&#8217; orders directly to a broker&#8217;s platform.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from our Operating Subsidiaries&#8217; white label services increased by HK$233,010, or 12.3%, from HK$1,889,188 for the year ended December
31, 2022 to HK$2,122,198 for the year ended December 31, 2023. The increase was mainly due to the increase in customers for our white
label services for the year ended December 31, 2023.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from our Operating Subsidiaries&#8217; quotes/news/package subscription services decreased by HK$1,145,451, or 31.8%, from HK$3,601,632
for the year ended December 31, 2022 to HK$2,456,181 for the year ended December 31, 2023. The decrease was mainly due to customers subscribed
for fewer quotes/new/package services for the year ended December 31, 2023.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the breakdown of our cost of revenue for the years ended December 31, 2022 and 2023:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">16,512,702</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,517,032</td><td style="text-align: left">)</td><td>&#160;</td>
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  </table>

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


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    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
cost of revenue decreased by HK$2,517,032 or 15.2% from HK$16,512,702 for the year ended December 31, 2022 to HK$13,995,670 for the year
ended December 31, 2023, which was mainly due to (i) the decrease in employee-related costs because lesser staff costs were allocated
for supporting our financial trading solution services for the year ended December 31, 2023 in view of the decrease in revenue for the
same period, (ii) &#160;&#160;decrease in the amortization of intangible assets due to part of the intangible assets we developed being
fully amortized, (iii) the decrease in outsourcing fees and (iv) the decrease in commission expenses.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Internet
service cost represented cost in relation to server hosting service provided by data center service providers as well as acquiring internet
data line from various service providers for internet access.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee-related
costs consisted primarily of payroll and other personnel-related expenses of our Operating Subsidiaries&#8217; staff to support our financial
trading solution services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
subscription costs represented costs incurred by the Operating Subsidiaries for subscription payments for price or news feeds from news
and financial market information providers. We will convert the raw data into usable data that can be used in our trading platform. The
decrease in subscription costs was due to a cancelled subscription from a financial market information provider.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Operating Subsidiaries may outsource some works to our related party and independent third parties. The outsourcing costs mainly represented
the charges and fees paid to subcontractors who handled implementation work for our Operating Subsidiaries. The outsourcing fees decreased
as Operating Subsidiaries required fewer outsourcing services in the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
amortization of intangible assets mainly represented amortization of the Operating Subsidiaries in-house developed financial trading
solutions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commission
expenses represented the fees we paid to business partners of our Operating Subsidiaries, which bring new businesses to our Operating
Subsidiaries. The commission is generally determined based on a certain percentage of revenue generated from customers referred by business
partners.</span></p>

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


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    <!-- Field: /Page -->

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
total gross profit decreased by HK$453,618 or 2.5% from HK$18,419,125 for the year ended December 31, 2022 to HK$17,965,507 for the year
ended December 31, 2023. The decrease in our gross profit was primarily due to the decrease in our revenue for the same period. Our total
gross profit margin increased from 52.7% for the year ended December 31, 2022 to 56.2% for the year ended December 31, 2023. The increase
in our gross profit margin was primarily due to the decrease in outsourcing costs, since we used our own staff to handle more implementation
works.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operating expenses consisted of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="vertical-align: bottom">
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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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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
selling and marketing expenses mainly represented the advertising cost and marketing expenses. Our selling and marketing expenses slightly
decreased by HK$815, or 0.5%, from HK$161,791 for the year ended December 31, 2022 to HK$160,976 for the year ended December 31, 2023,
mainly because lesser marketing expenses were incurred during the year ended December 31, 2023.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
research and development expenses primarily consisted of payroll and other personnel-related expenses of our Operating Subsidiaries&#8217;
software development team. Our research and development expenses decreased by HK$68,639, or 85.8%, from HK$80,012 for the year ended
December 31, 2022 to HK$11,373 for the year ended December 31, 2023, because more staff costs were incurred at the project development
stage rather than the preliminary project research stage for the year ended December 31, 2023. However, we expect that our expenditures
for research and development may increase in terms of monetary value and may increase as a percentage of our total revenue over time,
as the Operating Subsidiaries will expand their software development capacity to continue to improve existing functions and develop new
functions.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
general and administrative expenses mainly represented the staff costs, depreciation expenses of property and equipment, amortization
of operating lease right-of-use assets, interest of lease liabilities and legal and professional fees. Our general and administrative
expenses increased by HK$476,091, or 4.5%, from HK$10,634,851 for the year ended December 31, 2022 to HK$11,110,942 for the year ended
December 31, 2023, because the initial public offering expenses of HK$3,367,160 &#160;&#160;were incurred in the year ended December
31, 2023. We expect our general and administrative expenses, including but not limited to staff costs, to increase in the foreseeable
future, as our Operating Subsidiaries&#8217; business is expected to grow further. We expect our legal and professional fees for legal,
audit, and advisory services to increase, as we will incur audit fees, legal fees and advisory fees for being a public company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
other income (expenses) consists of the following:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right">174,026</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#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: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sundry
income</i></b>. The Operating Subsidiaries charged handling service fees for services provided to customers on using the multi-asset
trading software by the MT4/MT5 (forex trading platforms) service providers. Some customers requested the Operating Subsidiaries to subscribe
to such services from the MT4/MT5 service providers and they, in turn, charged such customers. The sundry income was the net amount of
sundry income from providing such handling services after deducting the expenses it incurred over the same period. The decrease in sundry
income was mainly due to the decrease in customers&#8217; requests for such service.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Commission
Income</i></b>. Commission income represented the commission income received from our related party for business referred by us. We would
charge a commission fee at an agreed percentage from the business referred by us to our related party. The increase in commission income
was mainly due to the increase in sales referred by us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Government
subsidies. </i></b>Government subsidies primarily related to (i) one-off entitlements granted by the Hong Kong government pursuant to
the Employment Support Scheme under the Anti-epidemic Fund (&#8220;ESS&#8221;) and (ii) funds for participation in promotion activities
in 2023. The Operating Subsidiaries received government subsidies that totaled HK$734,059 and HK$34,261 for the years ended December
31, 2022 and 2023, respectively. The government subsidies for ESS were recognized as other income when they were received because we
have (i) not implemented redundancies during the subsidy period; and (ii) spent all the wage subsidies on paying wages to employees.
The decrease in government subsidies was mainly due to the decrease in subsidies provided to combat the pandemic.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Realized
loss on disposal of financial assets at fair value and change in fair value on financial assets at fair value.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Realized
loss on disposal of financial assets at fair value and change in fair value on financial assets at fair value represents realized loss
on disposal of and change in fair value on financial assets at fair value from certain investment agreements with certain brokerage companies
to trade with foreign currencies, at fair value, with the intention to optimize a trading algorithm based on live market interactions.
Algorithmic trading, also known as automated trading, is a type of trading that involves using computer programs to make trading decisions.
These programs use advanced mathematical algorithms to analyze the market and execute trades automatically, without the need for human
intervention. We believe that there will be increasing demand for algorithmic trading and more resources will be invested for enhancing
the system. It appears that the clients engaged in leveraged foreign exchange trading prefer to enjoy the benefits brought along by information
technology to obtain timely foreign exchange information, the latest market news and automated trading, and, hence, we have been enhancing
our trading system&#8217;s stability and security to provide clients a reliable and safe platform for round the clock trading. Therefore,
we optimize our trading algorithm through live trading in the real foreign exchange market, which allows us to test and refine our system
in real-world conditions. The trades of foreign currencies conducted by the Operating Subsidiaries are denominated in the USD and are
paired with currencies with strong liquidity traded in highly transparent markets, including such currencies as the EURO, USD, GBP, CHF,
AUD and CAD, etc. We clear position limits and floating profit/loss limits are set to manage foreign exchange positions. All daily positions
were settled and denominated in USD. The change in fair value on financial assets at fair value was mainly due to the increased volatility
in the financial and currency market.</span></p>

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


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
incurred interest expenses on bank borrowings which totaled HK$443,577 and HK$483,623 for the years ended December 31, 2022 and 2023,
respectively, with an annual effective interest rate of 3.3% and 4.9% during the years ended December 31, 2022 and 2023, respectively.
We also recorded a bank interest income of HK$7,826 and HK$130,621 for the years ended December 31, 2022 and 2023, respectively. The
increase in our bank interest income was due to the US Federal Reserve continued to raise interest rates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the current and applicable laws of BVI, the Company is not subject to tax on income or capital gains.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s subsidiary, m-FINANCE Software (Shenzhen) Limited (&#8220;SZ WFOE&#8221;) established in the PRC is subject to PRC Enterprises
Income Tax rate of 25% for the years ended December 31, 2022 and 2023.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the relevant tax laws and regulations of Hong Kong, a company registered in Hong Kong is subject to income taxes within
Hong Kong at the applicable tax rate on taxable income. From year of assessment of 2018/2019 onwards, Hong Kong profit tax rates are
8.25% on assessable profits up to HK$2,000,000, and 16.5% on any part of assessable profits over HK$2,000,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxation
in the statement of income represents:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="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><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
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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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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
income tax decreased by HK$239,536 from HK$387,845 for the year ended December 31, 2022 to HK$148,309 for the year ended December 31,
2023, primarily due to the decrease in income before income taxes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Net
income. </i></b>As a result of the foregoing, we reported net income of HK$6,818,599 and HK$6,628,881 for the years ended December 31,
2022 and 2023, respectively.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
comprehensive income). </i></b>Income from foreign currency translation adjustment amounted to HK$7,496 and HK$17,866 for the years ended
December 31, 2022 and 2023, respectively.</span></p>

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


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this annual report, we have financed our Operating Subsidiaries&#8217; operations primarily through cash flows from operations
and loans from banks and related parties, if necessary. We plan to support our future operations primarily from cash generated from our
operations and the net proceeds raised from our IPO.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, we had cash in aggregate of HK$6,810,418 as compared to HK$12,063,731 as of December 31, 2022. We had positive
working capital that amounted to HK$3,618,321 as of December 31, 2022 as compared to negative working capital of HK$2,077,323 as of December
31, 2023. We believe such negative working capital was temporary, as (i) we had generated net cash provided by operating activities for
each of the years ended December 31, 2022 and 2023; (ii) non-recurring nature of the payment dividend which was made at the discretion
of the board of directors and the deferred IPO costs were not expected to increase significantly for the year of 2024; and (iii) we generated
net income for each of the fiscal years ended December 31, 2022 and 2023. Our working capital requirements were influenced by the size
of the operations, the volume and dollar value of the sales contracts of our Operating Subsidiaries, the progress of execution of our
customer contracts, and the timing for collecting accounts receivable, and payment of accrued expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 23, 2022, m-FINANCE declared an interim dividend of HK$0.863 per share (equivalent to US$0.111 per share), or HK$10,000,000 in
aggregate (equivalent to US$1,281,805), to its shareholder, which was settled in cash on March 24, 2022. On June 30, 2022, m-FINANCE
declared an interim dividend of HK$0.691 per share (equivalent to US$0.089 per share) or HK$8,000,000 (equivalent to US$1,025,444), to
its shareholder, and the amount of the dividend payable was concurrently settled by netting off the outstanding amounts due from related
parties. On August 15, 2022, m-FINANCE declared an interim dividend of HK$0.873 per share (equivalent to US$0.112 per share) or HK$10,114,311
in aggregate (equivalent to US$1,296,457), to its shareholder, and the dividend payable was concurrently settled by netting off the outstanding
amounts due from the related parties. The amounts due from related parties were presented as a reduction of the shareholder&#8217;s equity
pursuant to the Codification of Staff Accounting Bulletins Topic 4, section G. On March 27, 2023, the Company declared an interim dividend
of HK$0.218 per share (equivalent to US$0.028 per share), or HK$2,528,413 in aggregate (equivalent to US$324,093), to its shareholder,
which was settled in cash on the same day. On July 31, 2023, the Company declared an interim dividend of HK$0.242 per share (equivalent
to US$0.031 per share), or HK$2,800,800 in aggregate (equivalent to US$359,008), to its shareholder, which was settled in cash on the
same day.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, we had an outstanding bank borrowing balance of HK$9,926,756, of which the bank borrowings of HK3,863,852 that
would be payable within one year and the bank borrowings of HK$6,062,904 that would be payable after one year but within 5 years. The
bank borrowings had an annual effective interest rate of 4.87%.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021, 2022 and 2023, we had realized loss on disposal of financial assets at fair value and change in fair
value on financial assets at fair value in the aggregate amounts of HK$676,445, HK$1,157,650 and HK$9,965, respectively, from trading
in foreign currencies, at fair value, with the intention to optimize a trading algorithm based on live market interactions. Algorithmic
trading, also known as automated trading, is a type of trading that involves using computer programs to make trading decisions. These
programs use advanced mathematical algorithms to analyze the market and execute trades automatically, without the need for human intervention.
We believe that there will be increasing demand for algorithmic trading and more resources will be invested for enhancing the system.
It appears that the clients engaged in leveraged foreign exchange trading prefer to enjoy the benefits brought along by information technology
to obtain timely foreign exchange information, the latest market news and automated trading, and, hence, we have been enhancing our trading
system&#8217;s stability and security to provide clients a reliable and safe platform for round the clock trading. Therefore, we optimize
our trading algorithm through live trading in the real foreign exchange market, which allows us to test and refine our system in real-world
conditions. The trades of foreign currencies conducted by the Operating Subsidiaries are denominated in the USD and are paired with currencies
with strong liquidity traded in highly transparent markets, including such currencies as the EURO, USD, GBP, CHF, AUD and CAD, etc. We
clear position limits and floating profit/loss limits are set to manage foreign exchange positions. The change in fair value on financial
assets at fair value was mainly due to the increased volatility in the financial and currency market in 2021 and 2022. For the years
ended December 31, 2021, 2022 and 2023, we traded foreign currencies of monthly average transaction amounts of US$259.2 million, US$120.7
million and US$0.3 million, respectively. In view of the increased volatility in the financial and currency market, we have lowered our
trading in foreign currencies for the year ended December 31, 2023. The monthly average number of transactions were 4,620 trades, 2,384
trades and 250 trades for the years ended December 31, 2021, 2022 and 2023, respectively. We will assess and monitor the challenges created
by the increased volatility in the financial and currency market.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that our current cash and cash flows provided by operating activities, loans from banks, and the net proceeds from our IPO will
be sufficient to meet our working capital needs in the next 12 months from the date of this annual report. If we experience an adverse
operating environment or incur unanticipated capital expenditure requirements, or if we determine to accelerate our growth, then additional
financing may be required. No assurance can be given, however, that additional financing, if required, would be available at all or on
favorable terms. Such financing may include the use of additional debt or the sale of additional equity securities. Any financing which
involves the sale of equity securities or instruments that are convertible into equity securities could result in immediate and possibly
significant dilution to our existing shareholders.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth a summary of our cash flows for the periods indicated:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="14" 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>&#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><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">2023</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">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">US$</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left">Net cash provided by operating activities</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right">12,734,753</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: 11%; text-align: right">13,496,487</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: 11%; text-align: right">11,324,808</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: 11%; text-align: right">1,449,871</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,125,093</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(5,685,740</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(727,924</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(10,641,086</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(9,403,066</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(10,887,289</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,393,858</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">13,820</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(5,092</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(651</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net increase (decrease) in cash</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(9,252,485</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,982,148</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(5,253,313</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(672,562</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">&#160;Cash at the beginning of year</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">19,334,068</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10,081,583</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12,063,731</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,544,474</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Cash at the end of year</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10,081,583</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12,063,731</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6,810,418</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">871,912</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 28pt 0pt 19pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by operating activities amounted to HK$11,324,808 for the year ended December 31, 2023, mainly derived from (i) net income
of HK$6,628,881 for the year ended December 31, 2023; (ii) various non-cash items of HK$8,444,393, such as amortization of intangible
assets of HK$5,514,165, amortization of right-of-use assets and interest of lease liabilities of HK$1,633,106, allowance for credit losses
of HK$998,020 and depreciation of property and equipment of HK$134,951; and (iii) changes in operating assets and liabilities of HK$3,734,567.
Changes in operating assets and liabilities mainly included (i) an increase in accounts receivable of HK$2,444,125, which was mainly
due to more billing to customers based on services provided closer to the year ended December 31, 2023; (ii) a decrease in operating
lease liabilities of HK$1,659,126, mainly due to the recognition of operating lease expenses on a straight-line basis over the lease
term; and (iii) an increase in contract liabilities of HK$420,517 due to more advances received from customers under the new projects.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by operating activities amounted to HK$13,496,487 for the year ended December 31, 2022, mainly derived from (i) net income
of HK$6,818,599 for the year ended December 31, 2022; (ii) various non-cash items of HK9,891,062, such as amortization of intangible
assets of HK$6,160,391, amortization of right-of-use assets and interest of lease liabilities of HK$1,695,259, change in fair value on
financial assets at fair value of HK$1,157,650, depreciation of property and equipment of HK$222,173 and deferred tax expenses of HK$158,490;
and (iii) changes in operating assets and liabilities of HK$3,213,174. Changes in operating assets and liabilities mainly included (i)
a decrease in operating lease liabilities of HK$1,663,674, mainly due to the recognition of operating lease expenses on a straight-line
basis over the lease term; (ii) a decrease in contract liabilities of HK$1,275,002, due to the completion of projects near the year end;
(iii) an increase in accounts receivables of HK$949,239, which was mainly due to more billing to customers based on services provided
closer to the year end of December 31, 2022; (iv) a decrease in prepaid expenses and other current assets of HK$520,618, which was mainly
due to the refund of a rental deposit for the expired lease and the timing of payments for internet service costs; and (v) an increase
in tax payable of HK$229,355, which was primarily due to income tax expense accrued in the year ended December 31, 2022.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by operating activities amounted to HK$12,734,753 for the year ended December 31, 2021, mainly derived from (i) net income
of HK$10,349,595 for the year ended December 31, 2021; (ii) various non-cash items of HK$9,058,615, such as amortization of intangible
assets of HK$5,996,618, amortization of right-of-use assets and interest of lease liabilities of HK$1,700,859, change in fair value on
financial assets at fair value of HK$660,325, deferred tax expenses of HK$431,630 and depreciation of property and equipment of HK$253,063;
and (iii) changes in operating assets and liabilities of HK$6,673,457. Changes in operating assets and liabilities mainly included (i)
a decrease in contract liabilities of HK$4,679,419 due to the completion of projects near the year end; (ii) a decrease in operating
lease liabilities of HK$1,665,000, mainly due to the recognition of operating lease expenses on a straight-line basis over the lease
term; (iii) an increase in accrued expenses and other current liabilities of HK$666,788, which was attributable primarily to the timing
of our payment of annual bonuses and legal and professional fees; (iv) an increase in long term deposit of HK$479,076, due to the increase
in rental deposit; (v) an increase in accounts receivables of HK$436,514, which was mainly due to more billing to customers based on
services provided closer to the year end of December 31, 2021; and (vi) an increase in prepaid expenses and other current assets of HK$72,146.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in investing activities amounted to HK$5,685,740 for the year ended December 31, 2023, representing costs to obtain and develop
software of HK$7,270,898 and purchase of property and equipment of HK$48,157, and was partially offset by disposals of financial assets
at fair value of HK$1,633,315 during the year ended December 31, 2023.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in investing activities amounted to HK$2,125,093 for the year ended December 31, 2022, representing costs to obtain and develop
software of HK$5,993,675, purchases of financial assets at fair value of HK$156,000 and purchase of property and equipment of HK$41,721,
and was partially offset by disposals of financial assets at fair value of HK$4,068,302 during the year ended December 31, 2022.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in investing activities amounted to HK$11,346,697 for the year ended December 31, 2021, representing costs to obtain and develop
software of HK$6,959,773, purchases of financial assets at fair value of HK$5,950,000 and purchase of property and equipment of HK$267,010,
and was partially offset by disposals of financial assets at fair value of HK$1,870,086 during the year ended December 31, 2021.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in financing activities amounted to HK$10,887,289 for the year ended December 31, 2023, which included the dividend paid to
a shareholder of HK$5,329,213, repayment of bank borrowings of HK$3,693,642 and an increase in deferred IPO costs of HK$1,864,434.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in financing activities amounted to HK$9,403,066 for the year ended December 31, 2022, which included the dividend paid to
a shareholder of HK$10,000,000, an increase in deferred initial public offering costs of HK$3,119,900 and repayment of bank borrowings
of HK$2,396,598, and was offset by the repayments from the related parties of HK$6,117,332 during the year ended December 31, 2022.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in financing activities amounted to HK$10,641,086 for the year ended December 31, 2021, which included the advances to the
related parties of HK$13,003,024 and the repayment of bank borrowings of HK$1,485,212, and was offset by the proceeds from bank borrowings
of HK$3,847,150 during the year ended December 31, 2021.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
did not have, during the periods presented, nor do we currently have, any off-balance sheet financing arrangements or any relationships
with unconsolidated entities or financial partnerships, including entities sometimes referred to as structured finance or special purpose
entities, that were established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited
purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes our contractual obligations as of December 31, 2023:</span></p>

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

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  <tr style="vertical-align: bottom">
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    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</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 style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="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="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">9,926,756</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: 16%; text-align: right">3,863,852</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: 16%; text-align: right">6,062,904</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,963,133</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,889,889</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto">
  <tr style="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>&#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">Total</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>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">US$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">US$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">US$</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left">Bank borrowings</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">1,270,885</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: 16%; text-align: right">494,674</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: 16%; text-align: right">776,211</td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-bottom: 1.5pt">Operating lease obligation</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">379,359</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">178,318</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">201,040</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt">&#12288;</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">1,650,244</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">672,992</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">977,251</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021, 2022 and 2023, we purchased HK$267,010, HK$41,721 and HK$48,157, respectively, of property and equipment
mainly for use in our Operating Subsidiaries&#8217; operations. For the years ended December 31, 2021, 2022 and 2023, we purchased HK$40,000,
HK$1,999 and nil, respectively, of intangible assets mainly for use in our Operating Subsidiaries&#8217; operations. Subsequent to December
31, 2023 and as of the date of this annual report, we did not purchase any material property and equipment, and intangible assets for
operational use. We do not have any other material commitments to capital expenditures as of December 31, 2023 or as of the date of this
annual report.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inflation
did not materially affect the business or the results of operations of our Operating Subsidiaries.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
nature of our Operating Subsidiaries&#8217; business does not appear to be affected by seasonal variations.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 4. Information on the Company &#8212; B. Business Overview &#8212; Research and Development&#8221; and &#8220;Item 4. Information
on the Company &#8212; B. Business Overview &#8212; Properties &#8212; Intellectual Property.&#8221;</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial trading solutions services provided by the Operating Subsidiaries are affected by the capital market in Hong Kong. Any material
deterioration in the financial trading industry and capital market in Hong Kong could materially and adversely affect the business and
prospects of our Operating Subsidiaries. The Hong Kong financial and capital market is susceptible to global factors, including, but
not limited to, interest rate fluctuations, volatility of foreign currency exchange rates and monetary policy changes. When there are
unfavorable changes to global or local economic conditions, the financial and securities market in Hong Kong may be negatively affected.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as disclosed under this subheading and elsewhere in this annual report, we are not aware of any other trends, uncertainties, demands,
commitments, or events that are reasonably likely to have a material effect on our net revenue, income from continuing operations, profitability,
liquidity, or capital resources, or that would cause reported financial information to not necessarily be indicative of future operating
results or financial condition.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
discussion and analysis of our financial condition and results of operations relates to our consolidated financial statements, which
have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates and judgments
that affect the reported amounts of assets, liabilities, revenues, costs and expenses, and related disclosures. On an on-going basis,
we evaluate our estimates based on historical experience and on various other assumptions that are believed to be reasonable under the
circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are
not readily apparent from other sources.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
consider an accounting estimate to be critical if: (1) the accounting estimate requires us to make assumptions about matters that were
highly uncertain at the time the accounting estimate was made, and (2) changes in the estimate that are reasonably likely to occur from
period to period, or use of different estimates that we reasonably could have used in the current period, would have a material impact
on our financial condition or results of operations. There are other items within our financial statements that require estimation but
are not deemed critical, as defined above. Changes in estimates used in these and other items could have a material impact on our financial
statements.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
critical accounting policies and practices include the following: (i) revenue recognition and (ii) intangible assets. For a detailed
discussion of our significant accounting policies and related judgments, please see &#8220;Note 2 &#8211; Summary of Significant Accounting
Policies&#8221; <span style="background-color: white">of the Notes to Consolidated Financial Statements</span>. You should read the following
description of critical accounting estimates in conjunction with our consolidated financial statements and other disclosures included
in this annual report.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
carry accounts receivable at the face amounts less a reserve for estimated credit losses. As of December 31, 2022, we recorded an allowance
for doubtful accounts related to accounts receivable of HK$497,099. We estimated our reserve for credit losses using relevant available
information from internal and external sources relating to past events, current conditions and reasonable and supportable forecasts.
Consequently, to reflect the cumulative effects of the adoption of ASC 326, we recorded the balance of the reserve for credit losses
was HK$497,099 as of January 1, 2023 and there is no material impact over the initial adoption of CECL model. During the
year ended December 31, 2023, we recorded HK$998,020 adjustments for credit losses on the consolidated financial statement related to
accounts receivable. As of December 31, 2023, the reserve for credit losses was HK$1,495,119 (US$191,415).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Impairment
assessment for the internally developed software</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021, 2022 and 2023, we capitalized the research and development costs of HK$6,959,773, HK$5,993,675
and HK$7,270,898 (US$930,866), respectively, as intangible assets. Our internally developed software is amortized over its estimated
useful lives and is reviewed for impairment if indicators of impairment arise. Indicators we reviewed included whether there was a significant
change in the business environment as a whole, a significant adverse change in the extent or manner in which our assets are being used,
a significant adverse change in legal factors affecting our assets and a cash flow loss. In performing its qualitative assessment, our
management assessed that there is no impairment on any in progress projects or finalized projects due to continue business growth and
the business is profitable. We did not recognize any impairment on intangible assets and in preparing its financial statements for the
periods presented and we did not consider it reasonably likely these considerations would change significantly based upon our current
outlook, the assessment of the recoverability of intangible assets did not involve a significant level of estimation uncertainty that
had, or was reasonably likely to have had, a material impact on the financial condition or results of our operations for the years ended
December 31, 2021, 2022 and 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
the discussion of the recent accounting pronouncements contained in the notes to the consolidated financial statements, &#8220;Note 2
&#8211; Summary of Significant Accounting Policies.&#8221;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="lo_003"></span>Item
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
<span style="text-decoration: underline">Directors and Senior Management</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information regarding our directors and executive officers as of the date of this annual report. The business
address of all of our directors and executive officers is Unit 1801, Fortis Tower, 77-79 Gloucester Road, Wan Chai, Hong Kong.</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 28%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Directors
    and Executive Officers</i></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Age</i></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 63%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Position/Title</i></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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tai
    Wai (Stephen) Lam</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="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">57</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman
    and Executive Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chi
    Weng Tam</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="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">52</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
    Director and Chief Executive Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sui
    Yee Yeung</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sum
    (Philip) Cheng </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="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">59</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lai
    Sum (Christina) Liu</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="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">70</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cheuk
    Ho Chan</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="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">57</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a brief biography of each of our current directors and executive officers:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Tai Wai (Stephen) Lam is the co-founder, chairman, and executive director of our Company. He joined m-FINANCE Limited in 2003 as Chief
Technology Officer and is currently serving as the Managing Director of m-FINANCE. He has over 30 years of experience in Information
Technology and business management, covering fields of software development, business consulting, financial technology, and e-commerce.
Prior to joining m-FINANCE, Mr. Lam was the Senior Information Technology Manager of the Hong Kong SAR Government and had led several
e-Government projects. Mr. Lam used to hold senior positions in commercial firms, including Senior Consultant of World-wide Professional
Services in Canada of Netscape Communications Corporation, Senior Consultant Manager of SINA.com, Technical Director of 36.com Holdings
Limited (previously a listed company on the Hong Kong Stock Exchange). Mr. Lam obtained a Master of Business Administration from the
University of Western Sydney, Australia in 2003 and a Bachelor of Science degree in Computational Science and Management Studies from
the University of Leeds, United Kingdom in 1989.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Chi Weng Tam is the co-founder, executive director, and Chief Executive Officer of our Company. He is an accomplished executive with
over 25 years of experience in the IT and Finance industries. In his role, Mr. Tam is responsible for overseeing the day-to-day management
of our Operating Subsidiaries, including business operations, business development, sales and marketing, strategic planning, policy settings,
as well as supervising human resources and administrative functions. He joined our operating subsidiary, m-FINANCE Limited, in November
2011 as Chief Operating Officer and later assumed the role of Chief Executive Officer in August 2015. In December 2015, he was appointed
as an executive director of the Operating Subsidiaries. Prior to joining our Operating Subsidiaries, Mr. Tam held senior management positions
in various other companies. At VanceInfo Technologies Limited, an IT service provider listed on the New York Stock Exchange, he served
as a Director of Major Accounts, delivering world-class IT consulting, enterprise solutions, and outsourcing services to numerous leading
Fortune 500 companies. He also held the position of Team Leader of Business Development at Arkadin, a French company specializing in
customized collaboration solutions for multinational companies across Europe, the United States, and the Asia Pacific region. Additionally,
Mr. Tam served as the General Manager at GlobalTec Hong Kong Limited, where he marketed trending analysis software to individuals and
financial institutions. Prior to that, he worked as a Director of Web Business at Finet Holdings Limited, a service provider listed on
the Hong Kong Stock Exchange, focusing on providing financial information services and technology solutions to corporate clients and
individual investors. At UNiSOFT, an IT training service provider in Hong Kong, Mr. Tam held the positions of Executive Director and
Marketing Director, delivering IT certification training services to both corporate clients and individuals. Mr. Tam obtained a degree
of Bachelor of Business Administration (Honours) from Lingnan University, Hong Kong.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Sui Yee Yeung is the Chief Financial Officer of our Company. Ms. Yeung joined the Operating Subsidiaries as the Senior Accountant in
July 2017 and has served as the Finance Manager of the Operating Subsidiaries since July 2018 and the Chief Financial Officer of m-FINANCE
since June 2022. Ms. Yeung has had over 18 years of professional experience across finance and accounting, compliance, internal controls,
taxation and public accounting. Prior to joining our Operating Subsidiaries, Ms. Yeung was a financial leader with a blend of experience
at local and multinational corporations. Ms. Yeung obtained a Bachelor of Accounting degree from the University of Hong Kong and she
is a member of the CPA Australia.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Sum (Philip) Cheng is our independent director. Mr. Cheng is a senior partner of Cheng, Yeung &amp; Co. Certified Public Accountants
(Practising). Before joining Cheng, Yeung &amp; Co. Certified Public Accountants (Practising) in March 2006, Mr. Cheng was a managing
director of Lam, Kwok, Kwan &amp; Cheng CPA Limited. Mr. Cheng is a Member of The Hong Kong Institute of Certified Public Accountants,
The Institute of Chartered Accountants in England and Wales, The Chartered Global Management Accountants, The Chartered Institute of
Management Accountants, The Association of Chartered Certified Accountants and The Association of International Accountants. Mr. Cheng
has over 35 years&#8217; experience in assurance and financial advisory services. He has extensive experience in the auditing of private
companies in different business sectors, including information technology, manufacturing, real estate, transportation, health care, food
and beverage, and retail. Mr. Cheng specializes in Business Assurance, Financial Management, Financial Reporting, and Business Management
Consultancy. He has been a Chartered Tax Adviser since 1998. He has extensive knowledge in Hong Kong Tax and has practical experience
in handling many of Field Audits, Tax Investigations, and Tax Appeal Cases over 30 years. Mr. Cheng qualified in 1996, and obtained
his Master&#8217;s Degree in Professional Accounting from The Hong Kong Polytechnic University in 2000.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Lai Sum (Christina) Liu is our independent director. Ms. Liu has been working in the financial industry in Hong Kong for over 40 years,
covering securities, futures, gold, foreign exchange, funds and financing etc. Ms. Liu has been the Responsible Officer for Type 1 (Dealing
in securities), Type 2 (Dealing in futures contracts), Type 4 (Advising on securities), Type 5 (Advising on futures contracts) and Type
9 (Asset management) regulated activities and she has enriched working experience in several well-known financial institutions including
Wocom Securities Limited (a subsidiary of Wing On Company International Ltd), SBI China Capital Securities Limited, RHB Securities Hong
Kong Limited (&#8220;RHB&#8221;), Yuanta Asia Investment (Hong Kong) Limited (formerly known as Polaris Securities (Hong Kong) Ltd),
South China Securities Limited and Huajin Securities (International) Limited. During Ms. Liu&#8217;s tenure with RHB, RHB ranked No.
1 in Hong Kong Hang Seng Index in terms of the trading volume for the futures. Ms. Liu has also successfully introduced a private enterprise
company to be listed in Hong Kong when she served as the Business Development Director in South China Securities Limited. She then served
as Vice President in a licensed financial company established by Huafa Group, which is directly controlled under the Zhuhai People&#8217;s
Government, China. Ms. Liu obtained the Hong Kong General Certificate of Education in 1975.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Cheuk Ho Chan is our independent director. He obtained a bachelor&#8217;s degree in business administration from the Chinese University
of Hong Kong in 1989 and a master&#8217;s degree in business administration from the University of Manchester in 2003. Mr. Chan has been
a fellow member of the Hong Kong Institute of Certified Public Accountants since 2003. In the past twenty years, Mr. Chan has been the
finance director, financial controller, and company secretary of several companies listed on the Main Board of The Stock Exchange of
Hong Kong Limited (the &#8220;HK Stock Exchange&#8221;). He is currently an independent non-executive director of Eagle Nice (International)
Holdings Limited, the issued shares of which are listed on the Main Board of the HK Stock Exchange (stock code: 2368) since November
2002, an independent non-executive director of EPS Creative Health Technology Group Limited, the issued shares of which are listed on
the Main Board of the HK Stock Exchange (stock code: 3860) since July 2021, an independent non-executive director of Winshine Science
Company Limited the issued shares of which are listed on the Main Board of the HK Stock Exchange (stock code: 209) since June 2023 and
an independent non-executive director of Gudou Holdings Limited the issued shares of which are listed on the Gem Board of the HK Stock
Exchange (stock code: 8308) since Dec 2023, respectively. He was the chief financial officer and financial controller in different corporations
for over twenty years, most of which corporations are listed with the HK Stock Exchange, such as Pine Technology Holdings Limited (stock
code:1079), North Asia Resources Holdings Limited (stock code: 61), China Best Group Holding Limited (stock code: 370), China Golden
Development Holdings Limited (stock code: 162) and Surge Recreation Holdings Limited (stock code: 703). He was previously an executive
director of Pine Technology from June 2017 to May 2022 and Wai Chun Bio-technology Limited (&#8220;Wai Chun Bio-technology&#8221;), the
issued shares of which are listed on the Main Board of the HK Stock Exchange (stock code: 660) from July 2022 to March 2023, respectively.
He was previously also an independent non-executive director of Wai Chun Bio-technology Limited from November 2020 to July 2022 and an
independent non-executive director of Wai Chun Group Holdings Limited, the issued shares of which are listed on the Main Board of the
HK Stock Exchange (stock code:1013) from March 2022 to July 2022, respectively.</span></p>

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


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below provides certain information regarding the diversity of our board of directors as of the date of this annual report.</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td colspan="8" 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>Board
    Diversity Matrix</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Country
    of Principal Executive Offices:</span></td>
    <td colspan="7" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong
    Kong, China</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
    Private Issuer</span></td>
    <td colspan="7" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</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">Disclosure
    Prohibited under Home Country Law</span></td>
    <td colspan="7" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</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">Total
    Number of Directors</span></td>
    <td colspan="7" 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">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt; width: 50%; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Female</b></span></td>
    <td style="text-align: center; padding-bottom: 1.5pt; width: 2%; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Male</b></span></td>
    <td style="text-align: center; padding-bottom: 1.5pt; width: 2%; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 11%; vertical-align: bottom"><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>Non-
    </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>Binary</b></span></p></td>
    <td style="text-align: center; padding-bottom: 1.5pt; width: 2%; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Did
    Not<br/>
    Disclose<br/>
    Gender</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Part
    I: Gender Identity</b></span></td>
    <td colspan="7" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors</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>
    <td>&#160;</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>
    <td>&#160;</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">0</span></td>
    <td>&#160;</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">0</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"><b>Part
    II: Demographic Background</b></span></td>
    <td colspan="7" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underrepresented
    Individual in Home Country Jurisdiction</span></td>
    <td colspan="7" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</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">LGBTQ+</span></td>
    <td colspan="7" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</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">Did
    Not Disclose Demographic Background</span></td>
    <td colspan="7" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td></tr>
  </table>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
of our directors or executive officers has a family relationship as defined in Item 401 of Regulation S-K.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the best of our knowledge, none of our directors or executive officers has, during the past ten years, been involved in any legal proceedings
described in subparagraph (f) of Item 401 of Regulation S-K.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
biggest shareholder, Gaderway Investments Limited, owns approximately 68.27% of the aggregate voting power of our outstanding Ordinary
Shares as of the date of this annual report. As a result, we may be deemed to be a &#8220;controlled company&#8221; within the meaning
of the NASDAQ listing standards. Gaderway Investments Limited, has the ability to control the outcome of matters submitted to the shareholders
for approval, including the election of directors and any merger, consolidation, or sale of all or substantially all of our assets. If
we are deemed to be a &#8220;controlled company&#8221;, we are permitted to elect to rely on certain exemptions from the obligations
to comply with certain corporate governance requirements, including:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    requirement that a majority of the board of directors consist of independent directors; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    requirement that our director nominees be selected or recommended solely by independent directors; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    requirement that we have a nominating and corporate governance committee and a compensation committee that are composed entirely
    of independent directors with a written charter addressing the purposes and responsibilities of the committees.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we do not intend to rely on the controlled company exemptions under the NASDAQ listing standards even if we are deemed a controlled company,
we could elect to rely on these exemptions in the future, and if so, our shareholders would not have the same protection afforded to
shareholders of companies that are subject to all of the corporate governance requirements of the NASDAQ Capital Market.</span></p>

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

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

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

<table 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="width: 78%; text-align: left">Tai Wai (Stephen) Lam (Executive Director)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">378,000</p></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Chi Weng Tam (Chief Executive Officer and Executive Director)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">378,000</p></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Sui Yee Yeung (Chief Financial Officer)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">233,252</p></td><td style="text-align: left">&#160;</td></tr>
  </table>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors consists of five directors.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
British Virgin Islands law, our directors owe fiduciary duties both at common law and under statute, including a statutory duty to act
honestly, in good faith and with a view to our best interests. When exercising powers or performing duties as a director, our directors
also have a duty to exercise the care, diligence and skills that a reasonable director would exercise in comparable circumstances, taking
into account, without limitation, the nature of the Company, the nature of the decision and the position of the director and the nature
of the responsibilities undertaken by him. In exercising the powers of a director, the directors must exercise their powers for a proper
purpose and shall not act or agree to the Company acting in a manner that contravenes our Memorandum and Articles or the BVI Act. In
fulfilling their duty of care to us, our directors must ensure compliance with our Memorandum and Articles. We have the right to seek
damages if a duty owed by our directors is breached.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
functions and powers of our board of directors include, among others:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><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">appointing
    officers and determining the term of office of the officers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">authorizing
    the payment of donations to religious, charitable, public or other bodies, clubs, funds or associations as deemed advisable;</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">exercising
    the borrowing powers of the Company and mortgaging the property of the Company;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">executing
    checks, promissory notes and other negotiable instruments on behalf of the Company; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">managing,
    directing or supervising the business and affairs of the Company.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of our executive officers are appointed by and serve at the discretion of our board of directors.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is currently no shareholding qualification for directors.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors make all determinations regarding executive officer compensation from the time the Company first enters into employment
agreements with executive officers up until the establishment of the compensation committee (considered further below).</span></p>

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


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have established three committees under the board of directors: an Audit Committee, a Compensation Committee and a Nominating and Corporate
Governance Committee. Even though we are exempted from corporate governance standards because we are a foreign private issuer, we have
voluntarily adopted a charter for each of the three committees. Each committee&#8217;s members and functions are described below.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Audit
Committee. </i>Our audit committee consists of Sum (Philip) Cheng, Lai Sum (Christina) Liu and Cheuk Ho Chan. Sum (Philip) Cheng is the
chairman of our audit committee. We have determined that Sum (Philip) Cheng, Lai Sum (Christina) Liu and Cheuk Ho Chan satisfy the &#8220;independence&#8221;
requirements of Section 5605(a)(2) of the NASDAQ Listing Rules and Rule 10A-3 under the Securities Exchange Act. Our board also has determined
that Sum (Philip) Cheng qualifies as an audit committee financial expert within the meaning of the SEC rules or possesses financial sophistication
within the meaning of the NASDAQ Listing Rules. The audit committee oversees our accounting and financial reporting processes and the
audits of the financial statements of our Company. The audit committee is responsible for, among other things:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><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">appointing
    the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors;</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">reviewing
    with the independent auditors any audit problems or difficulties and management&#8217;s response;</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">discussing
    the annual audited financial statements with management and the independent auditors;</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">reviewing
    the adequacy and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and
    control major financial risk exposures;</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">reviewing
    and approving all proposed related party transactions;</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">meeting
    separately and periodically with management and the independent auditors; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">monitoring
    compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to
    ensure proper compliance.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Compensation
Committee. </i>Our compensation committee consists of Sum (Philip) Cheng, Lai Sum (Christina) Liu and Cheuk Ho Chan. Lai Sum (Christina)
Liu is the chairman of our compensation committee. We have determined that Sum (Philip) Cheng, Lai Sum (Christina) Liu and Cheuk Ho Chan
satisfy the &#8220;independence&#8221; requirements of Section 5605(a)(2) of the NASDAQ Listing Rules and Rule 10A-3 under the Securities
Exchange Act. The compensation committee assists the board in reviewing and approving the compensation structure, including all forms
of compensation, relating to our directors and executive officers. Our chief executive officer may not be present at any committee meeting
during which his compensation is deliberated. The compensation committee is responsible for, among other things:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and approving to the board with respect to the total compensation package for our most senior executive officers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">approving
    and overseeing the total compensation package for our executives other than the most senior executive officers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and recommending to the board with respect to the compensation of our directors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    periodically and approving any long-term incentive compensation or equity plans;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">selecting
    compensation consultants, legal counsel or other advisors after taking into consideration all factors relevant to that person&#8217;s
    independence from management; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;programs
    or similar arrangements, annual bonuses, employee pension and welfare benefit plans.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Nominating
and Corporate Governance Committee. </i>Our nominating and corporate governance committee consists of Sum (Philip) Cheng, Lai Sum (Christina)
Liu and Cheuk Ho Chan. Cheuk Ho Chan is the chairperson of our nominating and corporate governance committee. We have determined that
Sum (Philip) Cheng, Lai Sum (Christina) Liu and Cheuk Ho Chan satisfy the &#8220;independence&#8221; requirements of Section 5605(a)(2)
of the NASDAQ Listing Rules and Rule 10A-3 under the Securities Exchange Act. The nominating and corporate governance committee assists
the board of directors in selecting individuals qualified to become our directors and in determining the composition of the board and
its committees. The nominating and corporate governance committee is responsible for, among other things:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identifying
    and recommending nominees for election or re-election to our board of directors or for appointment to fill any vacancy;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    annually with our board of directors its current composition in light of the characteristics of independence, age, skills, experience
    and availability of service to us;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identifying
    and recommending to our board the directors to serve as members of committees;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">advising
    the board periodically with respect to significant developments in the law and practice of corporate governance as well as our compliance
    with applicable laws and regulations, and making recommendations to our board of directors on all matters of corporate governance
    and on any corrective action to be taken; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">monitoring
    compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to
    ensure proper compliance.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
business and affairs of the Company are managed under the direction of our board of directors. We have conducted board meetings regularly
since inception. Each of our directors has attended all meetings either in person, or via telephone conference, or the directors have
passed resolutions through written consent. In addition to the contact information in this annual report, the board has adopted procedures
for communication with the officers and directors as the date hereof. Each shareholder will be given specific information on how he/she
can direct communications to the officers and directors of the Company at our annual shareholders&#8217; meetings. All communications
from shareholders are relayed to the members of our board of directors.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has adopted a code of business conduct and ethics applicable to all of our directors, officers, and employees. We
have made our code of business conduct and ethics publicly available on our website.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted a compensation recovery policy to provide for the recovery of erroneously-awarded incentive compensation, as required by
the Dodd-Frank Wall Street Reform and Consumer Protection Act, final SEC rules, and applicable listing standards.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into employment agreements with our chief executive officer and chief financial officer. Each of our executive officers
is employed unless terminated by either the executive officer or by us. Each employment agreement provides that we may terminate the
employment for cause, at any time, without notice or remuneration, for certain acts of the executive officer, including but not limited
to the commitments of any serious or persistent breach or non-observance of the terms and conditions of the employment, conviction of
a criminal offense, willful disobedience of a lawful and reasonable order, fraud or dishonesty, receipt of bribery, or severe neglect
of his or her duties. An executive officer may terminate his or her employment at any time with a one-month prior written notice. Pursuant
to the terms of the employment agreements, each executive officer has agreed to hold, both during and after the date employment agreement
expires, in strict confidence and not to use or disclose to any person, corporation or other entity without written consent, any confidential
information. In addition, each executive officer has agreed to be bound by non-competition and non-solicitation restrictions during the
term of his employment and for one year following termination of the employment.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022
Equity Incentive Plan</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to adopt a 2022 Stock Option Plan (the &#8220;Plan&#8221;). The Plan is a stock-based compensation plan that provides for discretionary
grants of stock options to key employees, directors and consultants of the Company. The purpose of the Plan is to recognize contributions
made to our Company and its Operating Subsidiaries by such individuals and to provide them with additional incentive to achieve the objectives
of our Company. No grants have been made under the plan as of the date hereof. The following is a summary of the Plan and is qualified
by the full text of the Plan.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Administration</i>.
The Plan will be administered by our board of directors, or, once constituted, the Compensation Committee of the board of directors (we
refer to body administering the Plan as the &#8220;Committee&#8221;).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Number
of Ordinary Shares.</i> The number of Ordinary Shares that may be issued under the Plan is the maximum aggregate number of Ordinary Shares
reserved and available pursuant to this Plan shall be the aggregate of [*]. If there is a forfeiture or termination without the delivery
of Ordinary Shares or of other consideration of any option made under the Plan, the Ordinary Shares underlying such option, or the number
of Ordinary Shares otherwise counted against the aggregate number of Ordinary Shares available under the Plan with respect to the option,
to the extent of any such forfeiture or termination, shall again be, or shall become, available for granting options under the Plan.
The number of Ordinary Shares issuable under the Plan is subject to adjustment, in the event in the event of any reorganization, recapitalization,
stock split, stock distribution, merger, consolidation, split-up, spin-off, combination, subdivision, consolidation or exchange of shares,
any change in the capital structure of the company or any similar corporate transaction. Except as the board of directors or the Committee
determines, no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect, and
no adjustment by reason hereof shall be made with respect to, the number or price of Shares subject to an Option. In the event of a spin-off
transaction, the board of director or the Committee may in its discretion make such adjustments and take such other action as it deems
appropriate with respect to outstanding Options under the Plan.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Eligibility</i>.
All persons as the board of directors or the Committee may select from among the employees, directors, and consultants of the Company.
To the extent a grantee is a consultant, such recipient must be a natural person who has provided bona fide services to our Company,
not in connection with the offer or sale of securities in capital-raising transactions or in connection with promotion or maintenance
of a market for our securities.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Stock
Options</i>. The board of directors or Committee shall determine the provisions, terms, and conditions of each option including, but
not limited to, the option vesting schedule, repurchase provisions, rights of first refusal, forfeiture provisions, form of payment (cash,
shares, cashless settlement, or other consideration) upon settlement of the option, payment contingencies and the exercise price; each
option will last for the term stated in the option agreement, provided, however that in the case of an option that is to qualify as an
Incentive Share Option as such term is defined in Section 422 of the Code, the term shall not exceed ten (10) years. It is intended that
stock options qualify as &#8220;performance-based compensation&#8221; under Section 162(m) of the Code and thus be fully deductible by
us for federal income tax purposes, to the extent permitted by law.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Payment
for Stock Options and Withholding Taxes</i>. The board of directors or Committee may make one or more of the following methods available
for payment of an option, including the exercise price of a stock option, and for payment of the minimum required tax obligation associated
with an award: (i) cash; (ii) check; (iii) with respect to options, payment through a broker-dealer sale and remittance procedure pursuant
to which the optionee (A) shall provide written instructions to a Company designated brokerage firm to effect the immediate sale of some
or all of the purchased Ordinary Shares and remit to the Company sufficient funds to cover the aggregate exercise price payable for the
purchased Ordinary Shares and (B) shall provide written directives to the Company to deliver the certificates for the purchased Ordinary
Shares directly to such brokerage firm in order to complete the sale transaction; (iv) cashless election; or (v) any combination of the
foregoing methods of payment.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Ordinary Shares shall be delivered under the Plan to any optionee or other person until such optionee or other person has made arrangements
acceptable to the board of directors or Committee for the satisfaction of any national, provincial or local income and employment tax
withholding obligations. Upon exercise of an option the Company shall have the right, but not the obligation (except as required by applicable
law), to withhold or collect from optionee an amount sufficient to satisfy such tax obligations. The optionee will be solely responsible
for his/her own tax obligations.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Amendment
of Award Agreements; Amendment and Termination of the Plan; Term of the Plan</i>. The board of directors may at any time amend, suspend
or terminate the Plan; provided, however, that no such amendment shall be made without the approval of the Company&#8217;s shareholders
to the extent such approval is required by applicable laws, or if such amendment would adversely affect the right of any participant
under any agreement in any material way without the written consent of the participant. No option may be granted during any suspension
of the Plan or after termination of the Plan. No suspension or termination of the Plan shall adversely affect any rights under options
already granted to an optionee. The Plan shall become effective on the date of the Company&#8217;s contemplated initial public offering
is effective. It shall continue in effect for a term of ten (10) years unless sooner terminated or unless renewed for another period
not to exceed ten (10) years pursuant to shareholder approval.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the foregoing, neither the Plan nor any outstanding option agreement can be amended in a way that results in the repricing of a stock
option. Repricing is broadly defined to include reducing the exercise price of a stock option or cancelling a stock option in exchange
for cash, other stock options with a lower exercise price or other stock awards. (This prohibition on repricing without shareholder approval
does not apply in case of an equitable adjustment to the awards to reflect changes in the capital structure of the company or similar
events.)</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
option may be granted under the Plan on or after the 10th anniversary of the effective date of the Plan.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this annual report, we have not adopted the Plan or any equity incentive plans and have not issued any stock-based compensation.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 4. Information on the Company&#8212;B. Business Overview&#8212;Employees.&#8221;</span></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information with respect to the beneficial ownership, within the meaning of Rule 13d-3 under the Exchange
Act, of our Ordinary Shares as of the date of this annual report for:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><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">each
    of our directors and executive officers; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
    person known to us to own beneficially more than 5.0% of our Ordinary Shares</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial
ownership includes voting or investment power with respect to the securities. Except as indicated below, and subject to applicable community
property laws, the persons named in the table have sole voting and investment power with respect to all Ordinary Shares shown as beneficially
owned by them. Percentage of beneficial ownership of each listed person is based on 13,251,667 Ordinary Shares outstanding as of April 24,2024.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
with respect to beneficial ownership has been furnished by each director, officer or beneficial owner of 5% or more of our Ordinary Shares.
Beneficial ownership is determined in accordance with the rules of the SEC and generally requires that such person have voting or investment
power with respect to securities. In computing the number of Ordinary Shares beneficially owned by a person listed below and the percentage
ownership of such person, Ordinary Shares underlying options, warrants or convertible securities held by each such person that are exercisable
or convertible within 60 days of the date of this annual report are deemed outstanding, but are not deemed outstanding for computing
the percentage ownership of any other person. Except as otherwise indicated in the footnotes to this table, or as required by applicable
community property laws, all persons listed have sole voting and investment power for all Ordinary Shares shown as beneficially owned
by them.</span></p>

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

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

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#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">Principal Shareholders</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#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">Ordinary Shares Beneficially Owned</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">
    <td>&#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: left">Directors and Executive Officers:</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 46%; text-align: left">Tai Wai (Stephen) Lam</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">5,567,457</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Chi Weng Tam</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,479,435</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">26.26</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">26.26</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Sui Yee Yeung</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Sum (Philip) Cheng</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Lai Sum (Christina) Liu</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Cheuk Ho Chan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">All directors and executive officers as a group</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9,046,892</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">68.27</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">68.27</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">&#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: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">5% Principal Shareholders:</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="font-weight: bold; text-align: left">Gaderway Investments Limited</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9,046,892</td><td style="text-align: left"><sup>(1)</sup></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">68.27</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">68.27</td><td style="text-align: left">%</td></tr>
  </table>

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

<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">(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">These
    shares are held by Gaderway Investments Limited, a British Virgin Islands company, approximately 61.54% of which is held by Mr.
    Tai Wai (Stephen) Lam and approximately 38.46% by Mr. Chi Weng Tam, each of whom is a director of Gaderway Investments Limited. They collectively hold
    the voting powers (and dispositive powers) over the Ordinary Shares held by Gaderway Investments Limited. The registered address
    of Gaderway Investments Limited is: Vistra Corporate Services Centre, Wickham Cay II, Road Town, Tortola, VG1110, British Virgin
    Islands.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Sj_001"></span>Item
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 6. Directors, Senior Management and Employees&#8212;E. Share Ownership.&#8221;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
<span style="text-decoration: underline">Related Party Transactions</span></span></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>a.
Due from related parties</b></span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tai
    Wai (Stephen) Lam, a director and a shareholder of the Company.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chi
    Weng Tam, a director, an executive officer and a shareholder of the Company.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PrimeTime
    Global Technologies Limited, controlled by DTXS FinTech Holdings Limited.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PrimeTime
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DTXS
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Metallic
    Icon Limited, controlled by Gaderway Investments Limited.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DTXS
    PrimeTime Holdings Limited, controlled by Metallic Icon Limited.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gaderway
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center">(3)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">462,111</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center">(4)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">14,319,362</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Metallic Icon Limited (f)</td><td>&#160;</td>
    <td style="text-align: center">(5)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">58,172</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center">(6)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">35,970</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</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: left">Gaderway Investments Limited (h)</td><td>&#160;</td>
    <td style="text-align: center">(7)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">62,300</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</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: rgb(204,238,255)">
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    <td style="text-align: center; padding-bottom: 1.5pt">(8)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">24,231,643</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  </table>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    balance represented the advances to the directors. These amounts were unsecured, interest-free and repayable on demand. The outstanding
    balances have been assigned to Digital Mind Holdings Limited on June 29, 2022. The amounts due from related parties were presented
    as a reduction of the shareholder&#8217;s equity as of December 31, 2021 pursuant to the Codification of Staff Accounting Bulletins
    Topic 4, section G.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(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">The
    balance represented fund transfer which were unsecured, interest-free and repayable on demand. The outstanding balances have been
    assigned to Digital Mind Holdings Limited on June 29, 2022. The amounts due from related parties were presented as a reduction of
    the shareholder&#8217;s equity as of December 31, 2021 pursuant to the Codification of Staff Accounting Bulletins Topic 4, section
    G.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    balance represented fund transfer which were unsecured, interest-free and repayable on demand. The outstanding balances have been
    assigned to Digital Mind Holdings Limited on June 29, 2022. The amounts due from related parties were presented as a reduction of
    the shareholder&#8217;s equity as of December 31, 2021 pursuant to the Codification of Staff Accounting Bulletins Topic 4, section
    G.</span></td></tr>
</table>

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

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

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

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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

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


<p style="margin: 0">&#160;</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">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    balance represented the expenses paid on behalf of DTXS Fintech Holdings Limited. These amounts were unsecured, interest-free and
    repayable on demand. The outstanding balances have been assigned to Digital Mind Holdings Limited on June 29, 2022. The amounts due
    from related parties were presented as a reduction of the shareholder&#8217;s equity as of December 31, 2021 pursuant to the Codification
    of Staff Accounting Bulletins Topic 4, section G.</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">(5)</span></td>
    <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
    balance represented the expenses paid on behalf of Metallic Icon Limited and fund transfer. These amounts were unsecured, interest-free
    and repayable on demand. The outstanding balances have been assigned to Digital Mind Holdings Limited on June 29, 2022. The amounts
    due from related parties were presented as a reduction of the shareholder&#8217;s equity as of December 31, 2021 pursuant to the Codification
    of Staff Accounting Bulletins Topic 4, section G.</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">(6)</span></td>
    <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
    balance represented the expenses paid on behalf of DTXS PrimeTime Holdings Limited. These amounts were unsecured, interest-free and
    repayable on demand. The outstanding balances have been assigned to Digital Mind Holdings Limited on June 29, 2022. The amounts due
    from related parties were presented as a reduction of the shareholder&#8217;s equity as of December 31, 2021 pursuant to the Codification
    of Staff Accounting Bulletins Topic 4, section G.</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">(7)</span></td>
    <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
    balance represented the expenses paid on behalf of Gaderway Investments Limited. These amounts were unsecured, interest-free and
    repayable on demand. The outstanding balances have been assigned to Digital Mind Holdings Limited on June 29, 2022. The amounts due
    from related parties were presented as a reduction of the shareholder&#8217;s equity as of December 31, 2021 pursuant to the Codification
    of Staff Accounting Bulletins Topic 4, section G.</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">(8)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    June 29, 2022, m-FINANCE entered into a sale debt assignment agreement with Digital Mind Holdings Limited, the then shareholder of
    m-FINANCE, in which m-FINANCE consented to the assignment of amounts owed from the related parties, including Tai Wai (Stephen) Lam,
    Chi Weng Tam, PrimeTime Global Technologies Limited, PrimeTime Global Markets Limited, DTXS Fintech Holdings Limited, Metallic Icon
    Limited, DTXS PrimeTime Holdings Limited and Gaderway Investments Limited in the total amount of HK$22,615,322 (equivalent to
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    shareholder&#8217;s equity pursuant to the Codification of Staff Accounting Bulletins Topic 4, section G. The amounts due from
    related parties were presented as a reduction of the shareholder&#8217;s equity have been fully settled by (i) netting off the
    dividend payable in the amounts of HK$10,114,311 (equivalent to US$1,296,457) declared on August 15, 2022 and the remaining balance
    was settled in cash in August 2022.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>b.
Accounts receivable &#8211; a related party</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 and 2023, the balances of accounts receivable from a related party were as follows:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="vertical-align: bottom">
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  </table>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <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">PrimeTime
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    The balances as of December 31, 2022 and 2023 have been settled on May 10, 2023 and February 22, 2024, respectively. For details, please refer to &#8220;e. Related Party
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>c.
Due to a related party</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 and 2023, the balances of amounts due to a related party were as follows:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <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>
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    <td>&#160;</td><td>&#160;</td>
    <td>&#160;</td><td style="font-weight: bold">&#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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gaderway
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    unsecured, interest-free and repayable on demand.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>d.
Accrued expenses &#8211; a related party</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 and 2023, the balances of accrued expenses to a related party were as follows:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <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>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">US$</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 42%; text-align: left">PrimeTime Global Markets Limited</td><td style="width: 2%">&#160;</td>
    <td style="width: 8%; text-align: right">(1)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">290,160</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: 12%; text-align: right">-</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: 12%; text-align: right">-</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  </table>


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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(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">PrimeTime
    Global Markets Limited, indirectly controlled by Gaderway Investments Limited, the shareholder of the Company.&#160;The balance represented
    the accrued expenses to PrimeTime Global Markets Limited for the subscription fee. For details, please refer to &#8220;e. Related
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a list of related parties which the Company has transactions with:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PrimeTime
    Global Technologies Limited, indirectly controlled by Gaderway Investments Limited, the shareholder of the Company.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PrimeTime
    Global Markets Limited, indirectly controlled by Gaderway Investments Limited, the shareholder of the Company.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021, 2022 and 2023, the related party transactions were as follows:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</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">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center">Note</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">HK$</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: 34%; text-align: left">Outsourcing fee paid to PrimeTime Global Technologies Limited (a)</td><td style="width: 2%">&#160;</td>
    <td style="width: 8%; text-align: center">1</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">875,358</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">-</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: 10%; text-align: right">-</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Outsourcing fee paid to PrimeTime Global Markets Limited (b)</td><td>&#160;</td>
    <td style="text-align: center">1</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">87,178</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">191,795</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Subscription fee paid to PrimeTime Global Markets Limited (b)</td><td>&#160;</td>
    <td style="text-align: center">2</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">320,566</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">290,160</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Subscription fee received from PrimeTime Global Technologies Limited (a)</td><td>&#160;</td>
    <td style="text-align: center">3</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">190,098</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">180,015</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">46,080</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,899</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Sales commission received from PrimeTime Global Technologies Limited (a)</td><td>&#160;</td>
    <td style="text-align: center">4</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">284,646</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">235,194</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">364,819</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December 31, 2022 and 2023, the Company declared dividends to its shareholders. For details, please refer to Note 13.
Shareholders&#8217; Equity in the consolidated financial statements.</span></p>

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company outsourced some works to the related parties, PrimeTime Global Markets Limited and PrimeTime Global Technologies Limited
    for handling software implementation work and supporting services including quality assurance, technical support and maintenance
    services for the Company and the related parties charged an outsourcing fee for providing such services. Since the Company wants
    to focus on its human resources for the developing new functions and upgrading existing functions, it outsources some of its ancillary
    works to related parties and independent third parties. The outsourcing fee was recorded as outsourcing fee in the cost of revenue.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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">PrimeTime
    Global Markets Limited charged the Company for a subscription fee when the Company used PrimeTime Global Markets Limited&#8217;s
    white label services. While PrimeTime Global Markets Limited provided white label hosting support services, the related party transaction
    is conducive to the stability of the operation of the Company&#8217;s white label services. The subscription fee was recorded as
    expense to net off against the sundry income as other income incurred over the same period.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company charged PrimeTime Global Technologies Limited for a subscription fee when it used the subscription services of the Company.
    The subscription income was recorded as revenue.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company charged PrimeTime Global Technologies Limited for sales commission from business referred by the Company. The Company will
    charge a commission fee at an agreed percentage from the sales amount referred by the Company to PrimeTime Global Technologies Limited.
    The sales commission was recorded as commission income in the other income.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></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><i>f.</i></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Personal
    guarantees from related parties for bank loans</i></b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tai
Wai (Stephen) Lam and Chi Weng Tam, the directors and shareholders of the Company, have jointly or severally provided personal guarantees
for several bank loans of the Company.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Policies
and Procedures for Related Party Transactions</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has established an audit committee that is tasked with reviewing and approving all related party transactions.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.
<span style="text-decoration: underline">Interests of Experts and Counsel</span></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span id="Sj_002"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
8. FINANCIAL INFORMATION</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
<span style="text-decoration: underline">Consolidated Statements and Other Financial Information</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have appended consolidated financial statements filed as part of this annual report. See &#8220;Item 18. Financial Statements.&#8221;</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, we may become a party to various legal or administrative proceedings arising in the ordinary course of our business, including
actions with respect to intellectual property infringement, violation of third-party licenses or other rights, breach of contract, and
labor and employment claims. We are currently not a party to, and we are not aware of any threat of, any legal or administrative proceedings
that, in the opinion of our management, are likely to have any material and adverse effect on our business, financial condition, cash
flow, or results of operations.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 3. Key Information&#8212;Dividend Distributions, Cash Transfer, and Tax Consequences.&#8221;</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as disclosed elsewhere in this annual report, we have not experienced any significant changes since the date of our audited consolidated
financial statements included in this annual report.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="Sj_003"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
9. THE OFFER AND LISTING</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
<span style="text-decoration: underline">Offer and Listing Details.</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Ordinary Shares have been listed on the Nasdaq Capital Market since April 22, 2024 under the symbol &#8220;MFI.&#8221;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
<span style="text-decoration: underline">Plan of Distribution</span></span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Ordinary Shares have been listed on the Nasdaq Capital Market since April 22, 2024 under the symbol &#8220;MFI.&#8221;</span></p>

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

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.
<span style="text-decoration: underline">Expenses of the Issue</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Sj_004"></span>Item
10. ADDITIONAL INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
<span style="text-decoration: underline">Share Capital</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
<span style="text-decoration: underline">Memorandum and Articles of Association</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
incorporate by reference into this annual report the description of our amended and restated memorandum and articles of association,
Exhibit 3.1, and the description of differences in corporate laws contained in our registration statement on Form F-1 (File No.&#160;333-274158),
as amended, initially filed with the SEC on August 22, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.
<span style="text-decoration: underline">Material Contracts</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not entered into any material contracts other than in the ordinary course of business and other than those described in &#8220;Item
4. Information on the Company&#8221; or elsewhere in this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.
<span style="text-decoration: underline">Exchange Controls</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 4. Information on the Company&#8212;B. Business Overview&#8212;Regulations.&#8221;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.
<span style="text-decoration: underline">Taxation</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
following summary of material British Virgin Islands, Hong Kong, and United States federal income tax consequences of an investment in
our Ordinary Shares is based upon laws and relevant interpretations thereof in effect as of the date of this annual report, all of which
are subject to change. This summary does not deal with all possible tax consequences relating to an investment in our Ordinary Shares,
such as the tax consequences under state, local, and other tax laws. Unless otherwise noted in the following discussion, this section
is the opinion of:</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
Hunter Taubman Fischer &amp; Li LLC, our U.S. counsel, insofar as it relates to legal conclusions with respect to matters of U.S. federal
income tax law;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
Bird &amp; Bird, our Hong Kong counsel, insofar as it relates to legal conclusions with respect to matters of Hong Kong tax law; and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
Ogier, our British Virgin Islands counsel, insofar as it relates to legal conclusions with respect to matters of British Virgin Islands
tax law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material
U.S. Federal Income Tax Consequences Applicable to U.S. Holders of Our Ordinary Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion is a brief summary of U.S. federal income tax considerations generally applicable to the ownership and
disposition of our Ordinary Shares by a U.S. Holder (as defined below) that has acquired our Ordinary Shares as &#8220;capital
assets&#8221; (generally, property held for investment) under the U.S. Internal Revenue Code of 1986, as amended, or the Code. This
brief discussion is based upon existing U.S. federal tax law as of the date of this annual report, which is subject to differing
interpretations or change, possibly with retroactive effect. No ruling has been sought from the Internal Revenue Service, or the
IRS, with respect to any U.S. federal income tax consequences described below, and there can be no assurance that the IRS or a court
will not take a contrary position. This discussion, moreover, does not address the U.S. federal estate, gift, Medicare, and
alternative minimum tax considerations, any withholding or information reporting requirements, or any state, local and non-U.S. tax
considerations relating to the ownership or disposition of our Ordinary Shares. The following brief summary does not address all
aspects of U.S. federal income taxation that may be important to particular investors in light of their individual circumstances or
to persons in special tax situations such as:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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">banks
    and other financial institutions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">insurance
    companies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pension
    plans;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">cooperatives;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulated
    investment companies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">real
    estate investment trusts;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">broker-dealers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">traders
    that elect to use a market-to-market method of accounting;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">certain
    former U.S. citizens or long-term residents;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">governments
    or agencies or instrumentalities thereof;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax-exempt
    entities (including private foundations);</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">holders
    who acquired our Ordinary Shares pursuant to the exercise of any employee share option or otherwise as compensation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">investors
    that will hold our Ordinary Shares as part of a straddle, hedging, conversion or other integrated transaction for U.S. federal income
    tax purposes;</span></td></tr>
</table>

<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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<p style="margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    holding their Ordinary Shares in connection with a trade or business outside the United States;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    that actually or constructively own 10% or more of our voting power or value (including by reason of owning our Ordinary Shares);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">investors
    required to accelerate the recognition of any item of gross income with respect to their Ordinary Shares as a result of such income
    being recognized on an applicable financial statement;</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">investors
    that have a functional currency other than the U.S. dollar;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">partnerships
    or other entities taxable as partnerships for U.S. federal income tax purposes, or persons holding Ordinary Shares through such entities,
    all of whom may be subject to tax rules that differ significantly from those discussed below.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
discussion set forth below is addressed only to U.S. Holders (defined below) that have purchased our Ordinary Shares.
Prospective purchasers are urged to consult their own tax advisors about the application of the U.S. federal income tax rules to
their particular circumstances as well as the state, local, foreign and other tax consequences to them of the purchase, ownership
and disposition of our Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>General</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this discussion, a &#8220;U.S. Holder&#8221; is a beneficial owner of our Ordinary Shares that is, for U.S. federal income
tax purposes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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">an
    individual who is a citizen or resident of the United States;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">a
    corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized under the laws of the United
    States, any state thereof or the District of Columbia;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">an
    estate whose income is subject to U.S. federal income taxation regardless of its source; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">a
    trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons
    for all substantial decisions or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a
    U.S. person.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of our Ordinary Shares,
the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership.
Partnerships holding our Ordinary Shares and their partners are urged to consult their tax advisors regarding an investment in our Ordinary
Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Passive
Foreign Investment Company (&#8220;PFIC&#8221;) Consequences</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
non-U.S. corporation is considered a PFIC, as defined in Section 1297(a) of the US Internal Revenue Code, for any taxable year if either:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; 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">at
    least 75% of its gross income for such taxable year is passive income; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
    least 50% of the value of its assets (based on an average of the quarterly values of the assets during a taxable year) is attributable
    to assets that produce or are held for the production of passive income (the &#8220;asset test&#8221;).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Passive
income generally includes dividends, interest, rents and royalties (other than rents or royalties derived from the active conduct of
a trade or business) and gains from the disposition of passive assets. We will be treated as owning our proportionate share of the assets
and earning our proportionate share of the income of any other corporation in which we own, directly or indirectly, at least 25% (by
value) of the stock. In determining the value and composition of our assets for purposes of the PFIC asset test, (1) the cash we raised
in our IPO will generally be considered to be held for the production of passive income and (2) the value of our assets must be determined
based on the market value of our Ordinary Shares from time to time, which could cause the value of our non-passive assets to be less
than 50% of the value of all of our assets (including the cash raised in our IPO) on any particular quarterly testing date for purposes
of the asset test.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Based on our operations, and the composition of our income and assets (taking into account the current income generated from our investment
products purchased from banks), we believe we are not a PFIC for the current taxable year, and we do not believe for the foreseeable future
under the current PFIC rules. We must make a separate determination each year as to whether we are a PFIC, however, and there can be no
assurance with respect to our status as a PFIC for any future taxable year. With the cash we raised in our IPO, together with any other
assets held for the production of passive income, it is possible that, for any subsequent taxable year, more than 50% of our assets may
be assets held for the production of passive income. We will make this determination following the end of any particular tax year. Because
the value of our assets for purposes of the asset test will generally be determined based on the market price of our Ordinary Shares and
because cash is generally considered to be an asset held for the production of passive income, our PFIC status will depend in large part
on the market price of our Ordinary Shares. Accordingly, fluctuations in the market price of the Ordinary Shares may cause us to become
a PFIC. In addition, the application of the PFIC rules is subject to uncertainty in several respects and the composition of our income
and assets will be affected by how, and how quickly, we spend the cash raised in our IPO. We are under no obligation to take steps to
reduce the risk of our being classified as a PFIC, and as stated above, the determination of the value of our assets will depend upon
material facts (including the market price of our Ordinary Shares from time to time and the amount of cash raised in our IPO) that may
not be within our control. If we are a PFIC for any year during which you hold Ordinary Shares, we will continue to be treated as a PFIC
for all succeeding years during which you hold Ordinary Shares. If we cease to be a PFIC and you did not previously make a timely &#8220;mark-to-market&#8221;
election as described below, you may avoid some of the adverse effects of the PFIC regime by making a &#8220;purging election&#8221; (as
described below) with respect to the Ordinary Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a PFIC for your taxable year(s) during which you hold Ordinary Shares, you will be subject to special tax rules with respect to
any &#8220;excess distribution&#8221; that you receive and any gain you realize from a sale or other disposition (including a pledge)
of the Ordinary Shares, unless you make a &#8220;mark-to-market&#8221; election as discussed below. Distributions you receive in a taxable
year that are greater than 125% of the average annual distributions you received during the shorter of the three preceding taxable years
or your holding period for the Ordinary Shares will be treated as an excess distribution. Under these special tax rules:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; 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">the
    excess distribution or gain will be allocated ratably over your holding period for the Ordinary Shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    amount allocated to your current taxable year, and any amount allocated to any of your taxable year(s) prior to the first taxable
    year in which we were a PFIC, will be treated as ordinary income, and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    amount allocated to each of your other taxable year(s) will be subject to the highest tax rate in effect for that year and the interest
    charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax liability for amounts allocated to years prior to the year of disposition or &#8220;excess distribution&#8221; cannot be offset by
any net operating losses for such years, and gains (but not losses) realized on the sale of the Ordinary Shares cannot be treated as
capital, even if you hold the Ordinary Shares as capital assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder of &#8220;marketable stock&#8221; (as defined below) in a PFIC may make a mark-to-market election under Section 1296 of the
US Internal Revenue Code for such stock to elect out of the tax treatment discussed above. If you make a mark-to-market election for
first taxable year which you hold (or are deemed to hold) Ordinary Shares and for which we are determined to be a PFIC, you will include
in your income each year an amount equal to the excess, if any, of the fair market value of the Ordinary Shares as of the close of such
taxable year over your adjusted basis in such Ordinary Shares, which excess will be treated as ordinary income and not capital gain.
You are allowed an ordinary loss for the excess, if any, of the adjusted basis of the Ordinary Shares over their fair market value as
of the close of the taxable year. Such ordinary loss, however, is allowable only to the extent of any net mark-to-market gains on the
Ordinary Shares included in your income for prior taxable years. Amounts included in your income under a mark-to-market election, as
well as gain on the actual sale or other disposition of the Ordinary Shares, are treated as ordinary income. Ordinary loss treatment
also applies to any loss realized on the actual sale or disposition of the Ordinary Shares, to the extent that the amount of such loss
does not exceed the net mark-to-market gains previously included for such Ordinary Shares. Your basis in the Ordinary Shares will be
adjusted to reflect any such income or loss amounts. If you make a valid mark-to-market election, the tax rules that apply to distributions
by corporations which are not PFICs would apply to distributions by us, except that the lower applicable capital gains rate for qualified
dividend income discussed below &#8220;&#8212; Taxation of Dividends and Other Distributions on our Ordinary Shares&#8221; generally
would not apply.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
mark-to-market election is available only for &#8220;marketable stock&#8221;, which is stock that is traded in other than de minimis
quantities on at least 15 days during each calendar quarter (&#8220;regularly traded&#8221;) on a qualified exchange or other market
(as defined in applicable U.S. Treasury regulations), including NASDAQ. If the Ordinary Shares continue to be regularly traded on NASDAQ and if
you are a holder of Ordinary Shares, the mark-to-market election would be available to you were we to be or become a PFIC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alternatively,
a U.S. Holder of stock in a PFIC may make a &#8220;qualified electing fund&#8221; election under Section 1295(b) of the US Internal Revenue
Code with respect to such PFIC to elect out of the tax treatment discussed above. A U.S. Holder who makes a valid qualified electing
fund election with respect to a PFIC will generally include in gross income for a taxable year such holder&#8217;s pro rata share of
the corporation&#8217;s earnings and profits for the taxable year. The qualified electing fund election, however, is available only if
such PFIC provides such U.S. Holder with certain information regarding its earnings and profits as required under applicable U.S. Treasury
regulations. We do not   prepare or provide the information that would enable you to make a qualified electing fund
election. If you hold Ordinary Shares in any taxable year in which we are a PFIC, you will be required to file U.S. Internal Revenue
Service Form 8621 in each such year and provide certain annual information regarding such Ordinary Shares, including regarding distributions
received on the Ordinary Shares and any gain realized on the disposition of the Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you do not make a timely &#8220;mark-to-market&#8221; election (as described above), and if we were a PFIC at any time during the period
you hold our Ordinary Shares, then such Ordinary Shares will continue to be treated as stock of a PFIC with respect to you even if we
cease to be a PFIC in a future year, unless you make a &#8220;purging election&#8221; for the year we cease to be a PFIC. A &#8220;purging
election&#8221; creates a deemed sale of such Ordinary Shares at their fair market value on the last day of the last year in which we
are treated as a PFIC. The gain recognized by the purging election will be subject to the special tax and interest charge rules treating
the gain as an excess distribution, as described above. As a result of the purging election, you will have a new basis (equal to the
fair market value of the Ordinary Shares on the last day of the last year in which we are treated as a PFIC) and holding period (which
new holding period will begin the day after such last day) in your Ordinary Shares for tax purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IRC
Section 1014(a) provides for a step-up in basis to the fair market value for our Ordinary Shares when inherited from a decedent that
was previously a holder of our Ordinary Shares. However, if we are determined to be a PFIC and a decedent that was a U.S. Holder did
not make either a timely qualified electing fund election for our first taxable year as a PFIC in which the U.S. Holder held (or was
deemed to hold) our Ordinary Shares, or a mark-to-market election and ownership of those Ordinary Shares are inherited, a special provision
in IRC Section 1291(e) provides that the new U.S. Holder&#8217;s basis should be reduced by an amount equal to the Section 1014 basis
minus the decedent&#8217;s adjusted basis just before death. As such if we are determined to be a PFIC at any time prior to a decedent&#8217;s
passing, the PFIC rules will cause any new U.S. Holder that inherits our Ordinary Shares from a U.S. Holder to not get a step-up in basis
under Section 1014 and instead will receive a carryover basis in those Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
are urged to consult your tax advisors regarding the application of the PFIC rules to your investment in our Ordinary Shares and the
elections discussed above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Taxation
of Dividends and Other Distributions on our Ordinary Shares</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the PFIC rules discussed above, the gross amount of distributions if made by us to you with respect to the Ordinary Shares
(including the amount of any taxes withheld therefrom) will generally be includable in your gross income as dividend income on the
date of receipt by you, but only to the extent that the distribution is paid out of our current or accumulated earnings and profits
(as determined under U.S. federal income tax principles). With respect to corporate U.S. Holders, the dividends will not be eligible
for the dividends-received deduction allowed to corporations in respect of dividends received from other U.S.
corporations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">With respect to non-corporate U.S. Holders, including individual U.S. Holders, dividends will be taxed at the lower capital gains rate
applicable to qualified dividend income, provided that (1) the Ordinary Shares are readily tradable on an established securities market
in the United States, or we are eligible for the benefits of an approved qualifying income tax treaty with the United States that includes
an exchange of information program, (2) we are not a PFIC for either our taxable year in which the dividend is paid or the preceding taxable
year, and (3) certain holding period requirements are met. Because there is an income tax treaty between the United States and the British
Virgin Islands, clause (1) above is satisfied. Further, under U.S. Internal Revenue Service authority, Ordinary Shares are considered
for purpose of clause (1) above to be readily tradable on an established securities market in the United States if they are listed on
certain exchanges, which presently include the NYSE and the NASDAQ Capital Market. You are urged to consult your tax advisors regarding
the availability of the lower rate for dividends paid with respect to our Ordinary Shares, including the effects of any change in law
after the date of this annual report. We did not issue or declare any dividends for the current year.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
will constitute foreign source income for foreign tax credit limitation purposes. If the dividends are taxed as qualified dividend income
(as discussed above), the amount of the dividend taken into account for purposes of calculating the foreign tax credit limitation will
be limited to the gross amount of the dividend, multiplied by the reduced rate divided by the highest rate of tax normally applicable
to dividends. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income.
For this purpose, dividends distributed by us with respect to our Ordinary Shares will constitute &#8220;passive category income&#8221;
but could, in the case of certain U.S. Holders, constitute &#8220;general category income.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that the amount of the distribution exceeds our current and accumulated earnings and profits (as determined under U.S. federal
income tax principles), it will be treated first as a tax-free return of your tax basis in your Ordinary Shares, and to the extent the
amount of the distribution exceeds your tax basis, the excess will be taxed as capital gain. We do not calculate our earnings
and profits under U.S. federal income tax principles. Therefore, a U.S. Holder should expect that any distributions made in the future will be treated as a
dividend even if that distribution would otherwise be treated as a non-taxable return of capital or as capital gain under the rules described
above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Taxation
of Dispositions of Ordinary Shares</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the passive foreign investment company rules discussed above, you will recognize taxable gain or loss on any sale, exchange or other
taxable disposition of a share equal to the difference between the amount realized (in U.S. dollars) for the share and your tax basis
(in U.S. dollars) in the Ordinary Shares. The gain or loss will be capital gain or loss. If you are a non-corporate U.S. Holder, including
an individual U.S. Holder, who has held the Ordinary Shares for more than one year, you will generally be eligible for reduced tax rates.
The deductibility of capital losses is subject to limitations. Any such gain or loss that you recognize will generally be treated as
United States source income or loss for foreign tax credit limitation purposes which will generally limit the availability of foreign
tax credits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Information
Reporting and Backup Withholding</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend
payments with respect to our Ordinary Shares and proceeds from the sale, exchange or redemption of our Ordinary Shares may be subject
to information reporting to the U.S. Internal Revenue Service and possible U.S. backup withholding under Section 3406 of the U.S. Internal
Revenue Code with at a current flat rate of 24%. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct
taxpayer identification number and makes any other required certification on U.S. Internal Revenue Service Form W-9 or who is otherwise
exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification
on U.S. Internal Revenue Service Form W-9. U.S. Holders are urged to consult their tax advisors regarding the application of the U.S.
information reporting and backup withholding rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Backup
withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability,
and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund
with the U.S. Internal Revenue Service and furnishing any required information. We do not intend to withhold taxes for individual shareholders.
Transactions effected through certain brokers or other intermediaries, however, may be subject to withholding taxes (including backup
withholding), and such brokers or intermediaries may be required by law to withhold such taxes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Hiring Incentives to Restore Employment Act of 2010, certain U.S. Holders are required to report information relating to our Ordinary
Shares, subject to certain exceptions (including an exception for Ordinary Shares held in accounts maintained by certain financial institutions),
by attaching a complete Internal Revenue Service Form 8938, Statement of Specified Foreign Financial Assets, with their tax return for
each year in which they hold Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Hong
Kong Profits Taxation</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Operating Subsidiaries incorporated in Hong Kong were subject to 16.5% Hong Kong profit tax on their taxable income generated from operations
in Hong Kong, except for one of the Operating Subsidiaries which is the qualifying group entity under the two-tiered profits tax regime
from the year of assessment 2018/2019 onwards. For this subsidiary, the first HK$2,000,000 assessable profits are taxed at the rate of
8.25% and the remaining assessable profits are taxed at 16.5%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Inland Revenue (Amendment) (No. 7) Ordinance 2018 enacted on 2 November 2018 provides enhanced tax deduction for expenditures on qualifying
research &amp; development (R&amp;D) activities. The amended section 16B allows taxpayers a generous 300% deduction for &#8220;Type B
expenditure&#8221; on the first HK$2 million spent on a qualifying R&amp;D activity and a 200% deduction on expenditure after the first
HK$2 million, with no cap on the deductible amount &#8211; subject to certain conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Hong Kong tax laws, the Operating Subsidiaries are exempted from Hong Kong income tax on its foreign-derived income. In addition, payments
of dividends from the Operating Subsidiaries to us are not subject to any withholding tax in Hong Kong. See &#8220;Item 3. Key Information&#8212;Dividend
Distributions, Cash Transfer, and Tax Consequences&#8221; for further details on our dividend policy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">British
Virgin Islands Taxation</span></b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
government of the British Virgin Islands does not, under existing legislation, impose any income, corporate or capital gains tax, estate
duty, inheritance tax, gift tax or withholding tax upon the Company or its shareholders who are not tax resident in the British Virgin
Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and all distributions, interest and other amounts paid by the Company to persons who are not tax resident in the British Virgin
Islands will not be subject to any income, withholding or capital gains taxes in the British Virgin Islands, with respect to the Ordinary
Shares in the Company owned by them and dividends received on such Ordinary Shares, nor will they be subject to any estate or inheritance
taxes in the British Virgin Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
estate, inheritance, succession or gift tax, rate, duty, levy or other charge is payable by persons who are not tax resident in the British
Virgin Islands with respect to any shares, debt obligations or other securities of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
to the extent that we have any interest in real property in the British Virgin Islands, all instruments relating to transactions in respect
of the shares, debt obligations or other securities of the Company and all instruments relating to other transactions relating to the
business of the Company are exempt from the payment of stamp duty in the British Virgin Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are currently no withholding taxes or exchange control regulations in the British Virgin Islands applicable to the Company or its shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no income tax treaty or convention currently in effect between the United States and the British Virgin Islands or between Hong Kong
and the British Virgin Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>British
Virgin Islands Economic Substance Legislation</b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
British Virgin Islands, together with several other non-European Union jurisdictions, introduced legislation aimed at addressing
concerns raised by the Council of the European Union (the &#8220;EU&#8221;) as to offshore structures engaged in certain activities which
attract profits without real economic activity. With effect from January 1, 2019, the Economic Substance (Companies and Limited Partnerships)
Act, 2018 (the &#8220;ES Act&#8221;) came into force in the British Virgin Islands introducing certain economic substance requirements
for in-scope British Virgin Islands entities which are engaged in certain &#8220;relevant activities&#8221;, which in the case of companies
incorporated before January 1, 2019, will apply in respect of financial years commencing June 30, 2019 onwards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the ES Act currently, the Company may remain out of scope of the legislation or else be subject to more limited substance requirements.
Although it is presently anticipated that the ES Act will have little material impact on the Company or its Operating Subsidiaries&#8217;
operations, as the legislation is relatively 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: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.
<span style="text-decoration: underline">Dividends and Paying Agents</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">G.
<span style="text-decoration: underline">Statement by Experts</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">H.
<span style="text-decoration: underline">Documents on Display</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the periodic reporting and other informational requirements of the Exchange Act. Under the Exchange Act, we are required
to file reports and other information with the SEC. Specifically, we are required to file annually a Form&#160;20-F within four months
after the end of each fiscal year. The SEC maintains a website at <span style="text-decoration: underline">http://www.sec.gov</span> that contains reports, proxy and information
statements, and other information regarding registrants that make electronic filings with the SEC using its EDGAR system. As a foreign
private issuer, we are exempt from the rules&#160;of the Exchange Act prescribing, among other things, the furnishing and content of
proxy statements to shareholders, and our executive officers, directors and principal shareholders are exempt from the reporting and
short-swing profit recovery provisions contained in Section&#160;16 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">I.
<span style="text-decoration: underline">Subsidiary Information</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 3. Key Information &#8212; Our Corporate Structure.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="Sj_005"></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: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
Risk of Financial Instrument</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to financial market risks, including changes in foreign currency exchange rate risk with respect to our investment at fair
value consisting of short-term foreign exchange investment made by the Company which is denominated in the US$. The fluctuation in US$
may result in increase or decrease in the value of our investment at fair value. We consider the foreign exchange risk in relation to
transactions denominated in US$ with respect to HK$ is not significant as HK$ is pegged to US$.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trades of foreign currencies conducted by the Company are denominated in the US$ and are paired with currencies with strong liquidity
traded in highly transparent markets, including such currencies as the EURO, USD, GBP, CHF, AUD, CAD and NZD, etc. Fluctuation in exchange
rates, changes in monetary and/or fiscal policy or inflation in the countries in which the Company paired its trades of foreign currencies
could have a material adverse effect on its results of operations. The clear position limits and floating profit/loss limits are set
to manage the market risks of its foreign exchange positions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i></i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Currency
Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s operating activities are transacted in HK$. Foreign exchange risk arises from future commercial transactions, recognized
assets and liabilities and net investments in foreign operations. The Company considers the foreign exchange risk in relation to transactions
denominated in HK$ with respect to US$ is not significant as HK$ is pegged to US$.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration
and Credit Risk </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments that potentially subject the Company to the concentration of credit risks consist of cash and accounts receivable. The maximum
exposures of such assets to credit risk are their carrying amounts as of the balance sheet dates. The Company deposits its cash with
financial institutions located in Hong Kong. The Company believes that no significant credit risk exists as these financial institutions
have high credit quality and the Company has not incurred any losses related to such deposits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the credit risk related to accounts receivable, the Company performs periodic credit evaluations of its customers&#8217; financial condition
and generally does not require collateral. The Company establishes an allowance for credit losses based upon estimates, factors surrounding
the credit risk of specific customers and other information. The allowance amounts were immaterial for all periods presented. The management
believes that its contract acceptance, billing, and collection policies are adequate to minimize material credit risk. Application for
progress payment of contract works is made on a regular basis. The Company seeks to maintain strict control over its outstanding receivables.
Overdue balances are reviewed regularly by the management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the years ended December 31, 2021, 2022 and
2023, all of the Company&#8217;s assets were located in Hong Kong and all of the Company&#8217;s revenue were derived from
its subsidiaries located in Hong Kong. The Company has a concentration of its revenue and accounts receivable with specific
customers.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year ended December 31, 2021, one customer accounted for 10.5%
of the Company&#8217;s total revenue. For the year ended December 31, 2022, one customer
accounted for approximately 18.0% of the Company&#8217;s total revenue. For the year ended December 31, 2023, no customer accounted for
over 10% of the Company&#8217;s total revenue.</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">Two customers&#8217; accounts receivable accounted
for 27.2% and 21.4% of the total accounts receivable as of December 31, 2022, respectively. Two customers&#8217; accounts receivable accounted
for 13.9% and 10.1% of the total accounts receivable as of December 31, 2023, respectively.</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">For the years ended December 31, 2021, 2022 and
2023, no vendor accounted for over 10% of the Company&#8217;s total purchase.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest
rate risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fluctuations
in market interest rates may negatively affect the Company&#8217;s financial condition and results of operations. The Company is exposed
to floating interest rate risk on cash deposit and floating rate borrowings, and the risks due to changes in interest rates is not material.
The Company has not used any derivative financial instruments to manage the interest risk exposure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span id="Sj_006"></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: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
<span style="text-decoration: underline">Debt Securities</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
<span style="text-decoration: underline">Warrants and Rights</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.
<span style="text-decoration: underline">Other Securities</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.
<span style="text-decoration: underline">American Depositary Shares</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Sj_007"></span>Part
II</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Sj_008"></span>Item
13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="Sj_009"></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: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 10. Additional Information&#8221; for a description of the rights of securities holders, which remain unchanged.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use
of Proceeds</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following &#8220;Use of Proceeds&#8221; information relates to the registration statement on Form&#160;F-1, as amended (File Number 333-274158)
for our initial public offering, which was declared effective by the SEC on March 29, 2024. In April&#160;2024, we completed our initial
public offering in which we issued and sold an aggregate of 1,666,667 Ordinary Shares at a price of $4.50 per share for $7.50 million.
Joseph Stone Capital, LLC was the underwriter of our initial public offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
incurred approximately $1.8 million in expenses in connection with our initial public offering, which included approximately $0.5
million in underwriting discounts and commissions, approximately $0.07 million in expenses paid to or for the underwriter&#8217;s
non-accountable expenses, approximately $0.2 million in other expenses and approximately $0.1 million paid for underwriter&#8217;s legal counsel service fee. None of the transaction expenses included payments to
directors or officers of our Company or their associates, persons owning more than 10% or more of our equity securities or our
affiliates. None of the net proceeds we received from the initial public offering were paid, directly or indirectly, to any of our
directors or officers or their associates, persons owning 10% or more of our equity securities or our affiliates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
net proceeds raised from the initial public offering were approximately $5.7 million, after deducting underwriting discounts and the offering
expenses payable by us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Sj_010"></span>Item
15. CONTROLS AND PROCEDURES</b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Disclosure
Controls and Procedures</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we carried
out an evaluation of the effectiveness of our disclosure controls and procedures, which is defined in Rules&#160;13a-15(e)&#160;of the
Exchange Act, as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on that evaluation, our management has concluded that, due to the material weaknesses described below, as of December 31, 2023, our disclosure
controls and procedures were not effective. Notwithstanding management&#8217;s assessment that our internal control over financial reporting
was ineffective as of December 31, 2023 due to the material weakness described below, we believe that the consolidated financial statements
included in this annual report on Form 20-F correctly present our financial position, results of operations and cash flows for the fiscal
years covered thereby in all material respects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><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></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
annual report does not include a report of management&#8217;s assessment regarding internal control over financial reporting or an attestation
report of our registered public accounting firm due to a transition period established by rules of the SEC for newly public companies.&#160;However,
in connection with the audits of our consolidated financial statements as of December 31, 2023 and 2022, we and our independent registered
public accounting firms identified certain material weaknesses in our internal control over financial reporting PCAOB of the United States.
A &#8220;material weakness&#8221; is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such
that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented
or detected on a timely basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, we identified the material weaknesses&#160;related to (1) our lack of sufficient full-time personnel with appropriate
levels of accounting knowledge and experience to monitor the daily recording of transactions, address complex U.S. GAAP accounting issues
and to prepare and review financial statements and related disclosures under U.S. GAAP; (2) our lack of a functional internal audit department
or personnel that monitors the consistencies of the preventive internal control procedures as well as adequate policies and procedures
in internal audit function to ensure that our policies and procedures have been carried out as planned; and (3) inadequate segregation
of duties for certain key functions due to limited staff and resources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management has implemented and is currently taking the steps necessary to remediate the ineffectiveness, such as (i) conducting regular
and continuous U.S. GAAP training programs and webinars for our financial reporting and accounting personnel; ii) established three committees
under the board of directors: an Audit Committee, a Compensation Committee and a Nominating and Corporate Governance Committee (see <i>&#8220;Item
6- DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</i> for details&#8221;; iii) actively recruiting more qualified staff to fill up the key
roles in the operations; and iv) setting up a financial and system control framework with formal documentation of polices and controls
in place. However, we cannot assure you that these measures may fully address the material weakness in our internal control over financial
reporting or that we may not identify additional material weaknesses or significant deficiencies in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Attestation
Report of the Registered Public Accounting Firm</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
annual report on Form 20-F does not include an attestation report of our registered public accounting firm regarding internal control
over financial reporting. Management&#8217;s report was not subject to attestation by our registered public accounting firm pursuant
to rules&#160;of the SEC where domestic and foreign registrants that are non-accelerated filers, which we are, and &#8220;emerging growth
companies,&#8221; which we also are, are not required to provide the auditor attestation report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changes
in Internal Control over Financial Reporting</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as described above, there were no changes in our internal controls over financial reporting that occurred during the period covered
by this annual report on Form&#160;20-F that have materially affected, or are reasonably likely to materially affect, our internal control
over financial reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="Sj_011"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
16. RESERVED</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Sj_012"></span>Item
16A. AUDIT COMMITTEE FINANCIAL EXPERT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.&#160;Sum
(Philip) Cheng qualifies as an &#8220;audit committee financial expert&#8221; as defined in Item 16A of Form&#160;20-F. Mr.&#160;Sum
(Philip) Cheng satisfies the &#8220;independence&#8221; requirements of Section&#160;5605(a)(2)&#160;of the NASDAQ Listing Rules&#160;as
well as the independence requirements of Rule&#160;10A-3 under the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Sj_013"></span>I<b>tem
16B. CODE OF ETHICS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has adopted a code of business conduct and ethics, which is applicable to all of our directors, officers, and employees.
Our code of business conduct and ethics is publicly available on our website.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Sj_014"></span>Item
16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the aggregate fees by categories specified below in connection with certain professional services rendered
and billed by Marcum Asia CPAs LLP, our independent registered public accounting firm, since September 1, 2022, and Friedman LLP, our
independent registered public accounting firm before September 1, 2022, for the periods indicated.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 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: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</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">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: 46%; text-align: left; padding-bottom: 1.5pt">Audit fees (1)</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 14%; text-align: right">240,000</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 14%; text-align: right">240,000</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">$</td><td style="border-bottom: Black 1.5pt solid; width: 14%; text-align: right">400,000</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">240,000</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">240,000</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">400,000</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</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">(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">Audit
    fees include the aggregate fees billed for each of the fiscal years for professional services rendered by our independent registered
    public accounting firm for the audit of our annual financial statements or for the audits of our financial statements and review
    of the interim financial statements in connection with our initial public offering in 2023.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
policy of our audit committee is to pre-approve all audit and non-audit services provided by our independent registered public accounting
firm, including audit services, audit-related services, tax services, and other services as described above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="Sj_015"></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: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="Sj_016"></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: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="Sj_017"></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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
has been no change in independent accountants for our Company during the two most recent fiscal years or any subsequent interim period
except as previously reported in our registration statement on Form F-1(File No. 333-274158), as amended, initially filed with the SEC
on August 22, 2023. There have been no disagreements of the type required to be disclosed by Item 16F(b).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="Sj_018"></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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a British Virgin Islands company listed on the Nasdaq Capital Market, we are subject to the Nasdaq corporate governance listing standards.
Nasdaq rules, however,&#160;permit a foreign private issuer like us to follow the corporate governance practices of its home country.
Certain corporate governance practices in the British Virgin Islands, which is our home country, may differ significantly from the Nasdaq
corporate governance listing standards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nasdaq
Listing Rule 5635 generally provides that shareholder approval is required of U.S. domestic companies listed on Nasdaq prior to issuance
(or potential issuance) of securities (i) equaling 20% or more of the company&#8217;s common stock or voting power for less than the
greater of market or book value (ii) resulting in a change of control of the company; and (iii) which is being issued pursuant to a stock
option or purchase plan to be established or materially amended or other equity compensation arrangement made or materially amended.
Notwithstanding this general requirement, Nasdaq Listing Rule 5615(a)(3)(A) permits foreign private issuers to follow their home country
practice rather than these shareholder approval requirements. The British Virgin Islands do not require shareholder approval prior to
any of the foregoing types of issuances. We, therefore, are not required to obtain such shareholder approval prior to entering into a
transaction with the potential to issue securities as described above. We intend to comply with the requirements of Nasdaq listing rules
in determining whether shareholder approval is required on such matters. We may, however, consider following home country practice in
lieu of the requirements under Nasdaq listing rules with respect to certain corporate governance standards which may afford less protection
to investors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nasdaq
Listing Rule 5605(b)(1) requires listed companies to have, among other things, a majority of its board members be independent. As a foreign
private issuer, however, we are permitted to, and we may follow home country practice in lieu of the above requirements. The corporate
governance practice in our home country, the British Virgin Islands, does not require a majority of our board to consist of independent
directors. Currently, a majority of our board members are independent. However, if we change our board composition such that independent
directors do not constitute a majority of our board of directors, our shareholders may be afforded less protection than they would otherwise
enjoy under Nasdaq&#8217;s corporate governance requirements applicable to U.S. domestic issuers. See &#8220;Item 3. Key Information
&#8212; D. Risk Factors &#8212; Risks Related to Our Ordinary Shares and the Trading Market &#8212; As a foreign private issuer, we are
permitted to rely on exemptions from certain NASDAQ Stock Exchange corporate governance standards applicable to domestic U.S.
issuers. This may afford less protection to holders of our Ordinary Shares.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Sj_019"></span>Item
16H. MINE SAFETY DISCLOSURE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Sj_020"></span>Item
16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="Sj_021"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
16J. INSIDER TRADING POLICIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has adopted insider trading policies and procedures governing the purchase, sale, and other dispositions of our securities
by directors, senior management, and employees that are reasonably designed to promote compliance with applicable insider trading laws,
rules, and regulations, and any listing standards applicable to us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has also adopted a compensation recovery policy required by the Nasdaq Listing Rule 5608, the form of which is attached
as Exhibit 97.1 to this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Sj_022"></span>Item
16K. CYBERSECURITY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the applicable SEC transition guidance, the disclosure required by Item 16K will be applicable to the Company from the fiscal year
ended December 31, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-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: 0pt; text-align: center"><span id="Sj_023"></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: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Sj_024"></span><b>Item
17. FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have elected to provide financial statements pursuant to Item 18.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Sj_025"></span>Item
18. FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements of the Company and the Operating Subsidiaries are included at the end of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Sj_026"></span>Item
19. EXHIBITS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXHIBIT
INDEX</b></span></p>

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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="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
    No.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 89%; text-align: center"><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; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1940941/000149315223033774/ex3-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Memorandum of Association (incorporated by reference to Exhibit 3.1 of our Registration Statement on Form F-1 (File No. 333-274158) initially filed with the Securities and Exchange Commission September 26, 2023)</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1940941/000149315223029851/ex4-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specimen Certificate for Ordinary Shares (incorporated by reference to Exhibit 4.1 of our Registration Statement on Form F-1 (File No. 333-274158) initially filed with the Securities and Exchange Commission on August 22, 2023)</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex2-2.htm">Description of Securities</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1940941/000149315223029851/ex10-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Indemnification Agreement between the Registrant and its directors and executive officers (incorporated by reference to Exhibit 10.1 of our Registration Statement on Form F-1 (File No. 333-274158) initially filed with the Securities and Exchange Commission on August 22, 2023)</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1940941/000149315223029851/ex10-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Employment Agreement between the Registrant and its executive Directors (incorporated by reference to Exhibit 10.2 of our Registration Statement on Form F-1 (File No. 333-274158) initially filed with the Securities and Exchange Commission on August 22, 2023)</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1940941/000149315223029851/ex10-3.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022 Equity Incentive Plan (incorporated by reference to Exhibit 10.3 of our Registration Statement on Form F-1 (File No. 333-274158) initially filed with the Securities and Exchange Commission on August 22, 2023)</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1940941/000149315224007494/ex10-4.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Instruments of Transfer among Gaderway and the Investors and between Lo Wing Sang and Miu Man Cheung (incorporated by reference to Exhibit 10.4 of our Registration Statement on Form F-1 (File No. 333-274158) initially filed with the Securities and Exchange Commission on February 22, 2024)</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1940941/000149315223037317/ex10-5.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Employment Agreement between the Registrant and its executive officers (incorporated by reference to Exhibit 10.5 of our Registration Statement on Form F-1 (File No. 333-274158) initially filed with the Securities and Exchange Commission on October 16, 2023)</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1940941/000149315223029851/ex21-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiaries (incorporated by reference to Exhibit 21.1 of our Registration Statement on Form F-1 (File No. 333-274158) initially filed with the Securities and Exchange Commission on August 22, 2023)</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1940941/000149315223029851/ex99-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Code of Business Conduct and Ethics of the Registrant (incorporated by reference to Exhibit 99.1 of our Registration Statement on Form F-1 (File No. 333-274158) initially filed with the Securities and Exchange Commission on August 22, 2023)</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex11-2.htm">Insider Trading Policy of the Registrant</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex12-1.htm">Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex12-2.htm">Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex13-1.htm">Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex13-2.htm">Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex97-1.htm">Compensation Recovery Policy of the Registrant</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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
    following financial statements from the Company&#8217;s Annual Report on Form 20-F for the year ended December 31, 2022, formatted
    in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations and Comprehensive Income (Loss), (iii)
    Consolidated Statements of Changes in Shareholders&#8217; Equity, (iv) Consolidated Statements of Cash Flows, and (v) Notes to Consolidated
    Financial Statements, tagged as blocks of text and including detailed tags</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover
    Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)</span></td></tr>
  </table>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 0.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
    with this annual report on Form 20-F</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furnished
    with this annual report on Form 20-F</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNATURES</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registrant hereby certifies that it meets all of the requirements for filing on Form&#160;20-F and that it has duly caused and authorized
the undersigned to sign this annual report on its behalf.</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
    International Limited</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Chi Weng Tam</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chi
    Weng Tam</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer and Executive Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal
    Executive Officer)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    May 15, 2024</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mF
INTERNATIONAL LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="M_007"></span>INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_001">Report of Independent Registered Public Accounting Firm</a> (PCAOB ID <span id="xdx_903_edei--AuditorFirmId_c20230101__20231231_zFper2qcThX1"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000051" name="dei:AuditorFirmId">5395</ix:nonNumeric></span>)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#M_001">Report of Independent Registered Public Accounting Firm</a> (PCAOB ID <span id="xdx_900_edei--AuditorFirmId_c20220101__20221231_z2rc9uhVhj4b"><ix:nonNumeric contextRef="From2022-01-012022-12-31" id="Fact000052" name="dei:AuditorFirmId">711</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">F-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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#M_002">Consolidated Balance Sheets as of December 31, 2022 and 2023</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#M_003">Consolidated Statements of Income and Comprehensive Income for the Years Ended December 31, 2021, 2022 and 2023</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#M_004">Consolidated Statements of Changes in Shareholders&#8217; Equity for the Years Ended December 31, 2021, 2022 and 2023</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#M_005">Consolidated Statements of Cash Flows for the Years Ended December 31, 2021, 2022 and 2023</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#M_006">Notes to Consolidated Financial Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-8</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_005.jpg" alt="" style="height: 47px; width: 300px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="a_001"></span>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Board of Directors and Shareholders of</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International Limited</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion
on the Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated balance sheets of mF International Limited and Subsidiaries (collectively, the &#8220;Company&#8221;)
as of December 31, 2023 and 2022, the related consolidated statements of income and comprehensive income, changes in shareholders&#8217;
equity, and cash flows for each of the two years in the period ended December 31, 2023, and the related notes (collectively referred
to as the &#8220;consolidated financial statements&#8221;). In our opinion, the consolidated financial statements present fairly, in
all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and
its cash flows for each of two years in the period ended December 31, 2023, 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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also audited adjustments to the 2021 financial statements to retroactively effect the share splits as described in Note 13. In our opinion,
such adjustments are appropriate and have been properly applied. Other than the adjustments, we were not engaged to audit, review, or
apply any procedures to the Company&#8217;s 2021 financial statements and, accordingly, we do not express an opinion or any other form
of assurance on the 2021 financial statements as a whole.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basis
for Opinion</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB Those standards require that we plan and perform the audits 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 audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing
an opinion on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the consolidated 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 audits 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 audits provide a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
<span id="xdx_901_edei--AuditorName_c20230101__20231231_zYIRL47AnB5k"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000053" name="dei:AuditorName">Marcum Asia CPAs LLP</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marcum
Asia CPAs LLP</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 2022 (such date takes into account the acquisition of certain assets of Friedman LLP
by Marcum Asia CPAs LLP effective September 1, 2022).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_edei--AuditorLocation_c20230101__20231231_znmhQ9XZQmZj"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000054" name="dei:AuditorLocation">New
York, New York</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 15,
2024</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<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">NEW
YORK OFFICE &#9679; 7 Penn Plaza &#9679; Suite 830 &#9679; New York, New York &#9679; 10001</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">Phone
646.442.4845 &#9679; Fax 646.349.5200 &#9679; www.marcumasia.com</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_006.jpg" alt=""/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="M_001"></span>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Board of Directors and Shareholders of</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International Limited</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion
on the Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated statements of income and comprehensive income, changes in shareholders&#8217; equity, and
cash flows of mF International Limited and Subsidiaries (collectively, the &#8220;Company&#8221;) for the year ended December 31,
2021, and the related notes (collectively referred to as the &#8220;consolidated financial statements&#8221;). In our opinion, the
consolidated financial statements present fairly, in all material respects, the results of its operations and its cash flows for the
year ended December 31, 2021, in conformity with accounting principles generally accepted in the United States of
America.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were not engaged to audit, review or apply any procedures to the adjustments to retroactively apply the effects of the share split described
in Note 13, accordingly, we do not express an opinion or any other form of assurance about whether such adjustments are appropriate and
have been properly applied. Those adjustments were audited by Marcum Asia CPAs LLP.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basis
for Opinion</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit included performing procedures to assess the risks of material misstatement of the consolidated 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 provides a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
<span id="xdx_904_edei--AuditorName_c20220101__20221231_zjvjgjZttBCe"><ix:nonNumeric contextRef="From2022-01-012022-12-31" id="Fact000055" name="dei:AuditorName">Friedman LLP</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
served as the Company&#8217;s auditor from May 2022 through December 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_edei--AuditorLocation_c20220101__20221231_zOQbd9Q3f8n9"><ix:nonNumeric contextRef="From2022-01-012022-12-31" id="Fact000056" name="dei:AuditorLocation">New
York, New York</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
29, 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_007.jpg" alt=""/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<!-- Field: Page; Sequence: 96 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_007" title="Table of Contents">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International Limited and Subsidiaries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="M_002"></span>Consolidated
Balance Sheets</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 and 2023</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_309_111_z7KLP4FFz965" summary="xdx: Statement - Consolidated Balance Sheets" 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">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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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_409_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zDl7GNIkIWC9" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--LiabilitiesCurrentAbstract_i01B_zo1TpengUqOd" 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>
  <tr id="xdx_403_eus-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_i02I_maLCzBXW_zp5SiiwE259b" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_404_eus-gaap--OtherLiabilitiesCurrent_i02I_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maLCzBXW_zfnTwSJI5Cl3" 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"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2023-12-31_us-gaap_RelatedPartyMember" id="Fact000122" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">306,110</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--OtherLiabilitiesCurrent_i02I_uUSD_c20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zWmqCQ8VuQB9" style="text-align: right"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2023-12-31_us-gaap_RelatedPartyMember" id="Fact000123" format="ixt:numdotdecimal" decimals="0" unitRef="USD">39,190</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--ShortTermBorrowings_i02I_maLCzBXW_z33lAJPA466a" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Current portion of bank borrowings</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2022-12-31" id="Fact000125" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">3,701,162</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:ShortTermBorrowings" contextRef="AsOf2023-12-31" id="Fact000126" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">3,863,852</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--ShortTermBorrowings_i02I_uUSD_c20231231_zLrQp3wJ5Vh3" style="text-align: right"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2023-12-31" id="Fact000127" format="ixt:numdotdecimal" decimals="0" unitRef="USD">494,674</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--ContractWithCustomerLiabilityCurrent_i02I_maLCzBXW_zmSomfADvCoi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Contract liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2022-12-31" id="Fact000129" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">4,199,173</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:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2023-12-31" id="Fact000130" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">4,619,690</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--ContractWithCustomerLiabilityCurrent_i02I_uUSD_c20231231_ziuwqNBEiJe7" style="text-align: right"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2023-12-31" id="Fact000131" format="ixt:numdotdecimal" decimals="0" unitRef="USD">591,441</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--OperatingLeaseLiabilityCurrent_i02I_maLCzBXW_zJCiT7RKDyQi" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Current portion of operating lease liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2022-12-31" id="Fact000133" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,624,066</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:OperatingLeaseLiabilityCurrent" contextRef="AsOf2023-12-31" id="Fact000134" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,392,826</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_407_eus-gaap--TaxesPayableCurrent_i02I_maLCzBXW_zXaISfNss0Hd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Tax payable</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:TaxesPayableCurrent" contextRef="AsOf2022-12-31" id="Fact000137" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">229,355</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:TaxesPayableCurrent" contextRef="AsOf2023-12-31" id="Fact000138" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">217,478</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_989_eus-gaap--TaxesPayableCurrent_i02I_uUSD_c20231231_z6eAQjvjfUJi" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:TaxesPayableCurrent" contextRef="AsOf2023-12-31" id="Fact000139" format="ixt:numdotdecimal" decimals="0" unitRef="USD">27,843</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--LiabilitiesCurrent_i02TI_mtLCzBXW_maLzJju_ziCuMTDYuBC9" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Total current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact000141" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">11,904,112</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:LiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact000142" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">12,182,221</ix:nonFraction></td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--LiabilitiesCurrent_i02TI_uUSD_c20231231_zYGz4AhO7U27" style="font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact000143" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,559,643</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--LiabilitiesNoncurrentAbstract_i01B_z1L8qleEnSc7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Non-current 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><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--LongTermDebtNoncurrent_i02I_maLzJju_zNBfbBToB449" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Bank borrowings, non-current</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtNoncurrent" contextRef="AsOf2022-12-31" id="Fact000148" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">9,919,236</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:LongTermDebtNoncurrent" contextRef="AsOf2023-12-31" id="Fact000149" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">6,062,904</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eus-gaap--LongTermDebtNoncurrent_i02I_uUSD_c20231231_zDNeX1dZFw1b" style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtNoncurrent" contextRef="AsOf2023-12-31" id="Fact000150" format="ixt:numdotdecimal" decimals="0" unitRef="USD">776,211</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--OperatingLeaseLiabilityNoncurrent_i02I_maLzJju_z2RqVMUKBrUb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Operating lease liabilities, non-current</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2022-12-31" id="Fact000152" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">138,289</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:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2023-12-31" id="Fact000153" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,570,307</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eus-gaap--OperatingLeaseLiabilityNoncurrent_i02I_uUSD_c20231231_zzat9zhYKDx6" style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2023-12-31" id="Fact000154" format="ixt:numdotdecimal" decimals="0" unitRef="USD">201,040</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--DeferredIncomeTaxLiabilitiesNet_i02I_maLzJju_z0AanKLOqsda" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Deferred tax liabilities</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:DeferredIncomeTaxLiabilitiesNet" contextRef="AsOf2022-12-31" id="Fact000156" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">2,152,668</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:DeferredIncomeTaxLiabilitiesNet" contextRef="AsOf2023-12-31" id="Fact000157" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">2,292,955</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--DeferredIncomeTaxLiabilitiesNet_i02I_uUSD_c20231231_zEftRjeI1rlj" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:DeferredIncomeTaxLiabilitiesNet" contextRef="AsOf2023-12-31" id="Fact000158" format="ixt:numdotdecimal" decimals="0" unitRef="USD">293,558</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--Liabilities_i01TI_mtLzJju_maLASEzQ20_z64D7giWb5C5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Total liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2022-12-31" id="Fact000160" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">24,114,305</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:Liabilities" contextRef="AsOf2023-12-31" id="Fact000161" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">22,108,387</ix:nonFraction></td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--Liabilities_i01TI_uUSD_c20231231_zIr4OSXRTtV9" style="font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2023-12-31" id="Fact000162" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,830,452</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--CommitmentsAndContingencies_i01I_maLASEzQ20_zSkHExO3JJpl" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-left: 10pt">COMMITMENTS AND CONTINGENCIES (Note 14)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0165">-</span></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_401_eus-gaap--StockholdersEquity_i02TI_mtSEzo9Q_maLASEzQ20_zPodn2We0M2h" 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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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F07_zLhNW0KGKv1b" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="width: 5pt"/><td style="text-align: justify"><span id="xdx_F1D_zNN3aItk77h6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000210" xml:lang="en-US">Giving retroactive
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</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<!-- Field: Page; Sequence: 97 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_007" title="Table of Contents">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International Limited and Subsidiaries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="M_003"></span>Consolidated
Statements of Income and Comprehensive Income</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the Years Ended December 31, 2021, 2022 and 2023</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30D_113_zeUxUP1X1mp6" summary="xdx: Statement - Consolidated Statements of Income and Comprehensive Income" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#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">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><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_402_eus-gaap--SellingAndMarketingExpense_i01_maOEzDNj_zBtQ9wefJkde" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_403_eus-gaap--ResearchAndDevelopmentExpense_i01_maOEzDNj_zawXhKYVlmZb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_409_eus-gaap--OperatingIncomeLoss_iT_mtOILzf5D_maILFCOzW7g_z9KUZ6ttrzCd" style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td 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_402_eus-gaap--NonoperatingIncomeExpenseAbstract_iB_zOmNK0HgjI77" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Other income (expense)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <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--OtherNonoperatingIncome_i01_maNIEzarZ_zn0KNYtHe5Uj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_408_eus-gaap--GainLossOnDispositionOfOtherFinancialAssets_i01_maNIEzarZ_z8Vz9Ja16IX" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left; padding-left: 10pt">Change in fair value on financial assets at fair value</td><td>&#160;</td>
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  <tr id="xdx_401_eus-gaap--NonoperatingIncomeExpense_iT_mtNIEzarZ_maILFCOzW7g_zOOHzWmpGnIb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><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><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F08_zS5v6RCyJVJc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="width: 5pt"/><td style="text-align: justify"><span id="xdx_F1F_zxp00dAcyjhd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000348" xml:lang="en-US">Giving retroactive
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</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<!-- Field: Page; Sequence: 98 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_007" title="Table of Contents">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International Limited and Subsidiaries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="M_004"></span>Consolidated
Statements of Changes in Shareholders&#8217; Equity</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the Years Ended December 31, 2021, 2022 and 2023</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_304_114_zZVSlk121zN7" summary="xdx: Statement - Consolidated Statements of Changes in Shareholders' Equity" 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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    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#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>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F03_zqPN4aoRCE56" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="width: 5pt"/><td style="text-align: justify"><span id="xdx_F11_zZvqzFFggBh1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000491" xml:lang="en-US">Giving retroactive
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<!-- Field: Page; Sequence: 99 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_007" title="Table of Contents">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International Limited and Subsidiaries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="M_005"></span>Consolidated
Statements of Cash Flows</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the Years Ended December 31, 2021, 2022 and 2023</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_301_112_zKmMQlotVYQj" summary="xdx: Statement - Consolidated Statements of Cash Flows" 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">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40F_eus-gaap--OperatingLeaseRightOfUseAssetAmortizationExpense_i02_maNCPBUzYmu_zGufnTZzMBm3" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_407_eus-gaap--AssetsFairValueAdjustment_i02_maNCPBUzYmu_zXGrgQaHbnel" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left; padding-left: 10pt">Allowance for credit losses</td><td>&#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><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i01B_zJNUrlfdPcZ9" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <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><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">(<ix:nonFraction name="us-gaap:PaymentsToAcquireIntangibleAssets" contextRef="From2022-01-012022-12-31" id="Fact000602" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,999</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: xdx2ixbrl0603">-</span></td><td style="text-align: left">&#160;</td><td>&#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><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><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"><span style="-sec-ix-hidden: xdx2ixbrl0627">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eus-gaap--ProceedsFromRepaymentsOfRelatedPartyDebt_i01_uUSD_c20230101__20231231_zYpKQqeL88Pl" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0628">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--RepaymentsOfRelatedPartyDebt_i01N_di_msNCPBUzlnI_zPzBwuHs8z3a" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Repayment to a related party</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: xdx2ixbrl0632">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_409_ecustom--PaymentsForDividend_i01N_di_msNCPBUzlnI_zsFDOqo61Nbg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Dividend paid</td><td>&#160;</td>
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  <tr id="xdx_408_eus-gaap--PaymentsOfDebtIssuanceCosts_i01N_di_msNCPBUzlnI_ztSRmBMuQr9h" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Deferred IPO costs</td><td>&#160;</td>
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    <td style="text-align: left; padding-left: 10pt">Proceeds from bank borrowings</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromBankDebt" contextRef="From2021-01-012021-12-31" id="Fact000646" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">3,847,150</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: xdx2ixbrl0647">-</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="-sec-ix-hidden: xdx2ixbrl0648">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eus-gaap--ProceedsFromBankDebt_i01_uUSD_c20230101__20231231_zJbjoacEnXp" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0649">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--RepaymentsOfBankDebt_i01N_di_msNCPBUzlnI_zytTPXvw2rug" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Repayment of bank borrowings</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:RepaymentsOfBankDebt" contextRef="From2021-01-012021-12-31" id="Fact000651" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,485,212</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:RepaymentsOfBankDebt" contextRef="From2022-01-012022-12-31" id="Fact000652" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">2,396,598</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net cash used in financing activities</td><td style="padding-bottom: 1.5pt">&#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="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2022-01-012022-12-31" id="Fact000657" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="HKD">9,403,066</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000658" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="HKD">10,887,289</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="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><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_400_eus-gaap--EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_maCCERCzIql_zW5913N3niY7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Effect of exchange rate changes on cash</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:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="From2021-01-012021-12-31" id="Fact000661" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">545</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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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 100 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_007" title="Table of Contents">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International Limited and Subsidiaries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="M_006"></span>Notes
to Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000709" name="us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock"><p id="xdx_802_eus-gaap--BusinessDescriptionAndBasisOfPresentationTextBlock_zDqOSH9XK2Bd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
<span id="xdx_820_zWsAntSDCQ6c">Organization and Business Description</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Organization
and Nature of Operations</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International Limited (the &#8220;Company&#8221; or &#8220;mF International&#8221;) is a limited liability company established under
the laws of the British Virgin Islands on June 15, 2022. It is a holding company with no business operation. The Company conducts its
business mainly through its three subsidiaries in Hong Kong (collectively, the &#8220;Group&#8221;). The Group is principally engaged
in research and development and sales of financial trading solutions via internet or platform as software as a service.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000711" name="us-gaap:EquityMethodInvestmentsTextBlock"><p id="xdx_893_eus-gaap--EquityMethodInvestmentsTextBlock_zTWZE6o67SSc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Company has direct or indirect interests in the following subsidiaries:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B4_zeOOnHFGNQE1" style="display: none">Schedule of Direct or Indirect Interests of Subsidiaries</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Place
    and date of incorporation</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ownership</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal
    activity</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">m-FINANCE
    Limited (&#8220;m-FINANCE&#8221;)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--PlaceOfIncorporation_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MFinanceLimitedMember_zn3j2C4RkkSl" title="Place of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MFinanceLimitedMember" id="Fact000713" name="MFI:PlaceOfIncorporation">Hong
    Kong</ix:nonNumeric></span></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--DateOfIncorporation_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MFinanceLimitedMember_zm4dgGAWWLW6" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MFinanceLimitedMember" format="ixt:datemonthdayyearen" id="Fact000715" name="MFI:DateOfIncorporation">February
    11, 2002</ix:nonNumeric></span></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MFinanceLimitedMember_zbg1YgulTyVe" title="Ownership, percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_MFinanceLimitedMember" id="Fact000717" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%
    owned by the Company</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MFinanceLimitedMember_zFlhWTkYUZC9" title="Principal activity"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MFinanceLimitedMember" id="Fact000719" name="us-gaap:EquityMethodInvestmentDescriptionOfPrincipalActivities">Engages
    in development and provision of financial trading solutions.</ix:nonNumeric></span></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></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">m-FINANCE
    Trading Technologies Limited (&#8220;mFTT&#8221;)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--PlaceOfIncorporation_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MFinanceTradingTechnologiesLimitedMember_znAX0HupAe5" title="Place of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MFinanceTradingTechnologiesLimitedMember" id="Fact000721" name="MFI:PlaceOfIncorporation">Hong
    Kong</ix:nonNumeric></span></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--DateOfIncorporation_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MFinanceTradingTechnologiesLimitedMember_ztOzjbrq9J2c" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MFinanceTradingTechnologiesLimitedMember" format="ixt:datemonthdayyearen" id="Fact000723" name="MFI:DateOfIncorporation">March
    21, 2013</ix:nonNumeric></span></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MFinanceTradingTechnologiesLimitedMember_zhzJlmnMOi9h" title="Ownership, percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_MFinanceTradingTechnologiesLimitedMember" id="Fact000725" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%
    owned by m-FINANCE</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MFinanceTradingTechnologiesLimitedMember_zcd6PrQLE5F3" title="Principal activity"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MFinanceTradingTechnologiesLimitedMember" id="Fact000727" name="us-gaap:EquityMethodInvestmentDescriptionOfPrincipalActivities">Engages
    in business of liquidity providers related services and other financial value-added services.</ix:nonNumeric></span></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></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">Omegatraders
    Systems Limited (&#8220;OTX &#8220;)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_ecustom--PlaceOfIncorporation_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--OmegatradersSystemsLimitedMember_zCa1y3kJ2vGf" title="Place of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_OmegatradersSystemsLimitedMember" id="Fact000729" name="MFI:PlaceOfIncorporation">Hong
    Kong</ix:nonNumeric></span></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--DateOfIncorporation_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--OmegatradersSystemsLimitedMember_zocbv6Yigcgb" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_OmegatradersSystemsLimitedMember" format="ixt:datemonthdayyearen" id="Fact000731" name="MFI:DateOfIncorporation">December
    10, 2009</ix:nonNumeric></span></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--OmegatradersSystemsLimitedMember_zqrZ3qyPYp6i" title="Ownership, percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_OmegatradersSystemsLimitedMember" id="Fact000733" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%
    owned by m-FINANCE</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--OmegatradersSystemsLimitedMember_z1Vpr3Lap87" title="Principal activity"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_OmegatradersSystemsLimitedMember" id="Fact000735" name="us-gaap:EquityMethodInvestmentDescriptionOfPrincipalActivities">Engages
    in the business of algorithm trading research &amp; development and investment.</ix:nonNumeric></span></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></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">m-FINANCE
    Software (Shenzhen) Limited (&#8220;SZ WFOE&#8221;)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--PlaceOfIncorporation_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MFinanceSoftwareShenzhenLimitedMember_zgBbIhNdkEQ2" title="Place of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MFinanceSoftwareShenzhenLimitedMember" id="Fact000737" name="MFI:PlaceOfIncorporation">China</ix:nonNumeric></span></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_ecustom--DateOfIncorporation_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MFinanceSoftwareShenzhenLimitedMember_zzgaDSInP4te" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MFinanceSoftwareShenzhenLimitedMember" format="ixt:datemonthdayyearen" id="Fact000739" name="MFI:DateOfIncorporation">March
    27, 2014</ix:nonNumeric></span></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MFinanceSoftwareShenzhenLimitedMember_z1xlcu98o7T" title="Ownership, percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_MFinanceSoftwareShenzhenLimitedMember" id="Fact000741" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%
    owned by m-FINANCE</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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_908_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MFinanceSoftwareShenzhenLimitedMember_zHY1PFrAV2Nh" title="Principal activity"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MFinanceSoftwareShenzhenLimitedMember" id="Fact000743" name="us-gaap:EquityMethodInvestmentDescriptionOfPrincipalActivities">Dormant
    and the deregistration was completed on March 21, 2023.</ix:nonNumeric></span> </span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A6_znRg8c5dhnL2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reorganization</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
reorganization of the legal structure of the Company (the &#8220;Reorganization&#8221;) was completed on August 22, 2022. Prior to the
Reorganization, the Company&#8217;s main Hong Kong subsidiary, m-FINANCE, with its three subsidiaries mFTT, OTX and SZ WFOE, was ultimately
controlled by Gaderway Investments Limited.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of the Reorganization, mF International was incorporated under the laws of the British Virgin Islands on June 15, 2022, and being
interspersed between Gaderway Investments Limited and m-FINANCE. Consequently, mF International became the holding company of m-FINANCE,
with its three subsidiaries on August 22, 2022. The Company and its subsidiaries resulting from Reorganization has always been under
the common control of the same controlling shareholder, Gaderway Investments Limited, before and after the Reorganization. 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 accompanying consolidated financial statements.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 101 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_007" title="Table of Contents">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International Limited and Subsidiaries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000745" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_805_eus-gaap--SignificantAccountingPoliciesTextBlock_zvtWb5vty8mb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
<span id="xdx_82A_zFgl29BCox94">Summary of Significant Accounting Policies</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000747" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_84F_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_z2M1HxkYncS" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86B_zAAe0NpCtCda">Basis
of Presentation and Consolidation</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America (&#8220;U.S. GAAP&#8221;) and pursuant to the rules and regulations of the Securities Exchange Commission (&#8220;SEC&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries. All intercompany
transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000749" name="us-gaap:UseOfEstimates"><p id="xdx_841_eus-gaap--UseOfEstimates_zcQwemsor5nk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_864_zfvcW6uVkaSl">Use
of Estimates and Assumptions</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of consolidated financial statements in conformity with U.S. GAAP requires the management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. These estimates and judgments are based on
historical information, information that is currently available to the Company and on various other assumptions that the Company believes
to be reasonable under the circumstances. Significant estimates required to be made by management, include, but are not limited to, allowance
for credit losses and impairment assessment for the internally developed software. Actual results could differ from those estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000751" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"><p id="xdx_84F_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zSZDv23nVaF5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86F_z10KNmgbQfch">Foreign
Currency Translation</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company uses Hong Kong Dollar (&#8220;HK$&#8221;) as its reporting currency. The functional currency of the Company in British Virgin
Islands is United States Dollar (&#8220;US$&#8221;). For the Company&#8217;s subsidiaries in Hong Kong, the functional currency is HK$.
For the Company&#8217;s subsidiary in the PRC, the functional currency is RMB. The functional currencies are the respective local currencies
based on the criteria of ASC 830, &#8220;Foreign Currency Matters&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the consolidated financial statements, the financial information of the Company and other entities located outside of the Hong Kong has
been translated into HK$. Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated
at historical exchange rates, and revenues, and expenses, gains and losses are translated using the average rate for the period. Gains
or losses resulting from foreign currency transactions are included in the accompanying consolidated statement of consolidated statements
of income and comprehensive income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 102 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_007" title="Table of Contents">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International Limited and Subsidiaries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Summary of Significant Accounting Policies (Continued)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000753" name="MFI:ConvenienceTranslationPolicyTextBlock"><p id="xdx_845_ecustom--ConvenienceTranslationPolicyTextBlock_zk8urOnT20Y5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_868_z6C9pb4lH0y5">Convenience
Translation</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translations
of amounts in the consolidated balance sheets, consolidated statements of income and comprehensive income, consolidated statements of
changes in shareholders&#8217; equity and consolidated statements of cash flows from HK$ into US$ as of and for the year ended December
31, 2023 are solely for <span id="xdx_903_eus-gaap--ForeignCurrencyTranslationAdjustmentDescription_c20230101__20231231_zxeqJycNW1Rg" title="Convenience translation description"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000755" name="us-gaap:ForeignCurrencyTranslationAdjustmentDescription">the convenience of the reader and were calculated at the noon buying rate of US$1 = HK$7.8109, as published in
H.10 statistical release of the United States Federal Reserve Board</ix:nonNumeric></span>. No representation is made that the HK$ amounts could have been,
or could be, converted, realized or settled into US$ at such rate or at any other rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000757" name="us-gaap:InvestmentPolicyTextBlock"><p id="xdx_84F_eus-gaap--InvestmentPolicyTextBlock_z2mrbWQKHLz7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_868_zwCO9qmtrGWk">Investment
at fair value</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
at fair value represents the amount of short-term foreign exchange investment made by the Company involving buying the currency of one
country while selling that of another with the intention to optimize a trading algorithm based on live market interactions. The management
of the Company intended to retain such funds to continue making short-term foreign exchange investment in such investment accounts in
the near future. Such balance is classified as current asset and measured in fair value under ASC 820. Any gain or loss arising from
the transactions would be recognized in profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000759" name="us-gaap:FairValueMeasurementPolicyPolicyTextBlock"><p id="xdx_84D_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zxf712huS1Yi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86E_zrsm34ypa0ra">Fair
Value of Financial Instruments</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of a financial instrument is defined as the exchange price that would be received from an asset or paid to transfer a liability
(as exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants
at the measurement date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
820 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be
received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the
use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1 - Quoted prices in active markets for identical assets and liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2 - Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability,
either directly or indirectly, for substantially the full term of the financial instrument.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and
liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable
inputs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company considers the carrying amount of its financial assets and liabilities, which consist primarily of cash, accounts receivable,
amounts due from related parties, operating lease, prepaid expenses and other current assets, contract liabilities, income taxes
payable, amounts due to a related party, accrued expenses and other current liabilities approximate the fair value of the
respective assets and liabilities as of December 31, 2022 and 2023 owing to their short-term nature or present value of the assets
and liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company values its short-term investments which mainly consist of foreign exchange investment with certain brokerage companies to trade
with foreign currencies, based on the quoted market value and the Company classifies the valuation techniques that use these inputs as
Level 1, because the prices of the foreign currencies are quoted in the active market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000761" name="us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock"><p id="xdx_894_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_z5AnvGg9HyDk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the Company&#8217;s assets and liabilities that are measured at fair value on a recurring basis and are categorized
using the fair value hierarchy as shown in the following table.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="xdx_8B4_z5hYCJknN2H" style="display: none">Schedule of Fair Value Hierarchy</span><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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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</ix:nonNumeric><p id="xdx_8A1_zKeKgecZOtk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s non-financial assets, such as property and equipment would be measured at fair value only if they were determined to
be impaired.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 103 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_007" title="Table of Contents">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International Limited and Subsidiaries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Summary of Significant Accounting Policies (Continued)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000787" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_84F_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zwozv3jGzwkh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_868_zSLIAuuF10Hf">Cash</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
include cash on hand and demand deposits in accounts maintained with commercial banks that can be added or withdrawn without limitation
with original maturities of less than three months. The Company maintains the bank accounts in Hong Kong. Cash balances in bank accounts
in Hong Kong are protected up to HK$<span id="xdx_90F_eus-gaap--Cash_iI_c20231231_zxWcOoFTcZP8" title="Cash balance"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2023-12-31" id="Fact000789" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">500,000</ix:nonFraction></span> per account holder in each bank which is a member of the Hong Kong Deposit Protection Scheme.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000791" name="us-gaap:TradeAndOtherAccountsReceivablePolicy"><p id="xdx_84E_eus-gaap--TradeAndOtherAccountsReceivablePolicy_z0noqBHtMxkd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_869_z5L7x9GeIVca">Accounts
Receivable</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 1, 2023, the Company adopted ASU 2016-13, Financial Instruments &#8211; Credit Losses (Topic 326): Measurement of Credit Losses
on Financial Instruments (&#8220;ASC 326&#8221;). ASC 326 requires the application of a credit loss model based prospectively on current
expected credit losses (CECL), and replaces the previous model based retrospectively on past incurred losses. The Company adopted ASC
326 using the modified retrospective method for all financial assets measured at amortized cost, with no material cumulative-effect adjustment
to shareholders&#8217; equity recognized as of January 1, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company carries accounts receivable at the face amounts less a reserve for estimated credit losses. The Company estimated its reserve
for credit losses using relevant available information from internal and external sources relating to past events, current conditions
and reasonable and supportable forecasts. During the year ended December 31, 2023, the Company recorded HK$<span id="xdx_907_eus-gaap--ProvisionForDoubtfulAccounts_c20230101__20231231_zXyoUCUsfPl1" title="Allowance for credit losses"><ix:nonFraction name="us-gaap:ProvisionForDoubtfulAccounts" contextRef="From2023-01-01to2023-12-31" id="Fact000793" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">998,020</ix:nonFraction></span> adjustments for credit
losses on the consolidated financial statement related to accounts receivable. As of December 31, 2023, the reserve for credit losses
was HK$<span id="xdx_900_eus-gaap--ProvisionForOtherCreditLosses_c20230101__20231231_zLJwPElqSOk7" title="Reserve for credit losses"><ix:nonFraction name="us-gaap:ProvisionForOtherCreditLosses" contextRef="From2023-01-01to2023-12-31" id="Fact000795" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,495,119</ix:nonFraction></span> (US$<span id="xdx_906_eus-gaap--ProvisionForOtherCreditLosses_uUSD_c20230101__20231231_zIjoE96mjlbb" title="Reserve for credit losses"><ix:nonFraction name="us-gaap:ProvisionForOtherCreditLosses" contextRef="From2023-01-01to2023-12-31" id="Fact000797" format="ixt:numdotdecimal" decimals="0" unitRef="USD">191,415</ix:nonFraction></span>).&#160;&#160; A receivable balance is written off when deemed uncollectable, which is typically once a customer
cannot be reached and there has been no payment activity on the account for over 365 days<span style="background-color: white">.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000799" name="MFI:PrepaidExpensesPolicyTextBlock"><p id="xdx_84E_ecustom--PrepaidExpensesPolicyTextBlock_zClnePUOdVIa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_868_zIiplknXaXT4">Prepaid
Expenses</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid
expenses represent advance payments made to the service providers for the IT solution services and the vendors for certain prepaid services
such as insurance, utilities deposits and rental deposits. Prepaid expenses are unsecured and are reviewed periodically to determine
whether their carrying value has become impaired. As of December 31, 2022 and 2023, management believes that the Company&#8217;s prepaid
expenses are not impaired, and there is no material impact over the initial adoption of CECL model in view of the advanced payments made
to the service providers for the IT solution and insurance services and the vendors for certain prepaid services were mainly for the
coming 12 months and the risk of relatively low&#160;&#160;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000801" name="us-gaap:CapitalizationOfDeferredPolicyAcquisitionCostsPolicy"><p id="xdx_841_eus-gaap--CapitalizationOfDeferredPolicyAcquisitionCostsPolicy_zwv5SliU2Ekf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_862_zrTiGLkyYo55">Deferred
IPO costs</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
IPO costs consist primarily of direct expenses paid to attorneys, consultants, underwriters, and other parties related to the Company&#8217;s
IPO. The balance will be offset with the proceeds received at the closing of the IPO.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 104 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_007" title="Table of Contents">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International Limited and Subsidiaries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Summary of Significant Accounting Policies (Continued)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000803" name="us-gaap:LesseeLeasesPolicyTextBlock"><p id="xdx_843_eus-gaap--LesseeLeasesPolicyTextBlock_zOHmq5XGfx0e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_861_zsc12Z6fU4bf">Lease</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
adoption of Topic 842 resulted in the presentation of operating lease right of use (&#8220;ROU&#8221;) assets and operating lease liabilities
on the consolidated balance sheet. See Note 8 for additional information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
lease standard provides practical expedients for an entity ongoing accounting. The Company elected to apply the short-term lease exception
for lease arrangements with a lease term of 12 months or less at commencement. Lease terms used to compute the present value of lease
payments do not include any option to extend or renew the lease that the Company is not able to reasonably certain to exercise upon the
lease inception. Accordingly, operating lease right-of-use assets and liabilities do not include leases with a lease term of 12 months
or less.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company did not adopt the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single
lease component. Non-lease components include payments for building management, utilities and property tax. It separates the non-lease
components from the lease components to which they relate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is or contains a lease if it conveys
the right to control the use of an identified asset for a period of time in exchange of a consideration. To assess whether a contract
is or contains a lease, the Company assess whether the contract involves the use of an identified asset, whether it has the right to
obtain substantially all the economic benefits from the use of the asset and whether it has the right to control the use of the asset.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
operating right-of-use assets and related operating lease liabilities are recognized at the lease commencement date. The Company recognizes
operating lease expenses on a straight-line basis over the lease term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000805" name="MFI:OperatingLeaseRightOfUseOfAssetsPolicyTextBlock"><p id="xdx_843_ecustom--OperatingLeaseRightOfUseOfAssetsPolicyTextBlock_z1dlTp2HXGIi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_866_zBy7APYNmQFj">Operating
lease right-of-use of assets</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
right-of-use of asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease
payments made at or before the commencement date, plus any initial direct costs incurred and less any lease incentive received.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000807" name="MFI:OperatingLeaseLiabilitiesPolicyTextBlock"><p id="xdx_849_ecustom--OperatingLeaseLiabilitiesPolicyTextBlock_zBqYMta4h8sa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_862_zuoaVdgyPTck">Operating
lease liabilities</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
liability is initially measured at the present value of the outstanding lease payments at the commencement date, discounted using the
Company incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed lease payments,
variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee and any exercise
price under a purchase option that the Company is reasonably certain to exercise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
liability is measured at amortized cost using the effective interest rate method. It is remeasured when there is a change in future lease
payments, if there is a change in the estimate of the amount expected to be payable under a residual value guarantee, or if there is
any change in the Company assessment of option purchases, contract extensions or termination options.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 105 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_007" title="Table of Contents">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International Limited and Subsidiaries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Summary of Significant Accounting Policies (Continued)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000809" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_846_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zMP7XV2cEEGh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_862_zFdspyxxIYU7">Property
and Equipment, net</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000811" name="MFI:ScheduleOfEstimatedUsefulLivesOfPropertyPlantAndEquipmentTableTextBlock"><p id="xdx_897_ecustom--ScheduleOfEstimatedUsefulLivesOfPropertyPlantAndEquipmentTableTextBlock_zvTjbNttDHTf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation is provided for on a straight-line basis
over the estimated useful lives of the related assets as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B3_z4HKJc7TYDe9" style="display: none">Schedule
of Estimated Useful Lives of Related Assets</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computer
    equipment</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: 49%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_zu3vvUGFo1V6" title="Property plant and equipment, useful lives"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_ComputerEquipmentMember" format="ixt-sec:duryear" id="Fact000813" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">2</ix:nonNumeric></span>
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture
    and fixture</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zELTFktJe0w2" title="Property plant and equipment, useful lives"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_FurnitureAndFixturesMember" format="ixt-sec:duryear" id="Fact000815" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">3</ix:nonNumeric></span>
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office
    equipment</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zoDcCLpfWU59" title="Property plant and equipment, useful lives"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_OfficeEquipmentMember" format="ixt-sec:duryear" id="Fact000817" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">3</ix:nonNumeric></span>
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold
    improvements</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zJyQrnrOCauc" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23UsefulLifeTermOfLeaseMember"><span style="-sec-ix-hidden: xdx2ixbrl0818">Shorter
    of 5 years or the remaining lease term</span></span></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AA_zB4wyuZQy74k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenditures
for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures
for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated
depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated
statements of Income and comprehensive income in other income or expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates
of useful lives.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000820" name="us-gaap:GoodwillAndIntangibleAssetsIntangibleAssetsPolicy"><p id="xdx_847_eus-gaap--GoodwillAndIntangibleAssetsIntangibleAssetsPolicy_zqHRaosKZsHc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_863_zFUEstxjvpd2">Intangible
assets, net</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s internally developed software is used in providing financial trading solutions services to customers and the customers
access and uses the software over the internet or via a dedicated line in which an end user of the software does not take possession
of the software. In accordance with ASC 350-40, internally developed software is capitalized during the application development stage.
Research and development expenses related to salaries and payroll related costs for employees involved in the preliminary project stage
and activities occurring after the implementation of the software are expensed as incurred. Costs incurred for software upgrades are
capitalized if they result in additional functionalities or substantial enhancements. Development costs cease capitalization upon completion
of all substantial testing when the software is substantially complete and ready for its intended use and are amortized on a straight-line
basis over the estimated useful life, which is generally three years. Amortization of internal-use software begins when the software
is ready for its intended use.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company evaluates annually its intangible assets for potential impairment when events or changes in circumstances indicate that the carrying
amount of the assets may not be recoverable. There were <span id="xdx_90A_eus-gaap--ImpairmentOfIntangibleAssetsFinitelived_do_c20220101__20221231_zg62L54V9ONd" title="Impairment of intangible assets"><span id="xdx_90F_eus-gaap--ImpairmentOfIntangibleAssetsFinitelived_do_c20230101__20231231_zVX7vLIXLnHk" title="Impairment of intangible assets"><ix:nonFraction name="us-gaap:ImpairmentOfIntangibleAssetsFinitelived" contextRef="From2022-01-012022-12-31" id="Fact000822" format="ixt-sec:numwordsen" decimals="0" unitRef="HKD"><ix:nonFraction name="us-gaap:ImpairmentOfIntangibleAssetsFinitelived" contextRef="From2023-01-01to2023-12-31" id="Fact000824" format="ixt-sec:numwordsen" decimals="0" unitRef="HKD">no</ix:nonFraction></ix:nonFraction></span></span> impairments of intangible assets as of December 31, 2022 and 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000826" name="MFI:ScheduleOfEstimatedUsefulLivesOfIntangibleAssetsTableTextBlock"><p id="xdx_89B_ecustom--ScheduleOfEstimatedUsefulLivesOfIntangibleAssetsTableTextBlock_zbhw25GNPzJ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
estimated useful lives of intangible assets are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B2_zRV9wKrj0mn3" style="display: none">Schedule of Estimated Useful Lives of Intangible Assets</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Internally
    developed software</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: 49%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_zKH1L6RYUflh" title="Estimated useful lives of intangible assets"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_SoftwareAndSoftwareDevelopmentCostsMember" format="ixt-sec:duryear" id="Fact000828" name="us-gaap:FiniteLivedIntangibleAssetUsefulLife">3</ix:nonNumeric></span>
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareDevelopmentMember_zQpI15iSRcg5" title="Estimated useful lives of intangible assets"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_SoftwareDevelopmentMember" format="ixt-sec:duryear" id="Fact000830" name="us-gaap:FiniteLivedIntangibleAssetUsefulLife">3</ix:nonNumeric></span>
    years</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A8_zB0cMVGPA4nk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000832" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"><p id="xdx_840_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zIJStZZV2nKb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_862_z5dMaLssu8jj">Impairment
of Long-Lived Assets</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company reviews the recoverability of its long-lived assets 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 amount of an asset may no longer
be recoverable. When these events occur, the Company measures impairment by comparing the carrying value of the long-lived assets to
the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum
of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss,
which is the excess of carrying amount over the fair value of the assets, using the expected future discounted cash flows. There were
<span id="xdx_90B_eus-gaap--ImpairmentOfLongLivedAssetsToBeDisposedOf_do_c20230101__20231231_zm6epTR8RkG4" title="Impairment losses on long-lived assets"><span id="xdx_902_eus-gaap--ImpairmentOfLongLivedAssetsToBeDisposedOf_do_c20220101__20221231_zlVCSOHOzmEb" title="Impairment losses on long-lived assets"><span id="xdx_90E_eus-gaap--ImpairmentOfLongLivedAssetsToBeDisposedOf_do_c20210101__20211231_zxRqG3sUMSN5" title="Impairment losses on long-lived assets"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsToBeDisposedOf" contextRef="From2023-01-01to2023-12-31" id="Fact000834" format="ixt-sec:numwordsen" decimals="0" unitRef="HKD"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsToBeDisposedOf" contextRef="From2022-01-012022-12-31" id="Fact000836" format="ixt-sec:numwordsen" decimals="0" unitRef="HKD"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsToBeDisposedOf" contextRef="From2021-01-012021-12-31" id="Fact000838" format="ixt-sec:numwordsen" decimals="0" unitRef="HKD">no</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span> impairment losses on long-lived assets for the years ended December 31, 2021, 2022 and 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 106 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_007" title="Table of Contents">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International Limited and Subsidiaries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Summary of Significant Accounting Policies (Continued)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000840" name="us-gaap:RevenueRecognitionPolicyTextBlock"><p id="xdx_846_eus-gaap--RevenueRecognitionPolicyTextBlock_z83orExmyLLc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_863_z7yoWLHHRIJ">Revenue
Recognition</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
core principle of the new revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services
to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or
services. The following five steps are applied to achieve that core principle:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step
1: Identify the contract with the customer</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step
2: Identify the performance obligations in the contract</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step
3: Determine the transaction price</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step
4: Allocate the transaction price to the performance obligations in the contract</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step
5: Recognize revenue when the company satisfies a performance obligation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has elected to apply the practical expedient in paragraph ASC 606-10-50-14 and does not disclose information about remaining
performance obligations that have original expected durations of one year or less.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company elected a practical expedient that it does not adjust the promised amount of consideration for the effects of a significant financing
component if the Company expects that, upon the inception of revenue contracts, the period between when the Company transfers its promised
services or deliverables to its clients and when the clients pay for those services or deliverables will be one year or less.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a practical expedient, the Company elected to expense the incremental costs of obtaining a contract when incurred if the amortization
period of the asset that the Company otherwise would have recognized is one year or less.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is engaged in the development and provision of financial trading solutions to customers via internet or platform as software
as a service.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transaction price is allocated to each performance obligation on a relative stand-alone selling price basis. The transaction price allocated
to each performance obligation is recognized when that performance obligation is satisfied, at a point in time or over time as appropriate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company enters into contracts with customers that include promises to transfer various services, which are generally capable of being
distinct and accounted for as separate performance obligations. Revenue is recognized when the promised services are transferred to customers,
in an amount that reflects the consideration allocated to the respective performance obligation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company provides trading solution services to customers (including brokers and institutional clients) for their trading on forex, commodity
and bullion, through the Company&#8217;s internally developed trading platform as software as a service. The Company&#8217;s internally
developed software is used in providing financial trading solutions services to customers and the customers access and uses the software
over the internet or via a dedicated line in which an end user of the software does not take possession of the software. The Company&#8217;s
trading solution provides a variety of functions suitable for front-end transaction executions and back-office settlement operations.
In a contract with a customer, it would normally require the Company to perform or delivery one or more of the following in return for
a consideration. The contract normally includes one or more of the following services, subject to the request of the customers, and the
transaction price of each service fee has stated stand-alone in the contract with reference to the Company&#8217;s price list. The Company
identified each distinct service as a performance obligation. The recognition and measurement of revenues is based on the assessment
of individual contract terms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s principal revenue stream includes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(a)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Initial
    set up, installation and customization services</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company provides initial set up, installation and customization services of trading platform solution and financial value-added services
for each customer as agreed upon in the contracts. Initial set up, installation and customization services are services to help the customer
to configure the platform according to the needs of the customers. The Company provides specific customization as part of its development
and provision of financial trading solutions. The Company&#8217;s customization services include development of customer-requested functions
and features on the Company&#8217;s platform per customer specifications, i.e., the software specifications. Such services are undertaken
specifically for the customer in question and do not necessarily benefit other customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 107 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_007" title="Table of Contents">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International Limited and Subsidiaries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Summary of Significant Accounting Policies (Continued)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the initial set up, installation and customization services are capable of being distinct and the promise to transfer the service is
distinct within the context of the contract, the Company concludes that the initial set up, installation and customization services to
be accounted for as a single performance obligation. The entire transaction prices of initial set up, installation and customization
services are allocated to a single performance obligation and the Company recognizes revenue based on its effort or inputs to the satisfaction
of a performance obligation over time as work progresses because of the continuous transfer of control to the customer. <span>The
Company uses input method represent a reasonable measure of progress towards the satisfaction of a performance in order to estimate the
portion of revenue earned.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(b)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Subscriptions</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company provides customers the right to access its internally developed trading platform for the use of the trading solutions services
for a specified period of time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company concludes that each monthly subscription fee (1) is distinct and (2) meets the criteria for recognizing revenue over time. In
addition, the Company concludes that the services provided each month are substantially similar and result in the transfer of substantially
similar services to the customers each month. That is, the benefit consumed by the clients is substantially similar for each month. Therefore,
the Company concludes that the monthly subscription fee satisfies the requirements of ASC 606-10-25-14(b) to be accounted for as a single
performance obligation. The Company recognizes revenues from subscriptions ratably when it satisfies its performance obligations throughout
the contract terms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(c)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Hosting,
    support and maintenance services</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company provides hosting, technical support and maintenance services to customers for the use of the trading solutions services for a
specific period. The Company concludes that each monthly hosting, support and maintenance service fee (1) is distinct and (2) meets the
criteria for recognizing revenue over time. In addition, the Company concludes that the services provided each month are substantially
similar and result in the transfer of substantially similar services to the customers each month. That is, the benefit consumed by the
clients is substantially similar for each month. Therefore, the Company concludes that the monthly hosting, support and maintenance service
fee satisfies the requirements of ASC 606-10-25-14(b) to be accounted for as a single performance obligation. <span>The
Company recognizes revenues from hosting, support and maintenance services ratably when it satisfies its performance obligations throughout
the contract terms.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(d)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity
    services</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company provides liquidity services to customers for the use of the fully automatic hedging solution and sending their clients&#8217;
orders directly to liquidity providers such as institutional brokers, market makers, exchanges and prime of prime brokers. The Company&#8217;s
liquidity services enable its customers to access and match with the liquidity made available by liquidity providers through the Company&#8217;s
trading solutions. The liquidity services are distinct and are identified as one performance obligation. As stipulated in the con<span>tract,
the Company will charge a liquidity service income based on the transaction volume of orders sent directly to the liquidity providers
under the liquidity services provided by the Company, with a minimum monthly fee for certain customers.</span> The Company will review
the customers&#8217; transaction volume of orders monthly and the revenue from providing liquidity services between customers and liquidity
providers is recognized at point in time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(e)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>White
    label services</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company provides white label services to customers by allowing them to add additional labels or brands to the trading platform services.
This provides customers the highest flexibility to operate their trading platform business based on their individual business development
strategy or marketing needs at a lower operating cost. The Company concludes that each monthly white label service fee at fixed rate
(1) is distinct and (2) meets the criteria for recognizing revenue over time. In addition, the Company concludes that the services provided
each month are substantially similar and result in the transfer of substantially similar services to the customers each month. That is,
the benefit consumed by the clients is substantially similar for each month. Therefore, the Company concludes that the monthly white
label service fee satisfies the requirements of ASC 606-10-25-14(b) to be accounted for as a single performance obligation. The Company
recognizes revenues from white label services ratably when it satisfies its performance obligations throughout the contract terms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 108 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_007" title="Table of Contents">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International Limited and Subsidiaries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Summary of Significant Accounting Policies (Continued)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(f)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Quotes/news/package
    subscription services</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company provides subscription services to customers for professional strategy analysis, economic calendar, instant news, real-time quotes
and data feed. The Company will subscribe the information or data from the service providers and will convert the raw data into usable
data that can be used in the trading platform of the Company. The Company concludes that each monthly subscription fee at fixed rate
(1) is distinct and (2) meets the criteria for recognizing revenue over time. In addition, the Company concludes that the services provided
each month are substantially similar and result in the transfer of substantially similar services to the customers each month. That is,
the benefit consumed by the clients is substantially similar for each month. Therefore, the Company concludes that the monthly subscription
service fee satisfies the requirements of ASC 606-10-25-14(b) to be accounted for as a single performance obligation. The Company recognizes
revenues from subscription services ratably when it satisfies its performance obligations throughout the contract terms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000842" name="us-gaap:ScheduleOfPrincipalTransactionsRevenueTextBlock"><p id="xdx_895_eus-gaap--ScheduleOfPrincipalTransactionsRevenueTextBlock_z3yFGw0gzKdl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents disaggregated information of revenues by business lines for the years ended December 31, 2021, 2022 and 2023,
respectively:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B8_zZMqSIZ6izI9" style="display: none">Schedule
of Disaggregation Information of Revenues</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#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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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none"></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<tr style="vertical-align: bottom">
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</ix:nonNumeric><p id="xdx_8AA_zHafGvEJTrbe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company also selected to apply the practical expedients allowed under ASC Topic 606 to omit the disclosure of remaining performance obligations
for contracts with an original expected duration of one year or less. There is <span id="xdx_907_eus-gaap--CapitalizedContractCostImpairmentLoss_do_c20210101__20211231_zkAEh2kN3bw5" title="Contract loss"><span id="xdx_90C_eus-gaap--CapitalizedContractCostImpairmentLoss_do_c20220101__20221231_zGvzj51m9Qi6" title="Contract loss"><span id="xdx_90E_eus-gaap--CapitalizedContractCostImpairmentLoss_do_c20230101__20231231_zSmZXnCcRYck" title="Contract loss"><ix:nonFraction name="us-gaap:CapitalizedContractCostImpairmentLoss" contextRef="From2021-01-012021-12-31" id="Fact000904" format="ixt-sec:numwordsen" decimals="0" unitRef="HKD"><ix:nonFraction name="us-gaap:CapitalizedContractCostImpairmentLoss" contextRef="From2022-01-012022-12-31" id="Fact000906" format="ixt-sec:numwordsen" decimals="0" unitRef="HKD"><ix:nonFraction name="us-gaap:CapitalizedContractCostImpairmentLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000908" format="ixt-sec:numwordsen" decimals="0" unitRef="HKD">no</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span> loss contract for the three years ended December 31,
2021, 2022 and 2023. As of December 31, 2021, 2022 and 2023, all contracts of the Company were with an original expected duration within
one year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 109 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_007" title="Table of Contents">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International Limited and Subsidiaries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Summary of Significant Accounting Policies (Continued)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000910" name="MFI:ContractLiabilitiesPolicyTextBlock"><p id="xdx_844_ecustom--ContractLiabilitiesPolicyTextBlock_zU0NJ7SW0TT1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_866_z0xOeFyEsxKh">Contract
Liabilities</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s contract liabilities include payments received in advance of performance under trading solution service contracts which
will be recognized as revenue as the Company executed the trading solution services with customers under the contract, as well as the
deferred installation service fee received from trading solution services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract
Liabilities are recognized when the customers pay consideration before the Company recognizes the related revenue. Contract Liabilities
would also be recognized if the Company has an unconditional right to receive consideration before the Company recognizes the related
revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000912" name="MFI:OtherIncomeExpenseNetPolicyTextBlock"><p id="xdx_845_ecustom--OtherIncomeExpenseNetPolicyTextBlock_zN6vR8G6Y123" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_864_zoVx4FZpHlvh">Other
Income (expense), net</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government
subsidies primarily relate to (i) one-off entitlement granted by the Hong Kong government pursuant to the Employment Support Scheme under
the Anti-epidemic Fund in 2021 and 2022 and (ii) funds for participation in promotion activities in 2023. Employers participating in
ESS were required to undertake and warrant that they would: (i) not implement redundancies during the subsidy period; and (ii) spend
all the wage subsidies on paying wages to their employees. If an employer fails to use all the subsidies received to pay the wages of
his/her employees, the Hong Kong Government will claw back the unspent balance of the subsidy. If the total number of employees on the
payroll in any one month of the subsidy period is less than the &#8220;committed headcount of paid employees&#8221;, the employer will
have to pay a penalty to the Hong Kong Government. The Company has (i) not implement redundancies during the subsidy period; and (ii)
spend all the wage subsidies on paying wages to its employees. There was no unfulfilled conditions nor other contingencies attached to
the ESS funding. Government subsidies received and recognized as other income totaled HK$<span id="xdx_902_eus-gaap--OtherIncome_c20210101__20211231_zjxSABx2lmN6" title="Other income"><ix:nonFraction name="us-gaap:OtherIncome" contextRef="From2021-01-012021-12-31" id="Fact000914" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">379,363</ix:nonFraction></span>, HK$<span id="xdx_90A_eus-gaap--OtherIncome_c20220101__20221231_zaaR17JRmgLl" title="Other income"><ix:nonFraction name="us-gaap:OtherIncome" contextRef="From2022-01-012022-12-31" id="Fact000916" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">734,059</ix:nonFraction></span> and HK$<span id="xdx_907_eus-gaap--OtherIncome_c20230101__20231231_z57BDakipqNb" title="Other income"><ix:nonFraction name="us-gaap:OtherIncome" contextRef="From2023-01-01to2023-12-31" id="Fact000918" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">34,261</ix:nonFraction></span> (US$<span id="xdx_905_eus-gaap--OtherIncome_uUSD_c20230101__20231231_zrneaglhqIqe" title="Other income"><ix:nonFraction name="us-gaap:OtherIncome" contextRef="From2023-01-01to2023-12-31" id="Fact000920" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,386</ix:nonFraction></span>)
for the years ended December 31, 2021, 2022 and 2023, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000922" name="us-gaap:CostOfSalesPolicyTextBlock"><p id="xdx_848_eus-gaap--CostOfSalesPolicyTextBlock_zS54Tb79qLZb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86F_zCgmuZMoYhN4">Cost
of Revenue</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s cost of revenue is primarily comprised of the amortization of the internally developed software, staff costs and other
direct costs associated with providing trading solution services, including data center and support costs related to delivering online
services. These costs are expenses as incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000924" name="us-gaap:ResearchAndDevelopmentExpensePolicy"><p id="xdx_84D_eus-gaap--ResearchAndDevelopmentExpensePolicy_zTT9vv6e0cK5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_867_zljctddX05y2">Research
and development</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
and development expenses primarily consist of payroll and other personnel-related expenses of the Company&#8217;s software development
team.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 110 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_007" title="Table of Contents">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International Limited and Subsidiaries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Summary of Significant Accounting Policies (Continued)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000926" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_84A_eus-gaap--IncomeTaxPolicyTextBlock_zt8fKn4fJFAi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86B_z7GvfH3CBJB6">Income
Taxes</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable
to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective
tax bases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized
in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets
to the amount expected to be realized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provisions of ASC 740-10-25, &#8220;Accounting for Uncertainty in Income Taxes,&#8221; prescribe a more-likely-than-not threshold for
consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This
interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred
income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company believes there were no uncertain tax positions as of December 31, 2022 and 2023, respectively. The Company does not expect that
its assessment regarding unrecognized tax positions will materially change over the next 12 months. In general, the Inland Revenue Department
of Hong Kong has up to seven years to conduct examinations of the Company&#8217;s tax filings. Accordingly, the tax years from 2018 to
2023 of the Company&#8217;s Hong Kong subsidiaries remain open to examination by the taxing jurisdictions. The Company is not currently
under examination by an income tax authority, nor has it been notified that an examination is contemplated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000928" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_84C_eus-gaap--EarningsPerSharePolicyTextBlock_zVwxRKhOnt96" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86D_zzNhzBFM2YV2">Earnings
Per Share</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company computes earnings per share (&#8220;EPS&#8221;) in accordance with ASC 260, &#8220;Earnings per Share&#8221; (&#8220;ASC 260&#8221;).
ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS are computed by dividing income
available to ordinary shareholders of the Company by the weighted average ordinary shares outstanding during the period. Diluted EPS
takes into account the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised and
converted into ordinary shares. As of December 31, 2022 and 2023, there were no dilutive shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000930" name="us-gaap:ComprehensiveIncomePolicyPolicyTextBlock"><p id="xdx_84E_eus-gaap--ComprehensiveIncomePolicyPolicyTextBlock_z6PqRTXZOI8g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86B_zl0RMAKWtbw">Comprehensive
Income</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comprehensive
income consists of two components, net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) refers
to revenue, expenses, gains and losses that under U.S. GAAP are recorded as an element of shareholders&#8217; equity but are excluded
from net income. Other comprehensive income (loss) consists of foreign currency translation adjustment resulting from the Company translating
its financial statements from functional currency into reporting currency.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000932" name="us-gaap:InventoryCashFlowPolicy"><p id="xdx_848_eus-gaap--InventoryCashFlowPolicy_zWte42LclfCg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_866_z5VTS0PedqXg">Statement
of Cash Flows</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with ASC 230, &#8220;Statement of Cash Flows&#8221;, cash flows from the Company&#8217;s operations are formulated based upon
the local currencies. As a result, amounts related to assets and liabilities reported on the statements of cash flows will not necessarily
agree with changes in the corresponding balances on the balance sheets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000934" name="us-gaap:CommitmentsAndContingenciesPolicyTextBlock"><p id="xdx_84A_eus-gaap--CommitmentsAndContingenciesPolicyTextBlock_zt0tipdw9sK4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86F_zfIu2zmxuZJ9">Commitments
and Contingencies</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the normal course of business, the Company is subject to contingencies, such as legal proceedings and claims arising out of its business,
which cover a wide range of matters. Liabilities for contingencies are recorded when it is probable that a liability has been incurred
and the amount of the assessment can be reasonably estimated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the assessment of a contingency indicates that it is probable that a material loss is incurred and the amount of the liability can be
estimated, then the estimated liability is accrued in the Company&#8217;s financial statements. If the assessment indicates that a potentially
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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee
would be disclosed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000936" name="MFI:RelatedPartiesPolicyTextBlock"><p id="xdx_84A_ecustom--RelatedPartiesPolicyTextBlock_z408CI3wLkvh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86F_zNUPlJZpEyN3">Related
parties</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties,
which can be a corporation or individual, 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 operating decisions. Companies are also
considered to be related if they are subject to common control or common significant influence, such as a family member or relative,
shareholder, or a related corporation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 111 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_007" title="Table of Contents">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International Limited and Subsidiaries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Summary of Significant Accounting Policies (Continued)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
Risks</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000938" name="us-gaap:MarketRiskBenefitPolicyTextBlock"><p id="xdx_845_eus-gaap--MarketRiskBenefitPolicyTextBlock_zfim9ACMlVue" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_860_z8vec57Ot9V">Market
Risk of Financial Instrument</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to financial market risks, including changes in foreign currency exchange rate risk with respect to our investment at fair
value consisting of short-term foreign exchange investment made by the Company which is denominated in the US$. The fluctuation in US$
may result in increase or decrease in the value of our investment at fair value. We consider the foreign exchange risk in relation to
transactions denominated in US$ with respect to HK$ is not significant as HK$ is pegged to US$.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trades of foreign currencies conducted by the Company are denominated in the US$ and are paired with currencies with strong liquidity
traded in highly transparent markets, including such currencies as the EURO, USD, GBP, CHF, AUD, CAD and NZD, etc. Fluctuation in exchange
rates, changes in monetary and/or fiscal policy or finflation in the countries in which the Company paired its trades of foreign currencies
could have a material adverse effect on its results of operations. The clear position limits and floating profit/loss limits are set
to manage the market risks of its foreign exchange positions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000940" name="MFI:CurrencyRiskPolicyTextBlock"><p id="xdx_849_ecustom--CurrencyRiskPolicyTextBlock_zY3Yglo0uhM" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86D_zxVsXRoy5hed">Currency
Risk</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s operating activities are transacted in HK$. Foreign exchange risk arises from future commercial transactions, recognized
assets and liabilities and net investments in foreign operations. The Company considers the foreign exchange risk in relation to transactions
denominated in HK$ with respect to US$ is not significant as HK$ is pegged to US$.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000942" name="us-gaap:ConcentrationRiskCreditRisk"><p id="xdx_849_eus-gaap--ConcentrationRiskCreditRisk_zBknVVJU88Hc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_860_zkzaTbuB3r0a">Concentration
and Credit Risk</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments that potentially subject the Company to the concentration of credit risks consist of cash and accounts receivable. The maximum
exposures of such assets to credit risk are their carrying amounts as of the balance sheet dates. The Company deposits its cash with
financial institutions located in Hong Kong. The Company believes that no significant credit risk exists as these financial institutions
have high credit quality and the Company has not incurred any losses related to such deposits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the credit risk related to accounts receivable, the Company performs periodic credit evaluations of its customers&#8217; financial condition
and generally does not require collateral. The Company establishes an allowance for credit losses based upon estimates, factors surrounding
the credit risk of specific customers and other information. The allowance amounts were immaterial for all periods presented. The management
believes that its contract acceptance, billing, and collection policies are adequate to minimize material credit risk. Application for
progress payment of contract works is made on a regular basis. The Company seeks to maintain strict control over its outstanding receivables.
Overdue balances are reviewed regularly by the management.&#160;&#160; The management considers the credit risk of prepayment is relatively
low and there is no material impact over the initial adoption of CECL model because the advanced payments made to the service providers
for the IT solution and insurance services and the vendors for certain prepaid services were mainly for the coming 12 months.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021, 2022 and 2023, all of the Company&#8217;s assets were located in Hong Kong and all of the Company&#8217;s
revenue were derived from its subsidiaries located in Hong Kong. The Company has a concentration of its revenue and accounts receivable
with specific customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2021, one customer accounted for approximately <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_znaUtZpia8Il" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_OneCustomerMember" id="Fact000944" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10.5</ix:nonFraction></span>% of the Company&#8217;s total revenue. For the year ended
December 31, 2022, one customer accounted for approximately <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zziRFkRMPkpg" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_OneCustomerMember" id="Fact000946" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">18.0</ix:nonFraction></span>% of the Company&#8217;s total revenue. For the year ended December 31,
2023, no customer accounted for over <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zkHKkFtMO4p1" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2023-01-012023-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_OneCustomerMember" id="Fact000948" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>% of the Company&#8217;s total revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, one customer&#8217;s accounts receivable accounted for <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zmSijlBXrry3" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-12-31_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember_custom_OneCustomerMember" id="Fact000950" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">88.4</ix:nonFraction></span>% of the total accounts receivable. Two customers&#8217;
accounts receivable accounted for <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zDtux8AyIFx7" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerOneMember" id="Fact000952" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">27.2</ix:nonFraction></span>% and <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_zeLq5dhYjKoa" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerTwoMember" id="Fact000954" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">21.4</ix:nonFraction></span>% of the total accounts receivable as of December 31, 2022, respectively. Two customers&#8217;
accounts receivable accounted for <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_znAjTY8YLUS1" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2023-01-012023-12-31_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerOneMember" id="Fact000956" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">13.9</ix:nonFraction></span>% and <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_zKfsSSpXALwe" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2023-01-012023-12-31_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerTwoMember" id="Fact000958" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10.1</ix:nonFraction></span>% of the total accounts receivable as of December 31, 2023, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021, 2022 and 2023, no vendor accounted for over <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--NoVendorMember_zKfnrF6HWMI8" title="Concentration risk percentage"><span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--NoVendorMember_zpJo6bGLYpp6" title="Concentration risk percentage"><span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--NoVendorMember_zS7BuBpq8w3l" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-12-31_us-gaap_AccountsPayableMember_us-gaap_SupplierConcentrationRiskMember_custom_NoVendorMember" id="Fact000960" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_us-gaap_AccountsPayableMember_us-gaap_SupplierConcentrationRiskMember_custom_NoVendorMember" id="Fact000962" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2023-01-012023-12-31_us-gaap_AccountsPayableMember_us-gaap_SupplierConcentrationRiskMember_custom_NoVendorMember" id="Fact000964" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span>% of the Company&#8217;s total purchase.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000966" name="MFI:InterestRateRiskPolicyTextBlock"><p id="xdx_849_ecustom--InterestRateRiskPolicyTextBlock_z0FlH2ekrQx3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_866_zgEOoVMHkmWk">Interest
rate risk</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fluctuations
in market interest rates may negatively affect the Company&#8217;s financial condition and results of operations. The Company is exposed
to floating interest rate risk on cash deposit and floating rate borrowings, and the risks due to changes in interest rates is not material.
The Company has not used any derivative financial instruments to manage the interest risk exposure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 112 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International Limited and Subsidiaries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Summary of Significant Accounting Policies (Continued)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000968" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_848_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zPHnR7WuEli4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_866_zGhLlHzPWGTb">Recently
Issued Accounting Standards, not yet Adopted by the Company</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ASU 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures enhances existing income tax disclosures primarily related
to the rate reconciliation and income taxes paid information. With regard to the improvements to disclosures of rate reconciliation,
a public business entity is required on an annual basis to (1) disclose specific categories in the rate reconciliation and (2) provide
additional information for reconciling items that meet a quantitative threshold. Similarly, a public entity is required to provide the
amount of income taxes paid (net of refunds received) disaggregated by (1) federal, state, and foreign taxes and by (2) individual jurisdictions
in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds
received). The ASU also includes certain other amendments to improve the effectiveness of income tax disclosures, for example, an entity
is required to provide (1) pretax income (or loss) from continuing operations disaggregated between domestic and foreign, and (2) income
tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. ASU 2023-07: Segment Reporting (Topic
280): Improvements to Reportable Segment Disclosures. The ASU will be effective for annual periods beginning after December 15, 2024.
Entities are required to apply the ASU on a prospective basis. The adoption of ASU 2023-09 is not expected to materially impact the Company&#8217;s
consolidated balance sheets, statements of income and comprehensive income, cash flows or disclosures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ASU 2023-07: Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures provides improvements to reportable segment
disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance
interim disclosure requirements, clarify circumstances in which an entity can disclose multiple measures of segment profit or loss, provide
new segment disclosure requirements for entities with a single reportable segment and contain other disclosure requirements. The ASU
is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024.
The ASU should be adopted retrospectively to all periods presented in the financial statements unless it is impracticable to do so. The
adoption of ASU 2023-07 is not expected to materially impact the Company&#8217;s consolidated balance sheets, statements of income and
comprehensive income, cash flows or disclosures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material
impact on the consolidated financial statements upon adoption. The Company does not discuss recent standards that are not anticipated
to have an impact on or are unrelated to its consolidated balance sheets, statements of income and comprehensive income, cash flows or
disclosures.</span></p>

</ix:nonNumeric><p id="xdx_852_zePcY0MhDhmj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<br/></span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_007" title="Table of Contents">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International Limited and Subsidiaries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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</ix:nonNumeric><p id="xdx_8A7_zxk66faXlAN6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001011" name="us-gaap:OtherLiabilitiesDisclosureTextBlock"><p id="xdx_806_eus-gaap--OtherLiabilitiesDisclosureTextBlock_zrmJXK4mUEN4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
<span id="xdx_829_zrpwCsQ04cY8">Contract Liabilities</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001013" name="us-gaap:ContractWithCustomerAssetAndLiabilityTableTextBlock"><p id="xdx_891_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_zwiP4Lr0hwkh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract
liabilities consisted of the following at December 31:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BD_zxhnnifm1hmb" style="display: none">Schedule of Contract Liabilities</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr id="xdx_40E_eus-gaap--ContractWithCustomerLiabilityCurrent_iI_zXVUOYhUWDrf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left">Billings in advance of performance obligation under contracts</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2022-12-31" id="Fact001015" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">4,199,173</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A4_zwinenC2KZu2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s contract liabilities include payments received in advance of performance under trading solution service contracts which
will be recognized as revenue as the Company executed the trading solution services with customers under the contract, as well as the
deferred installation and customization service fee received from trading solution services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001020" name="MFI:ScheduleOfMovementInContractLiabilities"><p id="xdx_89A_ecustom--ScheduleOfMovementInContractLiabilities_zlAQCxMc2836" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
movement in contract liabilities is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B9_z4tWrkqhLEw8" style="display: none">Schedule of
Movement In Contract Liabilities</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49D_20220101__20221231_zNwcyDUKmZ65" 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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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">US$</td><td style="font-weight: bold">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--ContractWithCustomerLiabilityCurrent_iS_zIYyN0Wj2T4g" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">Decrease in contract liabilities as a result of recognizing revenue during the year was included in the contract liabilities at the beginning of the year</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod" contextRef="From2022-01-012022-12-31" id="Fact001027" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">5,474,175</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_401_eus-gaap--ContractWithCustomerLiabilityIncreaseDecreaseForContractAcquiredInBusinessCombination_zAW1voHOMtvi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Increase in contract liabilities as a result of billings in advance of performance obligation under contracts</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:ContractWithCustomerLiabilityIncreaseDecreaseForContractAcquiredInBusinessCombination" contextRef="From2022-01-012022-12-31" id="Fact001032" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">4,199,173</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 style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><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--ContractWithCustomerLiabilityCurrent_iE_zXk1rXJqWQ8g" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Balance at end of the year ended December 31</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2023-12-31" id="Fact001038" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">4,619,690</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8AD_zZQ0dW5NtmEf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
of billings in advance of performance received that is expected to be recognized as income after more than one year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 114 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_007" title="Table of Contents">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International Limited and Subsidiaries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001042" name="us-gaap:DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock"><p id="xdx_806_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_z1Eaw4Zkebt7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.
<span id="xdx_82F_zS5jyfUU1xL5">Prepaid Expenses and Other Current Assets</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001044" name="us-gaap:ScheduleOfOtherCurrentAssetsTableTextBlock"><p id="xdx_89A_eus-gaap--ScheduleOfOtherCurrentAssetsTableTextBlock_zSDBAZnJ3QT6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid
expenses and other current assets consisted of the following as of December 31:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BA_zGMfaTzKf92f" style="display: none">Schedule
of Prepaid Expenses and Other Current Assets</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49B_20221231_zZJcO1C8UiC4" 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_20231231_zgYH9HWtLri8" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</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">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">US$</td><td style="font-weight: bold">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--PrepaidRent_iI_zkDeexiZRhBa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8A9_zqooOxL6F0E8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001071" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_80C_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zzLblXzHEg53" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.
<span id="xdx_828_zZQhoKlMSg5b">Property and Equipment, net</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001073" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_89C_eus-gaap--PropertyPlantAndEquipmentTextBlock_z7Uoilkqse97" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BC_ztDGv2qFIvIe" style="display: none">Schedule of Property and Equipment</span></p>

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  <tr style="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>&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zLPf5eDgjmPf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zIeGDtwpRYM9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Leasehold improvements</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-12-31_us-gaap_LeaseholdImprovementsMember" id="Fact001095" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">652,073</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr id="xdx_402_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_z7oqYmLfzG5g" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentNet_iI_zNSb8Wipysc6" style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8A8_z5MQ8HODSyue" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
expense of property and equipment totaled HK$<span id="xdx_900_eus-gaap--Depreciation_c20210101__20211231_zfSQ8zNtJZN7" title="Depreciation expenses"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-01-012021-12-31" id="Fact001108" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">253,063</ix:nonFraction></span>, HK$<span id="xdx_90C_eus-gaap--Depreciation_c20220101__20221231_zUldiMcKxyJe" title="Depreciation expenses"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2022-01-012022-12-31" id="Fact001110" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">222,173</ix:nonFraction></span> and HK$<span id="xdx_905_eus-gaap--Depreciation_c20230101__20231231_zCiyJwy4Adsc" title="Depreciation expenses"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2023-01-01to2023-12-31" id="Fact001112" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">134,951</ix:nonFraction></span> (US$<span id="xdx_907_eus-gaap--Depreciation_uUSD_c20230101__20231231_zDuEJt2m2gVk" title="Depreciation expenses"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2023-01-01to2023-12-31" id="Fact001114" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,277</ix:nonFraction></span>) for the years ended December 31, 2021, 2022
and 2023, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001116" name="us-gaap:IntangibleAssetsDisclosureTextBlock"><p id="xdx_800_eus-gaap--IntangibleAssetsDisclosureTextBlock_z3CJLdCCIA8k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.
<span id="xdx_822_z30YxHE4t4bf">Intangible Assets, net</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001118" name="us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock"><p id="xdx_890_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zMhkxmivVBQ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets, stated at cost less accumulated amortization, consisted of the following as of December 31:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B7_zrNoKjgZuuDd" style="display: none">Schedule
of Intangible assets</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49F_20221231_zpdBgHjyAhm2" 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_49B_20231231_zthxq1lw4IW5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</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">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">US$</td><td style="font-weight: bold">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--ComputerSoftwareIntangibleAssetMember_zCsz4rBMJBcb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%">Software</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsGross" contextRef="AsOf2022-12-31_us-gaap_ComputerSoftwareIntangibleAssetMember" id="Fact001120" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">223,381</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: 12%; text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsGross" contextRef="AsOf2023-12-31_us-gaap_ComputerSoftwareIntangibleAssetMember" id="Fact001121" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">223,381</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_983_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_uUSD_c20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--ComputerSoftwareIntangibleAssetMember_zPxdz9NBVS5" title="Software" style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsGross" contextRef="AsOf2023-12-31_us-gaap_ComputerSoftwareIntangibleAssetMember" id="Fact001123" format="ixt:numdotdecimal" decimals="0" unitRef="USD">28,599</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_zTo11Ylexnof" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Internally developed software</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsGross" contextRef="AsOf2022-12-31_us-gaap_SoftwareAndSoftwareDevelopmentCostsMember" id="Fact001125" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">58,540,105</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:FiniteLivedIntangibleAssetsGross" contextRef="AsOf2023-12-31_us-gaap_SoftwareAndSoftwareDevelopmentCostsMember49022203" id="Fact001126" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">62,688,252</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--FiniteLivedIntangibleAssetsGross_iI_uUSD_c20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--InternallyDevelopedSoftwareMember_zQ1SbmDLJtn6" title="Internally developed software" style="text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsGross" contextRef="AsOf2023-12-31_custom_InternallyDevelopedSoftwareMember" id="Fact001128" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,025,740</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_zWtzZBLZ8STf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Less: accumulated amortization</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:FiniteLivedIntangibleAssetsAccumulatedAmortization" contextRef="AsOf2022-12-31" id="Fact001130" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="HKD">45,198,714</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization" contextRef="AsOf2023-12-31" id="Fact001131" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="HKD">47,575,044</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_uUSD_c20231231_zeEJBcWcMj3" title="Less: accumulated amortization" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization" contextRef="AsOf2023-12-31" id="Fact001133" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">6,090,853</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_zyHQUlZ6Vyde" style="vertical-align: bottom; background-color: White">
    <td><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2022-12-31" id="Fact001135" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">13,564,772</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:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2023-12-31" id="Fact001136" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">15,336,589</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_uUSD_c20231231_zyONWzzBt9d7" title="Intangible Assets, net" style="text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2023-12-31" id="Fact001138" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,963,486</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AC_zNs2gSCISgOd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
expense of intangible assets totaled HK$<span id="xdx_90F_eus-gaap--AmortizationOfIntangibleAssets_c20210101__20211231_zWNfYrWnZKl4" title="Amortization expense of intangible assets"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2021-01-012021-12-31" id="Fact001140" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">5,996,618</ix:nonFraction></span>, HK$<span id="xdx_906_eus-gaap--AmortizationOfIntangibleAssets_c20220101__20221231_z4VIwIhR02ve" title="Amortization expense of intangible assets"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2022-01-012022-12-31" id="Fact001142" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">6,160,391</ix:nonFraction></span> and HK$<span id="xdx_90E_eus-gaap--AmortizationOfIntangibleAssets_c20230101__20231231_zPGSvWCYxF24" title="Amortization expense of intangible assets"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2023-01-01to2023-12-31" id="Fact001144" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">5,514,165</ix:nonFraction></span> (US$<span id="xdx_904_eus-gaap--AmortizationOfIntangibleAssets_uUSD_c20230101__20231231_zd774O101Xgc" title="Amortization expense of intangible assets"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2023-01-01to2023-12-31" id="Fact001146" format="ixt:numdotdecimal" decimals="0" unitRef="USD">705,958</ix:nonFraction></span>) for the years ended December 31, 2021,
2022 and 2023, respectively. <span id="xdx_90B_eus-gaap--ImpairmentOfIntangibleAssetsFinitelived_do_c20210101__20211231_zx8gyeXqvXV1" title="Impairment charge"><span id="xdx_90F_eus-gaap--ImpairmentOfIntangibleAssetsFinitelived_do_c20220101__20221231_zSaqv3c03Axj" title="Impairment charge"><span id="xdx_908_eus-gaap--ImpairmentOfIntangibleAssetsFinitelived_do_c20230101__20231231_z3Oc6AsyGsTi" title="Impairment charge"><ix:nonFraction name="us-gaap:ImpairmentOfIntangibleAssetsFinitelived" contextRef="From2021-01-012021-12-31" id="Fact001148" format="ixt-sec:numwordsen" decimals="0" unitRef="HKD"><ix:nonFraction name="us-gaap:ImpairmentOfIntangibleAssetsFinitelived" contextRef="From2022-01-012022-12-31" id="Fact001150" format="ixt-sec:numwordsen" decimals="0" unitRef="HKD"><ix:nonFraction name="us-gaap:ImpairmentOfIntangibleAssetsFinitelived" contextRef="From2023-01-01to2023-12-31" id="Fact001152" format="ixt-sec:numwordsen" decimals="0" unitRef="HKD">No</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span> impairment charge was recognized for any of the periods presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001154" name="us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock"><p id="xdx_892_eus-gaap--ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_zWdUICzLQKXb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
expense expected for the next five years is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BC_zo7YSInchwpb" style="display: none">Schedule
of Expected Amortization Expense</span> &#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: left">Twelve months ending December 31,</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_491_20231231_zJ1256rSNWR7" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">HK$</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">US$</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_iI_maFLIANz7Kj_zq4wzowo41Og" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">2024</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" contextRef="AsOf2023-12-31" id="Fact001156" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">4,681,992</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_98B_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_iI_pp0p0_uUSD_c20231231_zqxyYsqtufqb" title="2024" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" contextRef="AsOf2023-12-31" id="Fact001158" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">599,418</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_iI_maFLIANz7Kj_zrtsmMw0rHRh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">2025</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" contextRef="AsOf2023-12-31" id="Fact001160" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">4,281,008</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_iI_pp0p0_uUSD_c20231231_zCe61x89HjU7" title="2025" style="text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" contextRef="AsOf2023-12-31" id="Fact001162" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">548,081</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_iI_maFLIANz7Kj_zqD2QNCRvlq1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2026</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" contextRef="AsOf2023-12-31" id="Fact001164" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">3,654,149</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_iI_pp0p0_uUSD_c20231231_z1ReUi0cqXka" title="2026" style="text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" contextRef="AsOf2023-12-31" id="Fact001166" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">467,827</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_iI_maFLIANz7Kj_z1uSJn8n3unf" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">2027</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" contextRef="AsOf2023-12-31" id="Fact001168" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,787,568</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_iI_pp0p0_uUSD_c20231231_zRKkjJrviwkb" title="2027" style="text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" contextRef="AsOf2023-12-31" id="Fact001170" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">228,856</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_iI_maFLIANz7Kj_zuZNRi9uoPRi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">2028</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:FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" contextRef="AsOf2023-12-31" id="Fact001172" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">931,872</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 id="xdx_98D_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_iI_pp0p0_uUSD_c20231231_zcJ6uTw2qAXj" title="2028" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" contextRef="AsOf2023-12-31" id="Fact001174" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">119,304</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_mtFLIANz7Kj_z7HuGWFosN2j" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2023-12-31" id="Fact001176" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">15,336,589</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8AB_zZEBvRczo65e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 115 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_007" title="Table of Contents">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International Limited and Subsidiaries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001180" name="us-gaap:LesseeOperatingLeasesTextBlock"><p id="xdx_807_eus-gaap--LesseeOperatingLeasesTextBlock_zV7YSZmC8zng" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.
<span id="xdx_82E_z6IS8NWWLsTj">Leases</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company leases office under non-cancelable operating lease agreement. Pursuant to the new lease standard ASC 842-10-55, this lease is
treated as operating leases. The Company&#8217;s lease agreements do not have a discount rate that is readily determinable. The incremental
borrowing rate is determined at lease commencement or lease modification and represents the rate of interest the Company would have to
pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment.
Management determined the incremental borrowing rate was <span id="xdx_903_ecustom--OperatingLeaseBorrowingRate_pid_dp_c20220101__20221231_z0K2Y6nBrx7k" title="Borrowing rate"><ix:nonFraction name="MFI:OperatingLeaseBorrowingRate" contextRef="From2022-01-012022-12-31" id="Fact001182" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.0</ix:nonFraction></span>% and <span id="xdx_903_ecustom--OperatingLeaseBorrowingRate_pid_dp_c20230101__20231231_zGWVeQQBd7x7" title="Borrowing rate"><ix:nonFraction name="MFI:OperatingLeaseBorrowingRate" contextRef="From2023-01-01to2023-12-31" id="Fact001184" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.84</ix:nonFraction></span>% for the lease that began in 2022 and 2023, respectively. This
lease is on a fixed payment basis. None of the leases include contingent rentals.</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001186" name="MFI:ScheduleOfLeaseTermTableTextBlock"><p id="xdx_89C_ecustom--ScheduleOfLeaseTermTableTextBlock_zvAa7sA5Aau4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BF_zU5xR56W7Sy7" style="display: none">Schedule
of Lease Term</span>&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; 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: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description
    of lease</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Lease
    term</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office
    in Wanchai, Hong Kong</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eus-gaap--LesseeOperatingLeaseTermOfContract_iI_dtY_c20231231__us-gaap--LeaseContractualTermAxis__custom--WanchatHongKongOneMember_z4Zf17Qvu0b7" title="Lease term"><ix:nonNumeric contextRef="AsOf2023-12-31_custom_WanchatHongKongOneMember" format="ixt-sec:duryear" id="Fact001188" name="us-gaap:LesseeOperatingLeaseTermOfContract">3</ix:nonNumeric></span>
    years from January 31, 2019 to January 30, 2022</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office
    at Wanchai, Hong Kong</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    years from January 31, 2022 to January 30, 2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office
    at Wanchai, Hong Kong</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--LesseeOperatingLeaseTermOfContract_iI_dtY_c20231231__us-gaap--LeaseContractualTermAxis__custom--WanchatHongKongThreeMember_zZn8SdagDhsi" title="Lease term"><ix:nonNumeric contextRef="AsOf2023-12-31_custom_WanchatHongKongThreeMember" format="ixt-sec:duryear" id="Fact001192" name="us-gaap:LesseeOperatingLeaseTermOfContract">2</ix:nonNumeric></span>
    years from January 31, 2024 to January 30, 2026</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A8_zJg8FT3DDwi2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Amounts recognized in the consolidated balance sheet:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001194" name="MFI:ScheduleOfOperatingLeaseSupplementalInformationTableTextBlock"><p id="xdx_895_ecustom--ScheduleOfOperatingLeaseSupplementalInformationTableTextBlock_zIRW2gkTGsM4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BC_zC8nl7alZFfl" style="display: none">Schedule
of Operating Lease Amounts Recognized in the Consolidated Balance Sheet</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr id="xdx_404_eus-gaap--OperatingLeaseRightOfUseAsset_iI_zx8ucmJ87ny7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <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_40C_eus-gaap--OperatingLeaseLiabilityCurrent_iI_z6rNxPMLBRb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Operating lease liabilities - current</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2022-12-31" id="Fact001201" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,624,066</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40A_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_z280XNJAj5Ua" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Operating lease liabilities - non-current</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

</ix:nonNumeric><p id="xdx_8A7_zROU4pXKKyUk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001219" name="us-gaap:LeaseCostTableTextBlock"><p id="xdx_89E_eus-gaap--LeaseCostTableTextBlock_zUPIl4UNc2sg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
A summary of lease cost recognized in the Company&#8217;s consolidated statements of income and supplemental cash flow information related
to operating leases is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B0_zj4cz6PfgW1i" style="display: none">Schedule
of Lease Cost</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="vertical-align: bottom">
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  <tr id="xdx_40A_eus-gaap--OperatingLeasePayments_zwYmysUvZEnh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_407_ecustom--OperatingLeaseRightofuseAssetsObtainedInExchangeForOperatingLeaseLiabilities_z44oIcS4rkIj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Operating lease right-of-use assets, obtained in exchange for operating lease liabilities</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <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="MFI:OperatingLeaseRightofuseAssetsObtainedInExchangeForOperatingLeaseLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact001241" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">2,824,383</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A6_zLUQEsJm8leg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001245" name="us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock"><p id="xdx_891_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zIJESMtYq0Wh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
The following table shows the remaining contractual maturities of the Company&#8217;s operating lease liabilities as of December 31,
2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BD_zZX869qOlux2" style="display: none">Schedule
of Remaining Contractual Maturities of Operating Lease Liabilities</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_490_20231231_zOEsh4vVsCi9" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">HK$</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">US$</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_maLOLLPzjYr_zqX4yt5qNEHg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">2024</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_980_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pp0p0_uUSD_c20231231_zXRDSVUg1yc4" title="2024" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" contextRef="AsOf2023-12-31" id="Fact001249" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">192,039</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_maLOLLPzjYr_zq9vRFL49DQb" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">2025</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" contextRef="AsOf2023-12-31" id="Fact001251" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,485,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pp0p0_uUSD_c20231231_z3g7PyRMUehj" title="2025" style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" contextRef="AsOf2023-12-31" id="Fact001253" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">190,119</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_maLOLLPzjYr_zIx6u7nuLoBb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">2026</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:LesseeOperatingLeaseLiabilityPaymentsDueYearThree" contextRef="AsOf2023-12-31" id="Fact001255" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">123,750</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 id="xdx_982_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pp0p0_uUSD_c20231231_zqf5PuizVJYd" title="2026" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree" contextRef="AsOf2023-12-31" id="Fact001257" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">15,843</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_mtLOLLPzjYr_zixNiiCTKANl" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total future lease payments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2023-12-31" id="Fact001259" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">3,108,750</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_404_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_di_zsUSgTqV4Mbd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Less: imputed interest</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:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" contextRef="AsOf2023-12-31" id="Fact001263" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">145,617</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pp0p0_di_uUSD_c20231231_zVDJNSXFzSI7" title="Less: imputed interest" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" contextRef="AsOf2023-12-31" id="Fact001265" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">18,643</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40F_eus-gaap--OperatingLeaseLiability_iTI_zXMT4J5DfUt5" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Present value of operating lease liabilities</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:OperatingLeaseLiability" contextRef="AsOf2023-12-31" id="Fact001267" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">2,963,133</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--OperatingLeaseLiability_iTI_pp0p0_uUSD_c20231231_zafkl8EkEkC3" title="Present value of operating lease liabilities" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2023-12-31" id="Fact001269" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">379,358</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A6_zpuqUOAi97oa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 116 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_007" title="Table of Contents">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International Limited and Subsidiaries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001271" name="us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock"><p id="xdx_80A_eus-gaap--AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_zF39HC3pa4T2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.
<span id="xdx_826_z03BtRs2g5Ak">Accrued Expenses and Other Current Liabilities</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001273" name="us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock"><p id="xdx_897_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zZqAp9ndozji" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Components
of accrued expenses and other current liabilities are as follows as of December 31:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B6_zA7AHCc5Rfsc" style="display: none">Schedule
of Components of Accrued Expenses and Other Current Liabilities</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_492_20221231_zNv9SRvW9r8e" 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_20231231_zQPgkCU830A3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</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">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">US$</td><td style="font-weight: bold">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--AccruedBonusesCurrent_iI_maAPAOAzAjy_zAscio2bpnP5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left">Accrued bonus</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:AccruedBonusesCurrent" contextRef="AsOf2022-12-31" id="Fact001275" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,099,913</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: 12%; text-align: right"><ix:nonFraction name="us-gaap:AccruedBonusesCurrent" contextRef="AsOf2023-12-31" id="Fact001276" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,319,259</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_987_eus-gaap--AccruedBonusesCurrent_iI_pp0p0_uUSD_c20231231_zD5KdaYWl6Mc" title="Accrued bonus" style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:AccruedBonusesCurrent" contextRef="AsOf2023-12-31" id="Fact001278" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">168,900</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--AccruedProfessionalFeesCurrent_iI_maAPAOAzAjy_zkuYQSajyeSe" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Accrued legal and professional fee</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AccruedProfessionalFeesCurrent" contextRef="AsOf2022-12-31" id="Fact001280" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">201,380</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:AccruedProfessionalFeesCurrent" contextRef="AsOf2023-12-31" id="Fact001281" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">168,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eus-gaap--AccruedProfessionalFeesCurrent_iI_pp0p0_uUSD_c20231231_zlCOCsAqygIj" title="Accrued legal and professional fee" style="text-align: right"><ix:nonFraction name="us-gaap:AccruedProfessionalFeesCurrent" contextRef="AsOf2023-12-31" id="Fact001283" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">21,508</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--AccruedLiabilitiesCurrent_iI_maAPAOAzAjy_z7tp9kOAuGcb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Accrued expenses</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:AccruedLiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact001285" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">542,953</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact001286" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">295,006</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 id="xdx_98D_eus-gaap--AccruedLiabilitiesCurrent_iI_pp0p0_uUSD_c20231231_zXpTds6lH8bb" title="Accrued expenses" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact001288" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">37,769</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_iTI_mtAPAOAzAjy_zYYKIVfgtgD7" style="vertical-align: bottom; background-color: White">
    <td><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span>&#12288;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact001290" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,844,246</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:AccountsPayableAndOtherAccruedLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact001291" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,782,265</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eus-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_iTI_pp0p0_uUSD_c20231231_zfdxOqzQrlDd" title="Total" style="text-align: right"><ix:nonFraction name="us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact001293" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">228,177</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A7_zOZ3ldV4WfR6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001295" name="us-gaap:DebtDisclosureTextBlock"><p id="xdx_804_eus-gaap--DebtDisclosureTextBlock_zjNcNYYXbsZ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.
<span id="xdx_825_zsuJfQWW2qbe">Bank Borrowings</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001297" name="us-gaap:ScheduleOfDebtTableTextBlock"><p id="xdx_89A_eus-gaap--ScheduleOfDebtTableTextBlock_ze4sQFc1a1Hf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Components
of bank borrowings are as follows as of December 31:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_zIuM8ESaf2Ve" style="display: none">Schedule
of Bank Borrowings</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49B_20221231_zp5TJ428nvO2" 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_493_20231231_zpsElRaIkOC7" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</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">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">US$</td><td style="font-weight: bold">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--LongTermDebt_iI_hus-gaap--CreditFacilityAxis__custom--BankOfCommunicationsLimitedMember__us-gaap--DebtInstrumentAxis__custom--LoanOneMember_zXjXZr5fgdk9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left">Bank of Communications (Hong Kong) Limited &#8211; Loan 1 <span id="xdx_F4C_zYFTUGP0xUtd">(1)</span></td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-12-31_custom_BankOfCommunicationsLimitedMember_custom_LoanOneMember" id="Fact001299" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">5,626,386</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: 12%; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-12-31_custom_BankOfCommunicationsLimitedMember_custom_LoanOneMember" id="Fact001300" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">4,031,479</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_987_eus-gaap--LongTermDebt_iI_pp0p0_uUSD_c20231231__us-gaap--CreditFacilityAxis__custom--BankOfCommunicationsLimitedMember__us-gaap--DebtInstrumentAxis__custom--LoanOneMember_fKDEp_zYVBKI6ApNa7" title="Bank of Communications (Hong Kong) Limited Loan 1 (1)" style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-12-31_custom_BankOfCommunicationsLimitedMember_custom_LoanOneMember" id="Fact001302" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">516,135</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--LongTermDebt_iI_hus-gaap--CreditFacilityAxis__custom--StandardCharteredBankLimitedMember__us-gaap--DebtInstrumentAxis__custom--LoanTwoMember_zhhEZUufjS89" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Standard Chartered Bank (Hong Kong) Limited &#8211; Loan 2 <span id="xdx_F4D_zYY0BPK6Any">(2)</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-12-31_custom_StandardCharteredBankLimitedMember_custom_LoanTwoMember" id="Fact001304" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">4,321,239</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:LongTermDebt" contextRef="AsOf2023-12-31_custom_StandardCharteredBankLimitedMember_custom_LoanTwoMember" id="Fact001305" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">3,140,250</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eus-gaap--LongTermDebt_iI_pp0p0_uUSD_c20231231__us-gaap--CreditFacilityAxis__custom--StandardCharteredBankLimitedMember__us-gaap--DebtInstrumentAxis__custom--LoanTwoMember_fKDIp_z7M863hLHQFd" title="Standard Chartered Bank (Hong Kong) Limited Loan 2 (2)" style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-12-31_custom_StandardCharteredBankLimitedMember_custom_LoanTwoMember" id="Fact001307" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">402,034</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--LongTermDebt_iI_hus-gaap--CreditFacilityAxis__custom--StandardCharteredBankLimitedMember__us-gaap--DebtInstrumentAxis__custom--LoanThreeMember_ze0pxfWhBIbl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Standard Chartered Bank (Hong Kong) Limited &#8211; Loan 3 <span id="xdx_F4D_zpLTu1kGNET7">(3)</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-12-31_custom_StandardCharteredBankLimitedMember_custom_LoanThreeMember" id="Fact001309" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">2,791,603</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:LongTermDebt" contextRef="AsOf2023-12-31_custom_StandardCharteredBankLimitedMember_custom_LoanThreeMember" id="Fact001310" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">2,114,745</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_eus-gaap--LongTermDebt_iI_pp0p0_uUSD_c20231231__us-gaap--CreditFacilityAxis__custom--StandardCharteredBankLimitedMember__us-gaap--DebtInstrumentAxis__custom--LoanThreeMember_fKDMp_zB5u9ClaTjV8" title="Standard Chartered Bank (Hong Kong) Limited Loan 3 (3)" style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-12-31_custom_StandardCharteredBankLimitedMember_custom_LoanThreeMember" id="Fact001312" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">270,743</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--LongTermDebt_iI_hus-gaap--CreditFacilityAxis__custom--StandardCharteredBankLimitedMember__us-gaap--DebtInstrumentAxis__custom--LoanFourMember_zKJmfit5Bfk6" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Standard Chartered Bank (Hong Kong) Limited &#8211; Loan 4 <span id="xdx_F4C_z4NxnMKJkMJh">(4)</span></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:LongTermDebt" contextRef="AsOf2022-12-31_custom_StandardCharteredBankLimitedMember_custom_LoanFourMember" id="Fact001314" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">881,170</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-12-31_custom_StandardCharteredBankLimitedMember_custom_LoanFourMember" id="Fact001315" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">640,282</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 id="xdx_988_eus-gaap--LongTermDebt_iI_pp0p0_uUSD_c20231231__us-gaap--CreditFacilityAxis__custom--StandardCharteredBankLimitedMember__us-gaap--DebtInstrumentAxis__custom--LoanFourMember_fKDQp_z3WTWwTxLKVh" title="Standard Chartered Bank (Hong Kong) Limited Loan 4 (4)" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-12-31_custom_StandardCharteredBankLimitedMember_custom_LoanFourMember" id="Fact001317" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">81,973</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--LongTermDebt_iI_zqVIMgIDt28h" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Total</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-12-31" id="Fact001319" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">13,620,398</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:LongTermDebt" contextRef="AsOf2023-12-31" id="Fact001320" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">9,926,756</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--LongTermDebt_iI_pp0p0_uUSD_c20231231_zlXwtuOLbxOe" title="Total" style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-12-31" id="Fact001322" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,270,885</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><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--LongTermDebtCurrent_iNI_di_ztMkFzZrjK2i" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Less: current portion of long-term bank borrowings</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_400_eus-gaap--LongTermDebtNoncurrent_iI_zt2BkuJnR8Ma" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Non-current portion of long-term bank borrowings</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtNoncurrent" contextRef="AsOf2023-12-31" id="Fact001330" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">6,062,904</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eus-gaap--LongTermDebtNoncurrent_iI_pp0p0_uUSD_c20231231_zeteW3LJ85e9" title="Non-current portion of long-term bank borrowings" style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtNoncurrent" contextRef="AsOf2023-12-31" id="Fact001332" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">776,211</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<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_F05_z3wH1TRz7QJg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1E_z7bLxDML3Xo1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001333" xml:lang="en-US">On
    April 25, 2019, m-FINANCE borrowed HK$<span id="xdx_908_eus-gaap--LongTermDebt_iI_c20190425__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_znGSpsUPFBc7" title="Borrowed amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEJhbmsgQm9ycm93aW5ncyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2019-04-25_custom_LoanAgreementMember" id="Fact001335" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">11,000,000</ix:nonFraction></span> as working capital for <span id="xdx_90D_eus-gaap--DebtInstrumentTerm_dtY_c20190425__20190425__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zfg8UjZQx2s1" title="Debt instrument term" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEJhbmsgQm9ycm93aW5ncyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonNumeric contextRef="From2019-04-252019-04-25_custom_LoanAgreementMember" format="ixt-sec:duryear" id="Fact001337" name="us-gaap:DebtInstrumentTerm">7</ix:nonNumeric></span> years from April 25, 2019 to April 24, 2026 at an annual
    interest rate of <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20190425__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zP1ULv0JYsd2" title="Interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEJhbmsgQm9ycm93aW5ncyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2019-04-25_custom_LoanAgreementMember" id="Fact001339" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.125</ix:nonFraction></span>% under the loan agreement with Bank of Communications (Hong Kong) Limited signed on April 16, 2019. The loan
    was secured by personal guarantee from Tai Wai (Stephen) Lam, who is the director and shareholder of the Company.</ix:footnote></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <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_F08_z5O0tBEfGyde" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_zM49z8dqWxQ9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001340" xml:lang="en-US">On
    December 22, 2020, m-FINANCE borrowed HK$<span id="xdx_905_eus-gaap--LongTermDebt_iI_c20201222__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zh1Sf3U1AVd6" title="Borrowed amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEJhbmsgQm9ycm93aW5ncyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2020-12-22_custom_LoanAgreementMember" id="Fact001342" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">5,000,000</ix:nonFraction></span> as working capital for <span id="xdx_900_eus-gaap--DebtInstrumentTerm_dtM_c20201222__20201222__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zpFfbLQOeX89" title="Debt instrument term" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEJhbmsgQm9ycm93aW5ncyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonNumeric contextRef="From2020-12-222020-12-22_custom_LoanAgreementMember" format="ixt-sec:durmonth" id="Fact001344" name="us-gaap:DebtInstrumentTerm">60</ix:nonNumeric></span> months from December 22, 2020 to December 22, 2025 at
    an annual interest rate of <span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20201222__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zNgC6BfxHnW1" title="Interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEJhbmsgQm9ycm93aW5ncyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-12-22_custom_LoanAgreementMember" id="Fact001346" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.75</ix:nonFraction></span>% under the loan agreement with Standard Chartered Bank (Hong Kong) Limited. The loan was secured
    by personal guarantees from Tai Wai (Stephen) Lam and Chi Weng Tam, who are the directors and shareholders of the Company.</ix:footnote></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <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_zwXLbm2bWeXb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1F_zVO7pkNsgfFb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001347" xml:lang="en-US">On
    November 2, 2021, mFTT borrowed HK$<span id="xdx_90C_eus-gaap--LongTermDebt_iI_c20211102__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zUdVehGFg7ae" title="Borrowed amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEJhbmsgQm9ycm93aW5ncyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2021-11-02_custom_LoanAgreementMember" id="Fact001349" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">2,847,150</ix:nonFraction></span> as working capital for <span id="xdx_909_eus-gaap--DebtInstrumentTerm_dtY_c20211102__20211102__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_z0fZDbMjikS6" title="Debt instrument term" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEJhbmsgQm9ycm93aW5ncyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonNumeric contextRef="From2021-11-022021-11-02_custom_LoanAgreementMember" format="ixt-sec:duryear" id="Fact001351" name="us-gaap:DebtInstrumentTerm">5</ix:nonNumeric></span> years from November 2, 2021 to November 2, 2026 at an annual
    interest rate of <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20211102__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_z9uYEViFJyR8" title="Interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEJhbmsgQm9ycm93aW5ncyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-11-02_custom_LoanAgreementMember" id="Fact001353" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.75</ix:nonFraction></span>% under the loan agreement with Standard Chartered Bank (Hong Kong) Limited. The loan was secured by personal
    guarantees from Tai Wai (Stephen) Lam, who is one of the directors and shareholders of the Company.</ix:footnote></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <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_F0D_zWvD1iXmwrBb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F18_ztxgYlK7KNb5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001354" xml:lang="en-US">On
    May 31, 2021, m-FINANCE borrowed HK$<span id="xdx_902_eus-gaap--LongTermDebt_iI_c20210531__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zMPnNu4Gv6U7" title="Borrowed amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEJhbmsgQm9ycm93aW5ncyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2021-05-31_custom_LoanAgreementMember" id="Fact001356" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,000,000</ix:nonFraction></span> as working capital for <span id="xdx_90F_eus-gaap--DebtInstrumentTerm_dtY_c20210531__20210531__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_z91PwTU9ES34" title="Debt instrument term" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEJhbmsgQm9ycm93aW5ncyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonNumeric contextRef="From2021-05-312021-05-31_custom_LoanAgreementMember" format="ixt-sec:duryear" id="Fact001358" name="us-gaap:DebtInstrumentTerm">5</ix:nonNumeric></span> years from May 31, 2021 to May 31, 2026 at an annual interest
    rate of <span id="xdx_905_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20210531__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zL4uoJeYnFZe" title="Interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEJhbmsgQm9ycm93aW5ncyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-05-31_custom_LoanAgreementMember" id="Fact001360" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.75</ix:nonFraction></span>% under the loan agreement with Standard Chartered Bank (Hong Kong) Limited. The loan was secured by personal guarantees
    from Tai Wai (Stephen) Lam, who is one of the directors and shareholders of the Company.</ix:footnote></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A7_zsNzBJAgfYSb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
expenses pertaining to the above bank borrowings for the years ended December 31, 2021, 2022 and 2023 amounted to HK$<span id="xdx_904_eus-gaap--InterestExpenseDebt_c20210101__20211231_zyzsRAcUAWP6" title="Interest expense"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2021-01-012021-12-31" id="Fact001362" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">479,904</ix:nonFraction></span>, HK$<span id="xdx_90C_eus-gaap--InterestExpenseDebt_c20220101__20221231_zLcQ72lPFnK9" title="Interest expense"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2022-01-012022-12-31" id="Fact001364" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">443,577</ix:nonFraction></span>
and HK$<span id="xdx_90D_eus-gaap--InterestExpenseDebt_c20230101__20231231_zF2FPwrIICzh" title="Interest expense"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2023-01-01to2023-12-31" id="Fact001366" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">483,623</ix:nonFraction></span> (US$<span id="xdx_907_eus-gaap--InterestExpenseDebt_uUSD_c20230101__20231231_z6ixDXGCor27" title="Interest expense"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2023-01-01to2023-12-31" id="Fact001368" format="ixt:numdotdecimal" decimals="0" unitRef="USD">61,916</ix:nonFraction></span>), respectively. The weighted average annual interest rate for the years ended December 31, 2021, 2022 and 2023
was <span id="xdx_90B_eus-gaap--DebtWeightedAverageInterestRate_iI_pid_dp_c20211231_zxXDF3IZVMHg" title="Weighted average annual interest rate"><ix:nonFraction name="us-gaap:DebtWeightedAverageInterestRate" contextRef="AsOf2021-12-31" id="Fact001370" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.0</ix:nonFraction></span>%, <span id="xdx_904_eus-gaap--DebtWeightedAverageInterestRate_iI_pid_dp_c20221231_zzJ4I9xcz9X9" title="Weighted average annual interest rate"><ix:nonFraction name="us-gaap:DebtWeightedAverageInterestRate" contextRef="AsOf2022-12-31" id="Fact001372" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.3</ix:nonFraction></span>% and <span id="xdx_906_eus-gaap--DebtWeightedAverageInterestRate_iI_pid_dp_c20231231_zLPOoNUkJITi" title="Weighted average annual interest rate"><ix:nonFraction name="us-gaap:DebtWeightedAverageInterestRate" contextRef="AsOf2023-12-31" id="Fact001374" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.87</ix:nonFraction></span>%, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001376" name="us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock"><p id="xdx_892_eus-gaap--ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_zArqYy1VC0ak" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturities
of the bank borrowings were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BF_zkjC5e6ViRWg" style="display: none">Schedule
of Maturities of the Bank Borrowings</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_494_20231231_zcC89yEobnPg" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">HK$</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">US$</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_maDICAzj7x_zILC46DL21L5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">2024</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" contextRef="AsOf2023-12-31" id="Fact001378" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">4,180,517</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_983_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_pp0p0_uUSD_c20231231_z8tp65qdAzbb" title="2024" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" contextRef="AsOf2023-12-31" id="Fact001380" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">535,216</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_maDICAzj7x_zri5ROEeYWSi" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">2025</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" contextRef="AsOf2023-12-31" id="Fact001382" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">4,180,517</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_pp0p0_uUSD_c20231231_zFbqBJ9z06F8" title="2025" style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" contextRef="AsOf2023-12-31" id="Fact001384" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">535,216</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_maDICAzj7x_zx4JmjK3crQg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2026</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" contextRef="AsOf2023-12-31" id="Fact001386" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">2,082,182</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8AE_zTBqVvvjTmAk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 117 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_007" title="Table of Contents">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>
<!-- Field: Split-Segment; Name: 01 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International Limited and Subsidiaries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001402" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_802_eus-gaap--IncomeTaxDisclosureTextBlock_zppfTzyyW1Ie" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.
<span id="xdx_827_zV9iZxZADgz">Income Taxes</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">British
Virgin Islands</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the current and applicable laws of BVI, the Company is not subject to tax on income or capital gains.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s subsidiary, m-FINANCE Software (Shenzhen) Limited (&#8220;SZ WFOE&#8221;) established in the PRC is subject to PRC Enterprises
Income Tax rate of <span id="xdx_903_eus-gaap--EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_pid_dp_c20230101__20231231__srt--StatementGeographicalAxis__country--CN_z23khJZSP40c" title="Income tax rate"><span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_pid_dp_c20220101__20221231__srt--StatementGeographicalAxis__country--CN_zZmJbTpZuPYa" title="Income tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" contextRef="From2023-01-012023-12-31_country_CN" id="Fact001404" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" contextRef="From2022-01-012022-12-31_country_CN" id="Fact001406" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction></ix:nonFraction></span></span>% for both current year and prior year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong
Kong</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the relevant tax laws and regulations of Hong Kong, a company registered in Hong Kong is subject to income taxes within
Hong Kong at the applicable tax rate on taxable income. From year of assessment of 2018/2019 onwards, Hong Kong profit tax rates are
<span id="xdx_90E_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_pid_dp_c20230101__20231231__srt--StatementGeographicalAxis__country--HK__srt--RangeAxis__srt--MinimumMember_zXaQPuUYUDXf" title="Profit tax rates"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate" contextRef="From2023-01-012023-12-31_country_HK_srt_MinimumMember" id="Fact001408" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8.25</ix:nonFraction></span>% on assessable profits up to HK$<span id="xdx_909_eus-gaap--IncomeTaxExpenseBenefit_dp_uHKD_c20230101__20231231__srt--StatementGeographicalAxis__country--HK__srt--RangeAxis__srt--MinimumMember_zMRNgN9ozZU9" title="Income tax profits"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2023-01-012023-12-31_country_HK_srt_MinimumMember" id="Fact001410" format="ixt:numdotdecimal" decimals="0" scale="-2" unitRef="HKD">2,000,000</ix:nonFraction></span>, and <span id="xdx_909_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_pid_dp_c20230101__20231231__srt--StatementGeographicalAxis__country--HK__srt--RangeAxis__srt--MaximumMember_zEowq3vuhXpb" title="Profit tax rates"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate" contextRef="From2023-01-012023-12-31_country_HK_srt_MaximumMember" id="Fact001412" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">16.5</ix:nonFraction></span>% on any part of assessable profits over HK$<span id="xdx_90F_eus-gaap--IncomeTaxExpenseBenefit_dp_uHKD_c20230101__20231231__srt--StatementGeographicalAxis__country--HK__srt--RangeAxis__srt--MaximumMember_zoypdhc7kXy6" title="Income tax profits"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2023-01-012023-12-31_country_HK_srt_MaximumMember" id="Fact001414" format="ixt:numdotdecimal" decimals="0" scale="-2" unitRef="HKD">2,000,000</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001416" name="us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"><p id="xdx_89D_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_z84g9ChcG3E2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
components of the income tax provision are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BB_zdqzoQbqDJ8i" style="display: none">Schedule
of Components of the Income Tax Provision</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="display: none; vertical-align: bottom">
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    <td colspan="2" id="xdx_49A_20210101__20211231_z5TTAJpwp524" 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>
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    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AF_z4oBJghrkZPf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001436" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"><p id="xdx_890_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zPvmRGClv5Kh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company measures deferred tax assets and liabilities based on the difference between the financial statement and tax bases of assets
and liabilities at the applicable tax rates. Components of the Company&#8217;s deferred tax asset and liability are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BD_zZq0By5tEGP5" style="display: none">Schedule
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<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td style="font-weight: bold">&#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><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_400_eus-gaap--DeferredTaxLiabilitiesNetAbstract_iB_zWRHqT3iUKe8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Deferred tax liabilities:</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><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--DeferredTaxLiabilitiesDeferredExpenseCapitalizedResearchAndDevelopmentCosts_iNI_di_maDTLzMW7_zxP7LFL7EKPl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; text-align: left">Deferred tax liabilities, net</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8AA_zJOXcdjNGKlg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company evaluated the recoverable amounts of deferred tax assets, and provided a valuation allowance to the extent that future taxable
profits will be available against which the net operating loss and temporary difference can be utilized. The Company considers both positive
and negative factors when assessing the future realization of the deferred tax assets and applied weigh to the relative impact of the
evidence to the extent it could be objectively verified.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Company had net operating loss carry-forward of HK$<span id="xdx_903_eus-gaap--OperatingLossCarryforwards_iI_c20231231_zjwwrrnUSSp9" title="Net operating loss carryforward"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2023-12-31" id="Fact001488" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">879,659</ix:nonFraction></span> (US$<span id="xdx_900_eus-gaap--OperatingLossCarryforwards_iI_uUSD_c20231231_zfISxy5nlhy2" title="Net operating loss carryforward"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2023-12-31" id="Fact001490" format="ixt:numdotdecimal" decimals="0" unitRef="USD">112,619</ix:nonFraction></span>), including HK$<span id="xdx_90E_eus-gaap--OperatingLossCarryforwards_iI_c20231231__dei--LegalEntityAxis__custom--MFinanceMember_z5dbXvV9533g" title="Net operating loss carryforward"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2023-12-31_custom_MFinanceMember" id="Fact001492" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">664,863</ix:nonFraction></span> (US$<span id="xdx_909_eus-gaap--OperatingLossCarryforwards_iI_uUSD_c20231231__dei--LegalEntityAxis__custom--MFinanceMember_zvJRIfYGOPj5" title="Net operating loss carryforward"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2023-12-31_custom_MFinanceMember" id="Fact001494" format="ixt:numdotdecimal" decimals="0" unitRef="USD">85,119</ix:nonFraction></span>) and
HK$<span id="xdx_903_eus-gaap--OperatingLossCarryforwards_iI_c20231231__dei--LegalEntityAxis__custom--MFTTMember_zokh43KUF4J1" title="Net operating loss carryforward"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2023-12-31_custom_MFTTMember" id="Fact001496" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">214,796</ix:nonFraction></span> (US$<span id="xdx_901_eus-gaap--OperatingLossCarryforwards_iI_uUSD_c20231231__dei--LegalEntityAxis__custom--MFTTMember_zXXv1QRf3zTa" title="Net operating loss carryforward"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2023-12-31_custom_MFTTMember" id="Fact001498" format="ixt:numdotdecimal" decimals="0" unitRef="USD">27,500</ix:nonFraction></span>) from m-FINANCE and mFTT, respectively. These losses can offset future taxable income and can be carried forward
indefinitely under the current tax legislation in Hong Kong. Therefore, the Company determined that no valuation allowance was required
as it was more likely than not that the net operating losses would be realized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognized deferred tax liabilities related to taxable temporary differences arising on amortization of capitalized development
costs. The deferred tax liabilities will reverse as the capitalized development costs are amortized.<br/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 118 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_007" title="Table of Contents">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International Limited and Subsidiaries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.
Income Taxes (Continued)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" continuedAt="ConU001504-01" escape="true" id="Fact001504" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><p id="xdx_896_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_gL3SOEITRRTTB-OTHLTXL_zkGIgvfV0CTd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reconciliation
between the provision for income taxes computed by applying the Hong Kong Profits Tax rate of 16.5% to income before income taxes and
the actual provision of income taxes is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B3_zQi47V9tINoc" style="display: none">Schedule
of Reconciliation of Provision for Income Taxes</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
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<tr style="vertical-align: bottom">
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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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</ix:nonNumeric><p id="xdx_8AF_zoW1WShPsFnk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
uncertain tax position is recognized as a benefit only if it is &#8220;more likely than not&#8221; that the tax position would be sustained
in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on
examination. For tax positions not meeting the &#8220;more likely than not&#8221; test, no tax benefit is recorded. Penalties and interest
incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties
or interest relating to income taxes have been incurred during the years ended December 31, 2021, 2022 and 2023.</span></p>

<div id="xdx_C00_gL3SOEITRRTTB-OTHLTXL_zxjlTxBHOoOi"><ix:continuation continuedAt="ConU001504-02" id="ConU001504-01"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <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 id="xdx_F09_zeaBqrzeWQ27" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
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    and development credit was arising from the tax authority of Hong Kong provided enhanced tax deduction for expenditure incurred by
    enterprises on a qualifying research and development activity and enterprises will be able to enjoy additional tax deduction for
    expenditure incurred on domestic research and development.</ix:footnote></span></td></tr>
  </table>
</ix:continuation></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_C04_gL3SOEITRRTTB-OTHLTXL_zXWEFbHGBlvh"><ix:continuation continuedAt="ConU001504-03" id="ConU001504-02">&#160;</ix:continuation></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
and development expenditures eligible for deduction are classified into &#8220;Type A expenditures&#8221; which are qualified for 100
per cent deduction, and &#8220;Type B expenditures&#8221; which are qualified for the enhanced tax deduction. Type B expenditures have
a two-tiered deduction regime. The deduction is 300 per cent for the first HK$<span id="xdx_90A_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment_pn6n6_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LocalResearchInstitutionsMember_znJoCTHxwPC8" title="Research and development activities"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment" contextRef="From2023-01-012023-12-31_custom_LocalResearchInstitutionsMember" id="Fact001575" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="HKD">2</ix:nonFraction></span> million of the aggregate amounts of payments made to designated
local research institutions for qualifying research and development activities and expenditures incurred by enterprises from carrying
out in-house qualifying research and development activities. The remaining amount is qualified for 200 per cent deduction. There is no
cap on the amount of enhanced tax deduction and the deduction is applicable to all enterprises. Enterprises can claim the enhanced tax
deduction in relation to the qualifying research and development expenditures on or after April 1, 2018. Since the Company&#8217;s expenditures
on research and development were incurred from carrying out in-house qualifying research and development activities, its expenditures
on research and development were eligible for deduction as Type B expenditures.</span></p>

<div id="xdx_C0C_gL3SOEITRRTTB-OTHLTXL_zjxtK9kFHTA"><ix:continuation continuedAt="ConU001504-04" id="ConU001504-03"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <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 id="xdx_F02_zCqf1dzH2Bpa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_zAGrCyVB114b" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001576" xml:lang="en-US">These
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:continuation></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_C0C_gL3SOEITRRTTB-OTHLTXL_zEIYBmXW3ife"><ix:continuation id="ConU001504-04">&#160;</ix:continuation></span></span></p>


<ix:exclude><!-- Field: Page; Sequence: 119 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_007" title="Table of Contents">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International Limited and Subsidiaries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001578" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_80B_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_znnJ6AqbIV5g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.
<span id="xdx_820_z10aS6P9WUG6">Related Party Balance and Transactions</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001580" name="MFI:ScheduleOfDueFromRelatedPartiesTableTextBlock"><p id="xdx_893_ecustom--ScheduleOfDueFromRelatedPartiesTableTextBlock_zeR7oZA5Xrzk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.
Due from related parties</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none"><span id="xdx_8BB_zJfAf7dUMnR4">Schedule of Amounts Due from Related Parties</span></span></span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tai
    Wai (Stephen) Lam, a director and a shareholder of the Company.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chi
    Weng Tam, a director, an executive officer and a shareholder of the Company.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
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    Global Technologies Limited, controlled by DTXS FinTech Holdings Limited.</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>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

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    <td><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></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; text-align: justify"></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; display: none; 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 id="xdx_F0F_zPTpa3BdKP9f" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F17_zpp80ZCi6iRb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001625" xml:lang="en-US">Tai
    Wai (Stephen) Lam, a director and a shareholder of the Company.</ix:footnote></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F06_zDE0Z30A7Mid" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F18_ztFLPLH2vky6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001626" xml:lang="en-US">Chi
    Weng Tam, a director, an executive officer and a shareholder of the Company.</ix:footnote></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; display: none; 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"><span id="xdx_F06_z7x36iM6nL84" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_zkKoT0JLwT7f" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001627" xml:lang="en-US">PrimeTime
    Global Technologies Limited, controlled by DTXS FinTech Holdings Limited.</ix:footnote></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; display: none; 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"><span id="xdx_F0D_zATbRRxr5Fma" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F15_znIlk9gZe5Sa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001628" xml:lang="en-US">PrimeTime
    Global Markets Limited, controlled by DTXS PrimeTime Holdings Limited.</ix:footnote></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; display: none; 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"><span id="xdx_F0F_zXNYzJqOB3E9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1A_zpQMVgvmWsKc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001629" xml:lang="en-US">DTXS
    Fintech Holdings Limited, controlled by Metallic Icon Limited.</ix:footnote></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; display: none; 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"><span id="xdx_F0B_zwQurO1cuPM5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_zojb3zzdgyC" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001630" xml:lang="en-US">Metallic
    Icon Limited, controlled by Gaderway Investments Limited.</ix:footnote></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; display: none; 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"><span id="xdx_F03_z07HT1SaxbP7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1E_zLPy1cKKxV09" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001631" xml:lang="en-US">DTXS
    PrimeTime Holdings Limited, controlled by Metallic Icon Limited.</ix:footnote></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; display: none; 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"><span id="xdx_F08_zUr1waD1YQQ1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1F_zEoPRlDNl3fa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001632" xml:lang="en-US">Gaderway
    Investments Limited, the shareholder of the Company.</ix:footnote></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; display: none; 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"><span id="xdx_F04_zOewGMiiTrI6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F16_zFAUYhxLw2Dc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001633" xml:lang="en-US">Digital
    Mind Holdings Limited, controlled by Metallic Icon Limited.</ix:footnote></span></td></tr>
</table>

<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_F0D_zDd9dkorqa6i" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="xdx_F1B_zytv5V9sWAU7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001634" xml:lang="en-US">The
    balance represented the advances to the directors. These amounts were unsecured, interest-free and repayable on demand. The outstanding
    balances have been assigned to Digital Mind Holdings Limited on June 29, 2022. The amounts due from related parties were presented
    as a reduction of the shareholder&#8217;s equity as of December 31, 2021 pursuant to the Codification of Staff Accounting Bulletins
    Topic 4, section G.</ix:footnote></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F02_zWgiBqQdJqhj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F10_zonSp1DroEpc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001635" xml:lang="en-US">The
    balance represented fund transfer which were unsecured, interest-free and repayable on demand. The outstanding balances have been
    assigned to Digital Mind Holdings Limited on June 29, 2022. The amounts due from related parties were presented as a reduction of
    the shareholder&#8217;s equity as of December 31, 2021 pursuant to the Codification of Staff Accounting Bulletins Topic 4, section
    G.</ix:footnote></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 id="xdx_F01_zi7wAz9e9Xkg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1E_zJVIkYTY5j93" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001636" xml:lang="en-US">The
    balance represented fund transfer which were unsecured, interest-free and repayable on demand. The outstanding balances have been
    assigned to Digital Mind Holdings Limited on June 29, 2022. The amounts due from related parties were presented as a reduction of
    the shareholder&#8217;s equity as of December 31, 2021 pursuant to the Codification of Staff Accounting Bulletins Topic 4, section
    G.</ix:footnote></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 id="xdx_F05_zoDZ6h8Nr3tg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1A_zf4LuYh0DbN2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001637" xml:lang="en-US">The
    balance represented the expenses paid on behalf of DTXS Fintech Holdings Limited. These amounts were unsecured, interest-free and
    repayable on demand. The outstanding balances have been assigned to Digital Mind Holdings Limited on June 29, 2022. The amounts due
    from related parties were presented as a reduction of the shareholder&#8217;s equity as of December 31, 2021 pursuant to the Codification
    of Staff Accounting Bulletins Topic 4, section G.</ix:footnote></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 id="xdx_F0E_zjHbZTmBaLY4" 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: justify"><span id="xdx_F11_zupfj1ZRnFwa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001638" xml:lang="en-US">The
    balance represented the expenses paid on behalf of Metallic Icon Limited and fund transfer. These amounts were unsecured, interest-free
    and repayable on demand. The outstanding balances have been assigned to Digital Mind Holdings Limited on June 29, 2022. The amounts
    due from related parties were presented as a reduction of the shareholder&#8217;s equity as of December 31, 2021 pursuant to the Codification
    of Staff Accounting Bulletins Topic 4, section G.</ix:footnote></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 id="xdx_F02_zbX0ZgX10vCh" 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: justify"><span id="xdx_F1A_zyPx7CG1zjAe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001639" xml:lang="en-US">The
    balance represented the expenses paid on behalf of DTXS PrimeTime Holdings Limited. These amounts were unsecured, interest-free and
    repayable on demand. The outstanding balances have been assigned to Digital Mind Holdings Limited on June 29, 2022. The amounts due
    from related parties were presented as a reduction of the shareholder&#8217;s equity as of December 31, 2021 pursuant to the Codification
    of Staff Accounting Bulletins Topic 4, section G.</ix:footnote></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 id="xdx_F0C_zhsNrsIyaw82" 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: justify"><span id="xdx_F1A_zMrK6bniw2fb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001640" xml:lang="en-US">The
    balance represented the expenses paid on behalf of Gaderway Investments Limited. These amounts were unsecured, interest-free and
    repayable on demand. The outstanding balances have been assigned to Digital Mind Holdings Limited on June 29, 2022. The amounts due
    from related parties were presented as a reduction of the shareholder&#8217;s equity as of December 31, 2021 pursuant to the Codification
    of Staff Accounting Bulletins Topic 4, section G.</ix:footnote></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 id="xdx_F05_zWDEJOHVxwr9" 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: justify"><span id="xdx_F17_zWwi4E1zSzAk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001641" xml:lang="en-US">On
    June 29, 2022, m-FINANCE entered into a sale debt assignment agreement with Digital Mind Holdings Limited, the then shareholder of
    m-FINANCE, in which m-FINANCE consented to the assignment of amounts owed from the related parties, including Tai Wai (Stephen) Lam,
    Chi Weng Tam, PrimeTime Global Technologies Limited, PrimeTime Global Markets Limited, DTXS Fintech Holdings Limited, Metallic Icon
    Limited, DTXS PrimeTime Holdings Limited and Gaderway Investments Limited in the total amount of HK$<span id="xdx_90D_eus-gaap--InvestmentOwnedBalancePrincipalAmount_iI_c20220629__us-gaap--TypeOfArrangementAxis__custom--SaleDebtAssignmentAgreementMember_zHUR0l9gf6h6" title="Investments amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFtb3VudHMgRHVlIGZyb20gUmVsYXRlZCBQYXJ0aWVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:InvestmentOwnedBalancePrincipalAmount" contextRef="AsOf2022-06-29_custom_SaleDebtAssignmentAgreementMember" id="Fact001643" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">22,615,322</ix:nonFraction></span>
    (equivalent to US$<span id="xdx_905_eus-gaap--InvestmentOwnedBalancePrincipalAmount_iI_uUSD_c20220629__us-gaap--TypeOfArrangementAxis__custom--SaleDebtAssignmentAgreementMember_zoTLMQ3vkJH9" title="Investments amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFtb3VudHMgRHVlIGZyb20gUmVsYXRlZCBQYXJ0aWVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:InvestmentOwnedBalancePrincipalAmount" contextRef="AsOf2022-06-29_custom_SaleDebtAssignmentAgreementMember" id="Fact001645" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,898,843</ix:nonFraction></span>)
    to Digital Mind Holdings Limited. The amounts due from related parties were presented as a reduction of the shareholder&#8217;s
    equity pursuant to the Codification of Staff Accounting Bulletins Topic 4, section G. The amounts due from related parties were
    presented as a reduction of the shareholder&#8217;s equity have been fully settled by (i) netting off the dividend payable in the
    amounts of HK$<span id="xdx_904_eus-gaap--DividendsPayableCurrentAndNoncurrent_iI_c20220629__us-gaap--TypeOfArrangementAxis__custom--SaleDebtAssignmentAgreementMember_z3QBfO6Pg7Md" title="Dividend payable amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFtb3VudHMgRHVlIGZyb20gUmVsYXRlZCBQYXJ0aWVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:DividendsPayableCurrentAndNoncurrent" contextRef="AsOf2022-06-29_custom_SaleDebtAssignmentAgreementMember" id="Fact001647" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">10,114,311</ix:nonFraction></span>
    (equivalent to US$<span id="xdx_90D_eus-gaap--DividendsPayableCurrentAndNoncurrent_iI_uUSD_c20220629__us-gaap--TypeOfArrangementAxis__custom--SaleDebtAssignmentAgreementMember_zMmmLJlOZ6fc" title="Dividend payable amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFtb3VudHMgRHVlIGZyb20gUmVsYXRlZCBQYXJ0aWVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:DividendsPayableCurrentAndNoncurrent" contextRef="AsOf2022-06-29_custom_SaleDebtAssignmentAgreementMember" id="Fact001649" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,296,457</ix:nonFraction></span>)
    declared on August 15, 2022 and the remaining balance was settled in cash in August 2022.</ix:footnote></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A1_zz6WwkUQzZEc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 120 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_007" title="Table of Contents">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International Limited and Subsidiaries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.
Related Party Balance and Transactions (Continued)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.
Accounts receivable &#8211; a related party</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001651" name="MFI:ScheduleOfAccountsReceivableFromRelatedPartyTableTextBlock"><p id="xdx_896_ecustom--ScheduleOfAccountsReceivableFromRelatedPartyTableTextBlock_zpjysbOmt5vf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 and 2023, the balances of accounts receivable from a related party were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt/107% Aptos; margin: 0 0 8pt"><span id="xdx_8B5_zU4PMmk62g1k" style="display: none">Schedule of Accounts Receivable from Related Party</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#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">2023</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">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">US$</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">(1</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<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_F0F_zgMwzxmj2t05" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
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    Global Technologies Limited, indirectly controlled by Gaderway Investments Limited, the shareholder of the Company. The balance represented
    the accounts receivable from PrimeTime Global Technologies Limited for the subscription income and commission income. The balance
    as at December 31, 2022 and 2023 has been settled on May 10, 2023 and February 22, 2024, respectively. For details, please refer to &#8220;e. Related Party Transactions&#8221;
    below.</ix:footnote></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AD_zlzSiTkR2G93" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.
Due to a related party</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001660" name="MFI:ScheduleOfAmountsDueToRelatedPartiesTableTextBlock"><p id="xdx_895_ecustom--ScheduleOfAmountsDueToRelatedPartiesTableTextBlock_z5jqDWIBxDh4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 and 2023, the balances of amounts due to a related party were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B3_zqmbPGVBzYz" style="display: none">Schedule of Amounts Due to Related Parties</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#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">2023</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">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">US$</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 44%; text-align: left">Gaderway Investments Limited</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">(1</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    Investments Limited, the shareholder of the Company. The balance represented the amount advance to the Company. These amounts were
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  </table>
</ix:nonNumeric><p id="xdx_8A9_zJZsiIKF20hg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.
Accrued expenses &#8211; a related party</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001669" name="us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock"><p id="xdx_89C_eus-gaap--ScheduleOfAccruedLiabilitiesTableTextBlock_zE8UBSw2wn84" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 and 2023, the balances of accrued expenses to a related party were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B0_zQIXi5LW8ywd">Schedule
of Accrued Expenses to  Related Party</span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none"></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center">HK$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<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_F09_zpg92In4YK3l" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
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    Global Markets Limited, indirectly controlled by Gaderway Investments Limited, the shareholder of the Company. The balance represented
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  </table>
</ix:nonNumeric><p id="xdx_8AD_zBARTtWLFwUd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.
Related Party Transactions</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001678" name="us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock"><p id="xdx_89B_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_zlr3TwU9aL9f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a list of related parties which the Company has transactions with:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt/107% Aptos; margin: 0 0 8pt"><span id="xdx_8B0_z0ssIZ8PDXI1" style="display: none">Schedule of Related Party Transactions</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PrimeTime
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021, 2022 and 2023, the related party transactions were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">Subscription fee paid to PrimeTime Global Markets Limited (b)</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: left">Sales commission received from PrimeTime Global Technologies Limited (a)</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December 31, 2022 and 2023, the Company declared dividends to its shareholders. For details, please refer to Note 13.
Shareholders&#8217; Equity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></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; display: none; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F05_zU3mvAJMcIL2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
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    Global Technologies Limited, indirectly controlled by Gaderway Investments Limited, the shareholder of the Company.</ix:footnote></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F0E_zCK5ez0fOMXl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
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    Global Markets Limited, indirectly controlled by Gaderway Investments Limited, the shareholder of the Company.</ix:footnote></span></td></tr>
</table>

<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">
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    services for the Company and the related parties charged an outsourcing fee for providing such services. Since the Company wants
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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">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F0B_zlwPnVsQo7D4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F13_zcjldqBlZp2d" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001712" xml:lang="en-US">The
    Company charged PrimeTime Global Technologies Limited for sales commission from business referred by the Company. The Company will
    charge a commission fee at an agreed percentage from the sales amount referred by the Company to PrimeTime Global Technologies Limited.
    The sales commission was recorded as commission income in the other income.</ix:footnote></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A1_zfEJhWfVA3ol" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">f.
Personal guarantees from related parties for bank loans</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tai
Wai (Stephen) Lam and Chi Weng Tam, the directors and shareholders of the Company, have jointly or severally provided personal guarantees
for several bank loans of the Company. For details, please refer to Note 10.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001714" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_800_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zi1klXqMDfB6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.
<span id="xdx_824_zb97MbtE3Evg">Shareholders&#8217; Equity</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
shares</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company was established under the laws of the British Virgin Islands on June 15, 2022. The Company is authorized to issue an <span id="xdx_904_eus-gaap--CommonStockSharesAuthorizedUnlimited_c20230101__20231231_z2jKBsiWu19l" title="Ordinary shares, shares authorized"><span style="-sec-ix-hidden: xdx2ixbrl1716">unlimited</span></span>
number of Ordinary Shares of <span id="xdx_90A_eus-gaap--CommonStockNoParValue_iI_do_c20231231_zuIBPYzwe4Q1" title="Ordinary shares, no par value"><ix:nonFraction name="us-gaap:CommonStockNoParValue" contextRef="AsOf2023-12-31" id="Fact001718" format="ixt-sec:numwordsen" decimals="INF" unitRef="HKDPShares">no</ix:nonFraction></span> par value. On June 15, 2022, the Company issued <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220615__20220615_za2adZ37ag4e" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-06-152022-06-15" id="Fact001720" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span> shares to the controlling shareholder at no par
value. On August 11, 2023, the Company&#8217;s sole shareholder, Gaderway Investments Limited, approved a share split of its outstanding
Ordinary Shares at a ratio of 1:231.7, which became effective immediately, resulting in <span id="xdx_90B_eus-gaap--CommonStockSharesIssued_iI_c20231231_zJ5rZ3Vvrte2" title="Ordinary shares issued"><span id="xdx_907_eus-gaap--CommonStockSharesOutstanding_iI_c20231231_zO7uuHwXAkXb" title="Ordinary shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2023-12-31" id="Fact001722" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2023-12-31" id="Fact001724" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,585,000</ix:nonFraction></ix:nonFraction></span></span> ordinary shares issued and outstanding
after the share split. All shares and per share amounts used herein and in the accompanying consolidated financial statements have been
retroactively adjusted to reflect the share split pursuant to ASC 260-10-55-12.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result, there are total <span id="xdx_905_eus-gaap--CommonStockSharesIssued_iI_c20231231_z0z38GEP3Vcd" title="Ordinary shares issued"><span id="xdx_907_eus-gaap--CommonStockSharesOutstanding_iI_c20231231_z30oRCVExeJk" title="Ordinary shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2023-12-31" id="Fact001726" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2023-12-31" id="Fact001728" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,585,000</ix:nonFraction></ix:nonFraction></span></span> shares issued and outstanding. The issuance of these <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230101__20231231_zaQ556kVjPq8" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2023-01-01to2023-12-31" id="Fact001730" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,585,000</ix:nonFraction></span> ordinary shares is considered as
part of the Reorganization of the Company, which was retrospectively applied as if the transaction occurred at the beginning of the period
presented (see Note 1).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 23, 2022, m-FINANCE declared an interim dividend of HK$<span id="xdx_900_eus-gaap--CommonStockDividendsPerShareDeclared_c20220323__20220323_zhq5hJHit7yj" title="Dividend declared per share"><ix:nonFraction name="us-gaap:CommonStockDividendsPerShareDeclared" contextRef="From2022-03-232022-03-23" id="Fact001732" format="ixt:numdotdecimal" decimals="INF" unitRef="HKDPShares">0.863</ix:nonFraction></span> per share (equivalent to US$<span id="xdx_904_eus-gaap--CommonStockDividendsPerShareDeclared_uUSDPShares_c20220323__20220323_zYUJj45YX86" title="Dividend declared per share"><ix:nonFraction name="us-gaap:CommonStockDividendsPerShareDeclared" contextRef="From2022-03-232022-03-23" id="Fact001734" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.111</ix:nonFraction></span> per share), or HK$<span id="xdx_905_eus-gaap--DividendsCommonStockCash_c20220324__20220324_z4KcRv74ssgj" title="Dividend settled by cash"><ix:nonFraction name="us-gaap:DividendsCommonStockCash" contextRef="From2022-03-242022-03-24" id="Fact001736" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">10,000,000</ix:nonFraction></span> in
aggregate (equivalent to US$<span id="xdx_902_eus-gaap--DividendsCommonStockCash_uUSD_c20220324__20220324_zmxJvdrLWRAg" title="Dividend settled by cash"><ix:nonFraction name="us-gaap:DividendsCommonStockCash" contextRef="From2022-03-242022-03-24" id="Fact001738" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,281,805</ix:nonFraction></span>), to its shareholder, which was settled in cash on March 24, 2022. On June 30, 2022, m-FINANCE
declared an interim dividend of HK$<span id="xdx_907_eus-gaap--CommonStockDividendsPerShareDeclared_c20220630__20220630_zciVQr4ojmqj" title="Dividend declared per share"><ix:nonFraction name="us-gaap:CommonStockDividendsPerShareDeclared" contextRef="From2022-06-302022-06-30" id="Fact001740" format="ixt:numdotdecimal" decimals="INF" unitRef="HKDPShares">0.691</ix:nonFraction></span> per share (equivalent to US$<span id="xdx_909_eus-gaap--CommonStockDividendsPerShareDeclared_uUSDPShares_c20220630__20220630_zaWMV1dGuhIh" title="Dividend declared per share"><ix:nonFraction name="us-gaap:CommonStockDividendsPerShareDeclared" contextRef="From2022-06-302022-06-30" id="Fact001742" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.089</ix:nonFraction></span> per share) or HK$<span id="xdx_90D_eus-gaap--DividendsCommonStockCash_c20220630__20220630_zSx0WUUq7lHl" title="Dividend payable"><ix:nonFraction name="us-gaap:DividendsCommonStockCash" contextRef="From2022-06-302022-06-30" id="Fact001744" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">8,000,000</ix:nonFraction></span> (equivalent to US$<span id="xdx_90C_eus-gaap--DividendsCommonStockCash_uUSD_c20220630__20220630_zMmzKpq1Odk4" title="Dividend payable"><ix:nonFraction name="us-gaap:DividendsCommonStockCash" contextRef="From2022-06-302022-06-30" id="Fact001746" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,025,444</ix:nonFraction></span>), to
its shareholder, and the amount of the dividend payable was concurrently settled by netting off the outstanding amounts due from related
parties. On August 15, 2022, m-FINANCE declared an interim dividend of HK$<span id="xdx_905_eus-gaap--CommonStockDividendsPerShareDeclared_c20220815__20220815_zoX4UIlJ5NRc" title="Dividend declared per share"><ix:nonFraction name="us-gaap:CommonStockDividendsPerShareDeclared" contextRef="From2022-08-152022-08-15" id="Fact001748" format="ixt:numdotdecimal" decimals="INF" unitRef="HKDPShares">0.873</ix:nonFraction></span> per share (equivalent to US$<span id="xdx_90E_eus-gaap--CommonStockDividendsPerShareDeclared_uUSDPShares_c20220815__20220815_z29utwDJfhO5" title="Dividend declared per share"><ix:nonFraction name="us-gaap:CommonStockDividendsPerShareDeclared" contextRef="From2022-08-152022-08-15" id="Fact001750" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.112</ix:nonFraction></span> per share) or HK$<span id="xdx_907_eus-gaap--DividendsCommonStockCash_c20220815__20220815_zznzFuL1igOa" title="Dividend payable"><ix:nonFraction name="us-gaap:DividendsCommonStockCash" contextRef="From2022-08-152022-08-15" id="Fact001752" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">10,114,311</ix:nonFraction></span>
in aggregate (equivalent to US$<span id="xdx_901_eus-gaap--DividendsCommonStockCash_uUSD_c20220815__20220815_zucfAtcragjk" title="Dividend payable"><ix:nonFraction name="us-gaap:DividendsCommonStockCash" contextRef="From2022-08-152022-08-15" id="Fact001754" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,296,457</ix:nonFraction></span>), to its shareholder, and the dividend payable was concurrently settled by netting off the outstanding
amounts due from the related parties. The amounts due from related parties were presented as a reduction of the shareholder&#8217;s equity
pursuant to the Codification of Staff Accounting Bulletins Topic 4, section G. On March 27, 2023, the Company declared an interim dividend
of HK$<span id="xdx_904_eus-gaap--CommonStockDividendsPerShareDeclared_c20220327__20220327_ze4phkk9IDVk" title="Dividend declared per share"><ix:nonFraction name="us-gaap:CommonStockDividendsPerShareDeclared" contextRef="From2022-03-272022-03-27" id="Fact001756" format="ixt:numdotdecimal" decimals="INF" unitRef="HKDPShares">0.218</ix:nonFraction></span> per share (equivalent to US$<span id="xdx_905_eus-gaap--CommonStockDividendsPerShareDeclared_uUSDPShares_c20220327__20220327_zLUtaNN3dG3c" title="Dividend declared per share"><ix:nonFraction name="us-gaap:CommonStockDividendsPerShareDeclared" contextRef="From2022-03-272022-03-27" id="Fact001758" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.028</ix:nonFraction></span> per share), or HK$<span id="xdx_900_eus-gaap--DividendsCommonStockCash_c20220327__20220327_zzxoufMf8tB9" title="Dividend settled by cash"><ix:nonFraction name="us-gaap:DividendsCommonStockCash" contextRef="From2022-03-272022-03-27" id="Fact001760" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">2,528,413</ix:nonFraction></span> in aggregate (equivalent to US$<span id="xdx_900_eus-gaap--DividendsCommonStockCash_uUSD_c20220327__20220327_zt04ePKdu5a1" title="Dividend settled by cash"><ix:nonFraction name="us-gaap:DividendsCommonStockCash" contextRef="From2022-03-272022-03-27" id="Fact001762" format="ixt:numdotdecimal" decimals="0" unitRef="USD">324,093</ix:nonFraction></span>), to its shareholder,
which was settled in cash on the same day. On July 31, 2023, the Company declared an interim dividend of HK$<span id="xdx_90E_eus-gaap--CommonStockDividendsPerShareDeclared_c20230731__20230731_zXo3ejMgFF1g" title="Dividend declared per share"><ix:nonFraction name="us-gaap:CommonStockDividendsPerShareDeclared" contextRef="From2023-07-312023-07-31" id="Fact001764" format="ixt:numdotdecimal" decimals="INF" unitRef="HKDPShares">0.242</ix:nonFraction></span> per share (equivalent
to US$<span id="xdx_904_eus-gaap--CommonStockDividendsPerShareDeclared_uUSDPShares_c20230731__20230731_zP1yCyNBmVCf" title="Dividend declared per share"><ix:nonFraction name="us-gaap:CommonStockDividendsPerShareDeclared" contextRef="From2023-07-312023-07-31" id="Fact001766" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.031</ix:nonFraction></span> per share), or HK$<span id="xdx_90E_eus-gaap--DividendsCommonStockCash_c20230731__20230731_zFfi13d8jUVe" title="Dividend settled by cash"><ix:nonFraction name="us-gaap:DividendsCommonStockCash" contextRef="From2023-07-312023-07-31" id="Fact001768" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">2,800,800</ix:nonFraction></span> in aggregate (equivalent to US$<span id="xdx_909_eus-gaap--DividendsCommonStockCash_uUSD_c20230731__20230731_zW4nFb9uzu3c" title="Dividend settled by cash"><ix:nonFraction name="us-gaap:DividendsCommonStockCash" contextRef="From2023-07-312023-07-31" id="Fact001770" format="ixt:numdotdecimal" decimals="0" unitRef="USD">359,008</ix:nonFraction></span>), to its shareholder, which was settled in cash on the
same day.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 121 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_007" title="Table of Contents">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mF
International Limited and Subsidiaries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001772" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_806_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zernP6QC5sp" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.
<span id="xdx_825_z9WdWK7buoB3">Commitments and Contingencies</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commitments</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Company did not have any significant capital and other commitments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contingencies</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business
that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such
contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001774" name="us-gaap:SegmentReportingDisclosureTextBlock"><p id="xdx_806_eus-gaap--SegmentReportingDisclosureTextBlock_zvvQt2cNE7Of" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.
<span id="xdx_829_zPKsY6yCWQil">Segment Reporting</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
280, &#8220;Segment Reporting&#8221;, establishes standards for reporting information about operating segments on a basis consistent
with the Company&#8217;s internal organizational structure as well as information about geographical areas, business segments and major
customers in financial statements for details on the Company&#8217;s business segments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company uses the management approach to determine reportable operating segments. The management approach considers the internal organization
and reporting used by the Company&#8217;s chief operating decision maker (&#8220;CODM&#8221;) for making decisions, allocating resources
and assessing performance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the management&#8217;s assessment, the Company determined that it has only one operating segment and therefore one reportable segment
as defined by ASC 280. The Company&#8217;s assets are all located in Hong Kong and all of the Company&#8217;s revenue, based on the location
of services, and expense are derived in the Hong Kong. Therefore, no geographical segments are presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001776" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_806_eus-gaap--SubsequentEventsTextBlock_z6gmDCGsp7Hg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.
<span id="xdx_826_zFUM0F3g5pRi">Subsequent Events</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
the lapse of the engagement with the former underwriter, Spartan Capital Securities, LLC in January 2024, the Company has signed an engagement
letter with Joseph Stone Capital, LLC on February 9, 2024, as the new underwriter. On April 19, 2024, the Company announced pricing of
its initial public offering of <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20240419__20240419__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zHk9r35xmoB5" title="Initial public offering ordinary shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2024-04-192024-04-19_us-gaap_SubsequentEventMember_us-gaap_IPOMember" id="Fact001778" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,666,667</ix:nonFraction></span> ordinary shares at a public offering price of $<span id="xdx_90F_eus-gaap--SharePrice_iI_c20240419__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zzeYF7b6pqtk" title="Offering price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2024-04-19_us-gaap_SubsequentEventMember_us-gaap_IPOMember" id="Fact001780" format="ixt:numdotdecimal" decimals="INF" unitRef="HKDPShares">4.5</ix:nonFraction></span> per ordinary share. The ordinary shares have
been approved for listing on the Nasdaq Capital Market and are expected to commence trading on April 22, 2024 under the ticker symbol
&#8220;MFI.&#8221; The Company received aggregate gross proceeds of $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pp1d_c20240419__20240419__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zBVzUZw9Qzvb" title="Aggregate gross proceeds offering"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2024-04-192024-04-19_us-gaap_SubsequentEventMember_us-gaap_IPOMember" id="Fact001782" format="ixt:numdotdecimal" decimals="1" unitRef="HKD">7,500,001.5</ix:nonFraction></span> from the offering, before deducting underwriting discounts
and other related expenses. The offering closed on April 24, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company evaluated all events and transactions that occurred after December 31, 2023 up through the date the Company issued the consolidated
financial statements. Other than the event disclosed above, there was no other subsequent event occurred that would require recognition
or disclosure in the Company&#8217;s consolidated financial statements.</span></p>

</ix:nonNumeric><p id="xdx_81F_z40CqgaFBHEl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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[{"type": "20-F", "sequence": "1", "filename": "form20-f.htm", "secsgml_size_bytes": 2316082}]
{"company-data": {"conformed-name": "mF International Ltd", "cik": "0001940941", "assigned-sic": "7371", "organization-name": "06 Technology", "irs-number": "000000000", "state-of-incorporation": "D8", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-42027", "film-number": "24950504"}, "business-address": {"street1": "UNIT 1801, FORTIS TOWER", "street2": "77-79 GLOUCESTER ROAD, WANCHAI", "city": "HONG KONG", "state": "K3", "zip": "000000", "phone": "852-3426-6200"}, "mail-address": {"street1": "UNIT 1801, FORTIS TOWER", "street2": "77-79 GLOUCESTER ROAD, WANCHAI", "city": "HONG KONG", "state": "K3", "zip": "000000"}}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
20-F
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended
December 31
,
2023
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of event requiring this shell company report
For
the transition period from              to
Commission
file number:
001-42027
mF
International Limited
(Exact
name of Registrant as specified in its charter)
N/A
(Translation
of Registrant's name into English)
British
Virgin Islands
(Jurisdiction
of incorporation or organization)
Unit
1801, Fortis Tower
,
77-79 Gloucester Road
,
Wan Chai
,
Hong Kong
(+852) 3426-6200
(Address
of principal executive offices)
Chi
Weng Tam
, Chief Executive Officer
Telephone:
(+852)
3426-6200
Email:
dick.tam@m-finance.net
At
the address of the Company set forth above
(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
MFI
The
Nasdaq
Capital Market
Securities
registered or to be registered pursuant to Section 12(g) of the Act.
None
(Title
of Class)
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act.
None
(Title
of Class)
Indicate
the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered
by the annual report.
An aggregate of
11,585,000
ordinary shares, no
par value, were outstanding as of December 31, 2023.
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
☒
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.
☐
Indicate
by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report.
☐
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.
☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP
☒
International
    Financial Reporting Standards as issued by the
International
    Accounting Standards Board ☐
Other
    ☐
*
If
    "Other" has been checked in response to the previous question, indicate by check mark which financial statement item
    the registrant has elected to follow. Item 17 ☐ Item 18 ☐
If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes ☐ No
☒
TABLE
OF CONTENTS
INTRODUCTION
ii
PART I
1
ITEM
    1.
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
1
ITEM
    2.
OFFER STATISTICS AND EXPECTED TIMETABLE
1
ITEM
    3.
KEY INFORMATION
1
ITEM
    4.
INFORMATION ON THE COMPANY
26
ITEM
    4A.
UNRESOLVED STAFF COMMENTS
45
ITEM
    5.
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
45
ITEM
    6.
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
64
ITEM
    7.
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
72
ITEM
    8.
FINANCIAL INFORMATION
75
ITEM
    9.
THE OFFER AND LISTING
76
ITEM
    10.
ADDITIONAL INFORMATION
76
ITEM
    11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
83
ITEM
    12.
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
84
PART II
85
ITEM
    13.
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
85
ITEM
    14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
85
ITEM
    15.
CONTROLS AND PROCEDURES
85
ITEM
    16.
RESERVED
86
ITEM
    16A.
AUDIT COMMITTEE FINANCIAL EXPERT
86
ITEM
    16B.
CODE OF ETHICS
86
ITEM
    16C.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
87
ITEM
    16D.
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
87
ITEM
    16E.
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
87
ITEM
    16F.
CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
87
ITEM
    16G.
CORPORATE GOVERNANCE
87
ITEM
    16H.
MINE SAFETY DISCLOSURE
88
ITEM
    16I.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
88
ITEM
    16J.
INSIDER TRADING POLICIES
88
ITEM
    16K.
CYBERSECURITY
88
PART III
89
ITEM
    17.
FINANCIAL STATEMENTS
89
ITEM
    18.
FINANCIAL STATEMENTS
89
ITEM
    19.
EXHIBITS
89
i
Table of Contents
INTRODUCTION
In
this annual report on Form 20-F, unless the context otherwise requires, references to:
●
"$,"
    "dollars," "USD", "US$" or "U.S. dollars" are to the legal currency of the United
    States.
●
"AUD"
    are to the legal currency of Australia;
●
"BVI
    Act" are to the BVI Business Companies Act, 2004 (as amended);
●
"BVI"
    are to the British Virgin Islands;
●
"CAD"
    are to the legal currency of Canada;
●
"CHF"
    are to the legal currency of Switzerland and Liechtenstein;
●
"China"
    or the "PRC" are to the People's Republic of China, including the special administrative regions of Hong Kong and
    Macau, unless referencing specific laws and regulations adopted by the PRC. The same legal and operational risks associated with
    operations in China may also apply to operations in Hong Kong;
●
"Company,"
    "mF International," "we", "us", or "our," are to mF International Limited, a British
    Virgin Islands holding company, and to describing our consolidated financial information;
●
"EURO"
    are to the legal currency of 20 of the 27 member states of the European Union;
●
"GBP"
    are to the legal currency of the United Kingdom and nine of its associated territories;
●
"HK$",
    "HKD" and "HK Dollar" are to the legal currency of Hong Kong;
●
"Hong
    Kong" are to the Hong Kong Special Administrative Region of the People's Republic of China for the purposes of this annual
    report only;
●
"mainland
    China" are to mainland China of the PRC, excluding Taiwan, the special administrative regions of Hong Kong and Macau for the
    purposes of this annual report only;
●
"Memorandum
    and Articles" are to the current memorandum and articles of association of mF International;
●
"mF"
    or "m-FINANCE" are to m-FINANCE Limited, a Hong Kong company incorporated on February 11, 2002 and a wholly-owned subsidiary
    of mF International;
●
"mFTT"
    are to m-FINANCE Trading Technologies Ltd., a Hong Kong company incorporated on March 21, 2013 and a wholly-owned subsidiary of mF
    International through m-FINANCE;
●
"NZD"
    are to the legal currency of New Zealand, the Cook Islands, Niue, the Ross Dependency, Tokelau, and a British territory, the Pitcairn
    Islands;
●
"Operating
    Subsidiaries" are to m-FINANCE, mFTT and OTX (as defined below), wholly-owned subsidiaries of mF International, unless otherwise
    specified;
●
"Ordinary
    Shares" are to the ordinary shares of mF International, with no par value;
●
"OTX"
    are to Omegatraders Systems Limited, a Hong Kong company incorporated on December 10, 2009 and a wholly-owned subsidiary of mF International
    through m-FINANCE;
●
"PRC
    government" are to the government of mainland China, for the purposes of this annual report only;
●
"PRC
    laws and regulations" or "PRC laws" are to the laws and regulations of mainland China;
●
"RMB"
    and "Renminbi" are to the legal currency of mainland China;
●
"SZ
    WFOE" are to m-FINANCE Software (Shenzhen) Limited, a mainland China company incorporated on March 27, 2014 and a wholly-owned
    subsidiary of m-FINANCE before de-registration;
●
"U.S.
    GAAP" refers to generally accepted accounting principles in the United States; and
●
"XAU"
    refers to internationally accepted code for spot gold traded on the foreign exchange market.
We
do not have any material operations of our own. We are a holding company with operations conducted in Hong Kong through the Operating
Subsidiaries using Hong Kong dollars, the currency of Hong Kong. The Operating Subsidiaries reporting currency is in Hong Kong dollars.
This annual report contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. Translations
of amounts in the consolidated balance sheets, consolidated statements of income and comprehensive income, consolidated statements of
changes in shareholders' equity and consolidated statements of cash flows from HK$ into US$ as of and for the years ended December
31, 2023 and 2022 are solely for the convenience of the reader and were calculated at the noon buying rate of US$1 = HK$7.8109 and US$1 =
HK$7.8015, respectively, as published in H.10 statistical release of the United States Federal Reserve Board. No representation is
made that the HK$ amounts could have been, or could be, converted, realized or settled into US$ at such rate or at any other rate.
ii
Table of Contents
Part
I
Item
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not
Applicable.
Item
2. OFFER STATISTICS AND EXPECTED TIMETABLE
Not
Applicable.
Item
3. KEY INFORMATION
Our
Corporate History
mF
International is a BVI business company limited by shares and established under the laws of the British Virgin Islands on June 15, 2022.
It is a holding company with no business operations of its own. mF International, through its wholly-owned subsidiaries m-FINANCE, mFTT
and OTX, conducts business operations in Hong Kong. A reorganization of the legal structure of the Company (the "Reorganization")
was completed on August 22, 2022. Prior to the Reorganization, our main Hong Kong subsidiary, m-FINANCE, with its three subsidiaries
mFTT, OTX and SZ WFOE, was ultimately controlled by Gaderway Investments Limited.
As
part of the Reorganization, mF International was incorporated under the laws of the British Virgin Islands on June 15, 2022, and being
interspersed between Gaderway Investments Limited and m-FINANCE. Consequently, mF International became the holding company of m-FINANCE,
with its three subsidiaries on August 22, 2022. The Company and its subsidiaries resulting from Reorganization has always been under
the common control of the same controlling shareholder, Gaderway Investments Limited, before and after the Reorganization. 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 accompanying consolidated financial statements.
For
the purpose of operating business in 2002, m-FINANCE was incorporated to provide financial trading solutions, including real-time mission
critical forex, bullion/commodities trading platform solutions, financial value-added services, mobile applications and financial information
for brokers and institutional clients in the region. After several years of operations, m-FINANCE had accumulated sufficient financial
resources, and it established three wholly owned subsidiaries, OTX, mFTT and SZ WFOE in 2009, 2013 and 2014, respectively, for the purpose
of increasing business efficiencies and diversification. In 2020, SZ WFOE applied for deregistration and the process of deregistration
was completed in March 2023. As of the date of this annual report, we conduct our business operations in Hong Kong solely through our
Operating Subsidiaries.
1
Table of Contents
History
of Share Issuances
The
Company was established under the laws of the British Virgin Islands on June 15, 2022. The authorized number of Ordinary Shares was unlimited
with no par value per share. On June 15, 2022, the Company issued 50,000 Ordinary Shares to Gaderway Investments Limited, for a consideration
of US$0.01 per share.
On
August 11, 2023, our previous sole shareholder, Gaderway Investments Limited, approved a share split of our outstanding Ordinary Shares
at a ratio of 1:231.7, which became effective immediately, resulting in 11,585,000 Ordinary Shares issued and outstanding after the share
split. All references to Ordinary Shares, options to purchase Ordinary Shares, share data, per share data, and related information have
been retroactively adjusted, where applicable, in this annual report to reflect the split of our Ordinary Shares as if it had occurred
at the beginning of the earlier period presented.
After
the share split of our Ordinary Shares effective on August 11, 2023, in November 2023, Gaderway Investments Limited entered into instruments
of transfer with five investors (collectively, the "Investors"), whereby Gaderway Investments Limited sold an aggregate of
2,317,000 Ordinary Shares to the Investors for the aggregate consideration of $5,792,500.
The
following table sets forth the breakdown of the foregoing transactions among Gaderway Investments Limited and the Investors:
Name of the Investors
Number of
Ordinary Shares
Sold/Purchased
Consideration
Cheung Hoi Hung
440,000
$
1,100,000
Zhang Mi
222,000
$
555,000
Poon Chung Lung
546,000
$
1,365,000
Chan Chu Hing
569,000
$
1,422,500
Lo Wing Sang
540,000
$
1,350,000
On
February 21, 2024, Lo Wing Sang, one of the Investors, entered into an instrument of transfer with Miu Man Cheung, whereby Lo Wing Sang
sold the 540,000 Ordinary Shares he held to Miu Man Cheung for a consideration of $1,350,000.
On
April 24, 2024, the Company completed its initial public offering ("IPO") of 1,666,667 Ordinary Shares at a public offering
price of $4.50 per share. The net proceeds raised from the IPO were approximately $5.7 million after deducting underwriting discounts
and the offering expenses payable by the Company.
2
Table of Contents
Our
Corporate Structure
The
following diagram illustrates our corporate structure as of the date of this annual report. Except as otherwise specified, equity
interests depicted in this diagram are held as to 100%.
Notes:
(1)
Gaderway
    Investments Limited, a company incorporated in the BVI on March 18, 2015 as a BVI business company limited by shares, is a
    holding company without business operations, which is owned as to approximately 61.54% by Mr. Tai Wai (Stephen) Lam and
    approximately 38.46% by Mr. Chi Weng Tam.
(2)
m-FINANCE
    Software (Shenzhen) Limited was dormant and the deregistration process was completed in March 2023.
For
details of our principal shareholders' ownership, please refer to the beneficial ownership table in the section captioned "Item
6. Directors, Senior Management and Employees—E. Share Ownership."
Risks
Associated with our Corporate Structure and being based in Hong Kong
mF
International is not a Chinese or Hong Kong operating company, but is a holding company incorporated in the British Virgin Islands, or
the BVI. mF International does not conduct any business operations. Our shareholders are only directly investing in the holding company,
mF International, and may never hold equity interests in the operating subsidiaries of the Company. As a limited company with no material
operations, all business operations are conducted by the Operating Subsidiaries in Hong Kong. This structure involves unique risks to
the investors, and Chinese regulatory authorities could disallow this structure, which would likely result in a material change in mF
International's operations and/or a material change in the value of the securities of mF International, including that such event
could cause the value of such securities to significantly decline or become worthless. Investing in our Ordinary Shares involves a high
degree of risk, including the risk of losing your entire investment. For example, recently, the PRC government initiated a series of
regulatory actions and statements to regulate business operations in certain areas in China with little advance notice, including a cracking
down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas using the variable
interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly
enforcement. Given the recent statements by the Chinese government indicating an intent to exert more oversight and control over offerings
that are conducted overseas and/or foreign investment in China-based issuers, any such action could significantly limit or completely
hinder our ability to offer or continue to offer securities to investors and cause such securities to significantly decline or be worthless.
Additionally, any further control over offerings conducted overseas and/or foreign investment impacting the Operating Subsidiaries in
Hong Kong by the Hong Kong government could result in a material change in our operations, financial performance and/or the value of
our Ordinary Shares or impair our ability to raise money. See "— D. Risk Factors —Risks Related to Our Corporate Structure
—
Substantially all of the Operating Subsidiaries' operations are conducted in Hong Kong. However, due to the long arm
provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over
the conduct of such business and may intervene in or influence such operations at any time, which could result in a material change in
the operations of the Operating Subsidiaries and/or the value of our Ordinary Shares. The PRC government may also intervene or impose
restrictions on our ability to move money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside
of Hong Kong. Changes in the policies, regulations, rules, and the enforcement of laws of the Chinese government may also occur quickly
with little advance notice and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain."
3
Table of Contents
The
Operating Subsidiaries conduct a substantial amount of their business operations in Hong Kong, with less than 10% of their total customers
in mainland China. Accordingly, we do not expect that the PRC laws and regulations currently have any material impact on the business
of our subsidiaries, financial condition and results of operations. However, in the event that we or the Operating Subsidiaries were
to become subject to PRC laws and regulations, we could incur material costs to ensure compliance, and we or the Operating Subsidiaries
might be subject to fines, experience devaluation of securities or delisting, no longer be permitted to conduct offerings to foreign
investors, and/or no longer be permitted to continue business operations as presently conducted. Currently, we remain subject to certain
legal and operational risks associated with the Operating Subsidiaries being based in Hong Kong and having all of their operations to
date in Hong Kong. Recently, the Chinese regulatory entities have imposed more control over the Hong Kong legal system. Additionally,
the legal and operational risks associated with mainland China may also apply to operations in Hong Kong, and we face the risks and uncertainties
associated with the complex and evolving PRC laws and regulations and as to whether and how the recent PRC government statements and
regulatory developments, such as those relating to data and cyberspace security, and anti-monopoly concerns, would be applicable to our
Company or our subsidiaries in Hong Kong. These risks could result in material changes in the operations of the Operating Subsidiaries
and/or the value of the securities we are registering for sale or 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. Recently,
the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in China
with little advance notice, including a cracking down on illegal activities in the securities market, enhancing supervision over China-based
companies listed overseas, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly
enforcement, which may in the future impact the Operating Subsidiaries' ability to conduct business, or our ability to accept foreign
investments or list on a U.S. or other foreign exchange if we were to become subject to such regulations. On February 17, 2023, with
the approval of the State Council, the China Securities Regulatory Commission (the "CSRC") released the Trial Administrative
Measures of Overseas Securities Offering and Listing by Domestic Companies (the "Trial Measures") and five supporting guidelines,
which became effective on March 31, 2023. According to the Trial Measures, among other requirements, (1) domestic companies that seek
to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedures with the CSRC; if a domestic
company fails to complete the filing procedures, such domestic company may be subject to administrative penalties; and (2) where a domestic
company seeks to indirectly offer and list securities in an overseas market, the issuer shall designate a major domestic operating entity
responsible for all filing procedures with the CSRC, and such filings shall be submitted to the CSRC within three business days after
the submission of the overseas offering and listing application. As of the date of this annual report, as advised by Zhong Lun Law Firm,
our PRC counsel, we are not subject to the filing procedures under the Trial Measures and there are no effective laws or regulations
in the PRC explicitly require our Company or the Operating Subsidiaries in Hong Kong to seek approvals from the CSRC or any other PRC
governmental authorities for our future overseas offering plans. Nevertheless, since these statements and regulatory actions are new,
it is highly uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws
or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It is also highly uncertain what
the potential impacts such modified or new laws and regulations will have on the business operations of the Operating Subsidiaries, our
ability to accept foreign investments and the continued listing of our Ordinary Shares on a U.S. or other foreign exchanges. If it is
later determined that we are required by the Trial Measures to submit to the CRSC and complete the filing procedures with respect to any offering
and continued listing, we cannot assure you that we will be able to complete such filings in a timely manner or even at all. Any failure
by us to comply with such filing requirements under the Trial Measures may result in an order to rectify, warnings and fines against
us and could materially hinder our ability to offer or continue to offer our securities. Moreover, if certain PRC laws and regulations
were to become applicable to a company such as mF International or the Operating Subsidiaries in the future, the application of such
laws and regulations may have a material adverse impact on the business of our subsidiaries, our financial condition and results of operations
and our ability to offer or continue to offer securities to investors, any of which may cause the value of our securities, including
the Ordinary Shares, to significantly decline or become worthless. See "— D. Risk Factors — Risks Related to Our Corporate
Structure —
Recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations
in certain areas in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing
supervision over China-based companies listed overseas using the variable interest entity structure, adopting new measures to extend
the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. In the future, we may be subject to PRC laws
and regulations related to the current business operations of the Operating Subsidiaries and any changes in such laws and regulations
and interpretations may impair their ability to operate profitably, which could result in a material negative impact on such operations
and/or the value of the securities we are registering for sale."
, "— D. Risk Factors — Risks Related to Doing
Business in Hong Kong —
The enactment of Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative
Region (the "Hong Kong National Security Law") could impact the Operating Subsidiaries",
and
"
—
D. Risk Factors — Risks Related to Doing Business in Hong Kong
— The Hong Kong legal system embodies uncertainties which
could limit the availability of legal protections."
4
Table of Contents
Furthermore,
our Ordinary Shares may be prohibited from trading on a national exchange or in the over-the-counter trading market in the United States
under the Holding Foreign Companies Accountable Act (the "HFCA Act"), as amended by the Accelerating Holding Foreign Companies
Accountable Act (the "Accelerating HFCA Act"), if the Public Company Accounting Oversight Board (United States) (the "PCAOB"),
determines that it cannot inspect or fully investigate our auditors for two consecutive years beginning in 2022. As a result, an exchange
may determine to delist our securities. Additionally, our securities may be prohibited from trading if our auditor cannot be fully inspected
as more stringent criteria have been imposed by the SEC and the PCAOB, recently. On December 2, 2021, the SEC issued amendments to finalize
rules implementing the submission and disclosure requirements in the HFCA Act, which became effective on January 10, 2022. The rules
apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting
firm that is located in a foreign jurisdiction and that the PCAOB is unable to inspect or investigate completely because of a position
taken by an authority in foreign jurisdictions. For example, on December 16, 2021, the PCAOB issued a report on its determinations that
it was unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in mainland China and in Hong
Kong, because of positions taken by PRC authorities in those jurisdictions. On August 26, 2022, the PCAOB signed a Statement of Protocol
(SOP) Agreement with the CSRC and China's Ministry of Finance (the "SOP Agreement"). The SOP Agreement established
a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based in mainland
China and Hong Kong, as required under U.S. law. On December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete
access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate
its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's
access in the future, the PCAOB Board will consider the need to issue a new determination. On December 29, 2022, legislation titled "Consolidated
Appropriations Act, 2023" (the "Consolidated Appropriations Act"), was signed into law by President Biden. The Consolidated
Appropriations Act contained, among other things, an identical provision to the Accelerating HFCA Act, which reduces the number of consecutive
non-inspection years required for foreign companies to comply with PCAOB audits under the HFCA Act from what was originally three years
to two, thus reducing the time period before their securities may be prohibited from trading or delisted. Our auditor, prior to February
16, 2023, Friedman LLP , an independent registered public accounting firm that issued the audit report included elsewhere in this annual
report, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, was subject to
laws in the United States pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional
standards. Our former auditor, Friedman LLP, had been subject PCAOB inspections until it filed its application to withdraw from the PCAOB
registration on December 30, 2022. Our new auditor as of the date of this annual report, Marcum Asia CPAs LLP ("Marcum Asia")
is headquartered in New York, the United States and has been inspected by the PCAOB on a regular basis. However, we cannot assure you
that the NASDAQ Capital Market or other regulatory authorities would not apply additional or more stringent criteria to us after considering
the effectiveness of our auditor's audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency
of resources, geographic reach or experience as it relates to the audit of our financial statements. The delisting of our Ordinary Shares,
or the threat of their being delisted, may materially and adversely affect the value of your investment in the future. See "—
D. Risk Factors — Risks Related to Our Ordinary Shares and the Trading Market —
Our Ordinary Shares may be prohibited
from being traded on a national exchange under the HFCA Act if the Public Company Accounting Oversight Board determines that it cannot
inspect or fully investigate our auditors for two consecutive years beginning in 2022 and, as a result, an exchange may determine to
delist our securities. The delisting of our Ordinary Shares, or the threat of being delisted, may materially and adversely affect the
value of your investment."
5
Table of Contents
As
of the date of this annual report, Gaderway Investments Limited, our largest shareholder, owns more than a majority of the voting power
of our outstanding Ordinary Shares. As a result, Gaderway Investments Limited has the ability to control the outcome of matters submitted
to the shareholders for approval. Additionally, we may be deemed to be a "controlled company" within the meaning of the NASDAQ
listing rules. However, even if we are deemed to be a "controlled company," we do not intend to avail ourselves of the corporate
governance exemptions afforded to a "controlled company" under the NASDAQ Listing Rules. For a more detailed discussion of
the risk of the Company being a controlled company, see "— D. Risk Factors — Risks Related to Our Corporate Structure
—
Gaderway Investments Limited, our largest shareholder, owns more than a majority of the voting power of our outstanding Ordinary
Shares. As a result, Gaderway Investments Limited has the ability to control the outcome of matters submitted to the shareholders for
approval. Additionally, we may be deemed to be a "controlled company" and may follow certain exemptions from certain corporate
governance requirements that could adversely affect our public shareholders
." on page 14 and "Item 6. DIRECTORS, SENIOR
MANAGEMENT AND EMPLOYEES — A. Directors and Senior Management — Controlled Company."
Dividend
Distributions, Cash Transfer, and Tax Consequences
mF
International is permitted under the laws of British Virgin Islands to provide funding to our subsidiaries in Hong Kong through loans
or capital contributions without restrictions on the amount of the funds. The Operating Subsidiaries are permitted under the laws of
Hong Kong to provide funding to mF International, the holding company incorporated in the British Virgin Islands, through dividend distributions
or payments without restrictions on the amount of the funds.
There
are no restrictions or limitation on our ability to distribute earnings from our subsidiaries, including our subsidiaries in Hong Kong,
to mF International and shareholders and U.S. investors, provided that the entity remains solvent after such distribution. Subject to
the BVI Business Companies Act, 2004 (as amended), or the BVI Act and our Memorandum and Articles of Association, or Memorandum and Articles,
our board of directors may authorize and declare a dividend to shareholders at such time and of such an amount as they think fit if they
are satisfied, on reasonable grounds, that immediately following the dividend payment, the value of our assets will exceed our liabilities
and we will be able to pay our debts as they become due. According to the Companies Ordinance of Hong Kong, a Hong Kong company may only make a distribution out of profits available for
distribution. Other than the above, we did not adopt or maintain any cash management policies and procedures as of the date of this annual
report. Additionally, as of the date of this annual report, there are no further BVI or Hong Kong statutory restrictions on the amount
of funds which may be distributed by us by dividend payments. However, in the future, funds may not be available to fund operations or
for other use outside of Hong Kong, due to interventions in, or the imposition of restrictions and limitations on, our ability or on
our subsidiaries' ability by the PRC government to transfer cash. Any limitation on the ability of our subsidiaries to make payments
to us could have a material adverse effect on the ability to conduct business of the Operating Subsidiaries and might materially decrease
the value of our Ordinary Shares or cause them to be worthless. For a more detailed discussion of how the cash is transferred within
our organization, see "— D. Risk Factors — Risks Related to the Corporate Structure —
We rely on dividends
and other distributions on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we may have. In the
future, funds may not be available to fund operations or for other use outside of Hong Kong, due to interventions in, or the imposition
of restrictions and limitations on, our ability or the Operating Subsidiaries by the PRC government to transfer cash. Any limitation
on the ability of our Operating Subsidiaries to make payments to us could have a material adverse effect on the Operating Subsidiaries'
ability and might materially decrease the value of our Ordinary Shares or cause them to be worthless.
"
6
Table of Contents
Under
the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect of dividends paid by us.
As of the date of this annual report, there are no restrictions or limitations under the laws of Hong Kong imposed on the conversion
of HK$ into foreign currencies and the remittance of currencies out of Hong Kong or across borders and to U.S investors. The laws and
regulations of the PRC do not currently have any material impact on the transfer of cash from mF International to the Operating Subsidiaries
or from the Operating Subsidiaries to mF International, our shareholders and U.S. investors. However, the Chinese government may, in
the future, impose restrictions or limitations on our ability to transfer money out of Hong Kong, to distribute earnings and pay dividends
to and from the other entities within our organization, or to reinvest in our business outside of Hong Kong. Such restrictions and limitations,
if imposed in the future, may delay or hinder the expansion of our business outside of Hong Kong and may affect our ability to receive
funds from the Operating Subsidiaries in Hong Kong. The promulgation of new laws or regulations, or the new interpretation of existing
laws and regulations, in each case, that restrict or otherwise unfavorably impact the ability or way we or the Operating Subsidiaries
conduct business, could require us to change certain aspects of the business of the Operating Subsidiaries to ensure compliance, which
could decrease demand for our services, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals or certificates,
or subject us to additional liabilities. To the extent any new or more stringent measures are required to be implemented, the business
of the Operating Subsidiaries, our financial condition and results of operations could be adversely affected and such measures could
materially decrease the value of our Ordinary Shares, potentially rendering it worthless. For a more detailed discussion of this risk,
see "— D. Risk Factors — Risks Related to Our Corporate Structure —
We rely on dividends and other distributions
on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we may have. In the future, funds may not be
available to fund operations or for other use outside of Hong Kong, due to interventions in, or the imposition of restrictions and limitations
on, our ability or the Operating Subsidiaries by the PRC government to transfer cash. Any limitation on the ability of the Operating
Subsidiaries to make payments to us could have a material adverse effect on our Operating Subsidiaries' ability to conduct business
and might materially decrease the value of our Ordinary Shares or cause them to be worthless.
"
On
March 23, 2022, m-FINANCE declared an interim dividend of HK$0.863 per share (equivalent to US$0.111 per share), or HK$10,000,000 in
aggregate (equivalent to US$1,281,805), to its shareholder, which was settled in cash on March 24, 2022. On June 30, 2022, m-FINANCE
declared an interim dividend of HK$0.691 per share (equivalent to US$0.089 per share) or HK$8,000,000 (equivalent to US$1,025,444), to
its shareholder, and the amount of the dividend payable was concurrently settled by netting off the outstanding amounts due from related
parties. On August 15, 2022, m-FINANCE declared an interim dividend of HK$0.873 per share (equivalent to US$0.112 per share) or HK$10,114,311
in aggregate (equivalent to US$1,296,457), to its shareholder, and the dividend payable was concurrently settled by netting off the outstanding
amounts due from the related parties. The amounts due from related parties were presented as a reduction of the shareholder's equity
pursuant to the Codification of Staff Accounting Bulletins Topic 4, section G. On March 27, 2023, the Company declared an interim dividend
of HK$0.218 per share (equivalent to US$0.028 per share), or HK$2,528,413 in aggregate (equivalent to US$324,093), to its shareholder,
which was settled in cash on the same day. On July 31, 2023, the Company declared an interim dividend of HK$0.242 per share (equivalent
to US$0.031 per share), or HK$2,800,800 in aggregate (equivalent to US$359,008), to its shareholder, which was settled in cash on the
same day.
The
Company and its Operating Subsidiaries currently intend to retain all of their respective remaining funds and future earnings, if any,
for the operation and expansion of the business and do not anticipate declaring or paying any further dividends in the foreseeable future.
Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering our
financial condition, results of operations, capital requirements, contractual requirements, business prospects and other factors the
board of directors deems relevant, and subject to the restrictions contained in any future financing instruments.
As
of the date of this annual report, we do not plan to pay any further dividends out of our retained earnings in the foreseeable future.
7
Table of Contents
Selected
Consolidated Financial Schedule
The
following selected consolidated statements of income and comprehensive income for the years ended December 31, 2023, 2022 and 2021 and
selected consolidated balance sheets data as of December 31, 2023, 2022 and 2021 have been derived from our consolidated financial statements
included elsewhere in this annual report.
Our
consolidated financial statements are prepared and presented in accordance with U.S. GAAP. Our historical results are not necessarily
indicative of the results that may be expected in the future. The following summary consolidated financial data should be read in conjunction
with "Item 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS — A. Operating Results" and our consolidated financial statements
included elsewhere in this annual report.
As
of and for the years ended December 31, 2021, 2022 and 2023
For the years ended December 31,
2021
2022
2023
2023
HK$
HK$
HK$
US$
Revenue
32,212,970
34,931,827
31,961,177
4,091,869
Cost of revenue
16,260,407
16,512,702
13,995,670
1,791,813
Gross profit
15,952,563
18,419,125
17,965,507
2,300,056
Total operating expenses
5,417,863
10,876,654
11,283,291
1,444,557
Income from operations
10,534,700
7,542,471
6,682,216
855,499
Total other income (expense), net
246,525
(336,027
)
94,974
12,158
Income before income taxes
10,781,225
7,206,444
6,777,190
867,657
Income tax expense
(431,630
)
(387,845
)
(148,309
)
(18,987
)
Net income
10,349,595
6,818,599
6,628,881
848,670
Other comprehensive income
Foreign currency translation adjustment
(14,168
)
7,496
17,866
2,287
Comprehensive income
10,335,427
6,826,095
6,646,747
850,957
As of December 31,
2021
2022
2023
2023
HK$
HK$
HK$
US$
Current assets
18,678,715
15,522,433
10,104,898
1,293,691
Non-current assets
14,664,377
19,017,770
23,746,921
3,040,228
Total assets
33,343,092
34,540,203
33,851,819
4,333,919
Current liabilities
10,263,742
11,904,112
12,182,221
1,559,643
Non-current liabilities
15,596,879
12,210,193
9,926,166
1,270,809
Total liabilities
25,860,621
24,114,305
22,108,387
2,830,452
Total shareholders' equity
7,482,471
10,425,898
11,743,432
1,503,467
A.
[Reserved]
B.
Capitalization and Indebtedness
Not
applicable.
C.
Reasons for the Offer and Use of Proceeds
Not
applicable.
D.
Risk Factors
Risks
Related to Our Corporate Structure
We
rely on dividends and other distributions on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we
may have. In the future, funds may not be available to fund operations or for other use outside of Hong Kong, due to interventions in,
or the imposition of restrictions and limitations on, our ability or the Operating Subsidiaries by the PRC government to transfer cash.
Any limitation on the ability of the Operating Subsidiaries to make payments to us could have a material adverse effect on our Operating
Subsidiaries' ability to conduct business and might materially decrease the value of our Ordinary Shares or cause them to be worthless.
We
are a holding company incorporated in the British Virgin Islands, and we rely on dividends and other distributions on equity paid by
the Operating Subsidiaries for our cash and financing requirements, including for the provision of funds necessary to pay dividends and
other cash distributions to our shareholders and to service any debt we may incur. If the Operating Subsidiaries incur debt on their
own behalf in the future, the instruments governing the debt may restrict its ability to pay dividends or make other distributions to
us.
8
Table of Contents
Under
the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect of dividends paid by us.
See "Item 4. Information on the Company — B. Business Overview — Regulations — Regulations related to Hong Kong
taxation." The PRC laws and regulations do not currently have any material impact on transfers of cash from mF International to
Operating Subsidiaries or from Operating Subsidiaries to mF International, our shareholders and U.S. investors. However, the Chinese
government may, in the future, impose restrictions or limitations on our ability to transfer money out of Hong Kong, to distribute earnings
and pay dividends to and from the other entities within our organization, or to reinvest in our business outside of Hong Kong. Such restrictions
and limitations, if imposed in the future, may delay or hinder the expansion of our business outside of Hong Kong and may affect our
ability to receive funds from the Operating Subsidiaries in Hong Kong. The promulgation of new laws or regulations, or the new interpretation
of existing laws and regulations, in each case, that restrict or otherwise unfavorably impact the ability or way we or the Operating
Subsidiaries conduct business, could require us to change certain aspects of our Operating Subsidiaries' business to ensure compliance,
which could decrease demand for our services, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals
or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required to be implemented,
our business, our financial condition and results of operations could be adversely affected and such measures could materially decrease
the value of our Ordinary Shares, potentially rendering them worthless.
Recently,
the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in China
with little or no advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over
China-based companies listed overseas using the variable interest entity structure, adopting new measures to extend the scope of cybersecurity
reviews, and expanding the efforts in anti-monopoly enforcement. In the future, we may be subject to PRC laws and regulations related
to our current business operations and any changes in such laws and regulations and interpretations may impair our ability to operate
profitably, which could result in a material negative impact on our operations and/or the value of the securities we are registering
for sale.
Although
we have direct ownership of the Operating Subsidiaries in Hong Kong, and currently do not have, nor intend to have, any subsidiary or
any contractual arrangement to establish a VIE structure with any entity in mainland China, we are still subject to certain legal and
operational risks associated with the Operating Subsidiaries being based in Hong Kong and having all operations conducted in Hong Kong,
as of the date of this annual report. However, the legal and operational risks associated with China may also apply to our Operating
Subsidiaries' operations in Hong Kong, and we face the risks and uncertainties associated with the complex and evolving PRC laws
and regulations and as to whether and how the recent PRC government statements and regulatory developments, such as those relating to
data and cybersecurity and anti-monopoly concerns, would be applicable to our Company or our subsidiaries in Hong Kong. In the event
that we or the Operating Subsidiaries were to become subject to PRC laws and regulations, we could incur material costs to ensure compliance,
and we or the Operating Subsidiaries might be subject to fines, experience devaluation of securities or delisting, no longer be permitted
to conduct offerings to foreign investors, and/or no longer be permitted to continue business operations as presently conducted. Our
organizational structure involves risks to the investors, and Chinese regulatory authorities could disallow this structure, which would
likely result in a material change in mF International's operations and/or a material change in the value of the securities mF
International is registering for sale, including the risk that such event could cause the value of such securities to significantly decline
or become worthless. Moreover, there are substantial uncertainties regarding the interpretation and application of PRC laws and regulations
including, but not limited to, the laws and regulations related to our Operating Subsidiaries' business and the enforcement and
performance of our arrangements with customers in certain circumstances. The laws and regulations are sometimes vague and may be subject
to future changes, and their official interpretation and enforcement may involve substantial uncertainty. The effectiveness and interpretation
of newly enacted laws or regulations, including amendments to existing laws and regulations, may be delayed, and our Operating Subsidiaries'
business may be affected if we rely on laws and regulations which are subsequently adopted or interpreted in a manner different from
our understanding of these laws and regulations. New laws and regulations that affect existing and proposed future businesses may also
be applied retroactively. We cannot predict what effect the interpretation of existing or new PRC laws or regulations may have on our
Operating Subsidiaries' business.
The
uncertainties regarding the enforcement of laws and the fact that rules and regulations in China can change quickly with little advance
notice, along with the risk that the Chinese government may intervene or influence our operations at any time could result in a material
change in our operations and/or the value of the securities we are registering.
9
Table of Contents
We
may become subject to a variety of PRC laws and other obligations regarding M&A Rules and data security, and any failure to comply
with applicable laws and obligations could have a material and adverse effect on our Operating Subsidiaries' business, financial
condition and results of operations.
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, require an overseas special purpose vehicle formed for listing purposes through acquisitions of
domestic companies in mainland China and controlled by companies or individuals of mainland China 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. In addition, on February 17, 2023 , the CSRC promulgated the Trial Measures and five supporting guidelines,
which became effective on March 31, 2023, requiring, among other things, that (1) domestic companies that seek to offer or list securities
overseas, both directly and indirectly, should fulfill the filing procedures with the CSRC; if a domestic company fails to complete the
filing procedures, such domestic company may be subject to administrative penalties; (2) where a domestic company seeks to indirectly
offer and list securities in an overseas market, the issuer shall designate a major domestic operating entity responsible for all filing
procedures with the CSRC, and such filings shall be submitted to the CSRC within three business days after the submission of the overseas
offering and listing application.
mF
International is a holding company incorporated in the British Virgin Islands with three Operating Subsidiaries based in Hong Kong, and,
as of the date of this annual report, we have no active subsidiary, VIE structure or any direct operations in mainland China, nor do
we intend to have any subsidiary or VIE structure or intent to acquire any equity interests in any domestic companies in mainland China,
and we are not controlled by any companies or individuals of mainland China. Further, we are headquartered in Hong Kong, with our chief
executive officer, chief financial officer and all members of the board of directors of mF International based in Hong Kong, not mainland
China, and all of our revenues and profits are generated by the Operating Subsidiaries in Hong Kong. Moreover, pursuant to the Basic
Law of the Hong Kong Special Administrative Region, or the Basic Law, PRC laws and regulations shall not be applied in Hong Kong except
for those listed in Annex III of the Basic Law (which is confined to laws relating to national defense, foreign affairs and other matters
that are not within the scope of autonomy). Therefore, as of the date of this annual report, the CSRC's approval is not required
for the listing and trading of our Ordinary Shares in the U.S. exchange as provided under the M&A Rules, and we would not be subject
to filing requirements with the CSRC pursuant to the Trial Measures and supporting guidelines.
We
are aware that, recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations
in certain areas in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing
supervision over China-based companies listed overseas using the variable interest entity structure, adopting new measures to extend
the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. For example, on July 6, 2021, the General
Office of the Communist Party of China Central Committee and the General Office of the State Council jointly issued a document to crack
down on illegal activities in the securities market and promote the high-quality development of the capital market, which, among other
things, requires the relevant governmental authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation,
to enhance supervision over China-based companies listed overseas, and to establish and improve the system of extraterritorial application
of the PRC securities laws.
10
Table of Contents
In
addition, on December 28, 2021, the Cyberspace Administration of China (the "CAC"), together with other administrative
departments, jointly promulgated the Cybersecurity Review Measures which became effective on February 15, 2022, and repealed the
Cybersecurity Review Measures promulgated on April 13, 2020. Such Measures require that, among other things, and in addition to any
operator of critical information infrastructure, any network platform operators possessing personal information of more than one
million users which seeks to list in a foreign stock exchange shall also be subject to cybersecurity review, and such Measures
further elaborate on the factors to be considered when assessing the national security risks of the relevant activities. The
publication and revision of the Cybersecurity Review Measures indicates greater oversight by the PRC regulatory authorities over
data security, which may impact our Operating Subsidiaries' business in the future. As of the date of this annual report, the
Operating Subsidiaries currently have less than 10% of their total customers in mainland China. Additionally, the Operating
Subsidiaries may collect and store certain data for customer registration purpose. As of the date of this annual report, we do not
expect the Cybersecurity Review Measures to have an impact on the Operating Subsidiaries business or operations to subject us or the
Operating Subsidiaries to permission requirements from the CAC or any other government agency that is required to approve our
operations, as we do not believe that we will be deemed to be an "operator of critical information infrastructure" or a
"network platform operator" possessing personal information of more than one million users, that are required to file
for cybersecurity review before listing in the U.S., because (i) all operations are conducted by the Operating Subsidiaries which
currently mostly serve clients outside mainland China; (ii) we do not have or intend to have, nor do we have or intend to establish,
a VIE structure with any entity in mainland China and the Cybersecurity Review Measures remain unclear whether they shall be applied
to a company like us; (iii) as of date of this annual report, we have neither collected nor stored any personal information of any
mainland China individual or within mainland China, nor do we entrust or expect to be entrusted by any individual or entity to
conduct any data processing activities of any mainland China individual or within mainland China; (iv) as of the date of this annual
report, we have not been informed by any PRC governmental authority of any requirement that we must file for a cybersecurity review;
and (v) pursuant to the Basic Law of the Hong Kong Special Administrative Region, or the Basic Law, PRC laws and regulations shall
not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to national
defense, foreign affairs and other matters that are not within the scope of autonomy). However, there remains significant
uncertainty in the interpretation and enforcement of relevant PRC cybersecurity laws and regulations. If we were deemed to be an
"operator of critical information infrastructure" or a "network platform operator" possessing personal
information of more than one million users, or if other regulations promulgated in relation to the Cybersecurity Review Measures are
deemed to apply to us, the business operations of the Operating Subsidiaries and the listing of our Ordinary Shares in the U.S.
could be subject to CAC's cybersecurity review or we and the Operating Subsidiaries might be covered by permission from the
CAC or any other government agency that is required to approve our operations in the future. Nevertheless, since these statements
and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies will
respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or
promulgated, if any. It also remains highly uncertain what the potential impact such modified or new laws and regulations will have
on our daily business operations, its ability to accept foreign investments and the listing of our Ordinary Shares on a U.S. or
other foreign exchanges. If any or all of the foregoing were to occur, it may cause the value of our Ordinary Shares to
significantly decline or become worthless.
On
February 17, 2023, with the approval of the State Council, the CSRC released the Trial Measures and five supporting guidelines, which
became effective on March 31, 2023. According to the Trial Measures, among other requirements, (1) domestic companies that seek to offer
or list securities overseas, both directly and indirectly, should fulfill the filing procedures with the CSRC; if a domestic company
fails to complete the filing procedures, such domestic company may be subject to administrative penalties; (2) where a domestic company
seeks to indirectly offer and list securities in an overseas market, the issuer shall designate a major domestic operating entity responsible
for all filing procedures with the CSRC, and such filings shall be submitted to the CSRC within three business days after the submission
of the overseas offering and listing application. As advised by our PRC counsel, Zhong Lun Law Firm, since the Company is a company duly
incorporated in the BVI, (i) with business operations conducted by the Operating Subsidiaries located in Hong Kong, and (ii) neither
the Company nor the Operating Subsidiaries currently have any subsidiary in the PRC nor have they entered into any contractual arrangements
to establish a variable interest entity structure with any entity in the PRC, the Company fails to meet the conditions under Article
15 of the Trial Measures and the supporting guidelines which constitute an indirect overseas listing in an overseas market that would
otherwise subject the Company to the Trial Measures and supporting guidelines as of the date of this annual report. Therefore, as of
the date of this annual report, no effective laws or regulations in the PRC explicitly require our Company or the Operating Subsidiaries
in Hong Kong to seek approvals from the CSRC or any other PRC governmental authorities for our future overseas offering plans. If it
is later determined that we are required by the Trial Measures to submit to the CRSC and complete the filing procedures of any offering
and listing, we cannot assure you that we will be able to complete such filings in a timely manner or even at all. Any failure by us
to comply with such filing requirements under the Trial Measures may result in an order to rectify, warnings and fines against us and
could materially hinder our ability to offer or continue to offer our securities.
As
of the date of this annual report, we are advised by Hong Kong counsel, Bird & Bird, that we are not required to obtain permission
or approval from Hong Kong authorities to offer the securities being registered to foreign investors, save that our Ordinary Shares may
not be offered or sold in Hong Kong by means of any document other than (i) in circumstances which do not constitute an offer to the
public within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong), (ii) to "professional investors" within
the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules promulgated thereunder, or (iii) in other
circumstances which do not result in the document being a "prospectus" within the meaning of the Companies Ordinance (Cap.32,
Laws of Hong Kong). Should there be any change in applicable laws, regulations, or interpretations, and we or any of the Operating Subsidiaries
are required to obtain such permissions or approvals in the future, we will strive to comply with the then applicable laws, regulations,
or interpretations.
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Based
on our understanding of the PRC laws and regulations currently in effect, as of the date of this annual report, neither we nor the
Operating Subsidiaries are subject to the M&A Rules, the Cybersecurity Review Measures, the Trial Measures or the regulations or
policies that have been issued by the CSRC or the CAC as of the date of this annual report, nor are we currently covered by
permission requirements from the CSRC, the CAC or any other PRC governmental agency that is required to approve our listing on the
U.S. exchanges and offering securities. Hence, based on the foregoing, since we are not subject to the regulations or policies
issued by the CAC to date, we believe that we are currently not required to be compliant with such regulations and policies issued
by the CAC as of the date of this annual report. Further, as of the date of this annual report, neither we nor the Operating
Subsidiaries have ever applied for any such permission or approval, as we currently are not subject to the M&A Rules or the
regulations and policies issued by the CAC. However, if there is significant change to current political arrangements between
mainland China and Hong Kong, or the applicable laws, regulations, or interpretations change, and, in such event, if we are required
to obtain such approvals in the future and we do not receive or maintain the approvals or are denied permission from mainland China
or Hong Kong authorities, we will not be able to list our Ordinary Shares on a U.S. exchange, or continue to offer securities to
investors, which would materially affect the interests of the investors and cause significant the value of our Ordinary Shares
significantly decline or be worthless.
Substantially
all of our Operating Subsidiaries' operations are conducted in Hong Kong. However, due to the long arm provisions under the current
PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of such business
and may intervene in or influence such operations at any time, which could result in a material change in the operations of the Operating
Subsidiaries and/or the value of our Ordinary Shares. The PRC government may also intervene or impose restrictions on our ability to
move money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside of Hong Kong. Changes in
the policies, regulations, rules, and the enforcement of laws of the Chinese government may also occur quickly with little advance notice
and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain.
Recently,
the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in China
with little advance notice, including a cracking down on illegal activities in the securities market, enhancing supervision over China-based
companies listed overseas using the variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews,
and expanding the efforts in anti-monopoly enforcement. Given the recent statements by the Chinese government indicating an intent to
exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers, any such
action could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause such
securities to significantly decline or be worthless. Additionally, any further control over offerings conducted overseas and/or foreign
investment impacting the Operating Subsidiaries in Hong Kong by the Hong Kong government could result in a material change in our operations,
financial performance and/or the value of our Ordinary Shares or impair our ability to raise money.
If
the Chinese government chooses to extend oversight and control over offerings that are conducted overseas and/or foreign investment in
mainland China-based issuers to Hong Kong-based issuers, such action may significantly limit or completely hinder our ability to offer
or continue to offer Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or be worthless.
Recent
statements, laws and regulations by the Chinese government, including the Cybersecurity Review Measures, the PRC Personal Information
Protection Law, and the Trial Measures published by CSRC, effective on March 31, 2023, have already indicated an intent to exert more
oversight and control over offerings that are conducted overseas and/or foreign investments in China-based issuers. It remains uncertain
whether the Chinese government will adopt additional requirements or extend the existing requirements to apply to the Operating Subsidiaries
located in Hong Kong. Any future action by the PRC government expanding the categories of industries and companies whose foreign securities
offerings are subject to review by the CSRC could significantly limit or completely hinder our ability to offer or continue to offer
securities to investors and could cause the value of such securities to significantly decline or be worthless.
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We
are an "emerging growth company" within the meaning of the Securities Act, and if we take advantage of certain exemptions
from disclosure requirements available to emerging growth companies, this could make it more difficult to compare our performance with
other public companies
.
We
are an "emerging growth company" within the meaning of the Securities Act, as modified by the JOBS Act. Section 102(b)(1)
of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until
private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class
of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS
Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging
growth companies but any such an election to opt out is irrevocable. We have elected not to opt out of such extended transition period,
which means that when a standard is issued or revised, and it has different application dates for public or private companies, we, as
an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This
may make comparison of our financial statements with another public company which is neither an emerging growth company nor an emerging
growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences
in accountant standards used.
As
an "emerging growth company" under applicable law, we are subject to lessened disclosure requirements. Such reduced disclosure
may make our Ordinary Shares less attractive to investors.
For
as long as we remain an "emerging growth company", as defined in the JOBS Act, we will elect to take advantage of certain
exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies",
including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley
Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from
the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments
not previously approved. Because of these lessened regulatory requirements, our shareholders would be left without information or rights
available to shareholders of more mature companies. If some investors find our Ordinary Shares less attractive as a result, there may
be a less active trading market for our Ordinary Shares and our Ordinary Share price may be more volatile.
We
will incur increased costs as a result of being a public company, particularly after we cease to qualify as an "emerging growth
company".
As
of the date of this annual report, we incur significant legal, accounting and other expenses as a public company that we did not
incur as a private company. The Sarbanes-Oxley Act of 2002, as well as rules subsequently implemented by the SEC, impose various
requirements on the corporate governance practices of public companies. We are an "emerging growth company," as defined
in the JOBS Act and will remain an emerging growth company until the earlier of (1) the last day of the fiscal year (a) following
the fifth anniversary of the completion of our IPO, (b) in which we have total annual gross revenue of at least $1.235 billion, or
(c) in which we are deemed to be a large accelerated filer, which means the market value of our Ordinary Shares that is held by
non-affiliates exceeds $700 million as of the prior the fiscal year ended on December 31, 2021 and (2) the date on which we have
issued more than $1.0 billion in non-convertible debt during the prior three-year period. 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 in the assessment of the emerging growth
company's internal control over financial reporting and permission to delay adopting new or revised accounting standards until
such time as those standards apply to private companies.
Compliance
with these rules and regulations increases our legal and financial compliance costs and makes some corporate activities more time-consuming
and costly. After we are no longer an "emerging growth company," or until five years following the completion of our initial
public offering, whichever is earlier, we expect to incur significant expenses and devote substantial management effort toward ensuring
compliance with the requirements of Section 404 and the other rules and regulations of the SEC. For example, as a public company, we
may be required to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls
and procedures. We may invest in obtaining director and officer liability insurance. In addition, we may 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.
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Gaderway
Investments Limited, our largest shareholder, owns more than a majority of the voting power of our outstanding Ordinary Shares. As a
result, Gaderway Investments Limited has the ability to control the outcome of matters submitted to the shareholders for approval. Additionally,
we may be deemed to be a "controlled company" and may follow certain exemptions from certain corporate governance requirements
that could adversely affect our public shareholders.
As
of the date of this annual report, our biggest shareholder, Gaderway Investments Limited, owns approximately 68.27% of the aggregate
voting power of our outstanding Ordinary Shares. As a result, Gaderway Investments Limited has the ability to control the outcome of
matters submitted to the shareholders for approval, including the election of directors and any merger, consolidation, or sale of all
or substantially all of our assets.
Under
the NASDAQ listing rules, a company of which more than 50% of the voting power is held by an individual, group, or another company is
a "controlled company" and is permitted to elect to rely, and may rely, on certain exemptions from the obligation to comply
with certain corporate governance requirements, including:
●
the
    requirement that our director nominees must be selected or recommended solely by independent directors; and
●
the
    requirement that we have a corporate governance and nominating committee that is composed entirely of independent directors with
    a written charter addressing the committee's purpose and responsibilities.
Although
we do not intend to rely on the "controlled company" exemptions under the NASDAQ listing rules even if we are deemed to be
a "controlled company," we could elect to rely on these exemptions in the future. If we were to elect to rely on the "controlled
company" exemptions, a majority of the members of our board of directors might not be independent directors and our nominating
and corporate governance and compensation committees might not consist entirely of independent directors. Accordingly, if we rely on
the exemptions, during the period we remain a controlled company and during any transition period following a time when we are no longer
a controlled company, you would not have the same protections afforded to shareholders of companies that are subject to all of the corporate
governance requirements of NASDAQ.
Risks
Related to Doing Business in Hong Kong
It
may be difficult for overseas shareholders and/or regulators to conduct investigations or collect evidence within the territory of China,
including Hong Kong.
Shareholder
claims or regulatory investigations that are common in the United States generally are difficult to pursue as a matter of law or practicality
in China. For example, in China, there are significant legal and other obstacles to providing information needed for regulatory investigations
or litigation initiated outside China. Although the authorities in China may establish a regulatory cooperation mechanism with the securities
regulatory authorities of another country or region to implement cross-border supervision and administration, such cooperation with the
securities regulatory authorities in the Unities States may not be efficient in the absence of mutual and practical cooperation mechanism.
Our
principal business operations are conducted in Hong Kong. In the event that the U.S. regulators carry out an investigation on us and
there is a need to conduct such investigation, or collect evidence within, the territory of the PRC, the U.S. regulators may not be able
to carry out such investigation or evidence collection directly in the PRC under the PRC laws. The U.S. regulators may, in the future,
consider cross-border cooperation with a securities regulatory authority of the PRC by way of judicial assistance, diplomatic channels
or regulatory cooperation mechanism established with the securities regulatory authority of the PRC. Additionally, our Hong Kong counsel,
Bird & Bird, advised that the Securities and Futures Commission of Hong Kong ("SFC") is a signatory to the International
Organisation of Securities Commissions Multilateral Memorandum of Understanding ("MMOU"), which provides for mutual investigatory
and other assistance and exchange of information between securities regulators around the world, including the SEC. This is also reflected
in section 186 of the Securities and Futures Ordinance ("SFO") which empowers the SFC to exercise its investigatory powers
to obtain information and documents requested by non-Hong Kong regulators, and section 378 of the SFO which allows the SFC to share confidential
information and documents in its possession with such regulators. However, there is no assurance that such cooperation will materialize,
or if it does, whether it will adequately address any efforts to investigate or collect evidence to the extent that may be sought by
U.S. regulators.
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You
may incur additional costs and procedural obstacles in effecting service of legal process, enforcing foreign judgments or bringing actions
in Hong Kong against us or our management named in this annual report based on Hong Kong laws.
Currently,
all of our operations are conducted outside the United States, and all of our assets are located outside the United States. All of our
directors and officers are Hong Kong nationals or residents and a substantial portion of their assets are located in Hong Kong outside
the United States. Foreign judgments of United States courts will not be directly enforced in Hong Kong, as there are currently no treaties
or other arrangements providing for reciprocal enforcement of foreign judgments between Hong Kong and the United States. You may incur
additional costs and procedural obstacles in effecting service of legal process, enforcing foreign judgments or bringing actions in Hong
Kong against us or our management named in the annual report, as judgments entered in the United States can be enforced in Hong Kong
only at common law. If you want to enforce a judgment of the United States in Hong Kong, it must be a final judgment conclusive upon
the merits of the claim, for a liquidated amount in a civil matter and not in respect of taxes, fines, penalties, or similar charges,
the proceedings in which the judgment was obtained were not contrary to natural justice, and the enforcement of the judgment is not contrary
to public policy of Hong Kong. Such a judgment must be for a fixed sum and must also come from a "competent" court as determined
by the private international law rules applied by the Hong Kong courts. For more information regarding the relevant laws of the British
Virgin Islands and Hong Kong.
The
enactment of Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region (the "Hong Kong National
Security Law") could impact our Operating Subsidiaries.
On
June 30, 2020, the Standing Committee of the PRC National People's Congress adopted the Hong Kong National Security Law. This law
defines the duties and government bodies of the Hong Kong National Security Law for safeguarding national security and four categories
of offences — secession, subversion, terrorist activities, and collusion with a foreign country or external elements to endanger
national security — and their corresponding penalties. On July 14, 2020, the former U.S. President Donald Trump signed the Hong
Kong Autonomy Act, or HKAA, into law, authorizing the U.S. administration to impose blocking sanctions against individuals and entities
who are determined to have materially contributed to the erosion of Hong Kong's autonomy. On August 7, 2020 the U.S. government
imposed HKAA-authorized sanctions on eleven individuals, including HKSAR chief executive Carrie Lam. On October 14, 2020, the U.S. State
Department submitted to relevant committees of Congress the report required under HKAA, identifying persons materially contributing to
"the failure of the Government of China to meet its obligations under the Joint Declaration or the Basic Law." On March 16,
2021, the U.S. State Department submitted a report listing an additional 24 foreign persons determined to meet the HKAA criteria. This
report is an update to the October 2020 and March 2021 reports, consistent with section 5(e) of the HKAA. The HKAA further authorizes
secondary sanctions, including the imposition of blocking sanctions, against foreign financial institutions that knowingly conduct a
significant transaction with foreign persons sanctioned under this authority. The imposition of sanctions may directly affect the foreign
financial institutions as well as any third parties or customers dealing with any foreign financial institution that is targeted. It
is difficult to predict the full impact of the Hong Kong National Security Law and HKAA on Hong Kong and companies located in Hong Kong.
If the Operating Subsidiaries are determined to be in violation of the Hong Kong National Security Law or the HKAA by competent authorities,
the business operations, our financial position and results of operations could be materially and adversely affected.
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The
enforcement of laws and rules and regulations in China can change quickly with little advance notice. Additionally, the PRC laws and
regulations and the enforcement of such that apply or are to be applied to Hong Kong can change quickly with little or no advance notice.
As a result, the Hong Kong legal system embodies uncertainties which could limit the availability of legal protections, which could result
in a material change in our operations and/or the value of the securities we are registering for sale.
As
one of the conditions for the handover of the sovereignty of Hong Kong to China, China accepted conditions such as Hong Kong's
Basic Law. The Basic Law ensured Hong Kong will retain its own currency (the Hong Kong Dollar), legal system, parliamentary system and
people's rights and freedom for fifty years from 1997. This agreement has given Hong Kong the freedom to function with a high degree
of autonomy. The Special Administrative Region of Hong Kong is responsible for its own domestic affairs including, but not limited to,
the judiciary and courts of last resort, immigration and customs, public finance, currencies and extradition. Hong Kong continues using
the English common law system.
However,
if the PRC attempts to alter its agreement to allow Hong Kong to function autonomously, this could potentially impact Hong Kong's
common law legal system and may in turn bring about uncertainty in, for example, the enforcement of the contractual rights of our Operating
Subsidiaries. This could, in turn, materially and adversely affect business and operations of our Operating Subsidiaries. Additionally,
intellectual property rights and confidentiality protections in Hong Kong may not be as effective as in the United States or other countries.
Accordingly, we cannot predict the effect of future developments in the Hong Kong legal system, including the promulgation of new laws,
changes to existing laws or the interpretation or enforcement thereof, or the preemption of local regulations by national laws. These
uncertainties could limit the legal protections available to us, including the ability to enforce agreements with the customers.
The
Hong Kong legal system embodies uncertainties which could limit the availability of legal protections.
As
one of the conditions for the handover of the sovereignty of Hong Kong to China, China accepted conditions such as Hong Kong's
Basic Law. The Basic Law ensured that capitalist system and way of life in Hong Kong shall remain unchanged for 50 years, and has given
Hong Kong the freedom to function with a high degree of autonomy. Hong Kong is responsible for its own domestic affairs including, but
not limited to, the judiciary and courts of last resort, immigration and customs, public finance, currencies and extradition. Hong Kong
continues using the English common law system.
However,
if the PRC attempts to alter its agreement to allow Hong Kong to function autonomously, this could potentially impact Hong Kong's
common law legal system and may in turn bring about uncertainty in, for example, the enforcement of our contractual rights. This could,
in turn, materially and adversely affect the business and operations of our Operating Subsidiaries. Additionally, intellectual property
rights and confidentiality protections in Hong Kong may not be as effective as in the United States or other countries. Accordingly,
we cannot predict the effect of future developments in the Hong Kong legal system, including the promulgation of new laws, changes to
existing laws or the interpretation or enforcement thereof, or the preemption of local regulations by national laws. These uncertainties
could limit the legal protections available to our Operating Subsidiaries, including their ability to enforce agreements with our customers.
There
are some political risks associated with conducting business in Hong Kong.
The
operations of the Operating Subsidiaries are principally based in Hong Kong. Accordingly, the business operations of the Operating Subsidiaries
and financial conditions will be affected by the political and legal developments in Hong Kong. During the period covered by the financial
information incorporated by reference into and included in this annual report, we derive all of our revenue from operations in Hong Kong
and, specifically, from our Operating Subsidiaries. Any adverse economic, social and/or political conditions, material social unrest,
strike, riot, civil disturbance or disobedience, as well as significant natural disasters, may affect the market and may adversely affect
the business operations of our Operating Subsidiaries. Hong Kong is a special administrative region of the PRC and the basic policies
of the PRC regarding Hong Kong are reflected in the Basic Law, namely, Hong Kong's constitutional document, which provides Hong
Kong with a high degree of autonomy and executive, legislative and independent judicial powers, including that of final adjudication
under the principle of "one country, two systems". However, there is no assurance that there will not be any changes in the
economic, political and legal environment in Hong Kong in the future. Since all of our operations are based in Hong Kong, any change
of such political arrangements may pose an immediate threat to the stability of the economy in Hong Kong, thereby directly and adversely
affecting our results of operations and financial positions.
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The
Hong Kong protests that began in 2019 are ongoing and were triggered by the introduction of the Fugitive Offenders amendment bill by
the Hong Kong government. If enacted, the bill would have allowed the extradition of criminal fugitives who are wanted in territories
with which Hong Kong does not currently have extradition agreements, including mainland China. This led to concerns that the bill would
subject Hong Kong residents and visitors to the jurisdiction and legal system of mainland China, thereby undermining the region's
autonomy and people's civil liberties. Various sectors of the Hong Kong economy have been adversely affected as the protests turned
increasingly violent. Most notably, the airline, retail, and real estate sectors have seen their sales decline.
Under
the Basic Law of the Hong Kong Special Administrative Region of the People's Republic of China, Hong Kong is exclusively in charge
of its internal affairs and external relations, while the government of the PRC is responsible for its foreign affairs and defense. As
a separate customs territory, Hong Kong maintains and develops relations with foreign states and regions. Based on certain recent development
including the Law of the People's Republic of China on Safeguarding National Security in the Hong Kong Special Administrative Region
issued by the Standing Committee of the PRC National People's Congress in June 2020, the U.S. State Department has indicated that
the United States no longer considers Hong Kong to have significant autonomy from China and President Trump signed an executive order
and Hong Kong Autonomy Act, or HKAA, to remove Hong Kong's preferential trade status and to authorize the U.S. administration to
impose blocking sanctions against individuals and entities who are determined to have materially contributed to the erosion of Hong Kong's
autonomy. The United States may impose the same tariffs and other trade restrictions on exports from Hong Kong that it places on goods
from mainland China. These and other recent actions may represent an escalation in political and trade tensions involving the U.S, China
and Hong Kong, which could potentially harm our business.
Our
revenue is susceptible to the ongoing incidents or factors which affect the stability of the social, economic and political conditions
in Hong Kong. Any drastic events may adversely affect the business operations of our Operating Subsidiaries. Such adverse events may
include changes in economic conditions and regulatory environment, social and/or political conditions, civil disturbance or disobedience,
as well as significant natural disasters. Given the relatively small geographical size of Hong Kong, any of such incidents may have a
widespread effect on the business operations of our Operating Subsidiaries, which could in turn adversely and materially affect our business,
our results of operations and financial condition. It is difficult to predict the full impact of the HKAA on Hong Kong and companies
with operations in Hong Kong like us. Furthermore, legislative or administrative actions in respect of China-U.S. relations could cause
investor uncertainty for affected issuers, including us, and the market price of our Ordinary Shares could be adversely affected.
Risks
Related to Business and Industry
The
market in which the Operating Subsidiaries operate is competitive.
The
financial technology industry in Hong Kong and Asia is competitive and fragmented. With the rise of electronic trading in recent years,
the industry has attracted the presence of both Hong Kong-based and international companies.
The
market for financial trading solutions is still at its emerging stage, and we believe that it will continue to grow in the coming years.
The prospect and potential of this market is expected to attract entry by companies with substantial capital and resources. Mergers and
acquisitions of enterprises and consolidation of the industries may become a trend in the market. The environment in which our subsidiaries
operate will likely become more competitive as a result. The competitors of our subsidiaries may offer similar financial trading solutions
and services at prices lower than those of our subsidiaries. There is no guarantee that the projects undertaken and services provided
by our subsidiaries in the future will allow our subsidiaries to maintain their present profit margins, and a competitive environment
may adversely affect our profitability.
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The
success of the Operating Subsidiaries is dependent on the financial and brokerage industry and its market participants. Any market consolidation
may adversely affect our Operating Subsidiaries' business development and financial performance.
The
Operating Subsidiaries provide financial trading solutions primarily to market participants in the financial and brokerage industry.
It is observed that the financial and brokerage industry is characterized by intensive competition. Intensive competition in the financial
and brokerage industry will inevitably affect the profit margins of market participants and may consequently affect such participants'
willingness to invest in new technologies or to expand their current usage of existing technologies. This may adversely affect our business
development. Traditional small to medium sized brokerage firms may face competition from larger brokers that have more capital, resources
or experience. The possible emergence of consolidation of the global brokerage industry may lead to reduction in the number of the players
in the industry. If the number of our potential and existing customers or their size of operations decrease, our existing business and
future growth potential may be adversely affected.
The
Operating Subsidiaries operate in dynamic industries, which make it difficult to evaluate the future prospects.
In
general, the financial technology industry is dynamic. The industries in which we operate, including those providing and maintaining
financial trading solutions, mobile and desktop trading applications and financial value-added services, are all highly dynamic and may
not develop as expected. Our customers may not fully understand the value of our solutions and potential new customers may have difficulty
distinguishing our solutions from those of our competitors. If we fail to convince our customers of the value of our solutions, the markets
for our solutions do not continue to develop as we expect or we fail to address the needs of these dynamic, evolving industries, our
Operating Subsidiaries' business may be materially and adversely affected.
Our
financial performance and business outlook are significantly affected by the volatility of the financial markets in which we and the
Operating Subsidiaries have no control.
The
target customers of the Operating Subsidiaries include financial brokers and institutions mainly located in Asia, whose demand for financial
trading solutions is dependent upon their business operations and expansion needs, which, to a large extent, are dependent upon the performance
of the global financial markets as a whole. The global financial markets are directly affected by, among others, the global and local
political and economic environments.
Any
sudden downturn in the global economic and political environments, which are beyond the control of our Operating Subsidiaries, may adversely
affect the financial market sentiment in general. Severe fluctuation in market and economic sentiments may also result in a prolonged
period of sluggish market activities, which would in turn have an adverse impact on the business and operating performance of our target
customers, and hence, their demand for our financial trading solutions. As such, our revenue and the profitability of our Company and
the Operating Subsidiaries may fluctuate and there is no assurance that we will be able to maintain our historical results in times of
difficult or unstable economic conditions. Our historical profit levels should not be relied solely upon as an indication of our future
financial performance.
Our
trading in foreign currencies significantly affected by the volatility of the financial and currency market in which we and the Operating
Subsidiaries have no control. Any sudden volatility in the financial and currency market in the future may adversely affect the performance
of our trading in foreign currencies and lead to realized and unrealized loss.
For
the years ended December 31, 2021, 2022 and 2023, we had realized loss on disposal of financial assets at fair value and change in fair
value on financial assets at fair value in the aggregate amounts of HK$676,445, HK$1,157,650 and HK$9,965 (US$1,276), respectively, from trading in foreign currencies, at fair value, with the intention to optimize a trading algorithm
based on live market interactions. The change in fair value on financial assets at fair value was mainly due to the increased
volatility of the financial and currency market in 2021, 2022 and 2023.
We
plan to continue trading in foreign currencies in the future to further optimize our trading algorithm through live trading in the real
foreign exchange market. Any sudden volatility in the financial and currency market, which are beyond the control of our Operating Subsidiaries,
may adversely affect the performance of our trading in foreign currencies and lead to realized and unrealized loss.
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Unauthorized
use of the Operating Subsidiaries' intellectual property by third parties and expenses incurred in protecting their intellectual
property rights may adversely affect their business, reputation and competitive edge.
We
regard the Operating Subsidiaries' intellectual property, including their domain names, as important to their success, and they
rely on a combination of intellectual property laws, subscriptions and contractual arrangements with software providers to protect their
proprietary rights.
The
Operating Subsidiaries have filed various applications in Hong Kong and mainland China for protection of certain aspects of their intellectual
property, including multiple trademarks. Nevertheless, we can provide no assurance that they will be able to have all applications registered.
If the Operating Subsidiaries fail to register their trademarks, they may not be able to use such intellectual property without risk
of infringement and, even if they can use them, they may have difficulty in enforcing such intellectual property rights against infringement
by third parties, and this could have a material adverse impact on their business, financial conditions, and operating results.
Despite
these measures, any of the Operating Subsidiaries' intellectual property rights could be challenged, invalidated, circumvented
or misappropriated, or such intellectual property may not be sufficient to provide us with competitive advantages. Statutory laws and
regulations are subject to judicial interpretation and enforcement and may not be applied consistently. Accordingly, the Operating Subsidiaries
may not be able to effectively protect their intellectual property rights or to enforce their contractual rights in all jurisdictions.
Preventing
any unauthorized use of the Operating Subsidiaries' intellectual property is difficult and costly and the steps it takes may be
inadequate to prevent the misappropriation of their intellectual property. In the event that they must resort to litigation to enforce
their intellectual property rights, such litigation could result in substantial costs and a diversion of their managerial and financial
resources. We can provide no assurance that the Operating Subsidiaries will prevail in any such litigation. In particular, m-FINANCE
has nine trademarks registered in mainland China, but without having physical operations in mainland China, it may have limited ability
to timely respond or enforce its intellectual property rights, in the event of any infringement in mainland China.
In
addition, the Operating Subsidiaries' trade secrets may be leaked or otherwise become available to, or be independently discovered
by, their competitors. Any failure in protecting or enforcing their intellectual property rights could have a material adverse effect
on their business, reputation and competitive edge.
Risks
Related to Our Ordinary Shares and the Trading Market
Our
Ordinary Shares may be prohibited from being traded on a national exchange under the HFCA Act if the PCAOB determines that it cannot
inspect or fully investigate our auditors for two consecutive years, beginning in 2022, and, as a result, an exchange may determine to
delist our securities. The delisting of our Ordinary Shares, or the threat of being delisted, may materially and adversely affect the
value of your investment.
The
HFCA Act, was enacted on December 18, 2020. The HFCA Act states if the SEC determines that a company has filed audit reports issued by
a registered public accounting firm that has not been subject to inspection by the PCAOB for three consecutive years beginning in 2021,
the SEC shall prohibit such company's securities from being traded on a national securities exchange or in the over-the-counter
trading market in the U.S.
On
March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements
of the HFCA Act. A company will be required to comply with these rules if the SEC identifies it as having a "non-inspection"
year under a process to be subsequently established by the SEC. The SEC is assessing how to implement other requirements of the HFCA
Act, including the listing and trading prohibition requirements described above.
On
December 2, 2021, the SEC adopted amendments to finalize rules implementing the submission and disclosure requirements in the HFCA Act.
The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public
accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a
position taken by an authority in foreign jurisdictions.
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On
December 16, 2021, the PCAOB has issued its report notifying the SEC of its determination that it is unable to inspect or investigate
completely accounting firms headquartered in mainland China or Hong Kong. Our auditor, the independent registered public accounting firm
that issues the audit report included elsewhere in this annual report, as an auditor of companies that are traded publicly in the United
States and a firm registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections
to assess its compliance with the applicable professional standards on a regular basis. However, we cannot assure you that NASDAQ or other regulatory authorities would not apply additional or more stringent criteria
to us after considering the effectiveness of our auditor's audit procedures and quality control procedures, adequacy of personnel
and training, or sufficiency of resources, geographic reach or experience as it relates to the audit of our financial statements. On
August 26, 2022, the PCAOB signed the SOP Agreement with the CSRC and China's Ministry of Finance. The SOP Agreement established
a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based in mainland
China and Hong Kong, as required under U.S. law.
On
December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to inspect and investigate registered
public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary.
However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB Board will
consider the need to issue a new determination.
On
December 29, 2022, the Consolidated Appropriations Act, was signed into law by President Biden. The Consolidated Appropriations Act contained,
among other things, an identical provision to the Accelerating HFCA Act, which reduces the number of consecutive non-inspection years
required for foreign companies to comply with PCAOB audits under the HFCA Act from what was originally three years to two, thus reducing
the time period before their securities may be prohibited from trading or delisted.
If,
as a consequence, our Ordinary Shares are unable to be listed on another securities exchange, such a delisting would substantially impair
your ability to sell or purchase our Ordinary Shares when you wish to do so, and the risk and uncertainty associated with a potential
delisting would have a negative impact on the price of our Ordinary Shares.
The
recent joint statement by the SEC and proposed rule changes submitted by NASDAQ, all call for additional and more stringent criteria
to be applied to emerging market companies. These developments could add uncertainties to our business operations, share price
and reputation.
U.S.
public companies that have substantially all of their operations in China (including in Hong Kong) have been the subject of intense scrutiny,
criticism and negative publicity by investors, financial commentators and regulatory agencies, such as the SEC. Much of this negative
attention has centered on financial and accounting irregularities and mistakes, a lack of effective internal controls over financial
accounting, inadequate corporate governance policies or a lack of adherence thereto and, in many cases, allegations of fraud.
On
December 7, 2018, the SEC and the PCAOB issued a joint statement highlighting continued challenges faced by the U.S. regulators in their
oversight of financial statement audits of U.S.-listed companies with significant operations in China. On April 21, 2020, SEC Chairman
Jay Clayton and PCAOB Chairman, William D. Duhnke III, along with other senior SEC staff, released a joint statement highlighting the
risks associated with investing in companies based in or have substantial operations in emerging markets including China, reiterating
past SEC and PCAOB statements on matters including the difficulty associated with inspecting accounting firms and audit work papers in
China and higher risks of fraud in emerging markets and the difficulty of bringing and enforcing SEC, Department of Justice and other
U.S. regulatory actions, including in instances of fraud, in emerging markets generally.
On
May 21, 2021, NASDAQ filed three proposals with the SEC to (i) apply minimum offering size requirement for companies primarily operating
in a "Restrictive Market", (ii) prohibit Restrictive Market companies from directly listing on NASDAQ Capital Market, and
only permit them to list on NASDAQ Global Select or NASDAQ Global Market in connection with a direct listing and (iii) apply additional
and more stringent criteria to an applicant or listed company based on the qualifications of the company's auditors.
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As
a result of such scrutiny, criticism and negative publicity, the publicly traded stock of many U.S. listed Chinese companies sharply
decreased in value and, in some cases, has become virtually worthless. Many of these companies are now subject to shareholder lawsuits
and SEC enforcement actions and are conducting internal and external investigations into the allegations. It is not clear what effect
this sector-wide scrutiny, criticism and negative publicity will have on us, our  business and our share price. If we become
the subject of any unfavorable allegations, whether such allegations are proven to be true or untrue, we will have to expend significant
resources to investigate such allegations and/or defend our Company. This situation will be costly and time consuming and distract our
management from developing our growth. If such allegations are not proven to be groundless, we and our Operating Subsidiaries'
business operations will be severely affected and you could sustain a significant decline in the value of our Ordinary Share.
NASDAQ
may apply additional and more stringent criteria for our continued listing because our insiders hold a large portion of our listed securities.
NASDAQ
Listing Rule 5101 provides NASDAQ with broad discretionary authority over, among other things, the continued listing of securities on
NASDAQ, and NASDAQ may use such discretion to apply additional or more stringent criteria for continued listing of particular securities,
or suspend or delist particular securities based on any event, condition, or circumstance that exists or occurs that makes continued
listing of the securities on NASDAQ inadvisable or unwarranted in the opinion of NASDAQ, even though the securities may meet all enumerated
criteria for continued listing on NASDAQ. In addition, NASDAQ may use its discretion to deny continued listing or to apply additional
and more stringent criteria including, but not limited to: where the company engaged an auditor that has not been subject to an inspection
by PCAOB, an auditor that PCAOB cannot inspect, or an auditor that has not demonstrated sufficient resources, geographic reach, or experience
to adequately perform the company's audit. Our IPO was relatively small. As of the date of this annual report, there is not more
than 35% of the total issued capital in public hands, and the insiders of our Company hold a large portion of the Company's listed
securities. Therefore, we may be subject to the additional and more stringent criteria of NASDAQ for our continued listing.
We
do not intend to pay further dividends in the foreseeable future.
We
currently intend to retain all remaining funds and future earnings, if any, for the operations and expansion of the business of the Operating
Subsidiaries and do not anticipate declaring or paying any further dividends in the foreseeable future. Any future determination related
to our dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of
operations, capital requirements, contractual requirements, business prospects and other factors the board of directors deems relevant,
and will be subject to the restrictions contained in any future financing instruments.
If
securities or industry analysts do not publish research or reports about our Operating Subsidiaries' business, or if they publish
a negative report regarding our Ordinary Shares, the price of our Ordinary Shares and trading volume could decline.
The
trading market for our Ordinary Shares may depend in part on the research and reports that industry or securities analysts publish about
us or the Operating Subsidiaries business. We do not have any control over these analysts. If one or more of the analysts who cover us
downgrades us, the price of our Ordinary Shares would likely decline. If one or more of these analysts ceases coverage of our Company
or fails to regularly publish reports on us, we could lose visibility in the financial markets, which could cause the price of our Ordinary
Shares and the trading volume to decline.
The
market price for our Ordinary Shares may be volatile.
The
market price for our Ordinary Shares may be volatile and subject to wide fluctuations due to factors, such as:
●
the
    financial projections we may provide to the public, any changes in these projections or our failure to meet these projections;
●
actual
    or anticipated fluctuations in our quarterly operating results;
●
changes
    in financial estimates by securities research analysts;
●
negative
    publicity, studies or reports;
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●
our
    capability to catch up with the technology innovations in the industry, and maintain such technological innovations, once attained;
●
announcements
    by us or our competitors of acquisitions, strategic partnerships, joint ventures or capital commitments;
●
additions
    or departures of key personnel;
●
fluctuations
    of exchange rates between Hong Kong dollar and the U.S. dollar; and
●
general
    economic or political conditions in Hong Kong, the PRC and greater Asia region.
In
addition, the securities market has from time to time experienced significant price and volume fluctuations that are not related to the
operating performance of particular companies. These market fluctuations may also materially and adversely affect the market price of
our Ordinary Shares.
You
may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because
we are incorporated under British Virgin Islands law.
We
are a company incorporated under the laws of the British Virgin Islands. Our corporate affairs are governed by our Memorandum and
Articles, the BVI Act and the common law of the British Virgin Islands. The rights of shareholders to take action against our
directors, actions by our minority shareholders and the fiduciary duties of our directors to us under the British Virgin Islands law
are to a large extent governed by the common law of the British Virgin Islands. The common law of the British Virgin Islands is
derived in part from comparatively limited judicial precedent in the British Virgin Islands as well as from the common law of
England, the decisions of whose courts are of persuasive authority, but are not binding, on a court in the British Virgin Islands.
The rights of our shareholders and the fiduciary duties of our directors under the British Virgin 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
British Virgin Islands has a less developed 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 British Virgin Islands. In addition, the
shareholders of British Virgin Islands companies may not have standing to initiate a shareholder derivative action in a federal
court of the United States.
Certain
corporate governance practices in the British Virgin Islands differ significantly from requirements
for companies incorporated in other jurisdictions such as the United States. We can rely on home country practice with respect to our
corporate governance. If we choose to follow the British Virgin Islands' practice in the future, our shareholders may be afforded
less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers. See "— D. Risk
Factors — Risks Related to Our Ordinary Shares and the Trading Market
— As a foreign private issuer, we are permitted
to rely on exemptions from certain NASDAQ Stock Exchange corporate governance standards applicable to domestic U.S. issuers.
This may afford less protection to holders of our Ordinary Shares.
"
As
a result of the foregoing, public shareholders may have more difficulties in protecting their interests in the face of actions taken
by our management, or members of our board of directors than they would as public shareholders of a company incorporated in the United
States.
As
a foreign private issuer, we are permitted to rely on exemptions from certain NASDAQ Stock Exchange corporate governance standards
applicable to domestic U.S. issuers. This may afford less protection to holders of our Ordinary Shares.
We
are exempted from certain corporate governance requirements of the NASDAQ listing rules by virtue of being a foreign private issuer.
We are required to provide a brief description of the significant differences between our corporate governance practices and the corporate
governance practices required to be followed by domestic U.S. companies listed on NASDAQ. The standards applicable to us are considerably
different than the standards applied to domestic U.S. issuers. For instance, we are not required to:
●
have
    a majority of the governing board be independent (although all of the members of the audit committee must be independent under the
    U.S. Securities Exchange Act of 1934, as amended, or the Exchange Act);
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●
have
    a compensation committee or a nominating or corporate governance committee consisting entirely of independent directors;
●
have
    regularly scheduled executive sessions with only independent directors; or
●
have
    executive sessions of solely independent directors each year.
We have complied with and intend to continue to comply with the above
corporate
governance requirements of the NASDAQ listing rules. However, we may consider following home country practice in lieu of the requirements
under the NASDAQ listing rules with respect to certain corporate governance standards, by which, as
a result, you may not be provided with the benefits of
certain corporate governance requirements of NASDAQ.
If
we cease to qualify as a foreign private issuer, we would be required to comply fully with the reporting requirements of the Exchange
Act applicable to U.S. domestic issuers, and we would incur significant additional legal, accounting and other expenses that we would
not incur as a foreign private issuer.
We
are qualified as a foreign private issuer. As a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing
the furnishing and content of proxy statements, and our officers, directors and principal shareholders will be exempt from the reporting
and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the
Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as United States domestic issuers,
and we will not be required to disclose in our periodic reports all of the information that United States domestic issuers are required
to disclose. While we currently expect to qualify as a foreign private issuer, we may cease to qualify as a foreign private issuer in
the future.
If
we cannot continue to satisfy the continued listing requirements and other rules of NASDAQ Capital Market, although we are exempt from
certain corporate governance standards applicable to U.S. issuers as a Foreign Private Issuer, our Ordinary Shares may be delisted, which
could negatively impact the price of our Ordinary Shares and the shareholders' ability to sell them.
In
order to maintain our listing on the NASDAQ Capital Market, we are required to comply with certain rules of the NASDAQ Capital
Market, including those regarding minimum shareholders' equity, minimum share price and certain corporate governance
requirements. Even though we have fulfilled the listing requirements and other applicable rules of the NASDAQ Capital Market, we may
not be able to continue to satisfy these requirements and applicable rules. If we are unable to satisfy the NASDAQ Capital Market
criteria for maintaining our listing, our Ordinary Shares could be subject to delisting.
If
the NASDAQ Capital Market delists our Ordinary Shares from trading, we could face significant consequences, including:
●
a
    limited availability for market quotations for our Ordinary Shares;
●
reduced
    liquidity with respect to our Ordinary Shares;
●
a
    determination that our Ordinary Share is a "penny stock," which will require brokers trading in our Ordinary Share to
    adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our
    Ordinary Share;
●
limited
    amount of news and analyst coverage; and
●
a
    decreased ability to issue additional securities or obtain additional financing in the future.
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Because
our Operating Subsidiaries' business is conducted in Hong Kong dollars and the price of our Ordinary Shares is quoted in United
States dollars, changes in currency conversion rates may affect the value of your investments.
Substantially
all of our Operating Subsidiaries' business is conducted in Hong Kong (with less than 10% of their total customers clients in mainland
China), our books and records are maintained in Hong Kong dollars, which is the currency of Hong Kong, and the financial statements that
we file with the SEC and provide to our shareholders are presented in United States dollars. Changes in the exchange rate between the
Hong Kong dollar and U.S. dollar affect the value of our assets and the results of our operations in United States dollars. The value
of the Hong Kong dollar against the United States dollar and other currencies may fluctuate and is affected by, among other things, changes
in the Hong Kong's political and economic conditions and perceived changes in the economy of Hong Kong and the United States. Any
significant revaluation of the Hong Kong dollar may materially and adversely affect our cash flows, revenue and financial condition.
Volatility
in our Ordinary Shares price may subject us to securities litigation.
The
market for our Ordinary Shares may have, when compared to seasoned issuers, significant price volatility and we expect that our share
price may continue to be more volatile than that of a seasoned issuer for the indefinite future. In the past, plaintiffs have often initiated
securities class action litigation against a company following periods of volatility in the market price of its securities. We may, in
the future, be the target of similar litigation. Securities litigation could result in substantial costs and liabilities and could divert
management's attention and resources.
We
have broad discretion in the use of the net proceeds from the IPO and may not use them effectively.
Our
management has broad discretion in the application of the net proceeds, including for any of the purposes described in "Item 14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS — Use of Proceeds," and our shareholders do
not have the opportunity as part of their investment decision to assess whether the net proceeds are being used appropriately. Because
of the number and variability of factors that will determine our use of the net proceeds from the IPO, their ultimate use may vary substantially
from their currently intended use. The failure of our management to apply these funds effectively could harm the business of our Operating
Subsidiaries.
There
can be no assurance that we will not be deemed a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for
any taxable year, which could result in adverse U.S. federal income tax consequences to U.S. holders of our ordinary shares.
A
non-U.S. corporation will be a PFIC for any taxable year if either (1) at least 75% of its gross income for such year consists of certain
types of "passive" income; or (2) at least 50% of the value of its assets (based on an average of the quarterly values of
the assets) during such year is attributable to assets that produce passive income or are held for the production of passive income,
or the asset test. Based on our current and expected income and assets, we do not presently expect to be a PFIC for the current taxable year or the foreseeable future.
However, no assurance can be given in this regard because the determination of whether we are or will become a PFIC is a fact-intensive
inquiry made on an annual basis that depends, in part, upon the composition of our income and assets. In addition, there can be no assurance
that the Internal Revenue Service, or IRS, will agree with our conclusion or that the IRS would not successfully challenge our position.
Fluctuations in the market price of our Ordinary Shares may cause us to become a PFIC for the current or subsequent taxable years because
the value of our assets for the purpose of the asset test may be determined by reference to the market price of our Ordinary Shares.
The composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in
our IPO. If we were to be or become a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, certain adverse
U.S. federal income tax consequences could apply to such U.S. Holder and such U.S. Holder may be subject to additional reporting requirements.
For a more detailed discussion of the application of the PFIC rules to us and the consequences to U.S. taxpayers if we were or are determined
to be a PFIC, see "Item 10. Additional Information—E. Taxation—United States Federal Income Taxation—PFIC."
24
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Our
lack of effective internal controls over financial reporting may affect our ability to accurately report our financial results or prevent
fraud, which may affect the market for and price of our Ordinary Share.
To
implement Section 404 of the Sarbanes-Oxley Act of 2002, the SEC adopted rules requiring public companies to include a report of
management on the company's internal control over financial reporting. Prior to the closing of our IPO in April 2024,
we were a private company with limited accounting personnel and other resources for addressing our internal control over financial
reporting. Our management has not completed an assessment of the effectiveness of our internal control over financial reporting and
our independent registered public accounting firm has not conducted an audit of our internal control over financial reporting.
However, in connection with the audits of our consolidated financial statements as of December 31, 2021, 2022 and 2023, we and our
independent registered public accounting firms identified certain material weaknesses in our internal control over financial
reporting PCAOB of the United States. A "material weakness" is a deficiency, or a combination of deficiencies, in
internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or
interim financial statements will not be prevented or detected on a timely basis. The material weaknesses identified related to (1)
our lack of sufficient full-time personnel with appropriate levels of accounting knowledge and experience to monitor the daily
recording of transactions, address complex U.S. GAAP accounting issues and to prepare and review financial statements and related
disclosures under U.S. GAAP; (2) our lack of a functional internal audit department or personnel that monitors the consistencies of
the preventive internal control procedures as well as adequate policies and procedures in internal audit function to ensure that our
policies and procedures have been carried out as planned; and (3) inadequate segregation of duties for certain key functions due to
limited staff and resources.
Our
management has implemented and is currently taking the steps necessary to remediate the underlying causes of these material weaknesses,
including (i) conducting regular and continuous U.S. GAAP training programs and webinars for our financial reporting and accounting personnel;
ii) established three committees under the board of directors: an Audit Committee, a Compensation Committee and a Nominating and Corporate
Governance Committee (see
"Item 6- DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
for details"; iii) actively hiring more
qualified staff to fill up the key roles in the operations; and iv) setting up a financial and system control framework with formal documentation
of polices and controls in place. However, we cannot assure you that these measures may fully address the material weakness
in our internal control over financial reporting or that we may not identify additional material weaknesses or significant deficiencies
in the future.
We
are subject to the requirement that we maintain internal controls and that management perform periodic evaluation of the effectiveness
of the internal controls. Effective internal control over financial reporting is important to prevent fraud. As a result, our business,
our financial condition, results of operations and prospects, as well as the market for and trading price of our Ordinary Shares, may
be materially and adversely affected if we do not have effective internal controls. Before the IPO, we were a private company with limited
resources. As a result, we may not discover any problems in a timely manner and current and potential shareholders could lose confidence
in our financial reporting, which would harm the business of the Operating Subsidiaries and the trading price of our Ordinary Shares.
The absence of internal controls over financial reporting may inhibit investors from purchasing our Ordinary Shares and may make it more
difficult for us to raise funds in a debt or equity financing.
Additional
material weaknesses or significant deficiencies may be identified in the future. If we identify such issues or if we are unable to produce
accurate and timely financial statements, our Ordinary Share price may decline and we may be unable to maintain compliance with the NASDAQ
Listing Rules.
The
price of our Ordinary Shares could be subject to rapid and substantial volatility, and such volatility may make it difficult for prospective
investors to assess the rapidly changing value of our Ordinary Shares.
There
have been instances of extreme stock price run-ups followed by rapid price declines and strong stock price volatility with recent initial
public offerings, especially among those with relatively smaller public floats. As a relatively small-capitalization company with relatively
small public float, we may experience greater stock price volatility, extreme price run-ups, lower trading volume and less liquidity
than large-capitalization companies. In particular, our Ordinary Shares may be subject to rapid and substantial price volatility, low
volumes of trades and large spreads in bid and ask prices. Such volatility, including any stock-run up, may be unrelated to our actual
or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly
changing value of our Ordinary Shares.
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In
addition, if the trading volumes of our Ordinary Shares are low, persons buying or selling in relatively small quantities may easily
influence prices of our Ordinary Shares. This low volume of trades could also cause the price of our Ordinary Shares to fluctuate greatly,
with large percentage changes in price occurring in any trading day session. Holders of our Ordinary Shares may also not be able to readily
liquidate their investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general
economic and political conditions may also adversely affect the market price of our Ordinary Shares. As a result of this volatility,
investors may experience losses on their investment in our Ordinary Shares. A decline in the market price of our Ordinary Shares also
could adversely affect our ability to issue additional shares of Ordinary Shares and our ability to obtain additional financing in the
future. No assurance can be given that an active market in our Ordinary Shares will develop or be sustained. If an active market does
not develop, holders of our Ordinary Shares may be unable to readily sell the shares they hold or may not be able to sell their shares
at all.
Item
4. INFORMATION ON THE COMPANY
A.
History and Development of the Company
For
the history and development of the Company, please refer to "Item 3. Key Information—Our Corporate History." On
April 22, 2024, our Ordinary Shares commenced trading on the Nasdaq Capital Market under the symbol "MFI." On April 24,
2024, we closed our initial public offering. We raised $7.5 million in gross proceeds from our initial public offering, before
deducting underwriting discounts and other related expenses.
Corporate
Information
Our
principal executive offices are located at Unit 1801, Fortis Tower, 77-79 Gloucester Road, Wan Chai, Hong Kong, and our telephone number
is (+852) 3426-6200. Our registered office in the British Virgin Islands is at Vistra Corporate Services Centre, Wickhams Cay II, Road
Town, Tortola, BVI. We maintain a website at
https://www.m-finance.com
. The information contained on our website is not
a part of this annual report. Our agent for service of process in the United States is Cogency Global Inc., 122 East 42nd Street, 18th
Floor, New York, NY 10168.
The
SEC maintains a website at www.sec.gov that contains reports, proxy, and information statements, and other information regarding issuers
that file electronically with the SEC using its EDGAR system.
For
information regarding our principal capital expenditures, see "Item 5. Operating and Financial Review and Prospects — B.
Liquidity and Capital Resources — Capital Expenditures."
B.
Business Overview
Overview
We
are a holding company incorporated in the British Virgin Islands, and all of our operations are carried out by three Operating
Subsidiaries in Hong Kong. Our principal Hong Kong subsidiary, m-FINANCE, established in 2002, is a Hong Kong-based experienced
financial trading solution provider principally engaged in the development and provision of financial trading solutions. m-FINANCE
has approximately 20 years of experience in providing real-time mission critical forex, bullion/commodities trading platform
solutions, financial value-added services, mobile applications and financial information for brokers and institutional clients via
internet or platform as software as a service. m-FINANCE has provided a wide range of top-notch services, including mF4 Trading
Platform, Bridge and Plugins, CRM System, ECN System, Liquidity Solutions, Cross-platform "Broker+" Solution, Social
Trading Applications and other value-added services.
m-FINANCE
has been committed to providing an advanced trading platform and innovative one-stop trading solution that fits for the Asian market,
with clients located over mainland China, Hong Kong and Southeast Asia. m-FINANCE's customers are mainly financial institutions,
including brokers, investment banks, institutional clients and financial services providers. As of the date of this annual report, m-FINANCE's
trading platform is handling a monthly average transaction value of over US$100 billion.
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Revenues
are primarily generated from the operations of the Operating Subsidiaries providing trading platform solutions and financial
value-added services via internet or platform as software as a service. For the years ended December 31, 2021, 2022 and 2023, our
total revenue was approximately HK
$
32
,
212,970
,
HK$34,931,827 and HK$31,961,177 (US$4,091,869), respectively.
Our gross profit and net income were HK$15,952,563 and HK$10,349,595, respectively, for the year ended December 31, 2021. Our gross
profit and net income were HK$18,419,125 and HK$6,818,599, respectively, for the year ended December 31, 2022. Our gross profit and
net income were HK$17,965,507 (US$2,300,056) and HK$6,628,881 (US$848,670), respectively, for the year ended December 31,
2023.
Business
Strategy
Unique
I-A-D-T philosophy
m-FINANCE's
business strategy originates from its experienced management team and unique company philosophy, I-A-D-T, which is designed to support
trading with a rational and systematic process:
●
(I)nformation
:
    Gathering raw market information, including market indicators, price and publicly available news.
●
(A)nalysis
:
    Analyzing the collected information aims to identify the latest market trends and potential movements.
●
(D)ecision
:
    Formulating trading strategies and make investment decision based on risk appetite and market situation.
●
(T)ransaction
:
    Executing the transactions through a stable, efficient and secure trading platform.
I-A-D-T
defines the framework of m-FINANCE's services and m-FINANCE is committed to integrating this company philosophy into the design
of financial trading solutions. In the past two decades, m-FINANCE has implemented solutions designed to assist its customers in building
profitable businesses and benefitting from effective return-on-investment.
Continuing
to commit in R&D to enhance existing m-FINANCE trading platform and financial value-added services for capturing world-wide demand
for our trading solutions
Enhancing
and upgrading financial trading solutions
As
the financial technology industry is a fast-evolving industry, we believe that it is essential for m-FINANCE to keep pace with the technological
advancement and equip ourselves with the latest and/or prevailing technologies to formulate new projects and ideas.
In
addition, our management expects that industry competition will continue to intensify in the near future. Financial technology is taking
an increasingly important role in trading process, from pre-trade risk management to clearing and settlement, which creates opportunities
and challenges to the market players. It is observed by the management that the market participants are actively exploring ways to perform
system upgrades and service enhancements. In particular, algo-trading, big data and artificial intelligence applications are increasingly
integrated in the areas of trading. As part of our core strategies, the Operating Subsidiaries will endeavor to continuously update current
functions and may, in the future, seek to launch new functions.
Business
development activities to support regional expansion
As
of the date of this annual report, we have had an established client base in Hong Kong, and some clients in other regions. In the future,
we intend to increase business presence of our Operating Subsidiaries, concentrating on regional expansion by reinforcing the existing
client base and developing operations in other regions by establishing new branches in other cities, as needed.
Expansion
of client basis
m-FINANCE
is dedicated to providing holistic solutions aligned to customer needs. Consumers expect seamless, hyper-personalized digital services
tailored to their unique situations. We expect to continuously help m-FINANCE grow its client base with increased customer-focused, which
will require understanding what customers need, the experiences they covet and the heightened importance of financial well-being. m-FINANCE
plans to refine its strategies and services by designing and delivering customer experiences to increase trust and loyalty, creating
seamless interactions with the clients and providing flexible solutions that easily respond to shifting customer needs and aspirations.
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Establishment
of a proprietary trading platform for Algo-traders
Our
management expects that algorithmic trading will become more and more common. Algo trading is the use of algorithms or rules to make
purchasing and sales decisions on the investor's behalf, based on a set of instructions defining price, quantity, timing, or any
mathematical model. It allows retail traders to get access to trading algorithm designed by worldwide strategists and hedge funds. Additionally,
this type of trading maximizes returns by arbitraging the advantages of enormous amounts of data, tiny processing delays, huge throughput
capacity, dynamically balanced portfolios, and intelligent predictive analytics.
In
light of the above, m-FINANCE intends to incorporate prevailing technologies to build a new platform business which will invite, qualify
and recruit algorithmic traders to participate in its proprietary trading platform. We envision that this proprietary trading platform may lead to improvement
of clients' trading life cycle, stickiness and may facilitate higher trading volume.
Retaining,
attracting and motivating high caliber and experienced staff
We
believe that human resources are of paramount importance to the business operations of the Operating Subsidiaries and our success depends
on the ability to hire new talents for the Operating Subsidiaries to deliver new features to the financial trading solutions they provide
and retain core employees to maintain our competitiveness. Additionally, we plan to recruit more sales and marketing personnel to broaden
our international market and client base. Further, for the purpose of regulatory compliance with the SEC and NASDAQ, we also plan to
hire additional in-house counsel and compliance officers. We also encourage potential staff to study and apply for relevant professional
qualifications through allowances and on-going training. We will also continue to maintain a people-oriented management culture and working
environment that promote employees' personal and professional development. We have instituted a pilot 4.5-day work week every other
week, to adapt to the new normal conventions in the workplace since July 2022, and we are a pioneer company in Hong Kong to carry out
this working scheme. We hope the measures will improve employee wellness so that employees will be better motivated at work and perform
more efficiently, creating a mutually beneficial situation.
Expansion
in sales and marketing
We
also plan to promote our Operating Subsidiaries' market presence by investing more in sales and marketing in the international
market, including online advertisement, promotion, digital marketing, and exhibition.
Competitive
Strengths
We
believe a combination of the following competitive strengths contribute to our Operating Subsidiaries' continued success and potential
for growth:
Experienced
management team fully understands the market situation and technology
We
have a highly committed and professional senior management team with strong credentials and extensive experience in the financial technology
industry. Our experienced management team is led by Chief Executive Officer, Chi Weng Tam, and Managing Director, Tai Wai (Stephen) Lam.
Both individuals have strong business connections and knowledge in the IT and finance sectors, and had proven track records in taking
business to the next level. The Managing Director, CEO and senior management team are adaptable to challenges and changing economic environment.
During the course of business, our management's vision and entrepreneurial spirit, an integral part to building brand and developing
business of our Operating Subsidiaries, have played a crucial role in shaping m-FINANCE's industry recognition, market reputation
and business success. m-FINANCE's management also possesses extensive technical know-how and domain knowledge to respond to changing
trends in the industry, which we expect will aid in formulating and implementing business strategies in the financial technology industry.
See "Item 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES — A. Directors and Senior Management" for further details of
the management's biographies.
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The
extensive experience and market foresight of the management team, supported by a team of high-caliber solution analysts and application
developers, we believe will be able to help m-FINANCE capitalize on the industry expertise, adapt to the changes in market conditions,
and formulate and execute business strategies effectively.
Unique
comprehensive one-stop offering covering needs of traders, dealers and financial institutions.
In
order to strengthen m-FINANCE's position as a financial trading solution provider, it endeavors in innovating new financial trading
solutions and enhancing its existing financial trading solutions, to respond to the changing needs and requirements of customers, serving
various sophisticated market players in the financial industry, such as traders, brokers and dealers. As of the date of this annual report,
m-FINANCE offers a comprehensive range of financial trading solutions covering the trade life cycle, such as providing real-time mission
critical forex, bullion/commodities trading platform solutions, financial value-added services, mobile applications and financial information.
24/7
round-the-clock support services specialized in mission critical application support and support provision
m-FINANCE
has a dedicated service team with knowledgeable and well-trained personnel, providing premium customer services on any technical issues
promptly regarding the platforms and applications developed by m-FINANCE. Clients have access to 24/7 online customer support services
via messaging applications such as WhatsApp, Skype, Tencent QQ, WeChat, emails and phone in Mandarin Chinese, Cantonese Chinese and English.
Key
Services
m-FINANCE
Trading Platform
Our
flagship platform is a turnkey trading solution being built to fulfill brokers' business needs. This platform includes the following
major components:
Front,
Middle and Back Office
m-FINANCE's
award-winning platform ("The Most Outstanding Foreign Exchange Precious Metals Trading Platform of the Year in Greater China"
in 2022, awarded by Hong Kong's Most Outstanding Business Awards 2022) suite covers all major features and functions required to
operate an online trading platform business. Our Front, Middle and Back Office modules allow traders, introducing brokers and account
managers, dealers, settlement and credit officers to easily monitor and execute trades, perform risk management and account openings,
and operate the trading business in a secured and stable environment.
m-FINANCE's
trader terminal comes in .NET, Java, iOS, Android and HTML5 versions, providing the greatest flexibility for traders to manage their
positions and place orders anytime, anywhere.
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In
order to address the various needs of clients, the platform is designed to be highly configurable to address specific business requirements
without being required to redeploy or rebuild the applications. This is very crucial to serve the 24-hour non-stop over-the-counter market.
Pricing
Engine
The
"Price Engine" is the heart of a trading platform, which links up with market data feeds and then distributes to all connected
applications in a timely and efficient manner. Due to the special nature of the over-the-counter market, there are chances of error quotes
from market data and discrepancies of price quotes from different sources. However, m-FINANCE's pre-built data feed management
functionalities allow dealers to define filtering rules and specific templates to cope with various market conditions in real-time.
Customer
Relationship Management (CRM)
m-FINANCE's
CRM system refers to a Customer Relationship Management system developed exclusively for facilitating forex/bullion brokerage companies
to manage all the Introducing Brokers (IBs) and clients efficiently. It assists to streamline and standardize the operation processes
with a view to reducing costs, improving efficiency and increasing customer retention. The cloud-based CRM system integrates with the
m-FINANCE trading platform as well as MT4/MT5 trading platforms from Metaquotes Ltd. It has a full-fledged affiliate system with multi-tier
rebate capabilities which allow brokers to grow their brokerage business rapidly. By introducing new functions to cater different business
models, the mF CRM system can help brokers manage their entire business effectively whilst reducing trading risk.
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Table of Contents
Liquidity
solutions
m-FINANCE
provides liquidity services to customers for the use of the fully automatic hedging solution and sending their clients' orders
directly to the liquidity providers such as institutional brokers, market makers, exchanges and prime of prime brokers. m-FINANCE's
solution supports Financial Information Exchange (FIX), which is the de-facto standard for international real-time exchange of transactions
among financial institutions. The trading platform provide brokers/dealers with automatic hedging services by sending clients'
orders directly to FIX-compliant international banks, exchanges, institutional brokers or electronic communication network (ECN) platforms.
Through assessing the specific demands of brokers/dealers, m-FINANCE may provide various hedging solutions, allowing them to define criteria
of switching between A-Book and B-Book business models. When brokers use the A-Book business model, all of their clients' orders
are transmitted directly to the connected liquidity providers. When brokers operate as market makers, it is referred to as the B-Book
model, orders are then processed in-house by the brokers. The easy switch between these two models allows the brokers to control their
investment risks and maximize their profits.
White
label services
m-FINANCE
provides white label services to customers by allowing them to add additional labels or brands to the trading platform services. Thess
provide customers the highest flexibility to operate their trading platform business based on their individual business development strategy
or marketing needs at a lower operating cost.
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Table of Contents
Social
and copy trading ("CopyMaster")
Copy
trading is gaining popularity because it provides users with the opportunity to follow the trading portfolio of successful traders'
transactions such as buy/sell events and profit & loss summary. With the convenience of using smart phones, users are demanding tools
or apps with copy trading function to assist them in making trading decision anywhere and anytime. Users may define their preferred trade
copying rules based on their own risk appetite, which enable them to automatically copy trading actions of other traders. By combining
copy trading with social media elements, such as comment and share functions, into m-FINANCE's self-developed mobile application,
CopyMaster, traders, analysts, guru, introducing brokers can interact, share knowledge and strategies, and engage in the forex and bullion
markets with ease. This application, available in iOS and Android versions, is also equipped with several built-in interactive utilities,
including traders' ranking, market sentiment analysis, virtual points, group chats, messaging and alerts, as well as live broadcasts.
Cross-platform
"Broker+" solution
The
Cross-platform "Broker+" solution scales up brokers' business by providing them with flexibility to operate as a liquidity
provider. In combination with m-FINANCE's trading platform, brokers can accept orders from other brokers who are using MT4 software
developed by Metaquotes Ltd. directly via STP, in order to expand their trading volume. "Broker+" solution allows configuration
of multiple modules with independent price quote setting for different brokers. More importantly, brokers utilizing the m-FINANCE trading
platform can have full flexibility to hedge specific orders from other brokers by switching between A-Book and B-Book modes conveniently.
Other
Financial Value-added services (FVAS)
Aligning
with its one-stop trading solutions strategy, m-FINANCE is also providing several financial value-added services to its clients, such
as interactive charts, professional trading analysis & strategies, economic calendar, instant financial news, real-time quotes, online
payment gateway, mobile customer relationship management System (mCRM) and website development. All these services can be tailored to
assist clients to establish, promote and strengthen their online trading business and services. For example, the mCRM service is already
connected with multiple SMS gateways for delivery of short messages to world-wide users. It thus enables automatic delivery of important
information (such as cut loss, deposit/withdraw, reset password) or promotional messages to traders' mobile phones, significantly
reducing the workload of back office staff and providing a good means of marketing. Riding on m-FINANCE's I-A-D-T philosophy, real-time
quotes and market analysis being the "I" and "A" components, the optional subscription services have been the
seamlessly integrated parts of the trading platform, distributing traders with timely market knowledge.
Revenue
Model
Our
revenue model is subject to the type of services provision to clients, which include:
Fee
    Type
Trading
    Platform
CRM
Liquidity
    Solutions
CopyMaster
Broker+
FVAS
1
Initial
    set up, installation and customization services (Note 1)
Y
Y
Y
Y
Y
Y
2
Subscriptions
    (Note 2)
Y
Y
Y
Y
3
Hosting,
    support and maintenance services (Note 2)
Y
Y
Y
Y
Y
O
4
White
    label services (Note 2)
O
5
Liquidity
    services income (Note 3)
Y
6
Quotes/news/package
    subscription services (Note 2)
O
Y
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Remarks:
O
    =
Optional fee
Notes:
1.
    We charged a one-time service fee for the services provided.
2.
    We charged a monthly fee for the services provided.
3.
    We charged a transaction fee based on the trading volume or lot size.
Prepayment
of recurrent fees is required in most cases, either on quarter or annual basis. The packaged platform deployment cycle is around two
weeks to one-month, subject to user acceptance testing duration to be performed by clients. All customization work will have fixed priced
quotation issued for the client to confirm an order. Clients are required to settle all one-time fees within the specified timeframe
per contractual term before production launch of services. We generally grant credit-terms of 30 days to the clients. Nevertheless, at
times, clients may require additional time to pay us or fail to pay us at all, management will then decide on whether to continue on
service provisioning based on the specific client situation. These exceptional cases may add up the overall collection exposure, increase
the amounts of accounts receivable and consequently lead to additional allowance for bad and doubtful debt accounts.
Revenue
The
following table sets forth the breakdown of our revenue for the years ended December 31, 2023, 2022 and 2021:
For the years ended December 31,
2021
2022
2023
2023
HK$
HK$
HK$
US$
Initial set up, installation and customization services
8,147,473
7,140,076
8,973,079
1,148,789
Subscriptions
12,124,676
11,414,976
11,445,019
1,465,263
Hosting, support and maintenance services
3,304,830
4,186,369
4,338,184
555,401
Liquidity services
3,220,992
6,699,586
2,626,516
336,263
White label services
1,860,221
1,889,188
2,122,198
271,697
Quotes/news/package subscription services
3,554,778
3,601,632
2,456,181
314,456
Total revenue
32,212,970
34,931,827
31,961,177
4,091,869
Clients
Clients
of the Operating Subsidiaries are mainly financial institutions, including brokers, investment banks, institutional clients,
liquidity providers and financial services providers. The Operating Subsidiaries recruit new clients via existing client referrals,
personal networking, online advertisement, promotion, digital marketing, and exhibition. As of the date of this annual report, the
Operating Subsidiaries do not offer any incentive for client referrals. For the years ended December 31, 2021, 2022 and 2023, we had
64, 60 and 54, respectively.
We
did not have any key clients on which we depended during the years ended December 31, 2021, 2022 and 2023. Since the revenue generated
by each client depends on the type and amounts of services consumed, it is possible for any client or potential client to become a top
five client for a fiscal year. The following two facts further indicate that there is no key client on which we were dependent during
the years ended December 31, 2021, 2022 and 2023: (i) the total revenue generated by the top five clients represents less than 40% of
the revenue of the Operating Subsidiaries for the years ended December 31, 2021, 2022 and 2023; and (ii) the top five clients were not
exactly the same for the years ended December 31, 2021, 2022 and 2023.
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Salient
Terms of Service Agreements
Scope
of services
The
Operating Subsidiaries generally enter into written service agreements with clients that set out the scope of services to be provided,
and will include the provision of one or more of our development and financial trading solutions services, subject to the request of
the customers.
Term
During
the years ended December 31, 2021, 2022 and 2023, the service agreements entered were generally for a period of 1
year.
Service
fees and payment terms
The
service agreements of the Operating Subsidiaries specify the terms of the service fees, including the payment schedule or a provision
that payment is required to be made upon the presentation of the invoice.
Termination
The
service agreements generally grant both counterparties the right to terminate the contracts by providing written notice to the other
party within the specified timeframe.
Top
Five Clients
For the year ended December 31, 2021, our five largest
customers accounted for 10.5%, 7.9%, 7.1%, 5.9% and 4.8%, respectively, of our total revenues.
For the year ended December 31, 2022, our five largest
customers accounted for 18.0%, 6.1%, 5.0%, 4.3% and 4.2%, respectively, of our total revenues.
For the
year ended December 31, 2023, our five largest customers accounted for 6.7%, 5.5%, 5.2%, 4.7% and 4.5%, respectively, of our total revenues.
None of our directors,
their close associates, or any shareholders who owned more than 5% of the issued shares of our Company, as of the date of this annual
report, had any interest in any of the five largest clients of Operating Subsidiaries during the years ended December 31, 2021, 2022 and
2023. As of the date of this annual report, we are not aware of any of the major clients having experienced material financial difficulties
that may materially affect our or the Operating Subsidiaries' business.
Service
Providers
During
the years of December 31, 2021, 2022 and 2023, the suppliers were all IT service providers. Our top five suppliers during the years ended
December 31, 2021, 2022 and 2023 did not grant credit terms to us and payments made to them were generally made by check and settled
in HK$.
For the year ended December 31, 2021,
our
five largest service providers accounted for 7.2%, 5.4%, 2.8%, 1.8% and 1.6%, respectively, of our total cost of revenue.
For the year ended December 31, 2022,
our
five largest service providers accounted for 5.2%, 4.0%, 2.8%, 1.7% and 1.0%, respectively, of our total cost of revenue.
For the year ended December 31, 2023,
our
five largest service providers accounted for 6.6%, 3.3%, 2.0%, 1.5% and 1.3%, respectively, of our total cost of revenue.
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Our directors, Tai Wai (Stephen) Lam and Chi Weng Tam, who are also the
shareholders who owned more than 5% of the number of issued Ordinary Shares of our Company as of the date of this annual report, own 100%
equity interests in one of the service providers, PrimeTime Global Technologies Limited through Gaderway Investments Limited. Other than as disclosed above, none of our directors, their close associates, nor any shareholders who owned
more than 5% of the issued shares of our Company, as of the date of this annual report, had any interest in any of the five largest service
providers during the years ended on December 31, 2021, 2022 and 2023. As of the date of this annual report, neither we nor the Operating
Subsidiaries had any significant disputes with any of other service providers for the years ended December 31, 2021, 2022 and 2023.
Risk
Management
Our
management is of the view that during the ordinary course of the business, the Operating Subsidiaries are primarily exposed to risks
related to information technology security. On the managerial level, our executive directors are responsible for the control measures
and supervision of operations in all aspects. The following sets out the risks and mitigating control measures taken by our Operating
Subsidiaries.
Data
Availability
The
Operating Subsidiaries are using database clustering and redundancy to prevent the risk of any data loss.
Data
Privacy
We
and the Operating Subsidiaries value our and the clients' data privacy. Sensitive data is only accessible to approved parties of
the customers through the services provided by our Operating Subsidiaries. All access to production systems are logged, and every logging
party only has limited access time to the systems.
Firewalls
The
Operating Subsidiaries employ redundant firewalls for monitoring and filtering network traffic.
Encryption
The
Operating Subsidiaries deployed a separate encryption key for each client on the trading platform deployed when the clients are sending
and receiving transaction data.
Alert
System
The
Operating Subsidiaries also developed an alert system to notify support personnel upon various abnormal system events.
Inventory
As
of the date of this annual report, the Operating Subsidiaries do not keep any inventory.
Competition
We
believe the financial technology industry in Hong Kong and Asia is competitive and fragmented. With the rise of electronic trading in
recent years, the industry has attracted the presence of both Hong Kong-based and international companies. We believe the financial technology
industry in Hong Kong and Asia is competitive and fragmented. With the rise of electronic trading in recent years, the industry has attracted
the presence of both Hong Kong-based and international companies.
With
the successful project delivery and sound reputation, some international financial trading solutions providers have applied their proven
expertise in the industry, while the local financial trading solutions providers leverage the established relationship with customers.
Strong local partnership allows efficient access to local networks and information, which our management believes is a key advantage
to our Operating Subsidiaries.
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Table of Contents
Material
Licenses, Certificates and Approvals
All
of our active Operating Subsidiaries were formed and are operating in Hong Kong, and they have received all required permissions from
Hong Kong authorities to operate their current business in Hong Kong, namely, their business registration certificates.
Properties
Real
Property
As
of the date of this annual report, neither we nor the Operating Subsidiaries own any real property. Our operating subsidiary, m-FINANCE,
has entered into three lease agreements with two independent third parties, the details of which are set out below.
Address
Gross Floor Area
Use of the Property
Lease Term
Unit 1801, Fortis Tower, 77-79 Gloucester Road, Wan Chai, Hong Kong
3750 (sq./ft)
Office
From January 31, 2022 to January 30, 2024
From January 31, 2024 to January 30, 2026
(Renewed)
Carparking Space No. 33 on 2/Floor, Fortis Tower, NOS. 77, 78-79 Gloucester Road, Hong Kong
N/A
Parking Lot
From January 31, 2022 to January 30, 2023
From January 31, 2023 to January 30, 2024
From January 31, 2024 to January 30, 2025
(Renewed)
Carparking Space No. 62 on 3/Floor, Fortis Tower, NOS. 77, 78-79 Gloucester Road, Hong Kong
N/A
Parking Lot
From January 31, 2022 to January 30, 2024
No longer renewed after expiration
Carparking Space No. 74 on 3/Floor, Fortis Tower, NOS. 77, 78-79 Gloucester
Road, Hong Kong
N/A
Parking Lot
From January 31, 2024 to January 30, 2025
Intellectual
Properties
Domain
Name
We
are the registrants of the following domain names: goldtradingsignal.com, mfintrader.com, tradingguard.net, tradingsky.net, omegatraders.com,
fx24k.com, m-finance.net, m-finance.com, m-finance.hk, mfcloud.net, mmaster.com. algotraders.finance, tradingengine.net. As of the date
of this annual report, all of the domains remain active and the Company may renew such registrations for further periods, and expects
to do so for the foregoing domain names at appropriate times.
Trademark
As
of the date of this annual report, the Operating Subsidiaries maintained 7 trademark registrations in Hong Kong and 9 trademark registrations
in mainland China through m-FINANCE regarding its business name and brand names. Registered trademarks in Hong Kong and mainland China
are valid for a period of 10 years beginning on the date of registration. The Company may renew successfully for further periods of 10
years at the end of the current period, and, as of the date of this annual report, expects to do so for the foregoing trademarks at appropriate
times. Our directors consider that the business and profitability of our Company and the Operating Subsidiaries are not dependent on
any patent, license or new manufacturing process.
Seasonality
Our
Operating Subsidiaries' operations do not typically experience any seasonality.
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Table of Contents
Employees
As
of the date of this annual report, there are 33 employees in our Company, including the Operating Subsidiaries. As of December 31, 2023
and 2022, we had 32 and 28 employees, respectively. All of the employees are stationed in Hong Kong. The following table sets forth a
breakdown of the number of our employees by job functions as of the date of this annual report:
Job Functions
Number of Employees
Management
2
Business Analyst/Quality Assurance
7
Design
1
Finance
1
Finance and Administration
1
Office Administration
1
Project Management
2
Sales and Marketing
1
Software Development
11
Technical Support
6
Total
33
For
the years ended December 31, 2021, 2022 and 2023, there was no strike or labor dispute with the staff and we believe the
relationships with the employees and work environment are generally positive. We and the Operating Subsidiaries regularly assess the
job performance of our staff and we believe that our remuneration policy helps us attract and retain our staff. We determine our
employees' remuneration based on a number of factors, including their duties, position, experience, qualifications and
contributions to our Operating Subsidiaries. During the years ended on December 31, 2021, 2022 and 2023, the staff costs of the
employees, including salaries, contributions to Mandatory Provident Fund Scheme Ordinance (the "MPFSO", a retirement
scheme in Hong Kong where employers are required to contribute certain amount of employee's monthly income to the fund) and
other benefits were approximately HK$15,270,802, HK$16,332,699 and HK$16,509,766 (US$2,113,683),
respectively.
Data
Privacy
In
the course of the business operation through our Operating Subsidiaries, they may collect personal data from our customers in connection
with the business operations and this information may be subject to data privacy laws in the jurisdiction of Hong Kong. According to
the relevant law in relation to data privacy, it is necessary for customers, or data owners, to be informed of the purpose for which
the data is to be used on or before collecting the data, and such data shall not be used for a new purpose without the prescribed consent
of the data owners. Our subsidiaries' data privacy statement states that the personal data being collected can be used for purposes
of data analysis and supporting our subsidiaries to develop and to improve the functions of our subsidiaries. We believe that we and
our subsidiaries are in compliance with all relevant laws and regulations in all material respects with respect to data privacy.
Environmental
Compliance
We
believe that the nature of our subsidiaries' business does not impose any serious threats to social responsibility and environmental
protection matters.
Legal
Proceedings
For
the years ended on December 31, 2021, 2022 and 2023, and as of the date of this annual report, neither we nor the Operating
Subsidiaries have been involved in any litigation, claim, administrative action or arbitration which had a material adverse effect
on the operations or financial condition of our Company or our Operating Subsidiaries. On December 20, 2021, m-FINANCE entered into
a settlement agreement with one of its clients for HK$2.6 million to settle a contractual dispute, which dispute has been fully
settled in cash as of December 31, 2021.
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Insurance
The
Operating Subsidiaries provide business protection insurance including covering Property All Risks, Business Interruption Money and
Personal Assault, Public Liability, Employee's Compensation in compliance with applicable Hong Kong laws. Such insurance
policies generally extend for one year and are renewable annually. We believe that the current insurance coverage is sufficient for
our Operating Subsidiaries' business operations and is consistent with the industry conventions in Hong Kong. The Operating
Subsidiaries were not subject to, nor did they receive, any insurance claims during the years ended on December 31, 2021, 2022 and
2023, and as of the date of this annual report.
Research
and Development
During
the years ended December 31, 2021, 2022 and 2023, and as of the date of this annual report, the Operating Subsidiaries
mainly utilize internal resources for research and development and they also engaged PrimeTime Global Technologies Limited and three
independent third parties for research and development.
Regulations
Regulations
Related to our Business Operation in Hong Kong
We
are a BVI holding company with three Operating Subsidiaries as forex/bullion trading solutions providers in Hong Kong. Below sets out
a summary of certain aspects of the Hong Kong laws and regulations which are relevant to our Operating Subsidiaries' operations
and business.
Regulations
related to business registration
Business
Registration Ordinance (Chapter 310 of the Laws of Hong Kong)
The
Business Registration Ordinance requires every person carrying on any business to make an application to the Commissioner of Inland Revenue
in the prescribed manner for the registration of that business within one month after the commencement of business. The Commissioner
of Inland Revenue must register each business for which a business registration application is made and as soon as practicable after
the prescribed business registration fee and levy are paid and issue a business registration certificate or branch registration certificate
for the relevant business or the relevant branch, as the case may be. Any person who fails to apply for business registration shall be
guilty of an offence and shall be liable to a fine of HK$5,000 and to imprisonment for 1 year. As of the date of this annual report,
each of the Operating Subsidiaries has obtained and maintains a valid business registration certificate.
Regulations
related to employment and labor protection
Employment
Ordinance (Chapter 57 of the Laws of Hong Kong)
The
Employment Ordinance, or the EO, is an ordinance enacted for, amongst other things, the protection of the wages of employees and the
regulation of the general conditions of employment and employment agencies. Under the EO, an employee is generally entitled to, amongst
other things, notice of termination of his or her employment contract; payment in lieu of notice; maternity protection in the case of
a pregnant employee; not less than one rest day in every period of seven days; severance payments or long service payments; sickness
allowance; statutory holidays or alternative holidays; and paid annual leave of up to 14 days depending on the period of employment.
Employees'
Compensation Ordinance (Chapter 282 of the Laws of Hong Kong)
The
Employees' Compensation Ordinance, or the ECO, is an ordinance enacted for the purpose of providing for the payment of compensation
to employees injured in the course of employment. The EO establishes a no-fault and non-contributory employee compensation system for
work injuries and lays down the rights and obligations of employers and employees in respect of injuries or death caused by accidents
arising out of and in the course of employment, or by prescribed occupational diseases.
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Under
the ECO, if an employee sustains an injury or dies as a result of an accident arising out of and in the course of his employment, his
employer is in general liable to pay compensation even if the employee might have committed acts of faults or negligence when the accident
occurred. Similarly, an employee who suffers incapacity or dies arising from an occupational disease is entitled to receive the same
compensation as that payable to employees injured in occupational accidents.
As
stipulated by the ECO, no employer shall employ any employee in any employment unless there is in force in relation to such employee
a policy of insurance issued by an insurer for an amount not less than the applicable amount specified in the Fourth Schedule of the
ECO in respect of the liability of the employer. According to the Fourth Schedule of the ECO, the insured amount shall be not less than
HK$100,000,000 per event if a company has no more than 200 employees. Any employer who contravenes this requirement commits a criminal
offence and is liable on conviction to a fine and imprisonment. An employer who has taken out an insurance policy under the ECO is required
to display a prescribed notice of insurance in a conspicuous place on each of its premises where any employee is employed.
Our
directors confirm that we have maintained our employee's compensation insurance policy and all of our local employees are insured
under the employee's compensation insurance policy, as of the date of this annual report.
Occupational
Safety and Health Ordinance (Chapter 509 of the Laws of Hong Kong)
The
Occupational Safety and Health Ordinance provides for the protection of health and safety of employees in workplaces, both industrial
and non-industrial.
Employers
must, as far as reasonably practicable, ensure the safety and health at work of all employees by:
●
providing
    and maintaining plant and systems of work that are safe and without risks to health;
●
making
    arrangements for ensuring safety and absence of risks to health in connection with the use, handling, storage or transport of plant
    or substances;
●
providing
    all necessary information, instruction, training, and supervision for ensuring safety and health; and
●
as
    regards any workplace under the employer's control, maintaining the workplace in a condition that is safe and without risks
    to health and providing and maintaining means of access to and egress from the workplace that are safe and without risks to health
Failure
to comply with any of the above provisions constitutes an offence and the employer is liable on conviction to a fine of HK$200,000. An
employer who fails to do so intentionally, knowingly or recklessly commits an offence and is liable on conviction to a fine of HK$200,000
and to imprisonment of six months.
Occupiers
Liability Ordinance (Chapter 314 of the Laws of Hong Kong)
The
Occupiers Liability Ordinance regulates the obligations of a person occupying or having control of premises on injury resulting to persons
or damage caused to goods or other property lawfully on the land.
The
Occupiers Liability Ordinance imposes a common duty of care on an occupier of premises to take such care as in all the circumstances
of the case is reasonable to see that the visitor will be reasonably safe in using the premises for the purposes for which he is invited
or permitted by the occupier to be there.
Mandatory
Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong)
The
Mandatory Provident Fund Schemes Ordinance, or the MPFSO, is an ordinance enacted for the purposes of providing for the establishment
of non-governmental mandatory provident fund schemes, or the MPF Schemes. The MPFSO requires every employer of an employee of 18 years
of age or above but under 65 years of age to take all practical steps to ensure the employee becomes a member of a registered MPF Scheme
within the first 60 days of employment. Subject to the minimum and maximum relevant income levels, it is mandatory for both employers
and their employees to contribute 5% of the employee's relevant income to the MPF Scheme.
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Any
employer who contravenes the requirement of enrolling eligible employees in a registered MPF Scheme commits a criminal offence and is
liable on conviction to a maximum fine of HK$50,000 and imprisonment for six months on the first conviction and maximum fine of HK$100,000
and imprisonment for one year on each subsequent conviction.
Any
employer who contravenes the requirement of paying mandatory contributions to the MPF Scheme commits a criminal offence and is liable
on conviction to a maximum fine of HK$50,000 and imprisonment for six months on the first conviction and maximum fine of HK$100,000 and
imprisonment for one year on each subsequent conviction.
Minimum
Wage Ordinance (Chapter 608 of the Laws of Hong Kong)
The
Minimum Wage Ordinance provides for a prescribed minimum hourly wage rate (currently at HK$40.0 per hour) during the wage period for
every employee engaged under a contract of employment under the Employment Ordinance. Any provision of the employment contract which
purports to extinguish or reduce the right, benefit or protection conferred on the employee by the Minimum Wage Ordinance is void.
Failure
to pay minimum wage amounts to a breach of the wage provisions under Employment Ordinance. An employer who willfully and without reasonable
excuse fails to pay wages to an employee when it becomes due is liable to prosecution and, upon conviction, to a fine of HK$350,000 and
to imprisonment for three years.
Regulations
related to Hong Kong taxation
Inland
Revenue Ordinance (Chapter 112 of the Laws of Hong Kong)
Under
the Inland Revenue Ordinance, where an employer commences to employ in Hong Kong an individual who is or is likely to be chargeable to
tax, or any married person, the employer shall give a written notice to the Commissioner of Inland Revenue not later than three months
after the date of commencement of such employment. Where an employer ceases or is about to cease to employ in Hong Kong an individual
who is or is likely to be chargeable to tax, or any married person, the employer shall give a written notice to the Commissioner of Inland
Revenue not later than one month before such individual ceases to be employed in Hong Kong.
Withholding
tax on dividends
Under
the current practice of the Inland Revenue Department of Hong Kong, no withholding tax is payable in Hong Kong in respect of dividends
paid by the Operating Subsidiaries in Hong Kong.
Capital
gains and profit tax
The
Inland Revenue Ordinance provides, among other things, that profits tax shall be charged on every person carrying on a trade, profession
or business in Hong Kong in respect of his or her assessable profits arising in or derived from Hong Kong at the standard rate at 16.5%,
except for the qualifying group entity under the two-tiered profits tax regime. The two-tiered profits tax regime is applicable to years
of assessment commencing on or after April 1, 2018, for which the first HK$2,000,000 assessable profits are taxed at the rate of 8.25%
and the remaining assessable profits are taxed at 16.5%. The Inland Revenue Ordinance also contains detailed provisions relating to,
among other things, permissible deductions for outgoings and expenses, set-offs for losses and allowances for depreciations of capital
assets.
No
tax is imposed in Hong Kong in respect of capital gains from the sale of shares. However, trading gains from the sale of shares by persons
carrying on a trade, profession or business in Hong Kong, where such gains are derived from or arise in Hong Kong, will be subject to
Hong Kong profits tax. Certain categories of taxpayers (for example, financial institutions, insurance companies and securities dealers)
are likely to be regarded as deriving trading gains rather than capital gains unless these taxpayers can prove that the investment securities
are held for long-term investment purposes.
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Stamp
Duty Ordinance (Chapter 117 of the Laws of Hong Kong)
Under
the Stamp Duty Ordinance, the Hong Kong stamp duty currently charged at the ad valorem rate of 0.13% on the higher of the consideration
for or the market value of the shares, will be payable by the purchaser on every purchase and by the seller on every sale of Hong Kong
shares (in other words, a total of 0.26% is currently payable on a typical sale and purchase transaction of Hong Kong shares). In addition,
a fixed duty of HK$5 is currently payable on any instrument of transfer of Hong Kong shares. Where one of the parties is a resident outside
Hong Kong and does not pay the ad valorem duty due by it, the duty not paid will be assessed on the instrument of transfer (if any) and
will be payable by the transferee. If no stamp duty is paid on or before the due date, a penalty of up to ten times the duty payable
may be imposed.
Estate
duty
Hong
Kong estate duty was abolished effective from February 11, 2006. No Hong Kong estate duty is payable by shareholders in relation to the
shares owned by them upon death.
Regulations
related to anti-competition
Competition
Ordinance (Chapter 619 of the Laws of Hong Kong)
The
Competition Ordinance that commenced full operation on December 14, 2015 (i) prohibits conduct that prevents, restricts or distorts competition
in Hong Kong; (ii) prohibits mergers that substantially lessen competition in Hong Kong; and (iii) provides for incidental and connected
matter.
The
"First Conduct Rule" prohibits anti-competitive agreements, practices and decisions. It provides that an undertaking must
not (i) make or give effect to an agreement; (ii) engage in a concerted practice; or (iii) as a member of an association of undertakings,
make or give effect to a decision of the association, if the object or effect of the agreement, concerted practice or decision is to
prevent, restrict or distort competition in Hong Kong. Serious anti-competitive conduct includes (i) fixing, maintaining, increasing
or controlling the price for the supply of goods or services; (ii) allocating sales, territories, customers or markets for the production
or supply of goods or services; (iii) fixing, maintaining, controlling, preventing, limiting or eliminating the production or supply
of goods or services; and (iv) bid-rigging.
The
"Second Conduct Rule" prohibits the abuse of market power. It provides that an undertaking that has a substantial degree
of market power in a market must not abuse such power by engaging in conduct that has as its object or effect the prevention, restriction
or distortion of competition in Hong Kong. This conduct may in particular, constitute an abuse of such market power if it involves predatory
behavior towards competitors or limiting production, markets or technical development to the prejudice of consumers. Matters that may
be taken into consideration when determining whether an undertaking has a substantial degree of market power in a market include (i)
the market share of the undertaking; (ii) the undertaking's power to make pricing and other decisions; and (iii) any barriers to
entry to competitors into the relevant market.
The
First Conduct Rule and the Second Conduct Rule apply to all sectors of the Hong Kong economy. Therefore, our business is subject to Competition
Ordinance generally.
In
the event of contravention of a competition rule, the Competition Tribunal may (i) on application by the Competition Commission, impose
pecuniary penalty of any amount it considers appropriate subject to a maximum of 10% of the turnover of the undertaking concerned for
each year in which the contravention occurred for each single contravention (if the contravention occurred in more than three years,
10% of the turnover of the undertaking for the three years that saw the highest, second highest and third highest turnover); (ii) on
application by the Competition Commission, make an order disqualifying a person from being a director of a company or from otherwise
being concerned in the affairs of a company; (iii) make orders it considers appropriate, including but not limited to prohibiting an
entity from making or giving effect to an agreement, requiring modification or termination of an agreement, requiring payment of damages
to a person who has suffered loss or damage as a result of the contravention.
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Laws
in Relation to Intellectual Property Rights
Copyright
Ordinance (Chapter 528 of the Laws of Hong Kong)
The
Copyright Ordinance currently in force in Hong Kong came into effect on June 27, 1997. The Copyright Ordinance as reviewed and revised
from time to time provides comprehensive protection for recognised categories of work such as literary, dramatic, musical and artistic
works, as well as for sound recordings, films, television broadcasts and cable programmes. Certain copyrights may subsist in the works
we create in relation to our artistic works or literary works that qualify for copyright protection without registration.
The
Copyright Ordinance restricts certain acts such as copying and/or issuing or making available copies to the public of a copyright work
without the authorisation from the copyright owner which, if done, constitutes infringement of copyright.
Trade
Marks Ordinance (Chapter 559 of the Laws of Hong Kong)
The
Trade Marks Ordinance currently in force in Hong Kong came into effect on April 4, 2003. The Trade Marks Ordinance is a statute enacted
to make provision in respect of the registration of trademarks and for connected matters. The Trade Marks Ordinance provides (amongst
other things) that a person infringes a registered trade mark if the person uses in the course of trade or business a sign which is:
(a)
identical
    to the trade mark in relation to goods or services which are identical to those for which it is registered;
(b)
identical
    to the trade mark in relation to goods or services which are similar to those for which it is registered; and the use of the sign
    in relation to those goods or services is likely to cause confusion on the part of the public;
(c)
similar
    to the trade mark in relation to goods or services which are identical or similar to those for which it is registered; and the use
    of the sign in relation to those goods or services is likely to cause confusion on the part of the public; or
(d)
identical
    or similar in relation to goods or services which are not identical or similar to those for which the trade mark is registered; the
    trade mark is entitled to protection under the Paris Convention as a well-known trade mark; and the use of the sign, being without
    due cause, takes unfair advantage of, or is detrimental to, the distinctive character or repute of the trade mark.
Under
the Trade Marks Ordinance, the owner of a trade mark is entitled to bring infringement proceedings against a person infringing his or
her trade mark for damages, injunctions, accounts and any other relief available in law. As of the date of this annual report, our subsidiaries
registered seven trade marks in Hong Kong relating to our business, and there have been no infringement claims commenced by or against
the Operating Subsidiaries with respect to any trade mark.
Regulations
related to anti-money laundering and counter-terrorist financing
Anti-Money
Laundering and Counter-Terrorist Financing Ordinance (Chapter 615 of the Laws of Hong Kong)
The
Anti-Money Laundering and Counter-Terrorist Financing Ordinance, or the AMLO, imposes requirements relating to client due diligence and
record-keeping and provides the regulatory authorities with the powers to supervise compliance with the requirements under the AMLO.
In addition, the regulatory authorities are empowered to (i) ensure that proper safeguards exist to prevent contravention of specified
provisions in the AMLO; and (ii) mitigate money laundering and terrorist financing risks.
Drug
Trafficking (Recovery of Proceeds) Ordinance (Chapter 405 of the Laws of Hong Kong)
The
Drug Trafficking (Recovery of Proceeds) Ordinance, or the DTROP, contains provisions for the investigation of assets suspected to be
derived from drug trafficking activities, the freezing of assets on arrest and the confiscation of the proceeds from drug trafficking
activities. It is an offence under the DTROP if a person deals with any property knowing, or having reasonable grounds to believe, it
to be the proceeds from drug trafficking. The DTROP requires a person to report to an authorized officer if he/she knows or suspects
that any property (directly or indirectly) is the proceeds from drug trafficking or is intended to be used or was used in connection
with drug trafficking, and failure to make such disclosure constitutes an offence under the DTROP.
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Organized
and Serious Crimes Ordinance (Chapter 455 of the Laws of Hong Kong)
The
Organized and Serious Crimes Ordinance, or the OSCO, empowers officers of the Hong Kong Police Force and the Hong Kong Customs and Excise
Department to investigate organized crime and triad activities, and it gives the Hong Kong courts jurisdiction to confiscate the proceeds
from organized and serious crimes, to issue restraint orders and charging orders in relation to the property of defendants of specified
offences. The OSCO extends the money laundering offence to cover the proceeds of all indictable offences in addition to drug trafficking.
United
Nations (Anti-Terrorism Measures) Ordinance (Chapter 575 of the Laws of Hong Kong)
The
United Nations (Anti-Terrorism Measures) Ordinance, or the UNATMO, provides that it is a criminal offence to: (i) provide or collect
funds (by any means, directly or indirectly) with the intention or knowledge that the funds will be used to commit, in whole or in part,
one or more terrorist acts; or (ii) make any funds or financial (or related) services available, directly or indirectly, to or for the
benefit of a person knowing that, or being reckless as to whether, such person is a terrorist or terrorist associate. The UNATMO also
requires a person to report his knowledge or suspicion of terrorist property to an authorized officer, and failure to make such disclosure
constitutes an offence under the UNATMO.
Regulations
related to data privacy
The
Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong)
The
Personal Data (Privacy) Ordinance, or the PDPO, imposes a statutory duty on data users to comply with the requirements of the six data
protection principles (the "Data Protection Principles") contained in Schedule 1 to the PDPO. The PDPO provides that a data
user shall not do an act, or engage in a practice, that contravenes a Data Protection Principle unless the act or practice, as the case
may be, is required or permitted under the PDPO. The six Data Protection Principles are:
●
Principle
    1 — purpose and manner of collection of personal data;
●
Principle
    2 — accuracy and duration of retention of personal data;
●
Principle
    3 — use of personal data;
●
Principle
    4 — security of personal data;
●
Principle
    5 — information to be generally available; and
●
Principle
    6 — access to personal data.
Non-compliance
with a Data Protection Principle may lead to a complaint to the Privacy Commissioner for Personal Data (the "Privacy Commissioner").
The Privacy Commissioner may serve an enforcement notice to direct the data user to remedy the contravention and/ or instigate prosecution
actions. A data user who contravenes an enforcement notice commits an offense which may lead to a fine and imprisonment.
The
PDPO also gives data subjects certain rights, inter alia:
●
the
    right to be informed by a data user whether the data user holds personal data of which the individual is the data subject;
●
if
    the data user holds such data, to be supplied with a copy of such data; and
●
the
    right to request correction of any data they consider to be inaccurate.
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The
PDPO criminalizes, including but not limited to, the misuse or inappropriate use of personal data in direct marketing activities, non-compliance
with a data access request and the unauthorized disclosure of personal data obtained without the relevant data user's consent.
An individual who suffers damage, including injured feelings, by reason of a contravention of the PDPO in relation to his or her personal
data may seek compensation from the data user concerned.
Regulations
Related to the British Virgin Islands
Regulations
related to the British Virgin Islands Data Protection Act, 2021
The
Data Protection act, 2021 (the "BVI DPA") came into force in the British Virgin Islands on July 9, 2021. The BVI DPA establishes
a framework of rights and duties designed to safeguard individuals' personal data, balanced against the need of public authorities,
businesses and organizations to collect and use personal data for lawful purposes. The BVI DPA is centered around seven data protection
principles which require that:
●
personal
    data must not be processed unless specific conditions are met;
●
a
    data controller must inform a data subject of specific matters, for instance the purposes for which it is being collected and further
    processed;
●
personal
    data must not be disclosed for any purpose other than the purpose for which it was to be disclosed at the time of collection or a
    purpose directly related thereto or to any party other than a third party of a class previously notified to the data subject;
●
a
    data controller shall, when processing personal data, take practical steps to protect personal data from loss, misuse, modification,
    unauthorized or accidental access or disclosure, alteration or destruction;
●
personal
    data must not be kept for longer than is necessary for the purpose;
●
personal
    data must be accurate, complete, not misleading and kept up to date; and
●
a
    data subject must be given access to his or her own personal data and be able to correct that data where it is inaccurate, incomplete,
    misleading or not up to date, except where a request for such access or correction is refused under the BVI DPA.
The
Information Commissioner is the regulator responsible for the proper functioning and enforcement of the BVI DPA. Offences under the BVI
DPA include:
●
processing
    sensitive personal data in contravention of the BVI DPA;
●
willfully
    obstructing the Information Commissioner or an authorized officer in the conduct of his or her duties and functions;
●
willfully
    disclosing personal information in contravention of the BVI DPA; and
●
collecting,
    storing or disposing of personal information in a manner that contravenes the BVI DPA.
Offences
committed under the BVI DPA may result in fines (up to US$500,000 in certain cases) or imprisonment. Further, a data subject who suffers
damage or distress as a result of their data being processed in contravention of the BVI DPA may institute civil proceedings in the British
Virgin Islands courts.
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C.
Organizational Structure
See
"—A. History and Development of the Company."
D.
Property, Plants and Equipment
See
"—B. Business Overview—Properties."
Item
4A. UNRESOLVED STAFF COMMENTS
Not
applicable.
Item
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated
financial statements and the related notes included elsewhere in this annual report. This discussion contains forward-looking statements
reflecting our current expectations that involve risks and uncertainties. See "Disclosure Regarding Forward-Looking Statements"
for a discussion of the uncertainties, risks and assumptions associated with these statements. Actual results and the timing of events
could differ materially from those discussed in our forward-looking statements as a result of many factors, including those set forth
under "Item 3. KEY INFORMATION — D. Risk Factors" and elsewhere in this annual report.
Unless
otherwise indicated, all share amounts and per share amounts in this annual report have been presented giving effect to a share split
of our Ordinary Shares at a ratio of 1:231.7, which occurred on August 11, 2023.
A.
Operating Results
Overview
mF
International is a BVI holding company with three Hong Kong-based subsidiaries providing financial trading solutions by principally engaging
in research and development and sales of financial trading solutions. m-FINANCE, our principal operating subsidiary, is one of the financial
service market participants with clients in Hong Kong, mainland China and Southeast Asia, and a bullion trading platform solution provider
for the Chinese Gold and Silver Exchange (CGSE) Society member in Hong Kong. m-FINANCE has approximately 20 years of experience in providing
real-time mission critical forex, bullion/commodities trading platform solutions, financial value-added services, mobile applications
and financial information for brokers and institutional clients via internet or platform as software as a service. m-FINANCE has provided
a wide range of top-notch services, including mF4 Trading Platform, Bridge and Plugins, CRM System, ECN System, Liquidity Solutions,
Cross-platform "Broker+" Solution, Social Trading Applications and other value-added services.
Key
factors that affect operating results
Our
results of operations have been and will continue to be affected by a number of factors, including those set out below:
General
market conditions of the capital market and financial trading industry in Hong Kong
Our
Operating Subsidiaries' business is closely related to the capital market and financial trading industry in Hong Kong. Through
our Operating Subsidiaries, we provide financial trading solutions and the services provided by the Operating Subsidiaries are affected
by the capital market in Hong Kong. Any material deterioration in the financial and economic conditions of the financial and capital
market in Hong Kong could materially and adversely affect the business and prospects of our Operating Subsidiaries. The Hong Kong financial
and capital market is susceptible to changes in the global, as well as domestic economic, social and political conditions, including,
but not limited to, interest rate fluctuations, volatility of foreign currency exchange rates, monetary policy changes and legal and
regulatory changes. When there are unfavorable changes to the global or local market conditions, the financial and securities market
in Hong Kong may experience negative fluctuations in its performance. It may directly affect the demand for our Operating Subsidiaries'
services, pricing strategies, the level of business activities and consequently our revenue derived therefrom. This may materially and
adversely affect our financial condition and results of operations.
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Our
Operating Subsidiaries' abilities to design and develop new services
The
financial service industry is characterized by rapidly evolving technology and standards, and our future success will depend on our ability
to enhance our Operating Subsidiaries' current financial trading solutions and to introduce new financial trading solutions that
keep pace with these rapidly evolving technology and standards. As such, our success is susceptible to our Operating Subsidiaries'
ability to integrate new technology and standards into their financial trading solutions, create new solutions and adapt to changing
business models and the customers in a timely manner. As a result, we may need to invest significant resources in research and development
to maintain our market position, keep pace with technological changes and compete effectively. For the years ended December
31, 2021, 2022 and 2023, we capitalized the research and development costs of HK$6,959,773, HK$5,993,675 and HK$7,270,898 (US$930,866),
respectively, as intangible assets. The failure to improve our Operating Subsidiaries' financial trading solutions
and services, offer new financial trading solutions and adapt to changing business models in a timely and cost-effective manner could
materially and adversely affect business of our Operating Subsidiaries, financial condition and results of operations.
Competition
With
the rise of electronic trading in recent years, the industry has attracted the presence of both Hong Kong-based and international companies.
As such, the Operating Subsidiaries face potential competition with various financial trading solution providers in the same industry.
We believe that the Operating Subsidiaries have differentiated their services with comprehensive range of financial trading solutions
with high flexibility, established reputation with proven track record and strong and innovative development capabilities. Should the
Operating Subsidiaries fail to compete with their competitors, maintain their competitive advantage or keep pace with technological changes,
our overall results of operations could be adversely affected.
The
Operating Subsidiaries rely on IT staff and other skilled workers to complete their projects and the retention and recruitment of these
skilled professionals is challenging.
There
is a limited pool of IT staff and other skilled workers with the requisite skills, know-how and experience required for our Operating
Subsidiaries' business. As the quality of IT and technical know-how are keys to the business of our subsidiaries, attracting and
retaining talent are essential components of our Operating Subsidiaries' business strategy. We may have to offer better salaries,
incentive packages and training opportunities to attract and retain sufficient skilled workers to maintain our Operating Subsidiaries'
operations and growth, which may increase our costs and reduce our profitability. For the years ended December 31, 2021,
2022 and 2023, our staff costs of directors and employees, including salaries, provident fund contributions and other benefits were HK$15,270,802,
HK$16,332,699 and HK$16,509,766 (US$2,113,683), respectively. We cannot be certain that we will be able to retain our existing IT staff
and other skilled workers and recruit additional qualified professionals to support the future operations and growth of our Operating
Subsidiaries. Any failure to do so may adversely affect the business and growth of our Operating Subsidiaries.
Impact
of the COVID-19 pandemic on the business and operations of the Operating Subsidiaries
The
COVID-19 pandemic has resulted in quarantines, travel restrictions, limitations on social or public gatherings, and the temporary closure
of business venues and facilities across the world. The negative impacts of the COVID-19 outbreak on the business of the Operating Subsidiaries
include: (i) the uncertain economic conditions may deter clients from engaging our services; (ii) quarantines have impeded and may continue
to impede our Operating Subsidiaries' ability to contact existing and new clients and (iii) the operations of the clients of the
Operating Subsidiaries have been and could continue to be negatively impacted by the pandemic, which may in turn adversely impact their
business performance, and result in a decreased demand for their our services. Moreover, travel restrictions limited other parties'
ability to visit and meet the Operating Subsidiaries in person. Although most communication may be achieved via video calls, this form
of remote communication may be less effective in building trust and communicating with existing and new clients.
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Some
of the customers of the Operating Subsidiaries were lost since certain small-sized customers had to shut down their businesses as a result
of the adverse impact of the COVID-19 pandemic on their profitability in 2021 and 2022. While COVID-19 may have had a significant overall
impact on the business of the Operating Subsidiaries in the short term, the prolonged phenomenon of COVID-19 and the effects of mutations
in the virus, both in terms of extent and intensity of the pandemic, together with their ongoing impact on our industry and the macroeconomic
situations are still difficult to anticipate and may pose substantial uncertainties. In the event that the health and economic environment
does not improve, or there is no significant recovery in the regions where the clients of the Operating Subsidiaries are served or operate,
our business, results of operations and financial condition could be materially and adversely affected. Considering the balance between
infection risks and the resumption of economic and livelihood impetus, the Hong Kong government canceled isolation orders to infected
persons beginning January 30, 2023. All mandatory mask-wearing requirements were lifted with effect beginning March 1, 2023. Starting
April 1, 2023, Hong Kong terminated its pre-departure COVID-19 testing requirement for overseas travelers, ending all pandemic-related
restrictions on visitors entering the city. We will continuously assess and adopt measures to offset any challenges created by the pandemic.
Quantitative
and qualitative disclosures about market risk
We
are subject to financial market risks, including changes in foreign currency exchange rate risk with respect to our investment at fair
value consisting of short-term foreign exchange investment made by the Company which is denominated in the US$. The fluctuation in US$
may result in increase or decrease in the value of our investment at fair value. We consider the foreign exchange risk in relation to
transactions denominated in US$ with respect to HK$ is not significant as HK$ is pegged to US$.
The
trades of foreign currencies conducted by the Operating Subsidiaries are denominated in the US$ and are paired with currencies with strong
liquidity traded in highly transparent markets, including such currencies as the EURO, USD, GBP, CHF, AUD and CAD, etc. Fluctuation in
exchange rates, changes in monetary and/or fiscal policy or inflation in the countries in which we paired our trades of foreign currencies
could have a material adverse effect on our results of operations. The clear position limits and floating profit/loss limits are set
to manage the market risks of our foreign exchange positions. For the years ended December 31, 2021, 2022 and 2023, we traded foreign
currencies of transaction amounts of US$3,110.4 million, US$1,448.7 million and US$4.1 million, respectively, while we had realized loss
on disposal of financial assets at fair value and change in fair value on financial assets at fair value in the aggregate amount of HK$676,445,
HK$1,157,650 and HK$9,965 (US$1,276), respectively. The realized loss on disposal of financial assets at fair value and change in fair
value on financial assets at fair value represented 0.00275%, 0.01025% and 0.0313% of our trading transaction amounts of foreign currencies
for the years ended December 31, 2021, 2022 and 2023, respectively. We will assess and monitor the challenges created by the increased
volatility in the financial and currency market.
The
transaction details of each foreign currency pair were set out below:
For the years ended December
    31,
2021
2022
2023
2021
2022
2023
Foreign currency pair
Transaction in carrying amounts
Transaction in notional amounts
US$
US$
US$
US$
US$
US$
AUD/USD
729,476
448
2,724
113,341,038
223,814
272,445
EUR/USD
5,211,862
2,499,003
4,447
725,050,580
304,063,579
635,163
GBP/USD
2,324,200
3,681,794
10,474
346,504,821
495,241,194
1,594,119
NZD/USD
794,107
-
-
123,030,161
-
-
USD/CAD
1,520,092
2,449,540
7,262
230,612,000
332,836,000
1,088,000
USD/CHF
1,387,616
1,774,770
3,500
213,950,000
209,368,000
482,000
USD/JPY
1,149,484
19,670
-
179,822,000
2,018,000
-
XAU/USD
9,951,408
900,640
-
1,178,050,802
104,858,886
-
Others
-
120
-
-
60,064
-
23,068,245
11,325,985
28,407
3,110,361,402
1,448,669,537
4,071,727
47
Table of Contents
Results
of operations
Comparison
of year ended December 31, 2021 with year ended December 31, 2022
The
following table sets forth key components of our results of operations for the years ended December 31, 2021 and 2022:
For the years ended December 31,
2021
2022
2022
Variance
% of variance
HK$
HK$
US$
HK$
Revenue
32,212,970
34,931,827
4,477,578
2,718,857
8.4
%
Cost of revenue
16,260,407
16,512,702
2,116,606
252,295
1.6
%
Gross profit
15,952,563
18,419,125
2,360,972
2,466,562
15.5
%
Operating expenses
Selling and marketing expenses
220,681
161,791
20,738
(58,890
)
-26.7
%
Research and development expenses
29,478
80,012
10,256
50,534
171.4
%
General and administrative expenses
5,167,704
10,634,851
1,363,180
5,467,147
105.8
%
Total operating expenses
5,417,863
10,876,654
1,394,174
5,458,791
100.8
%
Income from operations
10,534,700
7,542,471
966,798
(2,992,229
)
-28.4
%
Other income (expense)
Other income, net
1,402,874
1,265,200
162,174
(137,674
)
-9.8
%
Realized loss on disposal of financial assets at fair value
(16,120
)
-
-
16,120
-100.0
%
Change in fair value on financial assets at fair value
(660,325
)
(1,157,650
)
(148,388
)
(497,325
)
75.3
%
Interest expenses, net
(479,904
)
(443,577
)
(56,858
)
36,327
-7.6
%
Total other income (expense), net
246,525
(336,027
)
(43,072
)
(582,552
)
-236.3
%
Income before income taxes
10,781,225
7,206,444
923,726
(3,574,781
)
-33.2
%
Income tax expenses
(431,630
)
(387,845
)
(49,714
)
43,785
-10.1
%
Net income
10,349,595
6,818,599
874,012
(3,530,996
)
-34.1
%
Other comprehensive income (loss)
Foreign currency translation adjustment
(14,168
)
7,496
961
21,664
-152.9
%
Comprehensive income
10,335,427
6,826,095
874,973
(3,509,332
)
-34.0
%
48
Table of Contents
Revenue
The
following table sets forth the breakdown of our revenue by major revenue type for the years ended December 31, 2021 and 2022, respectively:
For the years ended December 31,
2021
2022
2022
Variance
% of variance
HK$
HK$
US$
HK$
Initial set up, installation and customization services
8,147,473
7,140,076
915,218
(1,007,397
)
-12.4
%
Subscriptions
12,124,676
11,414,976
1,463,177
(709,700
)
-5.9
%
Hosting, support and maintenance services
3,304,830
4,186,369
536,611
881,539
26.7
%
Liquidity services
3,220,992
6,699,586
858,756
3,478,594
108.0
%
White label services
1,860,221
1,889,188
242,157
28,967
1.6
%
Quotes/news/package subscription services
3,554,778
3,601,632
461,659
46,854
1.3
%
Total revenue
32,212,970
34,931,827
4,477,578
2,718,857
8.4
%
Our
revenue increased by HK$2,718,857 or 8.4% from HK$32,212,970 for the year ended December 31, 2021 to HK$34,931,827 for the year ended
December 31, 2022, primarily because of the increase in our revenue derived from our Operating Subsidiaries' liquidity services
and hosting, support and maintenance services, and was partially offset by the decrease in revenue derived from our Operating Subsidiaries'
initial set up, installation and customization services.
Revenue
from our Operating Subsidiaries' initial set up, installation and customization services decreased by HK$1,007,397, or 12.4%, from
HK$8,147,473 for the year ended December 31, 2021 to HK$7,140,076 for the year ended December 31, 2022. The decrease was mainly due to
the decrease in demand for our Operating Subsidiaries' customization services provided to customers to customize the functions
and features of the trading platforms during the year ended December 31, 2022. We believe the decrease in demand for the Operating Subsidiaries'
customization services was mainly due to the conservative budgeting of our customers.
Revenue
from our Operating Subsidiaries' subscriptions decreased by HK$709,700, or 5.9%, from HK$12,124,676 for the year ended December
31, 2021 to HK$11,414,976 for the year ended December 31, 2022. The decrease was mainly due to the fact that some customers were lost,
since certain small-sized customers had to shut down their businesses as a result of the adverse impact of the COVID-19 pandemic on their
profitability.
Revenue
from our Operating Subsidiaries' hosting, support and maintenance services increased by HK$881,539, or 26.7%, from HK$3,304,830
for the year ended December 31, 2021 to HK$4,186,369 for the year ended December 31, 2022. The increase was mainly due to the increase
in customers for our hosting, support and maintenance services for the year ended December 31, 2021. We believe that the Operating Subsidiaries
realized an increase in the number of customers because of the referral of new customers from existing customers.
Revenue
from our Operating Subsidiaries' liquidity services increased by HK$3,478,594, or 108.0%, from HK$3,220,992 for the year ended
December 31, 2021 to HK$6,699,586 for the year ended December 31, 2022. The increase was mainly due to the increase in demands from a
fast-growing customer who was engaging in in-house research on a trading signal. A trading signal is generated from algorithms with inputs
such as technical patterns, moving average crosses, trading volume surges and interest rates. When a trading signal is triggered, a signal
to buy or sell a futures contract is generated. It requires our Operating Subsidiaries' liquidity services, which provide automatic
hedging functions to enable such client to send its customers' orders directly to a broker's platform.
49
Table of Contents
Cost
of revenue
The
following table sets forth the breakdown of our cost of revenue for the years ended December 31, 2021 and 2022:
For the years ended December 31,
2021
2022
2022
Variance
% of variance
HK$
HK$
US$
HK$
Internet services cost
1,584,002
1,727,305
221,407
143,303
9.0
%
Employee-related costs
6,470,263
6,886,855
882,760
416,592
6.4
%
Subscription costs
192,443
171,228
21,948
(21,215
)
-11.0
%
Outsourcing fees
1,491,876
752,904
96,508
(738,972
)
-49.5
%
Amortization of intangible assets
5,992,085
6,160,391
789,642
168,306
2.8
%
Commission expenses
529,725
808,894
103,684
279,169
52.7
%
Others
13
5,125
657
5,112
39323.1
%
Total cost of revenue
16,260,407
16,512,702
2,116,606
252,295
1.6
%
Our
cost of revenue increased by HK$252,295 or 1.6% from HK$16,260,407 for the year ended December 31, 2021 to HK$16,512,702 for the year
ended December 31, 2022, which was mainly due to the increase in employee-related costs because lesser staff costs were capitalized as
intangible assets under research and development since more time and resources were allocated for supporting our financial trading solution
services in the year ended December 31, 2022.
Internet
service cost
Internet
service cost represented cost in relation to server hosting service provided by data center service providers as well as acquiring internet
data line from various service providers for internet access.
Employee-related
costs
Employee-related
costs consisted primarily of payroll and other personnel-related expenses of our Operating Subsidiaries' staff to support our financial
trading solution services.
Subscription
costs
Our
subscription costs represented costs incurred by the Operating Subsidiaries for subscription payments for price or news feeds from news
and financial market information providers. We will convert the raw data into usable data that can be used in our trading platform. The
decrease in subscription costs was due to a cancelled subscription from a financial market information provider.
Outsourcing
fees
The
Operating Subsidiaries may outsource some works to our related party and independent third parties. The outsourcing costs mainly represented
the charges and fees paid to subcontractors who handled implementation work for our Operating Subsidiaries. The outsourcing fees decreased
as Operating Subsidiaries required fewer outsourcing services in the year ended December 31, 2022.
Amortization
of intangible assets
Our
amortization of intangible assets mainly represented amortization of the Operating Subsidiaries in-house developed financial trading
solutions.
Commission
expenses
Commission
expenses represented the fees we paid to business partners of our Operating Subsidiaries, which bring new businesses to our Operating
Subsidiaries. The commission is generally determined based on a certain percentage of revenue generated from customers referred by business
partners.
Gross
profit
Our
total gross profit increased by HK$2,466,562 or 15.5% from HK$15,952,563 for the year ended December 31, 2021 to HK$18,419,125 for the
year ended December 31, 2022. Our total gross profit margin increased from 49.5% for the year ended December 31, 2021 to 52.7% for the
year ended December 31, 2022. The increase in our gross profit and gross profit margin was primarily due to the increase in revenue from
liquidity services, which typically carries a higher gross margin.
50
Table of Contents
Operating
expenses
Our
operating expenses consisted of the following:
For the years ended December 31,
2021
2022
2022
Variance
% of variance
HK$
HK$
US$
HK$
Selling and marketing expenses
220,681
161,791
20,738
(58,890
)
-26.7
%
Research and development expenses
29,478
80,012
10,256
50,534
171.4
%
General and administrative expenses
5,167,704
10,634,851
1,363,180
5,467,147
105.8
%
Total operating expenses
5,417,863
10,876,654
1,394,174
5,458,791
100.8
%
Our
selling and marketing expenses mainly represented the advertising cost and marketing expenses. Our selling and marketing expenses decreased
by HK$58,890, or 26.7%, from HK$220,681 for the year ended December 31, 2021 to HK$161,791 for the year ended December 31, 2022, mainly
because lesser marketing expenses were incurred during the year ended December 31, 2022.
Our
research and development expenses primarily consisted of payroll and other personnel-related expenses of our Operating Subsidiaries'
software development team. Our research and development expenses increased by HK$50,534, or 171.4%, from HK$29,478 for the year ended
December 31, 2021 to HK$80,012 for the year ended December 31, 2022, because more staff costs were incurred for the preliminary project
research stage in the year ended December 31, 2022. We expect that our expenditures for research and development may increase in terms
of monetary value and may increase as a percentage of our total revenue over time, as the Operating Subsidiaries will expand their software
development capacity to continue to improve existing functions and develop new functions.
Our
general and administrative expenses mainly represented the staff costs, depreciation expenses of property and equipment, amortization
of operating lease right-of-use assets, interest of lease liabilities and legal and professional fees. Our general and administrative
expenses increased by HK$5,467,147, or 105.8%, from HK$5,167,704 for the year ended December 31, 2021 to HK$10,634,851 for the year ended
December 31, 2022, because the initial public offering expenses of HK$3,401,970 were incurred in the year ended December 31, 2022. We
expect our general and administrative expenses, including but not limited to staff costs, to increase in the foreseeable future, as our
Operating Subsidiaries' business is expected to grow further. We expect our legal and professional fees for legal, audit, and advisory
services to increase, as we will incur audit fees, legal fees and advisory fees for being a public company.
Other
income (expenses)
Our
other income (expenses) consists of the following:
For the years ended December 31,
2021
2022
2022
Variance
% of variance
HK$
HK$
US$
HK$
Other income
Sundry income
742,279
174,026
22,307
(568,253
)
-76.6
%
Commission income
284,646
259,794
33,301
(24,852
)
-8.7
%
Government subsidies
379,363
734,059
94,092
354,696
93.5
%
Others
32,258
145,342
18,630
113,084
350.6
%
Other income
1,438,546
1,313,221
168,330
(125,325
)
-8.7
%
Other expenses
Other expenses
35,672
48,021
6,155
12,349
34.6
%
Other expenses
35,672
48,021
6,155
12,349
34.6
%
Total other income, net
1,402,874
1,265,200
162,174
(137,674
)
-9.8
%
51
Table of Contents
Sundry
income
. The Operating Subsidiaries charged handling service fees for services provided to customers on using the multi-asset
trading software by the MT4/MT5 (forex trading platforms) service providers. Some customers requested the Operating Subsidiaries to subscribe
to such services from the MT4/MT5 service providers and they, in turn, charged such customers. The sundry income was the net amount of
sundry income from providing such handling services after deducting the expenses it incurred over the same period. The decrease in sundry
income was mainly due to the decrease in customers' requests for such service.
Commission
Income
. Commission income represented the commission income received from our related party for business referred by us. We would
charge a commission fee at an agreed percentage from the business referred by us to our related party. The decrease in commission income
was mainly due to the decrease in sales referred by us.
Government
subsidies.
Government subsidies primarily related to one-off entitlements granted by the Hong Kong government pursuant to the
Employment Support Scheme under the Anti-epidemic Fund ("ESS"). The Operating Subsidiaries received government subsidies
that totaled HK$379,363 and HK$734,059 for the years ended December 31, 2021 and 2022, respectively, and recognized such amounts as other
income when they were received because we have (i) not implemented redundancies during the subsidy period; and (ii) spent all the wage
subsidies on paying wages to employees. The increase in government subsidies was mainly due to the increase in subsidies provided to
combat the pandemic.
Realized
loss on disposal of financial assets at fair value and change in fair value on financial assets at fair value.
Realized
loss on disposal of financial assets at fair value and change in fair value on financial assets at fair value represents realized loss
on disposal of and change in fair value on financial assets at fair value from certain investment agreements with certain brokerage companies
to trade with foreign currencies, at fair value, with the intention to optimize a trading algorithm based on live market interactions.
The increase in change in fair value on financial assets at fair value was mainly due to the increased volatility in the financial and
currency market.
Interest
expenses on bank borrowings
We
incurred interest expenses on bank borrowings which totaled HK$479,904 and HK$443,577 for the years ended December 31, 2021 and 2022,
respectively, with an annual effective interest rate of 3.0% and 3.3% during the years ended December 31, 2021 and 2022, respectively.
Income
tax expenses
British
Virgin Islands
Under
the current and applicable laws of BVI, the Company is not subject to tax on income or capital gains.
China
The
Company's subsidiary, m-FINANCE Software (Shenzhen) Limited ("SZ WFOE") established in the PRC is subject to PRC Enterprises
Income Tax rate of 25% for the years ended December 31, 2021 and 2022.
Hong
Kong
In
accordance with the relevant tax laws and regulations of Hong Kong, a company registered in Hong Kong is subject to income taxes within
Hong Kong at the applicable tax rate on taxable income. From year of assessment of 2018/2019 onwards, Hong Kong profit tax rates are
8.25% on assessable profits up to HK$2,000,000, and 16.5% on any part of assessable profits over HK$2,000,000.
52
Table of Contents
Taxation
in the statement of income represents:
For the years ended December 31,
2021
2022
2022
Variance
% of variance
HK$
HK$
US$
HK$
Current tax
-
229,355
29,399
229,355
N/A
Deferred tax
431,630
158,490
20,315
(273,140
)
-63.3
%
Total income tax expense
431,630
387,845
49,714
(43,785
)
-10.1
%
Our
income tax decreased by HK$43,785 from HK$431,630 for the year ended December 31, 2021 to HK$387,845 for the year ended December 31,
2022, primarily due to the decrease in income before income taxes.
Net
income.
As a result of the foregoing, we reported net income of HK$10,349,595 and HK$6,818,599 for the years ended December 31,
2021 and 2022, respectively.
Other
comprehensive income (loss).
Loss from foreign currency translation adjustment amounted to HK$14,168 for the year ended December
31, 2021, as compared to income from foreign currency translation adjustment amounted to HK$7,496 for the year ended December 31, 2022.
Comparison
of year ended December 31, 2022 with year ended December 31, 2023
The
following table sets forth key components of our results of operations for the years ended December 31, 2022 and 2023:
For the years ended December 31,
2022
2023
2023
Variance
% of variance
HK$
HK$
US$
HK$
Revenue
34,931,827
31,961,177
4,091,869
(2,970,650
)
-8.5
%
Cost of revenue
16,512,702
13,995,670
1,791,813
(2,517,032
)
-15.2
%
Gross profit
18,419,125
17,965,507
2,300,056
(453,618
)
-2.5
%
Operating expenses
Selling and marketing expenses
161,791
160,976
20,609
(815
)
-0.5
%
Research and development expenses
80,012
11,373
1,456
(68,639
)
-85.8
%
General and administrative expenses
10,634,851
11,110,942
1,422,492
476,091
4.5
%
Total operating expenses
10,876,654
11,283,291
1,444,557
406,637
3.7
%
Income from operations
7,542,471
6,682,216
855,499
(860,255
)
-11.4
%
Other income (expense)
Other income, net
1,265,200
457,941
58,628
(807,259
)
-63.8
%
Realized loss on disposal of financial assets at fair value
-
(7,874
)
(1,008
)
(7,874
)
N/A
Change in fair value on financial assets at fair value
(1,157,650
)
(2,091
)
(268
)
1,155,559
-99.8
%
Interest expenses, net
(443,577
)
(353,002
)
(45,194
)
90,575
-20.4
%
Total other (expense) income, net
(336,027
)
94,974
12,158
431,001
-128.3
%
Income before income taxes
7,206,444
6,777,190
867,657
(429,254
)
-6.0
%
Income tax expenses
(387,845
)
(148,309
)
(18,987
)
239,536
-61.8
%
Net income
6,818,599
6,628,881
848,670
(189,718
)
-2.8
%
Other comprehensive income
Foreign currency translation adjustment
7,496
17,866
2,287
10,370
138.3
%
Comprehensive income
6,826,095
6,646,747
850,957
(179,348
)
-2.6
%
53
Table of Contents
Revenue
The
following table sets forth the breakdown of our revenue by major revenue type for the years ended December 31, 2022 and 2023, respectively:
For the years ended December 31,
2022
2023
2023
Variance
% of variance
HK$
HK$
US$
HK$
Initial set up, installation and customization services
7,140,076
8,973,079
1,148,789
1,833,003
25.7
%
Subscriptions
11,414,976
11,445,019
1,465,263
30,043
0.3
%
Hosting, support and maintenance services
4,186,369
4,338,184
555,401
151,815
3.6
%
Liquidity services
6,699,586
2,626,516
336,263
(4,073,070
)
-60.8
%
White label services
1,889,188
2,122,198
271,697
233,010
12.3
%
Quotes/news/package subscription services
3,601,632
2,456,181
314,456
(1,145,451
)
-31.8
%
Total revenue
34,931,827
31,961,177
4,091,869
(2,970,650
)
-8.5
%
Our
revenue decreased by HK$2,970,650 or 8.5% from HK$34,931,827 for the year ended December 31, 2022 to HK$31,961,177 for the year ended
December 31, 2023, primarily because of the decrease in our revenue derived from our Operating Subsidiaries' (i) liquidity services;
and (ii) quotes/news/package subscription services, and was partially offset by the increase in revenue derived from our Operating Subsidiaries'
(i) initial set up, installation and customization services; (ii) white label services; and (iii) hosting, support and maintenance services.
Revenue
from our Operating Subsidiaries' initial set up, installation and customization services increased by HK$1,833,003, or 25.7%, from
HK$7,140,076 for the year ended December 31, 2022 to HK$8,973,079 for the year ended December 31, 2023. The increase was mainly due to
the increase in demand for our Operating Subsidiaries' customization services provided to customers to customize the functions
and features of the trading platforms during the year ended December 31, 2023. The increase in demand for our Operating Subsidiaries'
customization services was mainly due to the growing need for implementing our customized trading platforms, which are one of our unique
offerings to clients. This service sets us apart from our competitors and enhances our platform solution by adding unique features and
functions, as well as usability, and flexibility.
Revenue
from our Operating Subsidiaries' hosting, support and maintenance services increased by HK$151,815, or 3.6%, from HK$4,186,369
for the year ended December 31, 2022 to HK$4,338,184 for the year ended December 31, 2023. The increase was mainly due to the increase
in customers for our hosting, support and maintenance services for the year ended December 31, 2023. We believe that the Operating Subsidiaries
realized an increase in the number of customers because of the referral of new customers from existing customers.
Revenue
from our Operating Subsidiaries' liquidity services decreased by HK$4,073,070, or 60.8%, from HK$6,699,586 for the year ended December
31, 2022 to HK$2,626,516 for the year ended December 31, 2023. The decrease was mainly due to a customer who was engaging in in-house
research on a trading signal and was developing new trading signals to replace the existing one. During the testing phase, the trading
volume will be kept at a lower level until they have optimized the new trading signals. A trading signal is generated from algorithms
with inputs such as technical patterns, moving average crosses, trading volume surges and interest rates. When a trading signal is triggered,
a signal to buy or sell a futures contract is generated. It requires our Operating Subsidiaries' liquidity services, which provide
automatic hedging functions to enable such client to send its customers' orders directly to a broker's platform.
Revenue
from our Operating Subsidiaries' white label services increased by HK$233,010, or 12.3%, from HK$1,889,188 for the year ended December
31, 2022 to HK$2,122,198 for the year ended December 31, 2023. The increase was mainly due to the increase in customers for our white
label services for the year ended December 31, 2023.
Revenue
from our Operating Subsidiaries' quotes/news/package subscription services decreased by HK$1,145,451, or 31.8%, from HK$3,601,632
for the year ended December 31, 2022 to HK$2,456,181 for the year ended December 31, 2023. The decrease was mainly due to customers subscribed
for fewer quotes/new/package services for the year ended December 31, 2023.
Cost
of revenue
The
following table sets forth the breakdown of our cost of revenue for the years ended December 31, 2022 and 2023:
For the years ended December 31,
2022
2023
2023
Variance
% of variance
HK$
HK$
US$
HK$
Internet services cost
1,727,305
1,575,284
201,678
(152,021
)
-8.8
%
Employee-related costs
6,886,855
6,253,858
800,658
(632,997
)
-9.2
%
Subscription costs
171,228
123,361
15,793
(47,867
)
-28.0
%
Outsourcing fees
752,904
223,915
28,667
(528,989
)
-70.3
%
Amortization of intangible assets
6,160,391
5,514,165
705,958
(646,226
)
-10.5
%
Commission expenses
808,894
275,965
35,331
(532,929
)
-65.9
%
Others
5,125
29,120
3,728
23,995
468.2
%
Total cost of revenue
16,512,702
13,995,670
1,791,813
(2,517,032
)
-15.2
%
54
Table of Contents
Our
cost of revenue decreased by HK$2,517,032 or 15.2% from HK$16,512,702 for the year ended December 31, 2022 to HK$13,995,670 for the year
ended December 31, 2023, which was mainly due to (i) the decrease in employee-related costs because lesser staff costs were allocated
for supporting our financial trading solution services for the year ended December 31, 2023 in view of the decrease in revenue for the
same period, (ii)   decrease in the amortization of intangible assets due to part of the intangible assets we developed being
fully amortized, (iii) the decrease in outsourcing fees and (iv) the decrease in commission expenses.
Internet
service cost
Internet
service cost represented cost in relation to server hosting service provided by data center service providers as well as acquiring internet
data line from various service providers for internet access.
Employee-related
costs
Employee-related
costs consisted primarily of payroll and other personnel-related expenses of our Operating Subsidiaries' staff to support our financial
trading solution services.
Subscription
costs
Our
subscription costs represented costs incurred by the Operating Subsidiaries for subscription payments for price or news feeds from news
and financial market information providers. We will convert the raw data into usable data that can be used in our trading platform. The
decrease in subscription costs was due to a cancelled subscription from a financial market information provider.
Outsourcing
fees
The
Operating Subsidiaries may outsource some works to our related party and independent third parties. The outsourcing costs mainly represented
the charges and fees paid to subcontractors who handled implementation work for our Operating Subsidiaries. The outsourcing fees decreased
as Operating Subsidiaries required fewer outsourcing services in the year ended December 31, 2023.
Amortization
of intangible assets
Our
amortization of intangible assets mainly represented amortization of the Operating Subsidiaries in-house developed financial trading
solutions.
Commission
expenses
Commission
expenses represented the fees we paid to business partners of our Operating Subsidiaries, which bring new businesses to our Operating
Subsidiaries. The commission is generally determined based on a certain percentage of revenue generated from customers referred by business
partners.
55
Table of Contents
Gross
profit
Our
total gross profit decreased by HK$453,618 or 2.5% from HK$18,419,125 for the year ended December 31, 2022 to HK$17,965,507 for the year
ended December 31, 2023. The decrease in our gross profit was primarily due to the decrease in our revenue for the same period. Our total
gross profit margin increased from 52.7% for the year ended December 31, 2022 to 56.2% for the year ended December 31, 2023. The increase
in our gross profit margin was primarily due to the decrease in outsourcing costs, since we used our own staff to handle more implementation
works.
Operating
expenses
Our
operating expenses consisted of the following:
For the years ended December 31,
2022
2023
2023
Variance
% of variance
HK$
HK$
US$
HK$
Selling and marketing expenses
161,791
160,976
20,609
(815
)
-0.5
%
Research and development expenses
80,012
11,373
1,456
(68,639
)
-85.8
%
General and administrative expenses
10,634,851
11,110,942
1,422,492
476,091
4.5
%
Total operating expenses
10,876,654
11,283,291
1,444,557
406,637
3.7
%
Our
selling and marketing expenses mainly represented the advertising cost and marketing expenses. Our selling and marketing expenses slightly
decreased by HK$815, or 0.5%, from HK$161,791 for the year ended December 31, 2022 to HK$160,976 for the year ended December 31, 2023,
mainly because lesser marketing expenses were incurred during the year ended December 31, 2023.
Our
research and development expenses primarily consisted of payroll and other personnel-related expenses of our Operating Subsidiaries'
software development team. Our research and development expenses decreased by HK$68,639, or 85.8%, from HK$80,012 for the year ended
December 31, 2022 to HK$11,373 for the year ended December 31, 2023, because more staff costs were incurred at the project development
stage rather than the preliminary project research stage for the year ended December 31, 2023. However, we expect that our expenditures
for research and development may increase in terms of monetary value and may increase as a percentage of our total revenue over time,
as the Operating Subsidiaries will expand their software development capacity to continue to improve existing functions and develop new
functions.
Our
general and administrative expenses mainly represented the staff costs, depreciation expenses of property and equipment, amortization
of operating lease right-of-use assets, interest of lease liabilities and legal and professional fees. Our general and administrative
expenses increased by HK$476,091, or 4.5%, from HK$10,634,851 for the year ended December 31, 2022 to HK$11,110,942 for the year ended
December 31, 2023, because the initial public offering expenses of HK$3,367,160   were incurred in the year ended December
31, 2023. We expect our general and administrative expenses, including but not limited to staff costs, to increase in the foreseeable
future, as our Operating Subsidiaries' business is expected to grow further. We expect our legal and professional fees for legal,
audit, and advisory services to increase, as we will incur audit fees, legal fees and advisory fees for being a public company.
56
Table of Contents
Other
income (expenses)
Our
other income (expenses) consists of the following:
For the years ended December 31,
2022
2023
2023
Variance
% of variance
HK$
HK$
US$
HK$
Other income
Sundry income
174,026
82,103
10,511
(91,923
)
-52.8
%
Commission income
259,794
364,819
46,706
105,025
40.4
%
Government subsidies
734,059
34,261
4,386
(699,798
)
-95.3
%
Others
145,342
29,719
3,805
(115,623
)
-79.6
%
Other income
1,313,221
510,902
65,408
(802,319
)
-61.1
%
Other expenses
Other expenses
48,021
52,961
6,780
4,940
10.3
%
Other expenses
48,021
52,961
6,780
4,940
10.3
%
Total other income, net
1,265,200
457,941
58,628
(807,259
)
-63.8
%
Sundry
income
. The Operating Subsidiaries charged handling service fees for services provided to customers on using the multi-asset
trading software by the MT4/MT5 (forex trading platforms) service providers. Some customers requested the Operating Subsidiaries to subscribe
to such services from the MT4/MT5 service providers and they, in turn, charged such customers. The sundry income was the net amount of
sundry income from providing such handling services after deducting the expenses it incurred over the same period. The decrease in sundry
income was mainly due to the decrease in customers' requests for such service.
Commission
Income
. Commission income represented the commission income received from our related party for business referred by us. We would
charge a commission fee at an agreed percentage from the business referred by us to our related party. The increase in commission income
was mainly due to the increase in sales referred by us.
Government
subsidies.
Government subsidies primarily related to (i) one-off entitlements granted by the Hong Kong government pursuant to
the Employment Support Scheme under the Anti-epidemic Fund ("ESS") and (ii) funds for participation in promotion activities
in 2023. The Operating Subsidiaries received government subsidies that totaled HK$734,059 and HK$34,261 for the years ended December
31, 2022 and 2023, respectively. The government subsidies for ESS were recognized as other income when they were received because we
have (i) not implemented redundancies during the subsidy period; and (ii) spent all the wage subsidies on paying wages to employees.
The decrease in government subsidies was mainly due to the decrease in subsidies provided to combat the pandemic.
Realized
loss on disposal of financial assets at fair value and change in fair value on financial assets at fair value.
Realized
loss on disposal of financial assets at fair value and change in fair value on financial assets at fair value represents realized loss
on disposal of and change in fair value on financial assets at fair value from certain investment agreements with certain brokerage companies
to trade with foreign currencies, at fair value, with the intention to optimize a trading algorithm based on live market interactions.
Algorithmic trading, also known as automated trading, is a type of trading that involves using computer programs to make trading decisions.
These programs use advanced mathematical algorithms to analyze the market and execute trades automatically, without the need for human
intervention. We believe that there will be increasing demand for algorithmic trading and more resources will be invested for enhancing
the system. It appears that the clients engaged in leveraged foreign exchange trading prefer to enjoy the benefits brought along by information
technology to obtain timely foreign exchange information, the latest market news and automated trading, and, hence, we have been enhancing
our trading system's stability and security to provide clients a reliable and safe platform for round the clock trading. Therefore,
we optimize our trading algorithm through live trading in the real foreign exchange market, which allows us to test and refine our system
in real-world conditions. The trades of foreign currencies conducted by the Operating Subsidiaries are denominated in the USD and are
paired with currencies with strong liquidity traded in highly transparent markets, including such currencies as the EURO, USD, GBP, CHF,
AUD and CAD, etc. We clear position limits and floating profit/loss limits are set to manage foreign exchange positions. All daily positions
were settled and denominated in USD. The change in fair value on financial assets at fair value was mainly due to the increased volatility
in the financial and currency market.
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Table of Contents
Interest
expenses, net
We
incurred interest expenses on bank borrowings which totaled HK$443,577 and HK$483,623 for the years ended December 31, 2022 and 2023,
respectively, with an annual effective interest rate of 3.3% and 4.9% during the years ended December 31, 2022 and 2023, respectively.
We also recorded a bank interest income of HK$7,826 and HK$130,621 for the years ended December 31, 2022 and 2023, respectively. The
increase in our bank interest income was due to the US Federal Reserve continued to raise interest rates.
Income
tax expenses
British
Virgin Islands
Under
the current and applicable laws of BVI, the Company is not subject to tax on income or capital gains.
China
The
Company's subsidiary, m-FINANCE Software (Shenzhen) Limited ("SZ WFOE") established in the PRC is subject to PRC Enterprises
Income Tax rate of 25% for the years ended December 31, 2022 and 2023.
Hong
Kong
In
accordance with the relevant tax laws and regulations of Hong Kong, a company registered in Hong Kong is subject to income taxes within
Hong Kong at the applicable tax rate on taxable income. From year of assessment of 2018/2019 onwards, Hong Kong profit tax rates are
8.25% on assessable profits up to HK$2,000,000, and 16.5% on any part of assessable profits over HK$2,000,000.
Taxation
in the statement of income represents:
For the years ended December 31,
2022
2023
2023
Variance
% of variance
HK$
HK$
US$
HK$
Current tax
229,355
(5,877
)
(752
)
(235,232
)
-102.6
%
Deferred tax
158,490
154,186
19,739
(4,304
)
-2.7
%
Total income tax expense
387,845
148,309
18,987
(239,536
)
-61.8
%
Our
income tax decreased by HK$239,536 from HK$387,845 for the year ended December 31, 2022 to HK$148,309 for the year ended December 31,
2023, primarily due to the decrease in income before income taxes.
Net
income.
As a result of the foregoing, we reported net income of HK$6,818,599 and HK$6,628,881 for the years ended December 31,
2022 and 2023, respectively.
Other
comprehensive income).
Income from foreign currency translation adjustment amounted to HK$7,496 and HK$17,866 for the years ended
December 31, 2022 and 2023, respectively.
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Table of Contents
B.
Liquidity and Capital Resources
As
of the date of this annual report, we have financed our Operating Subsidiaries' operations primarily through cash flows from operations
and loans from banks and related parties, if necessary. We plan to support our future operations primarily from cash generated from our
operations and the net proceeds raised from our IPO.
As
of December 31, 2023, we had cash in aggregate of HK$6,810,418 as compared to HK$12,063,731 as of December 31, 2022. We had positive
working capital that amounted to HK$3,618,321 as of December 31, 2022 as compared to negative working capital of HK$2,077,323 as of December
31, 2023. We believe such negative working capital was temporary, as (i) we had generated net cash provided by operating activities for
each of the years ended December 31, 2022 and 2023; (ii) non-recurring nature of the payment dividend which was made at the discretion
of the board of directors and the deferred IPO costs were not expected to increase significantly for the year of 2024; and (iii) we generated
net income for each of the fiscal years ended December 31, 2022 and 2023. Our working capital requirements were influenced by the size
of the operations, the volume and dollar value of the sales contracts of our Operating Subsidiaries, the progress of execution of our
customer contracts, and the timing for collecting accounts receivable, and payment of accrued expenses.
On
March 23, 2022, m-FINANCE declared an interim dividend of HK$0.863 per share (equivalent to US$0.111 per share), or HK$10,000,000 in
aggregate (equivalent to US$1,281,805), to its shareholder, which was settled in cash on March 24, 2022. On June 30, 2022, m-FINANCE
declared an interim dividend of HK$0.691 per share (equivalent to US$0.089 per share) or HK$8,000,000 (equivalent to US$1,025,444), to
its shareholder, and the amount of the dividend payable was concurrently settled by netting off the outstanding amounts due from related
parties. On August 15, 2022, m-FINANCE declared an interim dividend of HK$0.873 per share (equivalent to US$0.112 per share) or HK$10,114,311
in aggregate (equivalent to US$1,296,457), to its shareholder, and the dividend payable was concurrently settled by netting off the outstanding
amounts due from the related parties. The amounts due from related parties were presented as a reduction of the shareholder's equity
pursuant to the Codification of Staff Accounting Bulletins Topic 4, section G. On March 27, 2023, the Company declared an interim dividend
of HK$0.218 per share (equivalent to US$0.028 per share), or HK$2,528,413 in aggregate (equivalent to US$324,093), to its shareholder,
which was settled in cash on the same day. On July 31, 2023, the Company declared an interim dividend of HK$0.242 per share (equivalent
to US$0.031 per share), or HK$2,800,800 in aggregate (equivalent to US$359,008), to its shareholder, which was settled in cash on the
same day.
As
of December 31, 2023, we had an outstanding bank borrowing balance of HK$9,926,756, of which the bank borrowings of HK3,863,852 that
would be payable within one year and the bank borrowings of HK$6,062,904 that would be payable after one year but within 5 years. The
bank borrowings had an annual effective interest rate of 4.87%.
For
the years ended December 31, 2021, 2022 and 2023, we had realized loss on disposal of financial assets at fair value and change in fair
value on financial assets at fair value in the aggregate amounts of HK$676,445, HK$1,157,650 and HK$9,965, respectively, from trading
in foreign currencies, at fair value, with the intention to optimize a trading algorithm based on live market interactions. Algorithmic
trading, also known as automated trading, is a type of trading that involves using computer programs to make trading decisions. These
programs use advanced mathematical algorithms to analyze the market and execute trades automatically, without the need for human intervention.
We believe that there will be increasing demand for algorithmic trading and more resources will be invested for enhancing the system.
It appears that the clients engaged in leveraged foreign exchange trading prefer to enjoy the benefits brought along by information technology
to obtain timely foreign exchange information, the latest market news and automated trading, and, hence, we have been enhancing our trading
system's stability and security to provide clients a reliable and safe platform for round the clock trading. Therefore, we optimize
our trading algorithm through live trading in the real foreign exchange market, which allows us to test and refine our system in real-world
conditions. The trades of foreign currencies conducted by the Operating Subsidiaries are denominated in the USD and are paired with currencies
with strong liquidity traded in highly transparent markets, including such currencies as the EURO, USD, GBP, CHF, AUD and CAD, etc. We
clear position limits and floating profit/loss limits are set to manage foreign exchange positions. The change in fair value on financial
assets at fair value was mainly due to the increased volatility in the financial and currency market in 2021 and 2022. For the years
ended December 31, 2021, 2022 and 2023, we traded foreign currencies of monthly average transaction amounts of US$259.2 million, US$120.7
million and US$0.3 million, respectively. In view of the increased volatility in the financial and currency market, we have lowered our
trading in foreign currencies for the year ended December 31, 2023. The monthly average number of transactions were 4,620 trades, 2,384
trades and 250 trades for the years ended December 31, 2021, 2022 and 2023, respectively. We will assess and monitor the challenges created
by the increased volatility in the financial and currency market.
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Table of Contents
We
believe that our current cash and cash flows provided by operating activities, loans from banks, and the net proceeds from our IPO will
be sufficient to meet our working capital needs in the next 12 months from the date of this annual report. If we experience an adverse
operating environment or incur unanticipated capital expenditure requirements, or if we determine to accelerate our growth, then additional
financing may be required. No assurance can be given, however, that additional financing, if required, would be available at all or on
favorable terms. Such financing may include the use of additional debt or the sale of additional equity securities. Any financing which
involves the sale of equity securities or instruments that are convertible into equity securities could result in immediate and possibly
significant dilution to our existing shareholders.
The
following table sets forth a summary of our cash flows for the periods indicated:
For the years ended December 31,
2021
2022
2023
2023
HK$
HK$
HK$
US$
Net cash provided by operating activities
12,734,753
13,496,487
11,324,808
1,449,871
Net cash used in investing activities
(11,346,697
)
(2,125,093
)
(5,685,740
)
(727,924
)
Net cash used in financing activities
(10,641,086
)
(9,403,066
)
(10,887,289
)
(1,393,858
)
Effect of exchange rate changes on cash
545
13,820
(5,092
)
(651
)
Net increase (decrease) in cash
(9,252,485
)
1,982,148
(5,253,313
)
(672,562
)
Cash at the beginning of year
19,334,068
10,081,583
12,063,731
1,544,474
Cash at the end of year
10,081,583
12,063,731
6,810,418
871,912
Operating
activities
Net
cash provided by operating activities amounted to HK$11,324,808 for the year ended December 31, 2023, mainly derived from (i) net income
of HK$6,628,881 for the year ended December 31, 2023; (ii) various non-cash items of HK$8,444,393, such as amortization of intangible
assets of HK$5,514,165, amortization of right-of-use assets and interest of lease liabilities of HK$1,633,106, allowance for credit losses
of HK$998,020 and depreciation of property and equipment of HK$134,951; and (iii) changes in operating assets and liabilities of HK$3,734,567.
Changes in operating assets and liabilities mainly included (i) an increase in accounts receivable of HK$2,444,125, which was mainly
due to more billing to customers based on services provided closer to the year ended December 31, 2023; (ii) a decrease in operating
lease liabilities of HK$1,659,126, mainly due to the recognition of operating lease expenses on a straight-line basis over the lease
term; and (iii) an increase in contract liabilities of HK$420,517 due to more advances received from customers under the new projects.
Net
cash provided by operating activities amounted to HK$13,496,487 for the year ended December 31, 2022, mainly derived from (i) net income
of HK$6,818,599 for the year ended December 31, 2022; (ii) various non-cash items of HK9,891,062, such as amortization of intangible
assets of HK$6,160,391, amortization of right-of-use assets and interest of lease liabilities of HK$1,695,259, change in fair value on
financial assets at fair value of HK$1,157,650, depreciation of property and equipment of HK$222,173 and deferred tax expenses of HK$158,490;
and (iii) changes in operating assets and liabilities of HK$3,213,174. Changes in operating assets and liabilities mainly included (i)
a decrease in operating lease liabilities of HK$1,663,674, mainly due to the recognition of operating lease expenses on a straight-line
basis over the lease term; (ii) a decrease in contract liabilities of HK$1,275,002, due to the completion of projects near the year end;
(iii) an increase in accounts receivables of HK$949,239, which was mainly due to more billing to customers based on services provided
closer to the year end of December 31, 2022; (iv) a decrease in prepaid expenses and other current assets of HK$520,618, which was mainly
due to the refund of a rental deposit for the expired lease and the timing of payments for internet service costs; and (v) an increase
in tax payable of HK$229,355, which was primarily due to income tax expense accrued in the year ended December 31, 2022.
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Table of Contents
Net
cash provided by operating activities amounted to HK$12,734,753 for the year ended December 31, 2021, mainly derived from (i) net income
of HK$10,349,595 for the year ended December 31, 2021; (ii) various non-cash items of HK$9,058,615, such as amortization of intangible
assets of HK$5,996,618, amortization of right-of-use assets and interest of lease liabilities of HK$1,700,859, change in fair value on
financial assets at fair value of HK$660,325, deferred tax expenses of HK$431,630 and depreciation of property and equipment of HK$253,063;
and (iii) changes in operating assets and liabilities of HK$6,673,457. Changes in operating assets and liabilities mainly included (i)
a decrease in contract liabilities of HK$4,679,419 due to the completion of projects near the year end; (ii) a decrease in operating
lease liabilities of HK$1,665,000, mainly due to the recognition of operating lease expenses on a straight-line basis over the lease
term; (iii) an increase in accrued expenses and other current liabilities of HK$666,788, which was attributable primarily to the timing
of our payment of annual bonuses and legal and professional fees; (iv) an increase in long term deposit of HK$479,076, due to the increase
in rental deposit; (v) an increase in accounts receivables of HK$436,514, which was mainly due to more billing to customers based on
services provided closer to the year end of December 31, 2021; and (vi) an increase in prepaid expenses and other current assets of HK$72,146.
Investing
activities
Net
cash used in investing activities amounted to HK$5,685,740 for the year ended December 31, 2023, representing costs to obtain and develop
software of HK$7,270,898 and purchase of property and equipment of HK$48,157, and was partially offset by disposals of financial assets
at fair value of HK$1,633,315 during the year ended December 31, 2023.
Net
cash used in investing activities amounted to HK$2,125,093 for the year ended December 31, 2022, representing costs to obtain and develop
software of HK$5,993,675, purchases of financial assets at fair value of HK$156,000 and purchase of property and equipment of HK$41,721,
and was partially offset by disposals of financial assets at fair value of HK$4,068,302 during the year ended December 31, 2022.
Net
cash used in investing activities amounted to HK$11,346,697 for the year ended December 31, 2021, representing costs to obtain and develop
software of HK$6,959,773, purchases of financial assets at fair value of HK$5,950,000 and purchase of property and equipment of HK$267,010,
and was partially offset by disposals of financial assets at fair value of HK$1,870,086 during the year ended December 31, 2021.
Financing
activities
Net
cash used in financing activities amounted to HK$10,887,289 for the year ended December 31, 2023, which included the dividend paid to
a shareholder of HK$5,329,213, repayment of bank borrowings of HK$3,693,642 and an increase in deferred IPO costs of HK$1,864,434.
Net
cash used in financing activities amounted to HK$9,403,066 for the year ended December 31, 2022, which included the dividend paid to
a shareholder of HK$10,000,000, an increase in deferred initial public offering costs of HK$3,119,900 and repayment of bank borrowings
of HK$2,396,598, and was offset by the repayments from the related parties of HK$6,117,332 during the year ended December 31, 2022.
Net
cash used in financing activities amounted to HK$10,641,086 for the year ended December 31, 2021, which included the advances to the
related parties of HK$13,003,024 and the repayment of bank borrowings of HK$1,485,212, and was offset by the proceeds from bank borrowings
of HK$3,847,150 during the year ended December 31, 2021.
Off-balance
sheet arrangements
We
did not have, during the periods presented, nor do we currently have, any off-balance sheet financing arrangements or any relationships
with unconsolidated entities or financial partnerships, including entities sometimes referred to as structured finance or special purpose
entities, that were established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited
purposes.
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Table of Contents
Contractual
Obligations
The
following table summarizes our contractual obligations as of December 31, 2023:
Payments due by period
Total
Less than 1 year
1-3 years
HK$
HK$
HK$
Bank borrowings
9,926,756
3,863,852
6,062,904
Operating lease obligation
2,963,133
1,392,826
1,570,307
12,889,889
5,256,678
7,633,211
Payments due by period
Total
Less than 1 year
1-3 years
US$
US$
US$
Bank borrowings
1,270,885
494,674
776,211
Operating lease obligation
379,359
178,318
201,040
1,650,244
672,992
977,251
Capital
expenditures
For
the years ended December 31, 2021, 2022 and 2023, we purchased HK$267,010, HK$41,721 and HK$48,157, respectively, of property and equipment
mainly for use in our Operating Subsidiaries' operations. For the years ended December 31, 2021, 2022 and 2023, we purchased HK$40,000,
HK$1,999 and nil, respectively, of intangible assets mainly for use in our Operating Subsidiaries' operations. Subsequent to December
31, 2023 and as of the date of this annual report, we did not purchase any material property and equipment, and intangible assets for
operational use. We do not have any other material commitments to capital expenditures as of December 31, 2023 or as of the date of this
annual report.
Inflation
Inflation
did not materially affect the business or the results of operations of our Operating Subsidiaries.
Seasonality
The
nature of our Operating Subsidiaries' business does not appear to be affected by seasonal variations.
C.
Research and Development, Patents and Licenses, etc.
See
"Item 4. Information on the Company — B. Business Overview — Research and Development" and "Item 4. Information
on the Company — B. Business Overview — Properties — Intellectual Property."
D.
Trend Information
The
financial trading solutions services provided by the Operating Subsidiaries are affected by the capital market in Hong Kong. Any material
deterioration in the financial trading industry and capital market in Hong Kong could materially and adversely affect the business and
prospects of our Operating Subsidiaries. The Hong Kong financial and capital market is susceptible to global factors, including, but
not limited to, interest rate fluctuations, volatility of foreign currency exchange rates and monetary policy changes. When there are
unfavorable changes to global or local economic conditions, the financial and securities market in Hong Kong may be negatively affected.
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Other
than as disclosed under this subheading and elsewhere in this annual report, we are not aware of any other trends, uncertainties, demands,
commitments, or events that are reasonably likely to have a material effect on our net revenue, income from continuing operations, profitability,
liquidity, or capital resources, or that would cause reported financial information to not necessarily be indicative of future operating
results or financial condition.
E.
Critical Accounting Estimates
Our
discussion and analysis of our financial condition and results of operations relates to our consolidated financial statements, which
have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates and judgments
that affect the reported amounts of assets, liabilities, revenues, costs and expenses, and related disclosures. On an on-going basis,
we evaluate our estimates based on historical experience and on various other assumptions that are believed to be reasonable under the
circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are
not readily apparent from other sources.
We
consider an accounting estimate to be critical if: (1) the accounting estimate requires us to make assumptions about matters that were
highly uncertain at the time the accounting estimate was made, and (2) changes in the estimate that are reasonably likely to occur from
period to period, or use of different estimates that we reasonably could have used in the current period, would have a material impact
on our financial condition or results of operations. There are other items within our financial statements that require estimation but
are not deemed critical, as defined above. Changes in estimates used in these and other items could have a material impact on our financial
statements.
Our
critical accounting policies and practices include the following: (i) revenue recognition and (ii) intangible assets. For a detailed
discussion of our significant accounting policies and related judgments, please see "Note 2 – Summary of Significant Accounting
Policies"
of the Notes to Consolidated Financial Statements
. You should read the following
description of critical accounting estimates in conjunction with our consolidated financial statements and other disclosures included
in this annual report.
Provision
for credit losses
We
carry accounts receivable at the face amounts less a reserve for estimated credit losses. As of December 31, 2022, we recorded an allowance
for doubtful accounts related to accounts receivable of HK$497,099. We estimated our reserve for credit losses using relevant available
information from internal and external sources relating to past events, current conditions and reasonable and supportable forecasts.
Consequently, to reflect the cumulative effects of the adoption of ASC 326, we recorded the balance of the reserve for credit losses
was HK$497,099 as of January 1, 2023 and there is no material impact over the initial adoption of CECL model. During the
year ended December 31, 2023, we recorded HK$998,020 adjustments for credit losses on the consolidated financial statement related to
accounts receivable. As of December 31, 2023, the reserve for credit losses was HK$1,495,119 (US$191,415).
Impairment
assessment for the internally developed software
For
the years ended December 31, 2021, 2022 and 2023, we capitalized the research and development costs of HK$6,959,773, HK$5,993,675
and HK$7,270,898 (US$930,866), respectively, as intangible assets. Our internally developed software is amortized over its estimated
useful lives and is reviewed for impairment if indicators of impairment arise. Indicators we reviewed included whether there was a significant
change in the business environment as a whole, a significant adverse change in the extent or manner in which our assets are being used,
a significant adverse change in legal factors affecting our assets and a cash flow loss. In performing its qualitative assessment, our
management assessed that there is no impairment on any in progress projects or finalized projects due to continue business growth and
the business is profitable. We did not recognize any impairment on intangible assets and in preparing its financial statements for the
periods presented and we did not consider it reasonably likely these considerations would change significantly based upon our current
outlook, the assessment of the recoverability of intangible assets did not involve a significant level of estimation uncertainty that
had, or was reasonably likely to have had, a material impact on the financial condition or results of our operations for the years ended
December 31, 2021, 2022 and 2023.
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Recently
accounting pronouncements
See
the discussion of the recent accounting pronouncements contained in the notes to the consolidated financial statements, "Note 2
– Summary of Significant Accounting Policies."
Item
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A.
Directors and Senior Management
The
following table sets forth information regarding our directors and executive officers as of the date of this annual report. The business
address of all of our directors and executive officers is Unit 1801, Fortis Tower, 77-79 Gloucester Road, Wan Chai, Hong Kong.
Directors
    and Executive Officers
Age
Position/Title
Tai
    Wai (Stephen) Lam
57
Chairman
    and Executive Director
Chi
    Weng Tam
52
Executive
    Director and Chief Executive Officer
Sui
    Yee Yeung
43
Chief
    Financial Officer
Sum
    (Philip) Cheng
59
Independent
    Director
Lai
    Sum (Christina) Liu
70
Independent
    Director
Cheuk
    Ho Chan
57
Independent
    Director
The
following is a brief biography of each of our current directors and executive officers:
Mr.
Tai Wai (Stephen) Lam is the co-founder, chairman, and executive director of our Company. He joined m-FINANCE Limited in 2003 as Chief
Technology Officer and is currently serving as the Managing Director of m-FINANCE. He has over 30 years of experience in Information
Technology and business management, covering fields of software development, business consulting, financial technology, and e-commerce.
Prior to joining m-FINANCE, Mr. Lam was the Senior Information Technology Manager of the Hong Kong SAR Government and had led several
e-Government projects. Mr. Lam used to hold senior positions in commercial firms, including Senior Consultant of World-wide Professional
Services in Canada of Netscape Communications Corporation, Senior Consultant Manager of SINA.com, Technical Director of 36.com Holdings
Limited (previously a listed company on the Hong Kong Stock Exchange). Mr. Lam obtained a Master of Business Administration from the
University of Western Sydney, Australia in 2003 and a Bachelor of Science degree in Computational Science and Management Studies from
the University of Leeds, United Kingdom in 1989.
Mr.
Chi Weng Tam is the co-founder, executive director, and Chief Executive Officer of our Company. He is an accomplished executive with
over 25 years of experience in the IT and Finance industries. In his role, Mr. Tam is responsible for overseeing the day-to-day management
of our Operating Subsidiaries, including business operations, business development, sales and marketing, strategic planning, policy settings,
as well as supervising human resources and administrative functions. He joined our operating subsidiary, m-FINANCE Limited, in November
2011 as Chief Operating Officer and later assumed the role of Chief Executive Officer in August 2015. In December 2015, he was appointed
as an executive director of the Operating Subsidiaries. Prior to joining our Operating Subsidiaries, Mr. Tam held senior management positions
in various other companies. At VanceInfo Technologies Limited, an IT service provider listed on the New York Stock Exchange, he served
as a Director of Major Accounts, delivering world-class IT consulting, enterprise solutions, and outsourcing services to numerous leading
Fortune 500 companies. He also held the position of Team Leader of Business Development at Arkadin, a French company specializing in
customized collaboration solutions for multinational companies across Europe, the United States, and the Asia Pacific region. Additionally,
Mr. Tam served as the General Manager at GlobalTec Hong Kong Limited, where he marketed trending analysis software to individuals and
financial institutions. Prior to that, he worked as a Director of Web Business at Finet Holdings Limited, a service provider listed on
the Hong Kong Stock Exchange, focusing on providing financial information services and technology solutions to corporate clients and
individual investors. At UNiSOFT, an IT training service provider in Hong Kong, Mr. Tam held the positions of Executive Director and
Marketing Director, delivering IT certification training services to both corporate clients and individuals. Mr. Tam obtained a degree
of Bachelor of Business Administration (Honours) from Lingnan University, Hong Kong.
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Ms.
Sui Yee Yeung is the Chief Financial Officer of our Company. Ms. Yeung joined the Operating Subsidiaries as the Senior Accountant in
July 2017 and has served as the Finance Manager of the Operating Subsidiaries since July 2018 and the Chief Financial Officer of m-FINANCE
since June 2022. Ms. Yeung has had over 18 years of professional experience across finance and accounting, compliance, internal controls,
taxation and public accounting. Prior to joining our Operating Subsidiaries, Ms. Yeung was a financial leader with a blend of experience
at local and multinational corporations. Ms. Yeung obtained a Bachelor of Accounting degree from the University of Hong Kong and she
is a member of the CPA Australia.
Mr.
Sum (Philip) Cheng is our independent director. Mr. Cheng is a senior partner of Cheng, Yeung & Co. Certified Public Accountants
(Practising). Before joining Cheng, Yeung & Co. Certified Public Accountants (Practising) in March 2006, Mr. Cheng was a managing
director of Lam, Kwok, Kwan & Cheng CPA Limited. Mr. Cheng is a Member of The Hong Kong Institute of Certified Public Accountants,
The Institute of Chartered Accountants in England and Wales, The Chartered Global Management Accountants, The Chartered Institute of
Management Accountants, The Association of Chartered Certified Accountants and The Association of International Accountants. Mr. Cheng
has over 35 years' experience in assurance and financial advisory services. He has extensive experience in the auditing of private
companies in different business sectors, including information technology, manufacturing, real estate, transportation, health care, food
and beverage, and retail. Mr. Cheng specializes in Business Assurance, Financial Management, Financial Reporting, and Business Management
Consultancy. He has been a Chartered Tax Adviser since 1998. He has extensive knowledge in Hong Kong Tax and has practical experience
in handling many of Field Audits, Tax Investigations, and Tax Appeal Cases over 30 years. Mr. Cheng qualified in 1996, and obtained
his Master's Degree in Professional Accounting from The Hong Kong Polytechnic University in 2000.
Ms.
Lai Sum (Christina) Liu is our independent director. Ms. Liu has been working in the financial industry in Hong Kong for over 40 years,
covering securities, futures, gold, foreign exchange, funds and financing etc. Ms. Liu has been the Responsible Officer for Type 1 (Dealing
in securities), Type 2 (Dealing in futures contracts), Type 4 (Advising on securities), Type 5 (Advising on futures contracts) and Type
9 (Asset management) regulated activities and she has enriched working experience in several well-known financial institutions including
Wocom Securities Limited (a subsidiary of Wing On Company International Ltd), SBI China Capital Securities Limited, RHB Securities Hong
Kong Limited ("RHB"), Yuanta Asia Investment (Hong Kong) Limited (formerly known as Polaris Securities (Hong Kong) Ltd),
South China Securities Limited and Huajin Securities (International) Limited. During Ms. Liu's tenure with RHB, RHB ranked No.
1 in Hong Kong Hang Seng Index in terms of the trading volume for the futures. Ms. Liu has also successfully introduced a private enterprise
company to be listed in Hong Kong when she served as the Business Development Director in South China Securities Limited. She then served
as Vice President in a licensed financial company established by Huafa Group, which is directly controlled under the Zhuhai People's
Government, China. Ms. Liu obtained the Hong Kong General Certificate of Education in 1975.
Mr.
Cheuk Ho Chan is our independent director. He obtained a bachelor's degree in business administration from the Chinese University
of Hong Kong in 1989 and a master's degree in business administration from the University of Manchester in 2003. Mr. Chan has been
a fellow member of the Hong Kong Institute of Certified Public Accountants since 2003. In the past twenty years, Mr. Chan has been the
finance director, financial controller, and company secretary of several companies listed on the Main Board of The Stock Exchange of
Hong Kong Limited (the "HK Stock Exchange"). He is currently an independent non-executive director of Eagle Nice (International)
Holdings Limited, the issued shares of which are listed on the Main Board of the HK Stock Exchange (stock code: 2368) since November
2002, an independent non-executive director of EPS Creative Health Technology Group Limited, the issued shares of which are listed on
the Main Board of the HK Stock Exchange (stock code: 3860) since July 2021, an independent non-executive director of Winshine Science
Company Limited the issued shares of which are listed on the Main Board of the HK Stock Exchange (stock code: 209) since June 2023 and
an independent non-executive director of Gudou Holdings Limited the issued shares of which are listed on the Gem Board of the HK Stock
Exchange (stock code: 8308) since Dec 2023, respectively. He was the chief financial officer and financial controller in different corporations
for over twenty years, most of which corporations are listed with the HK Stock Exchange, such as Pine Technology Holdings Limited (stock
code:1079), North Asia Resources Holdings Limited (stock code: 61), China Best Group Holding Limited (stock code: 370), China Golden
Development Holdings Limited (stock code: 162) and Surge Recreation Holdings Limited (stock code: 703). He was previously an executive
director of Pine Technology from June 2017 to May 2022 and Wai Chun Bio-technology Limited ("Wai Chun Bio-technology"), the
issued shares of which are listed on the Main Board of the HK Stock Exchange (stock code: 660) from July 2022 to March 2023, respectively.
He was previously also an independent non-executive director of Wai Chun Bio-technology Limited from November 2020 to July 2022 and an
independent non-executive director of Wai Chun Group Holdings Limited, the issued shares of which are listed on the Main Board of the
HK Stock Exchange (stock code:1013) from March 2022 to July 2022, respectively.
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Board
Diversity
The
table below provides certain information regarding the diversity of our board of directors as of the date of this annual report.
Board
    Diversity Matrix
Country
    of Principal Executive Offices:
Hong
    Kong, China
Foreign
    Private Issuer
Yes
Disclosure
    Prohibited under Home Country Law
No
Total
    Number of Directors
5
Female
Male
Non-
Binary
Did
    Not
Disclose
Gender
Part
    I: Gender Identity
Directors
1
4
0
0
Part
    II: Demographic Background
Underrepresented
    Individual in Home Country Jurisdiction
0
LGBTQ+
0
Did
    Not Disclose Demographic Background
0
Family
Relationships
None
of our directors or executive officers has a family relationship as defined in Item 401 of Regulation S-K.
Involvement
in Certain Legal Proceedings
To
the best of our knowledge, none of our directors or executive officers has, during the past ten years, been involved in any legal proceedings
described in subparagraph (f) of Item 401 of Regulation S-K.
Controlled
Company
Our
biggest shareholder, Gaderway Investments Limited, owns approximately 68.27% of the aggregate voting power of our outstanding Ordinary
Shares as of the date of this annual report. As a result, we may be deemed to be a "controlled company" within the meaning
of the NASDAQ listing standards. Gaderway Investments Limited, has the ability to control the outcome of matters submitted to the shareholders
for approval, including the election of directors and any merger, consolidation, or sale of all or substantially all of our assets. If
we are deemed to be a "controlled company", we are permitted to elect to rely on certain exemptions from the obligations
to comply with certain corporate governance requirements, including:
●
the
    requirement that a majority of the board of directors consist of independent directors;
●
the
    requirement that our director nominees be selected or recommended solely by independent directors; and
●
the
    requirement that we have a nominating and corporate governance committee and a compensation committee that are composed entirely
    of independent directors with a written charter addressing the purposes and responsibilities of the committees.
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Although
we do not intend to rely on the controlled company exemptions under the NASDAQ listing standards even if we are deemed a controlled company,
we could elect to rely on these exemptions in the future, and if so, our shareholders would not have the same protection afforded to
shareholders of companies that are subject to all of the corporate governance requirements of the NASDAQ Capital Market.
B.
Compensation
Tai Wai (Stephen) Lam (Executive Director)
$
378,000
Chi Weng Tam (Chief Executive Officer and Executive Director)
$
378,000
Sui Yee Yeung (Chief Financial Officer)
$
233,252
C.
Board Practices
Board
of Directors
Our
board of directors consists of five directors.
Duties
of Directors
Under
British Virgin Islands law, our directors owe fiduciary duties both at common law and under statute, including a statutory duty to act
honestly, in good faith and with a view to our best interests. When exercising powers or performing duties as a director, our directors
also have a duty to exercise the care, diligence and skills that a reasonable director would exercise in comparable circumstances, taking
into account, without limitation, the nature of the Company, the nature of the decision and the position of the director and the nature
of the responsibilities undertaken by him. In exercising the powers of a director, the directors must exercise their powers for a proper
purpose and shall not act or agree to the Company acting in a manner that contravenes our Memorandum and Articles or the BVI Act. In
fulfilling their duty of care to us, our directors must ensure compliance with our Memorandum and Articles. We have the right to seek
damages if a duty owed by our directors is breached.
The
functions and powers of our board of directors include, among others:
●
appointing
    officers and determining the term of office of the officers;
●
authorizing
    the payment of donations to religious, charitable, public or other bodies, clubs, funds or associations as deemed advisable;
●
exercising
    the borrowing powers of the Company and mortgaging the property of the Company;
●
executing
    checks, promissory notes and other negotiable instruments on behalf of the Company; and
●
managing,
    directing or supervising the business and affairs of the Company.
Terms
of Directors and Executive Officers
All
of our executive officers are appointed by and serve at the discretion of our board of directors.
Qualification
There
is currently no shareholding qualification for directors.
Insider
Participation Concerning Executive Compensation
Our
board of directors make all determinations regarding executive officer compensation from the time the Company first enters into employment
agreements with executive officers up until the establishment of the compensation committee (considered further below).
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Committees
of the Board of Directors
We
have established three committees under the board of directors: an Audit Committee, a Compensation Committee and a Nominating and Corporate
Governance Committee. Even though we are exempted from corporate governance standards because we are a foreign private issuer, we have
voluntarily adopted a charter for each of the three committees. Each committee's members and functions are described below.
Audit
Committee.
Our audit committee consists of Sum (Philip) Cheng, Lai Sum (Christina) Liu and Cheuk Ho Chan. Sum (Philip) Cheng is the
chairman of our audit committee. We have determined that Sum (Philip) Cheng, Lai Sum (Christina) Liu and Cheuk Ho Chan satisfy the "independence"
requirements of Section 5605(a)(2) of the NASDAQ Listing Rules and Rule 10A-3 under the Securities Exchange Act. Our board also has determined
that Sum (Philip) Cheng qualifies as an audit committee financial expert within the meaning of the SEC rules or possesses financial sophistication
within the meaning of the NASDAQ Listing Rules. The audit committee oversees our accounting and financial reporting processes and the
audits of the financial statements of our Company. The audit committee is responsible for, among other things:
●
appointing
    the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors;
●
reviewing
    with the independent auditors any audit problems or difficulties and management's response;
●
discussing
    the annual audited financial statements with management and the independent auditors;
●
reviewing
    the adequacy and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and
    control major financial risk exposures;
●
reviewing
    and approving all proposed related party transactions;
●
meeting
    separately and periodically with management and the independent auditors; and
●
monitoring
    compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to
    ensure proper compliance.
Compensation
Committee.
Our compensation committee consists of Sum (Philip) Cheng, Lai Sum (Christina) Liu and Cheuk Ho Chan. Lai Sum (Christina)
Liu is the chairman of our compensation committee. We have determined that Sum (Philip) Cheng, Lai Sum (Christina) Liu and Cheuk Ho Chan
satisfy the "independence" requirements of Section 5605(a)(2) of the NASDAQ Listing Rules and Rule 10A-3 under the Securities
Exchange Act. The compensation committee assists the board in reviewing and approving the compensation structure, including all forms
of compensation, relating to our directors and executive officers. Our chief executive officer may not be present at any committee meeting
during which his compensation is deliberated. The compensation committee is responsible for, among other things:
●
reviewing
    and approving to the board with respect to the total compensation package for our most senior executive officers;
●
approving
    and overseeing the total compensation package for our executives other than the most senior executive officers;
●
reviewing
    and recommending to the board with respect to the compensation of our directors;
●
reviewing
    periodically and approving any long-term incentive compensation or equity plans;
●
selecting
    compensation consultants, legal counsel or other advisors after taking into consideration all factors relevant to that person's
    independence from management; and
●
programs
    or similar arrangements, annual bonuses, employee pension and welfare benefit plans.
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Nominating
and Corporate Governance Committee.
Our nominating and corporate governance committee consists of Sum (Philip) Cheng, Lai Sum (Christina)
Liu and Cheuk Ho Chan. Cheuk Ho Chan is the chairperson of our nominating and corporate governance committee. We have determined that
Sum (Philip) Cheng, Lai Sum (Christina) Liu and Cheuk Ho Chan satisfy the "independence" requirements of Section 5605(a)(2)
of the NASDAQ Listing Rules and Rule 10A-3 under the Securities Exchange Act. The nominating and corporate governance committee assists
the board of directors in selecting individuals qualified to become our directors and in determining the composition of the board and
its committees. The nominating and corporate governance committee is responsible for, among other things:
●
identifying
    and recommending nominees for election or re-election to our board of directors or for appointment to fill any vacancy;
●
reviewing
    annually with our board of directors its current composition in light of the characteristics of independence, age, skills, experience
    and availability of service to us;
●
identifying
    and recommending to our board the directors to serve as members of committees;
●
advising
    the board periodically with respect to significant developments in the law and practice of corporate governance as well as our compliance
    with applicable laws and regulations, and making recommendations to our board of directors on all matters of corporate governance
    and on any corrective action to be taken; and
●
monitoring
    compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to
    ensure proper compliance.
Corporate
Governance
The
business and affairs of the Company are managed under the direction of our board of directors. We have conducted board meetings regularly
since inception. Each of our directors has attended all meetings either in person, or via telephone conference, or the directors have
passed resolutions through written consent. In addition to the contact information in this annual report, the board has adopted procedures
for communication with the officers and directors as the date hereof. Each shareholder will be given specific information on how he/she
can direct communications to the officers and directors of the Company at our annual shareholders' meetings. All communications
from shareholders are relayed to the members of our board of directors.
Code
of Business Conduct and Ethics
Our
board of directors has adopted a code of business conduct and ethics applicable to all of our directors, officers, and employees. We
have made our code of business conduct and ethics publicly available on our website.
Compensation
Recovery Policy
We
have adopted a compensation recovery policy to provide for the recovery of erroneously-awarded incentive compensation, as required by
the Dodd-Frank Wall Street Reform and Consumer Protection Act, final SEC rules, and applicable listing standards.
Agreements
with Named Executive Officers
We
have entered into employment agreements with our chief executive officer and chief financial officer. Each of our executive officers
is employed unless terminated by either the executive officer or by us. Each employment agreement provides that we may terminate the
employment for cause, at any time, without notice or remuneration, for certain acts of the executive officer, including but not limited
to the commitments of any serious or persistent breach or non-observance of the terms and conditions of the employment, conviction of
a criminal offense, willful disobedience of a lawful and reasonable order, fraud or dishonesty, receipt of bribery, or severe neglect
of his or her duties. An executive officer may terminate his or her employment at any time with a one-month prior written notice. Pursuant
to the terms of the employment agreements, each executive officer has agreed to hold, both during and after the date employment agreement
expires, in strict confidence and not to use or disclose to any person, corporation or other entity without written consent, any confidential
information. In addition, each executive officer has agreed to be bound by non-competition and non-solicitation restrictions during the
term of his employment and for one year following termination of the employment.
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2022
Equity Incentive Plan
We
intend to adopt a 2022 Stock Option Plan (the "Plan"). The Plan is a stock-based compensation plan that provides for discretionary
grants of stock options to key employees, directors and consultants of the Company. The purpose of the Plan is to recognize contributions
made to our Company and its Operating Subsidiaries by such individuals and to provide them with additional incentive to achieve the objectives
of our Company. No grants have been made under the plan as of the date hereof. The following is a summary of the Plan and is qualified
by the full text of the Plan.
Administration
.
The Plan will be administered by our board of directors, or, once constituted, the Compensation Committee of the board of directors (we
refer to body administering the Plan as the "Committee").
Number
of Ordinary Shares.
The number of Ordinary Shares that may be issued under the Plan is the maximum aggregate number of Ordinary Shares
reserved and available pursuant to this Plan shall be the aggregate of [*]. If there is a forfeiture or termination without the delivery
of Ordinary Shares or of other consideration of any option made under the Plan, the Ordinary Shares underlying such option, or the number
of Ordinary Shares otherwise counted against the aggregate number of Ordinary Shares available under the Plan with respect to the option,
to the extent of any such forfeiture or termination, shall again be, or shall become, available for granting options under the Plan.
The number of Ordinary Shares issuable under the Plan is subject to adjustment, in the event in the event of any reorganization, recapitalization,
stock split, stock distribution, merger, consolidation, split-up, spin-off, combination, subdivision, consolidation or exchange of shares,
any change in the capital structure of the company or any similar corporate transaction. Except as the board of directors or the Committee
determines, no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect, and
no adjustment by reason hereof shall be made with respect to, the number or price of Shares subject to an Option. In the event of a spin-off
transaction, the board of director or the Committee may in its discretion make such adjustments and take such other action as it deems
appropriate with respect to outstanding Options under the Plan.
Eligibility
.
All persons as the board of directors or the Committee may select from among the employees, directors, and consultants of the Company.
To the extent a grantee is a consultant, such recipient must be a natural person who has provided bona fide services to our Company,
not in connection with the offer or sale of securities in capital-raising transactions or in connection with promotion or maintenance
of a market for our securities.
Stock
Options
. The board of directors or Committee shall determine the provisions, terms, and conditions of each option including, but
not limited to, the option vesting schedule, repurchase provisions, rights of first refusal, forfeiture provisions, form of payment (cash,
shares, cashless settlement, or other consideration) upon settlement of the option, payment contingencies and the exercise price; each
option will last for the term stated in the option agreement, provided, however that in the case of an option that is to qualify as an
Incentive Share Option as such term is defined in Section 422 of the Code, the term shall not exceed ten (10) years. It is intended that
stock options qualify as "performance-based compensation" under Section 162(m) of the Code and thus be fully deductible by
us for federal income tax purposes, to the extent permitted by law.
Payment
for Stock Options and Withholding Taxes
. The board of directors or Committee may make one or more of the following methods available
for payment of an option, including the exercise price of a stock option, and for payment of the minimum required tax obligation associated
with an award: (i) cash; (ii) check; (iii) with respect to options, payment through a broker-dealer sale and remittance procedure pursuant
to which the optionee (A) shall provide written instructions to a Company designated brokerage firm to effect the immediate sale of some
or all of the purchased Ordinary Shares and remit to the Company sufficient funds to cover the aggregate exercise price payable for the
purchased Ordinary Shares and (B) shall provide written directives to the Company to deliver the certificates for the purchased Ordinary
Shares directly to such brokerage firm in order to complete the sale transaction; (iv) cashless election; or (v) any combination of the
foregoing methods of payment.
No
Ordinary Shares shall be delivered under the Plan to any optionee or other person until such optionee or other person has made arrangements
acceptable to the board of directors or Committee for the satisfaction of any national, provincial or local income and employment tax
withholding obligations. Upon exercise of an option the Company shall have the right, but not the obligation (except as required by applicable
law), to withhold or collect from optionee an amount sufficient to satisfy such tax obligations. The optionee will be solely responsible
for his/her own tax obligations.
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Amendment
of Award Agreements; Amendment and Termination of the Plan; Term of the Plan
. The board of directors may at any time amend, suspend
or terminate the Plan; provided, however, that no such amendment shall be made without the approval of the Company's shareholders
to the extent such approval is required by applicable laws, or if such amendment would adversely affect the right of any participant
under any agreement in any material way without the written consent of the participant. No option may be granted during any suspension
of the Plan or after termination of the Plan. No suspension or termination of the Plan shall adversely affect any rights under options
already granted to an optionee. The Plan shall become effective on the date of the Company's contemplated initial public offering
is effective. It shall continue in effect for a term of ten (10) years unless sooner terminated or unless renewed for another period
not to exceed ten (10) years pursuant to shareholder approval.
Notwithstanding
the foregoing, neither the Plan nor any outstanding option agreement can be amended in a way that results in the repricing of a stock
option. Repricing is broadly defined to include reducing the exercise price of a stock option or cancelling a stock option in exchange
for cash, other stock options with a lower exercise price or other stock awards. (This prohibition on repricing without shareholder approval
does not apply in case of an equitable adjustment to the awards to reflect changes in the capital structure of the company or similar
events.)
No
option may be granted under the Plan on or after the 10th anniversary of the effective date of the Plan.
As
of the date of this annual report, we have not adopted the Plan or any equity incentive plans and have not issued any stock-based compensation.
D.
Employees
See
"Item 4. Information on the Company—B. Business Overview—Employees."
E.
Share Ownership
The
following table sets forth information with respect to the beneficial ownership, within the meaning of Rule 13d-3 under the Exchange
Act, of our Ordinary Shares as of the date of this annual report for:
●
each
    of our directors and executive officers; and
●
each
    person known to us to own beneficially more than 5.0% of our Ordinary Shares
Beneficial
ownership includes voting or investment power with respect to the securities. Except as indicated below, and subject to applicable community
property laws, the persons named in the table have sole voting and investment power with respect to all Ordinary Shares shown as beneficially
owned by them. Percentage of beneficial ownership of each listed person is based on 13,251,667 Ordinary Shares outstanding as of April 24,2024.
Information
with respect to beneficial ownership has been furnished by each director, officer or beneficial owner of 5% or more of our Ordinary Shares.
Beneficial ownership is determined in accordance with the rules of the SEC and generally requires that such person have voting or investment
power with respect to securities. In computing the number of Ordinary Shares beneficially owned by a person listed below and the percentage
ownership of such person, Ordinary Shares underlying options, warrants or convertible securities held by each such person that are exercisable
or convertible within 60 days of the date of this annual report are deemed outstanding, but are not deemed outstanding for computing
the percentage ownership of any other person. Except as otherwise indicated in the footnotes to this table, or as required by applicable
community property laws, all persons listed have sole voting and investment power for all Ordinary Shares shown as beneficially owned
by them.
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Principal Shareholders
Ordinary Shares Beneficially Owned
Percentage of Voting Power
Number
Percent
Percent
Directors and Executive Officers:
Tai Wai (Stephen) Lam
5,567,457
42.01
%
42.01
%
Chi Weng Tam
3,479,435
26.26
%
26.26
%
Sui Yee Yeung
—
—
—
Sum (Philip) Cheng
—
—
—
Lai Sum (Christina) Liu
—
—
—
Cheuk Ho Chan
—
—
—
All directors and executive officers as a group
9,046,892
68.27
%
68.27
%
5% Principal Shareholders:
Gaderway Investments Limited
9,046,892
(1)
68.27
%
68.27
%
(1)
These
    shares are held by Gaderway Investments Limited, a British Virgin Islands company, approximately 61.54% of which is held by Mr.
    Tai Wai (Stephen) Lam and approximately 38.46% by Mr. Chi Weng Tam, each of whom is a director of Gaderway Investments Limited. They collectively hold
    the voting powers (and dispositive powers) over the Ordinary Shares held by Gaderway Investments Limited. The registered address
    of Gaderway Investments Limited is: Vistra Corporate Services Centre, Wickham Cay II, Road Town, Tortola, VG1110, British Virgin
    Islands.
Item
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A.
Major Shareholders
See
"Item 6. Directors, Senior Management and Employees—E. Share Ownership."
B.
Related Party Transactions
Transactions
with Related Parties
a.
Due from related parties
(a)
Tai
    Wai (Stephen) Lam, a director and a shareholder of the Company.
(b)
Chi
    Weng Tam, a director, an executive officer and a shareholder of the Company.
(c)
PrimeTime
    Global Technologies Limited, controlled by DTXS FinTech Holdings Limited.
(d)
PrimeTime
    Global Markets Limited, controlled by DTXS PrimeTime Holdings Limited.
(e)
DTXS
    Fintech Holdings Limited, controlled by Metallic Icon Limited.
(f)
Metallic
    Icon Limited, controlled by Gaderway Investments Limited.
(g)
DTXS
    PrimeTime Holdings Limited, controlled by Metallic Icon Limited.
(h)
Gaderway
    Investments Limited, the shareholder of the Company.
(i)
Digital
    Mind Holdings Limited, controlled by Metallic Icon Limited.
As
of December 31, 2021, 2022 and 2023, the balances of amounts due from related parties were as follows:
2021
2022
2023
2023
HK$
HK$
HK$
US$
Tai Wai (Stephen) Lam (a)
(1)
5,794,360
-
-
-
Chi Weng Tam (b)
(1)
3,338,543
-
-
-
PrimeTime Global Technologies Limited (c)
(2)
160,825
-
-
-
PrimeTime Global Markets Limited (d)
(3)
462,111
-
-
-
DTXS Fintech Holdings Limited (e)
(4)
14,319,362
-
-
-
Metallic Icon Limited (f)
(5)
58,172
-
-
-
DTXS PrimeTime Holdings Limited (g)
(6)
35,970
-
-
-
Gaderway Investments Limited (h)
(7)
62,300
-
-
-
Digital Mind Holdings Limited (i)
(8)
-
-
-
-
24,231,643
-
-
-
(1)
The
    balance represented the advances to the directors. These amounts were unsecured, interest-free and repayable on demand. The outstanding
    balances have been assigned to Digital Mind Holdings Limited on June 29, 2022. The amounts due from related parties were presented
    as a reduction of the shareholder's equity as of December 31, 2021 pursuant to the Codification of Staff Accounting Bulletins
    Topic 4, section G.
(2)
The
    balance represented fund transfer which were unsecured, interest-free and repayable on demand. The outstanding balances have been
    assigned to Digital Mind Holdings Limited on June 29, 2022. The amounts due from related parties were presented as a reduction of
    the shareholder's equity as of December 31, 2021 pursuant to the Codification of Staff Accounting Bulletins Topic 4, section
    G.
(3)
The
    balance represented fund transfer which were unsecured, interest-free and repayable on demand. The outstanding balances have been
    assigned to Digital Mind Holdings Limited on June 29, 2022. The amounts due from related parties were presented as a reduction of
    the shareholder's equity as of December 31, 2021 pursuant to the Codification of Staff Accounting Bulletins Topic 4, section
    G.
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(4)
The
    balance represented the expenses paid on behalf of DTXS Fintech Holdings Limited. These amounts were unsecured, interest-free and
    repayable on demand. The outstanding balances have been assigned to Digital Mind Holdings Limited on June 29, 2022. The amounts due
    from related parties were presented as a reduction of the shareholder's equity as of December 31, 2021 pursuant to the Codification
    of Staff Accounting Bulletins Topic 4, section G.
(5)
The
    balance represented the expenses paid on behalf of Metallic Icon Limited and fund transfer. These amounts were unsecured, interest-free
    and repayable on demand. The outstanding balances have been assigned to Digital Mind Holdings Limited on June 29, 2022. The amounts
    due from related parties were presented as a reduction of the shareholder's equity as of December 31, 2021 pursuant to the Codification
    of Staff Accounting Bulletins Topic 4, section G.
(6)
The
    balance represented the expenses paid on behalf of DTXS PrimeTime Holdings Limited. These amounts were unsecured, interest-free and
    repayable on demand. The outstanding balances have been assigned to Digital Mind Holdings Limited on June 29, 2022. The amounts due
    from related parties were presented as a reduction of the shareholder's equity as of December 31, 2021 pursuant to the Codification
    of Staff Accounting Bulletins Topic 4, section G.
(7)
The
    balance represented the expenses paid on behalf of Gaderway Investments Limited. These amounts were unsecured, interest-free and
    repayable on demand. The outstanding balances have been assigned to Digital Mind Holdings Limited on June 29, 2022. The amounts due
    from related parties were presented as a reduction of the shareholder's equity as of December 31, 2021 pursuant to the Codification
    of Staff Accounting Bulletins Topic 4, section G.
(8)
On
    June 29, 2022, m-FINANCE entered into a sale debt assignment agreement with Digital Mind Holdings Limited, the then shareholder of
    m-FINANCE, in which m-FINANCE consented to the assignment of amounts owed from the related parties, including Tai Wai (Stephen) Lam,
    Chi Weng Tam, PrimeTime Global Technologies Limited, PrimeTime Global Markets Limited, DTXS Fintech Holdings Limited, Metallic Icon
    Limited, DTXS PrimeTime Holdings Limited and Gaderway Investments Limited in the total amount of HK$22,615,322 (equivalent to
    US$2,898,843) to Digital Mind Holdings Limited. The amounts due from related parties were presented as a reduction of the
    shareholder's equity pursuant to the Codification of Staff Accounting Bulletins Topic 4, section G. The amounts due from
    related parties were presented as a reduction of the shareholder's equity have been fully settled by (i) netting off the
    dividend payable in the amounts of HK$10,114,311 (equivalent to US$1,296,457) declared on August 15, 2022 and the remaining balance
    was settled in cash in August 2022.
b.
Accounts receivable – a related party
As
of December 31, 2022 and 2023, the balances of accounts receivable from a related party were as follows:
2022
2023
2023
HK$
HK$
US$
PrimeTime Global Technologies Limited
(1)
242,379
410,899
52,606
(1)
PrimeTime
    Global Technologies Limited, indirectly controlled by Gaderway Investments Limited, the shareholder of the Company. The balance
    represented the accounts receivable from PrimeTime Global Technologies Limited for the subscription income and commission income.
    The balances as of December 31, 2022 and 2023 have been settled on May 10, 2023 and February 22, 2024, respectively. For details, please refer to "e. Related Party
    Transactions" below.
c.
Due to a related party
As
of December 31, 2022 and 2023, the balances of amounts due to a related party were as follows:
2022
2023
2023
HK$
HK$
US$
Gaderway Investments Limited
(1)
306,110
306,110
39,190
(1)
Gaderway
    Investments Limited, the shareholder of the Company. The balance represented the amount advance to the Company. These amounts were
    unsecured, interest-free and repayable on demand.
d.
Accrued expenses – a related party
As
of December 31, 2022 and 2023, the balances of accrued expenses to a related party were as follows:
2022
2023
2023
HK$
HK$
US$
PrimeTime Global Markets Limited
(1)
290,160
-
-
(1)
PrimeTime
    Global Markets Limited, indirectly controlled by Gaderway Investments Limited, the shareholder of the Company. The balance represented
    the accrued expenses to PrimeTime Global Markets Limited for the subscription fee. For details, please refer to "e. Related
    Party Transactions" below.
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Table of Contents
e.
Related Party Transactions
The
following is a list of related parties which the Company has transactions with:
(a)
PrimeTime
    Global Technologies Limited, indirectly controlled by Gaderway Investments Limited, the shareholder of the Company.
(b)
PrimeTime
    Global Markets Limited, indirectly controlled by Gaderway Investments Limited, the shareholder of the Company.
For
the years ended December 31, 2021, 2022 and 2023, the related party transactions were as follows:
2021
2022
2023
2023
Note
HK$
HK$
HK$
US$
Outsourcing fee paid to PrimeTime Global Technologies Limited (a)
1
875,358
113,410
-
-
Outsourcing fee paid to PrimeTime Global Markets Limited (b)
1
87,178
191,795
-
-
Subscription fee paid to PrimeTime Global Markets Limited (b)
2
320,566
290,160
-
-
Subscription fee received from PrimeTime Global Technologies Limited (a)
3
190,098
180,015
46,080
5,899
Sales commission received from PrimeTime Global Technologies Limited (a)
4
284,646
235,194
364,819
46,706
During
the years ended December 31, 2022 and 2023, the Company declared dividends to its shareholders. For details, please refer to Note 13.
Shareholders' Equity in the consolidated financial statements.
Notes:
1.
The
    Company outsourced some works to the related parties, PrimeTime Global Markets Limited and PrimeTime Global Technologies Limited
    for handling software implementation work and supporting services including quality assurance, technical support and maintenance
    services for the Company and the related parties charged an outsourcing fee for providing such services. Since the Company wants
    to focus on its human resources for the developing new functions and upgrading existing functions, it outsources some of its ancillary
    works to related parties and independent third parties. The outsourcing fee was recorded as outsourcing fee in the cost of revenue.
2.
PrimeTime
    Global Markets Limited charged the Company for a subscription fee when the Company used PrimeTime Global Markets Limited's
    white label services. While PrimeTime Global Markets Limited provided white label hosting support services, the related party transaction
    is conducive to the stability of the operation of the Company's white label services. The subscription fee was recorded as
    expense to net off against the sundry income as other income incurred over the same period.
3.
The
    Company charged PrimeTime Global Technologies Limited for a subscription fee when it used the subscription services of the Company.
    The subscription income was recorded as revenue.
4.
The
    Company charged PrimeTime Global Technologies Limited for sales commission from business referred by the Company. The Company will
    charge a commission fee at an agreed percentage from the sales amount referred by the Company to PrimeTime Global Technologies Limited.
    The sales commission was recorded as commission income in the other income.
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Table of Contents
f.
Personal
    guarantees from related parties for bank loans
Tai
Wai (Stephen) Lam and Chi Weng Tam, the directors and shareholders of the Company, have jointly or severally provided personal guarantees
for several bank loans of the Company.
Policies
and Procedures for Related Party Transactions
Our
board of directors has established an audit committee that is tasked with reviewing and approving all related party transactions.
C.
Interests of Experts and Counsel
Not
applicable.
Item
8. FINANCIAL INFORMATION
A.
Consolidated Statements and Other Financial Information
We
have appended consolidated financial statements filed as part of this annual report. See "Item 18. Financial Statements."
Legal
Proceedings
From
time to time, we may become a party to various legal or administrative proceedings arising in the ordinary course of our business, including
actions with respect to intellectual property infringement, violation of third-party licenses or other rights, breach of contract, and
labor and employment claims. We are currently not a party to, and we are not aware of any threat of, any legal or administrative proceedings
that, in the opinion of our management, are likely to have any material and adverse effect on our business, financial condition, cash
flow, or results of operations.
75
Table of Contents
Dividend
Policy
See
"Item 3. Key Information—Dividend Distributions, Cash Transfer, and Tax Consequences."
B.
Significant Changes
Except
as disclosed elsewhere in this annual report, we have not experienced any significant changes since the date of our audited consolidated
financial statements included in this annual report.
Item
9. THE OFFER AND LISTING
A.
Offer and Listing Details.
Our
Ordinary Shares have been listed on the Nasdaq Capital Market since April 22, 2024 under the symbol "MFI."
B.
Plan of Distribution
Not
applicable.
C.
Markets
Our
Ordinary Shares have been listed on the Nasdaq Capital Market since April 22, 2024 under the symbol "MFI."
D.
Selling Shareholders
Not
applicable.
E.
Dilution
Not
applicable.
F.
Expenses of the Issue
Not
applicable.
Item
10. ADDITIONAL INFORMATION
A.
Share Capital
Not
applicable.
B.
Memorandum and Articles of Association
We
incorporate by reference into this annual report the description of our amended and restated memorandum and articles of association,
Exhibit 3.1, and the description of differences in corporate laws contained in our registration statement on Form F-1 (File No. 333-274158),
as amended, initially filed with the SEC on August 22, 2023.
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" or elsewhere in this annual report.
D.
Exchange Controls
See
"Item 4. Information on the Company—B. Business Overview—Regulations."
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Table of Contents
E.
Taxation
The
following summary of material British Virgin Islands, Hong Kong, and United States federal income tax consequences of an investment in
our Ordinary Shares is based upon laws and relevant interpretations thereof in effect as of the date of this annual report, all of which
are subject to change. This summary does not deal with all possible tax consequences relating to an investment in our Ordinary Shares,
such as the tax consequences under state, local, and other tax laws. Unless otherwise noted in the following discussion, this section
is the opinion of:
●
Hunter Taubman Fischer & Li LLC, our U.S. counsel, insofar as it relates to legal conclusions with respect to matters of U.S. federal
income tax law;
●
Bird & Bird, our Hong Kong counsel, insofar as it relates to legal conclusions with respect to matters of Hong Kong tax law; and
●
Ogier, our British Virgin Islands counsel, insofar as it relates to legal conclusions with respect to matters of British Virgin Islands
tax law.
Material
U.S. Federal Income Tax Consequences Applicable to U.S. Holders of Our Ordinary Shares
The
following discussion is a brief summary of U.S. federal income tax considerations generally applicable to the ownership and
disposition of our Ordinary Shares by a U.S. Holder (as defined below) that has acquired our Ordinary Shares as "capital
assets" (generally, property held for investment) under the U.S. Internal Revenue Code of 1986, as amended, or the Code. This
brief discussion is based upon existing U.S. federal tax law as of the date of this annual report, which is subject to differing
interpretations or change, possibly with retroactive effect. No ruling has been sought from the Internal Revenue Service, or the
IRS, with respect to any U.S. federal income tax consequences described below, and there can be no assurance that the IRS or a court
will not take a contrary position. This discussion, moreover, does not address the U.S. federal estate, gift, Medicare, and
alternative minimum tax considerations, any withholding or information reporting requirements, or any state, local and non-U.S. tax
considerations relating to the ownership or disposition of our Ordinary Shares. The following brief summary does not address all
aspects of U.S. federal income taxation that may be important to particular investors in light of their individual circumstances or
to persons in special tax situations such as:
●
banks
    and other financial institutions;
●
insurance
    companies;
●
pension
    plans;
●
cooperatives;
●
regulated
    investment companies;
●
real
    estate investment trusts;
●
broker-dealers;
●
traders
    that elect to use a market-to-market method of accounting;
●
certain
    former U.S. citizens or long-term residents;
●
governments
    or agencies or instrumentalities thereof;
●
tax-exempt
    entities (including private foundations);
●
holders
    who acquired our Ordinary Shares pursuant to the exercise of any employee share option or otherwise as compensation;
●
investors
    that will hold our Ordinary Shares as part of a straddle, hedging, conversion or other integrated transaction for U.S. federal income
    tax purposes;
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Table of Contents
●
persons
    holding their Ordinary Shares in connection with a trade or business outside the United States;
●
persons
    that actually or constructively own 10% or more of our voting power or value (including by reason of owning our Ordinary Shares);
●
investors
    required to accelerate the recognition of any item of gross income with respect to their Ordinary Shares as a result of such income
    being recognized on an applicable financial statement;
●
investors
    that have a functional currency other than the U.S. dollar;
●
partnerships
    or other entities taxable as partnerships for U.S. federal income tax purposes, or persons holding Ordinary Shares through such entities,
    all of whom may be subject to tax rules that differ significantly from those discussed below.
The
discussion set forth below is addressed only to U.S. Holders (defined below) that have purchased our Ordinary Shares.
Prospective purchasers are urged to consult their own tax advisors about the application of the U.S. federal income tax rules to
their particular circumstances as well as the state, local, foreign and other tax consequences to them of the purchase, ownership
and disposition of our Ordinary Shares.
General
For
purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Ordinary Shares that is, for U.S. federal income
tax purposes:
●
an
    individual who is a citizen or resident of the United States;
●
a
    corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized under the laws of the United
    States, any state thereof or the District of Columbia;
●
an
    estate whose income is subject to U.S. federal income taxation regardless of its source; or
●
a
    trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons
    for all substantial decisions or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a
    U.S. person.
If
a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of our Ordinary Shares,
the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership.
Partnerships holding our Ordinary Shares and their partners are urged to consult their tax advisors regarding an investment in our Ordinary
Shares.
Passive
Foreign Investment Company ("PFIC") Consequences
A
non-U.S. corporation is considered a PFIC, as defined in Section 1297(a) of the US Internal Revenue Code, for any taxable year if either:
●
at
    least 75% of its gross income for such taxable year is passive income; or
●
at
    least 50% of the value of its assets (based on an average of the quarterly values of the assets during a taxable year) is attributable
    to assets that produce or are held for the production of passive income (the "asset test").
Passive
income generally includes dividends, interest, rents and royalties (other than rents or royalties derived from the active conduct of
a trade or business) and gains from the disposition of passive assets. We will be treated as owning our proportionate share of the assets
and earning our proportionate share of the income of any other corporation in which we own, directly or indirectly, at least 25% (by
value) of the stock. In determining the value and composition of our assets for purposes of the PFIC asset test, (1) the cash we raised
in our IPO will generally be considered to be held for the production of passive income and (2) the value of our assets must be determined
based on the market value of our Ordinary Shares from time to time, which could cause the value of our non-passive assets to be less
than 50% of the value of all of our assets (including the cash raised in our IPO) on any particular quarterly testing date for purposes
of the asset test.
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Based on our operations, and the composition of our income and assets (taking into account the current income generated from our investment
products purchased from banks), we believe we are not a PFIC for the current taxable year, and we do not believe for the foreseeable future
under the current PFIC rules. We must make a separate determination each year as to whether we are a PFIC, however, and there can be no
assurance with respect to our status as a PFIC for any future taxable year. With the cash we raised in our IPO, together with any other
assets held for the production of passive income, it is possible that, for any subsequent taxable year, more than 50% of our assets may
be assets held for the production of passive income. We will make this determination following the end of any particular tax year. Because
the value of our assets for purposes of the asset test will generally be determined based on the market price of our Ordinary Shares and
because cash is generally considered to be an asset held for the production of passive income, our PFIC status will depend in large part
on the market price of our Ordinary Shares. Accordingly, fluctuations in the market price of the Ordinary Shares may cause us to become
a PFIC. In addition, the application of the PFIC rules is subject to uncertainty in several respects and the composition of our income
and assets will be affected by how, and how quickly, we spend the cash raised in our IPO. We are under no obligation to take steps to
reduce the risk of our being classified as a PFIC, and as stated above, the determination of the value of our assets will depend upon
material facts (including the market price of our Ordinary Shares from time to time and the amount of cash raised in our IPO) that may
not be within our control. If we are a PFIC for any year during which you hold Ordinary Shares, we will continue to be treated as a PFIC
for all succeeding years during which you hold Ordinary Shares. If we cease to be a PFIC and you did not previously make a timely "mark-to-market"
election as described below, you may avoid some of the adverse effects of the PFIC regime by making a "purging election" (as
described below) with respect to the Ordinary Shares.
If
we are a PFIC for your taxable year(s) during which you hold Ordinary Shares, you will be subject to special tax rules with respect to
any "excess distribution" that you receive and any gain you realize from a sale or other disposition (including a pledge)
of the Ordinary Shares, unless you make a "mark-to-market" election as discussed below. Distributions you receive in a taxable
year that are greater than 125% of the average annual distributions you received during the shorter of the three preceding taxable years
or your holding period for the Ordinary Shares will be treated as an excess distribution. Under these special tax rules:
●
the
    excess distribution or gain will be allocated ratably over your holding period for the Ordinary Shares;
●
the
    amount allocated to your current taxable year, and any amount allocated to any of your taxable year(s) prior to the first taxable
    year in which we were a PFIC, will be treated as ordinary income, and
●
the
    amount allocated to each of your other taxable year(s) will be subject to the highest tax rate in effect for that year and the interest
    charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.
The
tax liability for amounts allocated to years prior to the year of disposition or "excess distribution" cannot be offset by
any net operating losses for such years, and gains (but not losses) realized on the sale of the Ordinary Shares cannot be treated as
capital, even if you hold the Ordinary Shares as capital assets.
A
U.S. Holder of "marketable stock" (as defined below) in a PFIC may make a mark-to-market election under Section 1296 of the
US Internal Revenue Code for such stock to elect out of the tax treatment discussed above. If you make a mark-to-market election for
first taxable year which you hold (or are deemed to hold) Ordinary Shares and for which we are determined to be a PFIC, you will include
in your income each year an amount equal to the excess, if any, of the fair market value of the Ordinary Shares as of the close of such
taxable year over your adjusted basis in such Ordinary Shares, which excess will be treated as ordinary income and not capital gain.
You are allowed an ordinary loss for the excess, if any, of the adjusted basis of the Ordinary Shares over their fair market value as
of the close of the taxable year. Such ordinary loss, however, is allowable only to the extent of any net mark-to-market gains on the
Ordinary Shares included in your income for prior taxable years. Amounts included in your income under a mark-to-market election, as
well as gain on the actual sale or other disposition of the Ordinary Shares, are treated as ordinary income. Ordinary loss treatment
also applies to any loss realized on the actual sale or disposition of the Ordinary Shares, to the extent that the amount of such loss
does not exceed the net mark-to-market gains previously included for such Ordinary Shares. Your basis in the Ordinary Shares will be
adjusted to reflect any such income or loss amounts. If you make a valid mark-to-market election, the tax rules that apply to distributions
by corporations which are not PFICs would apply to distributions by us, except that the lower applicable capital gains rate for qualified
dividend income discussed below "— Taxation of Dividends and Other Distributions on our Ordinary Shares" generally
would not apply.
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The
mark-to-market election is available only for "marketable stock", which is stock that is traded in other than de minimis
quantities on at least 15 days during each calendar quarter ("regularly traded") on a qualified exchange or other market
(as defined in applicable U.S. Treasury regulations), including NASDAQ. If the Ordinary Shares continue to be regularly traded on NASDAQ and if
you are a holder of Ordinary Shares, the mark-to-market election would be available to you were we to be or become a PFIC.
Alternatively,
a U.S. Holder of stock in a PFIC may make a "qualified electing fund" election under Section 1295(b) of the US Internal Revenue
Code with respect to such PFIC to elect out of the tax treatment discussed above. A U.S. Holder who makes a valid qualified electing
fund election with respect to a PFIC will generally include in gross income for a taxable year such holder's pro rata share of
the corporation's earnings and profits for the taxable year. The qualified electing fund election, however, is available only if
such PFIC provides such U.S. Holder with certain information regarding its earnings and profits as required under applicable U.S. Treasury
regulations. We do not   prepare or provide the information that would enable you to make a qualified electing fund
election. If you hold Ordinary Shares in any taxable year in which we are a PFIC, you will be required to file U.S. Internal Revenue
Service Form 8621 in each such year and provide certain annual information regarding such Ordinary Shares, including regarding distributions
received on the Ordinary Shares and any gain realized on the disposition of the Ordinary Shares.
If
you do not make a timely "mark-to-market" election (as described above), and if we were a PFIC at any time during the period
you hold our Ordinary Shares, then such Ordinary Shares will continue to be treated as stock of a PFIC with respect to you even if we
cease to be a PFIC in a future year, unless you make a "purging election" for the year we cease to be a PFIC. A "purging
election" creates a deemed sale of such Ordinary Shares at their fair market value on the last day of the last year in which we
are treated as a PFIC. The gain recognized by the purging election will be subject to the special tax and interest charge rules treating
the gain as an excess distribution, as described above. As a result of the purging election, you will have a new basis (equal to the
fair market value of the Ordinary Shares on the last day of the last year in which we are treated as a PFIC) and holding period (which
new holding period will begin the day after such last day) in your Ordinary Shares for tax purposes.
IRC
Section 1014(a) provides for a step-up in basis to the fair market value for our Ordinary Shares when inherited from a decedent that
was previously a holder of our Ordinary Shares. However, if we are determined to be a PFIC and a decedent that was a U.S. Holder did
not make either a timely qualified electing fund election for our first taxable year as a PFIC in which the U.S. Holder held (or was
deemed to hold) our Ordinary Shares, or a mark-to-market election and ownership of those Ordinary Shares are inherited, a special provision
in IRC Section 1291(e) provides that the new U.S. Holder's basis should be reduced by an amount equal to the Section 1014 basis
minus the decedent's adjusted basis just before death. As such if we are determined to be a PFIC at any time prior to a decedent's
passing, the PFIC rules will cause any new U.S. Holder that inherits our Ordinary Shares from a U.S. Holder to not get a step-up in basis
under Section 1014 and instead will receive a carryover basis in those Ordinary Shares.
You
are urged to consult your tax advisors regarding the application of the PFIC rules to your investment in our Ordinary Shares and the
elections discussed above.
Taxation
of Dividends and Other Distributions on our Ordinary Shares
Subject
to the PFIC rules discussed above, the gross amount of distributions if made by us to you with respect to the Ordinary Shares
(including the amount of any taxes withheld therefrom) will generally be includable in your gross income as dividend income on the
date of receipt by you, but only to the extent that the distribution is paid out of our current or accumulated earnings and profits
(as determined under U.S. federal income tax principles). With respect to corporate U.S. Holders, the dividends will not be eligible
for the dividends-received deduction allowed to corporations in respect of dividends received from other U.S.
corporations.
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With respect to non-corporate U.S. Holders, including individual U.S. Holders, dividends will be taxed at the lower capital gains rate
applicable to qualified dividend income, provided that (1) the Ordinary Shares are readily tradable on an established securities market
in the United States, or we are eligible for the benefits of an approved qualifying income tax treaty with the United States that includes
an exchange of information program, (2) we are not a PFIC for either our taxable year in which the dividend is paid or the preceding taxable
year, and (3) certain holding period requirements are met. Because there is an income tax treaty between the United States and the British
Virgin Islands, clause (1) above is satisfied. Further, under U.S. Internal Revenue Service authority, Ordinary Shares are considered
for purpose of clause (1) above to be readily tradable on an established securities market in the United States if they are listed on
certain exchanges, which presently include the NYSE and the NASDAQ Capital Market. You are urged to consult your tax advisors regarding
the availability of the lower rate for dividends paid with respect to our Ordinary Shares, including the effects of any change in law
after the date of this annual report. We did not issue or declare any dividends for the current year.
Dividends
will constitute foreign source income for foreign tax credit limitation purposes. If the dividends are taxed as qualified dividend income
(as discussed above), the amount of the dividend taken into account for purposes of calculating the foreign tax credit limitation will
be limited to the gross amount of the dividend, multiplied by the reduced rate divided by the highest rate of tax normally applicable
to dividends. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income.
For this purpose, dividends distributed by us with respect to our Ordinary Shares will constitute "passive category income"
but could, in the case of certain U.S. Holders, constitute "general category income."
To
the extent that the amount of the distribution exceeds our current and accumulated earnings and profits (as determined under U.S. federal
income tax principles), it will be treated first as a tax-free return of your tax basis in your Ordinary Shares, and to the extent the
amount of the distribution exceeds your tax basis, the excess will be taxed as capital gain. We do not calculate our earnings
and profits under U.S. federal income tax principles. Therefore, a U.S. Holder should expect that any distributions made in the future will be treated as a
dividend even if that distribution would otherwise be treated as a non-taxable return of capital or as capital gain under the rules described
above.
Taxation
of Dispositions of Ordinary Shares
Subject
to the passive foreign investment company rules discussed above, you will recognize taxable gain or loss on any sale, exchange or other
taxable disposition of a share equal to the difference between the amount realized (in U.S. dollars) for the share and your tax basis
(in U.S. dollars) in the Ordinary Shares. The gain or loss will be capital gain or loss. If you are a non-corporate U.S. Holder, including
an individual U.S. Holder, who has held the Ordinary Shares for more than one year, you will generally be eligible for reduced tax rates.
The deductibility of capital losses is subject to limitations. Any such gain or loss that you recognize will generally be treated as
United States source income or loss for foreign tax credit limitation purposes which will generally limit the availability of foreign
tax credits.
Information
Reporting and Backup Withholding
Dividend
payments with respect to our Ordinary Shares and proceeds from the sale, exchange or redemption of our Ordinary Shares may be subject
to information reporting to the U.S. Internal Revenue Service and possible U.S. backup withholding under Section 3406 of the U.S. Internal
Revenue Code with at a current flat rate of 24%. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct
taxpayer identification number and makes any other required certification on U.S. Internal Revenue Service Form W-9 or who is otherwise
exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification
on U.S. Internal Revenue Service Form W-9. U.S. Holders are urged to consult their tax advisors regarding the application of the U.S.
information reporting and backup withholding rules.
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Backup
withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability,
and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund
with the U.S. Internal Revenue Service and furnishing any required information. We do not intend to withhold taxes for individual shareholders.
Transactions effected through certain brokers or other intermediaries, however, may be subject to withholding taxes (including backup
withholding), and such brokers or intermediaries may be required by law to withhold such taxes.
Under
the Hiring Incentives to Restore Employment Act of 2010, certain U.S. Holders are required to report information relating to our Ordinary
Shares, subject to certain exceptions (including an exception for Ordinary Shares held in accounts maintained by certain financial institutions),
by attaching a complete Internal Revenue Service Form 8938, Statement of Specified Foreign Financial Assets, with their tax return for
each year in which they hold Ordinary Shares.
Hong
Kong Profits Taxation
The
Operating Subsidiaries incorporated in Hong Kong were subject to 16.5% Hong Kong profit tax on their taxable income generated from operations
in Hong Kong, except for one of the Operating Subsidiaries which is the qualifying group entity under the two-tiered profits tax regime
from the year of assessment 2018/2019 onwards. For this subsidiary, the first HK$2,000,000 assessable profits are taxed at the rate of
8.25% and the remaining assessable profits are taxed at 16.5%.
The
Inland Revenue (Amendment) (No. 7) Ordinance 2018 enacted on 2 November 2018 provides enhanced tax deduction for expenditures on qualifying
research & development (R&D) activities. The amended section 16B allows taxpayers a generous 300% deduction for "Type B
expenditure" on the first HK$2 million spent on a qualifying R&D activity and a 200% deduction on expenditure after the first
HK$2 million, with no cap on the deductible amount – subject to certain conditions.
Under
Hong Kong tax laws, the Operating Subsidiaries are exempted from Hong Kong income tax on its foreign-derived income. In addition, payments
of dividends from the Operating Subsidiaries to us are not subject to any withholding tax in Hong Kong. See "Item 3. Key Information—Dividend
Distributions, Cash Transfer, and Tax Consequences" for further details on our dividend policy.
British
Virgin Islands Taxation
The
government of the British Virgin Islands does not, under existing legislation, impose any income, corporate or capital gains tax, estate
duty, inheritance tax, gift tax or withholding tax upon the Company or its shareholders who are not tax resident in the British Virgin
Islands.
The
Company and all distributions, interest and other amounts paid by the Company to persons who are not tax resident in the British Virgin
Islands will not be subject to any income, withholding or capital gains taxes in the British Virgin Islands, with respect to the Ordinary
Shares in the Company owned by them and dividends received on such Ordinary Shares, nor will they be subject to any estate or inheritance
taxes in the British Virgin Islands.
No
estate, inheritance, succession or gift tax, rate, duty, levy or other charge is payable by persons who are not tax resident in the British
Virgin Islands with respect to any shares, debt obligations or other securities of the Company.
Except
to the extent that we have any interest in real property in the British Virgin Islands, all instruments relating to transactions in respect
of the shares, debt obligations or other securities of the Company and all instruments relating to other transactions relating to the
business of the Company are exempt from the payment of stamp duty in the British Virgin Islands.
There
are currently no withholding taxes or exchange control regulations in the British Virgin Islands applicable to the Company or its shareholders.
There
is no income tax treaty or convention currently in effect between the United States and the British Virgin Islands or between Hong Kong
and the British Virgin Islands.
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British
Virgin Islands Economic Substance Legislation
The
British Virgin Islands, together with several other non-European Union jurisdictions, introduced legislation aimed at addressing
concerns raised by the Council of the European Union (the "EU") as to offshore structures engaged in certain activities which
attract profits without real economic activity. With effect from January 1, 2019, the Economic Substance (Companies and Limited Partnerships)
Act, 2018 (the "ES Act") came into force in the British Virgin Islands introducing certain economic substance requirements
for in-scope British Virgin Islands entities which are engaged in certain "relevant activities", which in the case of companies
incorporated before January 1, 2019, will apply in respect of financial years commencing June 30, 2019 onwards.
Based
on the ES Act currently, the Company may remain out of scope of the legislation or else be subject to more limited substance requirements.
Although it is presently anticipated that the ES Act will have little material impact on the Company or its Operating Subsidiaries'
operations, as the legislation is relatively 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.
F.
Dividends and Paying Agents
Not
applicable.
G.
Statement by Experts
Not
applicable.
H.
Documents on Display
We
are subject to the periodic reporting and other informational requirements of the Exchange Act. Under the Exchange Act, we are required
to file reports and other information with the SEC. Specifically, we are required to file annually a Form 20-F within four months
after the end of each fiscal year. The SEC maintains a website at
http://www.sec.gov
that contains reports, proxy and information
statements, and other information regarding registrants that make electronic filings with the SEC using its EDGAR system. As a foreign
private issuer, we are exempt from the rules of the Exchange Act prescribing, among other things, the furnishing and content of
proxy statements to shareholders, and our executive 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
See
"Item 3. Key Information — Our Corporate Structure."
Item
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market
Risk of Financial Instrument
We
are subject to financial market risks, including changes in foreign currency exchange rate risk with respect to our investment at fair
value consisting of short-term foreign exchange investment made by the Company which is denominated in the US$. The fluctuation in US$
may result in increase or decrease in the value of our investment at fair value. We consider the foreign exchange risk in relation to
transactions denominated in US$ with respect to HK$ is not significant as HK$ is pegged to US$.
The
trades of foreign currencies conducted by the Company are denominated in the US$ and are paired with currencies with strong liquidity
traded in highly transparent markets, including such currencies as the EURO, USD, GBP, CHF, AUD, CAD and NZD, etc. Fluctuation in exchange
rates, changes in monetary and/or fiscal policy or inflation in the countries in which the Company paired its trades of foreign currencies
could have a material adverse effect on its results of operations. The clear position limits and floating profit/loss limits are set
to manage the market risks of its foreign exchange positions.
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Currency
Risk
The
Company's operating activities are transacted in HK$. Foreign exchange risk arises from future commercial transactions, recognized
assets and liabilities and net investments in foreign operations. The Company considers the foreign exchange risk in relation to transactions
denominated in HK$ with respect to US$ is not significant as HK$ is pegged to US$.
Concentration
and Credit Risk
Financial
instruments that potentially subject the Company to the concentration of credit risks consist of cash and accounts receivable. The maximum
exposures of such assets to credit risk are their carrying amounts as of the balance sheet dates. The Company deposits its cash with
financial institutions located in Hong Kong. The Company believes that no significant credit risk exists as these financial institutions
have high credit quality and the Company has not incurred any losses related to such deposits.
For
the credit risk related to accounts receivable, the Company performs periodic credit evaluations of its customers' financial condition
and generally does not require collateral. The Company establishes an allowance for credit losses based upon estimates, factors surrounding
the credit risk of specific customers and other information. The allowance amounts were immaterial for all periods presented. The management
believes that its contract acceptance, billing, and collection policies are adequate to minimize material credit risk. Application for
progress payment of contract works is made on a regular basis. The Company seeks to maintain strict control over its outstanding receivables.
Overdue balances are reviewed regularly by the management.
For the years ended December 31, 2021, 2022 and
2023, all of the Company's assets were located in Hong Kong and all of the Company's revenue were derived from
its subsidiaries located in Hong Kong. The Company has a concentration of its revenue and accounts receivable with specific
customers.
For the year ended December 31, 2021, one customer accounted for 10.5%
of the Company's total revenue. For the year ended December 31, 2022, one customer
accounted for approximately 18.0% of the Company's total revenue. For the year ended December 31, 2023, no customer accounted for
over 10% of the Company's total revenue.
Two customers' accounts receivable accounted
for 27.2% and 21.4% of the total accounts receivable as of December 31, 2022, respectively. Two customers' accounts receivable accounted
for 13.9% and 10.1% of the total accounts receivable as of December 31, 2023, respectively.
For the years ended December 31, 2021, 2022 and
2023, no vendor accounted for over 10% of the Company's total purchase.
Interest
rate risk
Fluctuations
in market interest rates may negatively affect the Company's financial condition and results of operations. The Company is exposed
to floating interest rate risk on cash deposit and floating rate borrowings, and the risks due to changes in interest rates is not material.
The Company has not used any derivative financial instruments to manage the interest risk exposure.
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.
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Part
II
Item
13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
None.
Item
14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
See
"Item 10. Additional Information" for a description of the rights of securities holders, which remain unchanged.
Use
of Proceeds
The
following "Use of Proceeds" information relates to the registration statement on Form F-1, as amended (File Number 333-274158)
for our initial public offering, which was declared effective by the SEC on March 29, 2024. In April 2024, we completed our initial
public offering in which we issued and sold an aggregate of 1,666,667 Ordinary Shares at a price of $4.50 per share for $7.50 million.
Joseph Stone Capital, LLC was the underwriter of our initial public offering.
We
incurred approximately $1.8 million in expenses in connection with our initial public offering, which included approximately $0.5
million in underwriting discounts and commissions, approximately $0.07 million in expenses paid to or for the underwriter's
non-accountable expenses, approximately $0.2 million in other expenses and approximately $0.1 million paid for underwriter's legal counsel service fee. None of the transaction expenses included payments to
directors or officers of our Company or their associates, persons owning more than 10% or more of our equity securities or our
affiliates. None of the net proceeds we received from the initial public offering were paid, directly or indirectly, to any of our
directors or officers or their associates, persons owning 10% or more of our equity securities or our affiliates.
The
net proceeds raised from the initial public offering were approximately $5.7 million, after deducting underwriting discounts and the offering
expenses payable by us.
Item
15. CONTROLS AND PROCEDURES
Disclosure
Controls and Procedures
Under
the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we carried
out an evaluation of the effectiveness of our disclosure controls and procedures, which is defined in Rules 13a-15(e) of the
Exchange Act, as of December 31, 2023.
Based
on that evaluation, our management has concluded that, due to the material weaknesses described below, as of December 31, 2023, our disclosure
controls and procedures were not effective. Notwithstanding management's assessment that our internal control over financial reporting
was ineffective as of December 31, 2023 due to the material weakness described below, we believe that the consolidated financial statements
included in this annual report on Form 20-F correctly present our financial position, results of operations and cash flows for the fiscal
years covered thereby in all material respects.
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Management's
Annual Report on Internal Control over Financial Reporting
This
annual report does not include a report of management's assessment regarding internal control over financial reporting or an attestation
report of our registered public accounting firm due to a transition period established by rules of the SEC for newly public companies. However,
in connection with the audits of our consolidated financial statements as of December 31, 2023 and 2022, we and our independent registered
public accounting firms identified certain material weaknesses in our internal control over financial reporting PCAOB of the United States.
A "material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such
that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented
or detected on a timely basis.
As
of December 31, 2023, we identified the material weaknesses related to (1) our lack of sufficient full-time personnel with appropriate
levels of accounting knowledge and experience to monitor the daily recording of transactions, address complex U.S. GAAP accounting issues
and to prepare and review financial statements and related disclosures under U.S. GAAP; (2) our lack of a functional internal audit department
or personnel that monitors the consistencies of the preventive internal control procedures as well as adequate policies and procedures
in internal audit function to ensure that our policies and procedures have been carried out as planned; and (3) inadequate segregation
of duties for certain key functions due to limited staff and resources.
Our
management has implemented and is currently taking the steps necessary to remediate the ineffectiveness, such as (i) conducting regular
and continuous U.S. GAAP training programs and webinars for our financial reporting and accounting personnel; ii) established three committees
under the board of directors: an Audit Committee, a Compensation Committee and a Nominating and Corporate Governance Committee (see
"Item
6- DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
for details"; iii) actively recruiting more qualified staff to fill up the key
roles in the operations; and iv) setting up a financial and system control framework with formal documentation of polices and controls
in place. However, we cannot assure you that these measures may fully address the material weakness in our internal control over financial
reporting or that we may not identify additional material weaknesses or significant deficiencies in the future.
Attestation
Report of the Registered Public Accounting Firm
This
annual report on Form 20-F does not include an attestation report of our registered public accounting firm regarding internal control
over financial reporting. Management's report was not subject to attestation by our registered public accounting firm pursuant
to rules of the SEC where domestic and foreign registrants that are non-accelerated filers, which we are, and "emerging growth
companies," which we also are, are not required to provide the auditor attestation report.
Changes
in Internal Control over Financial Reporting
Other
than as described above, there were no changes in our internal controls over financial reporting that occurred during the period covered
by this annual report on Form 20-F that have materially affected, or are reasonably likely to materially affect, our internal control
over financial reporting.
Item
16. RESERVED
Item
16A. AUDIT COMMITTEE FINANCIAL EXPERT
Mr. Sum
(Philip) Cheng qualifies as an "audit committee financial expert" as defined in Item 16A of Form 20-F. Mr. Sum
(Philip) Cheng satisfies the "independence" requirements of Section 5605(a)(2) of the NASDAQ Listing Rules as
well as the independence requirements of Rule 10A-3 under the Exchange Act.
I
tem
16B. CODE OF ETHICS
Our
board of directors has adopted a code of business conduct and ethics, which is applicable to all of our directors, officers, and employees.
Our code of business conduct and ethics is publicly available on our website.
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Table of Contents
Item
16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
The
following table sets forth the aggregate fees by categories specified below in connection with certain professional services rendered
and billed by Marcum Asia CPAs LLP, our independent registered public accounting firm, since September 1, 2022, and Friedman LLP, our
independent registered public accounting firm before September 1, 2022, for the periods indicated.
For the Years Ended December 31,
2023
2022
2021
Audit fees (1)
$
240,000
$
240,000
$
400,000
Total
$
240,000
$
240,000
$
400,000
(1)
Audit
    fees include the aggregate fees billed for each of the fiscal years for professional services rendered by our independent registered
    public accounting firm for the audit of our annual financial statements or for the audits of our financial statements and review
    of the interim financial statements in connection with our initial public offering in 2023.
The
policy of our audit committee is to pre-approve all audit and non-audit services provided by our independent registered public accounting
firm, including audit services, audit-related services, tax services, and other services as described above.
Item
16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Not
applicable.
Item
16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
None.
Item
16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
There
has been no change in independent accountants for our Company during the two most recent fiscal years or any subsequent interim period
except as previously reported in our registration statement on Form F-1(File No. 333-274158), as amended, initially filed with the SEC
on August 22, 2023. There have been no disagreements of the type required to be disclosed by Item 16F(b).
Item
16G. CORPORATE GOVERNANCE
As
a British Virgin Islands company listed on the Nasdaq Capital Market, we are subject to the Nasdaq corporate governance listing standards.
Nasdaq rules, however, permit a foreign private issuer like us to follow the corporate governance practices of its home country.
Certain corporate governance practices in the British Virgin Islands, which is our home country, may differ significantly from the Nasdaq
corporate governance listing standards.
Nasdaq
Listing Rule 5635 generally provides that shareholder approval is required of U.S. domestic companies listed on Nasdaq prior to issuance
(or potential issuance) of securities (i) equaling 20% or more of the company's common stock or voting power for less than the
greater of market or book value (ii) resulting in a change of control of the company; and (iii) which is being issued pursuant to a stock
option or purchase plan to be established or materially amended or other equity compensation arrangement made or materially amended.
Notwithstanding this general requirement, Nasdaq Listing Rule 5615(a)(3)(A) permits foreign private issuers to follow their home country
practice rather than these shareholder approval requirements. The British Virgin Islands do not require shareholder approval prior to
any of the foregoing types of issuances. We, therefore, are not required to obtain such shareholder approval prior to entering into a
transaction with the potential to issue securities as described above. We intend to comply with the requirements of Nasdaq listing rules
in determining whether shareholder approval is required on such matters. We may, however, consider following home country practice in
lieu of the requirements under Nasdaq listing rules with respect to certain corporate governance standards which may afford less protection
to investors.
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Nasdaq
Listing Rule 5605(b)(1) requires listed companies to have, among other things, a majority of its board members be independent. As a foreign
private issuer, however, we are permitted to, and we may follow home country practice in lieu of the above requirements. The corporate
governance practice in our home country, the British Virgin Islands, does not require a majority of our board to consist of independent
directors. Currently, a majority of our board members are independent. However, if we change our board composition such that independent
directors do not constitute a majority of our board of directors, our shareholders may be afforded less protection than they would otherwise
enjoy under Nasdaq's corporate governance requirements applicable to U.S. domestic issuers. See "Item 3. Key Information
— D. Risk Factors — Risks Related to Our Ordinary Shares and the Trading Market — As a foreign private issuer, we are
permitted to rely on exemptions from certain NASDAQ Stock Exchange corporate governance standards applicable to domestic U.S.
issuers. This may afford less protection to holders of our Ordinary Shares."
Item
16H. MINE SAFETY DISCLOSURE
Not
applicable.
Item
16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.
Not
applicable.
Item
16J. INSIDER TRADING POLICIES
Our
board of directors has adopted insider trading policies and procedures governing the purchase, sale, and other dispositions of our securities
by directors, senior management, and employees that are reasonably designed to promote compliance with applicable insider trading laws,
rules, and regulations, and any listing standards applicable to us.
Our
board of directors has also adopted a compensation recovery policy required by the Nasdaq Listing Rule 5608, the form of which is attached
as Exhibit 97.1 to this annual report.
Item
16K. CYBERSECURITY
Pursuant
to the applicable SEC transition guidance, the disclosure required by Item 16K will be applicable to the Company from the fiscal year
ended December 31, 2024.
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Table of Contents
Part
III
Item
17. FINANCIAL STATEMENTS
We
have elected to provide financial statements pursuant to Item 18.
Item
18. FINANCIAL STATEMENTS
The
consolidated financial statements of the Company and the Operating Subsidiaries are included at the end of this annual report.
Item
19. EXHIBITS
EXHIBIT
INDEX
Exhibit
    No.
Description
1.1
Amended and Restated Memorandum of Association (incorporated by reference to Exhibit 3.1 of our Registration Statement on Form F-1 (File No. 333-274158) initially filed with the Securities and Exchange Commission September 26, 2023)
2.1
Specimen Certificate for Ordinary Shares (incorporated by reference to Exhibit 4.1 of our Registration Statement on Form F-1 (File No. 333-274158) initially filed with the Securities and Exchange Commission on August 22, 2023)
2.2*
Description of Securities
4.1
Form of Indemnification Agreement between the Registrant and its directors and executive officers (incorporated by reference to Exhibit 10.1 of our Registration Statement on Form F-1 (File No. 333-274158) initially filed with the Securities and Exchange Commission on August 22, 2023)
4.2
Form of Employment Agreement between the Registrant and its executive Directors (incorporated by reference to Exhibit 10.2 of our Registration Statement on Form F-1 (File No. 333-274158) initially filed with the Securities and Exchange Commission on August 22, 2023)
4.3
2022 Equity Incentive Plan (incorporated by reference to Exhibit 10.3 of our Registration Statement on Form F-1 (File No. 333-274158) initially filed with the Securities and Exchange Commission on August 22, 2023)
4.4
Instruments of Transfer among Gaderway and the Investors and between Lo Wing Sang and Miu Man Cheung (incorporated by reference to Exhibit 10.4 of our Registration Statement on Form F-1 (File No. 333-274158) initially filed with the Securities and Exchange Commission on February 22, 2024)
4.5
Form of Employment Agreement between the Registrant and its executive officers (incorporated by reference to Exhibit 10.5 of our Registration Statement on Form F-1 (File No. 333-274158) initially filed with the Securities and Exchange Commission on October 16, 2023)
8.1
Subsidiaries (incorporated by reference to Exhibit 21.1 of our Registration Statement on Form F-1 (File No. 333-274158) initially filed with the Securities and Exchange Commission on August 22, 2023)
11.1
Code of Business Conduct and Ethics of the Registrant (incorporated by reference to Exhibit 99.1 of our Registration Statement on Form F-1 (File No. 333-274158) initially filed with the Securities and Exchange Commission on August 22, 2023)
11.2*
Insider Trading Policy of the Registrant
12.1*
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12.2*
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
13.1**
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
13.2**
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
97.1*
Compensation Recovery Policy of the Registrant
101*
The
    following financial statements from the Company's Annual Report on Form 20-F for the year ended December 31, 2022, formatted
    in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations and Comprehensive Income (Loss), (iii)
    Consolidated Statements of Changes in Shareholders' Equity, (iv) Consolidated Statements of Cash Flows, and (v) Notes to Consolidated
    Financial Statements, tagged as blocks of text and including detailed tags
104*
Cover
    Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
*
Filed
    with this annual report on Form 20-F
**
Furnished
    with this annual report on Form 20-F
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SIGNATURES
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 annual report on its behalf.
mF
    International Limited
By:
/s/
    Chi Weng Tam
Chi
    Weng Tam
Chief
    Executive Officer and Executive Director
(Principal
    Executive Officer)
Date:
    May 15, 2024
90
Table of Contents
mF
INTERNATIONAL LIMITED AND SUBSIDIARIES
INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS
Report of Independent Registered Public Accounting Firm
(PCAOB ID
5395
)
F-2
Report of Independent Registered Public Accounting Firm
(PCAOB ID
711
)
F-3
Consolidated Balance Sheets as of December 31, 2022 and 2023
F-4
Consolidated Statements of Income and Comprehensive Income for the Years Ended December 31, 2021, 2022 and 2023
F-5
Consolidated Statements of Changes in Shareholders' Equity for the Years Ended December 31, 2021, 2022 and 2023
F-6
Consolidated Statements of Cash Flows for the Years Ended December 31, 2021, 2022 and 2023
F-7
Notes to Consolidated Financial Statements
F-8
F-
1
Table of Contents
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Board of Directors and Shareholders of
mF
International Limited
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheets of mF International Limited and Subsidiaries (collectively, the "Company")
as of December 31, 2023 and 2022, the related consolidated statements of income and comprehensive income, changes in shareholders'
equity, and cash flows for each of the two years in the period ended December 31, 2023, 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 financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and
its cash flows for each of two years in the period ended December 31, 2023, in conformity with accounting principles generally accepted
in the United States of America.
We
also audited adjustments to the 2021 financial statements to retroactively effect the share splits as described in Note 13. In our opinion,
such adjustments are appropriate and have been properly applied. Other than the adjustments, we were not engaged to audit, review, or
apply any procedures to the Company's 2021 financial statements and, accordingly, we do not express an opinion or any other form
of assurance on the 2021 financial statements as a whole.
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 audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB Those standards require that we plan and perform the audits 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 audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing
an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the consolidated 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 audits 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 audits provide a reasonable basis for our opinion.
/s/
Marcum Asia CPAs LLP
Marcum
Asia CPAs LLP
We
have served as the Company's auditor since 2022 (such date takes into account the acquisition of certain assets of Friedman LLP
by Marcum Asia CPAs LLP effective September 1, 2022).
New
York, New York
May 15,
2024
NEW
YORK OFFICE ● 7 Penn Plaza ● Suite 830 ● New York, New York ● 10001
Phone
646.442.4845 ● Fax 646.349.5200 ● www.marcumasia.com
F-
2
Table of Contents
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Board of Directors and Shareholders of
mF
International Limited
Opinion
on the Financial Statements
We
have audited the accompanying consolidated statements of income and comprehensive income, changes in shareholders' equity, and
cash flows of mF International Limited and Subsidiaries (collectively, the "Company") for the year ended December 31,
2021, 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 results of its operations and its cash flows for the
year ended December 31, 2021, in conformity with accounting principles generally accepted in the United States of
America.
We
were not engaged to audit, review or apply any procedures to the adjustments to retroactively apply the effects of the share split described
in Note 13, accordingly, we do not express an opinion or any other form of assurance about whether such adjustments are appropriate and
have been properly applied. Those adjustments were audited by Marcum Asia CPAs LLP.
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 consolidated 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 provides a reasonable basis for our opinion.
/s/
Friedman LLP
We
served as the Company's auditor from May 2022 through December 2022.
New
York, New York
December
29, 2022
F-
3
Table of Contents
mF
International Limited and Subsidiaries
Consolidated
Balance Sheets
As
of December 31, 2022 and 2023
As of December 31,
2022
2023
2023
HK$
HK$
US$
Assets
Current assets
Cash
12,063,731
6,810,418
871,912
Accounts receivable, net
1,133,370
2,579,475
330,240
Prepaid expenses and other current assets
346,064
371,143
47,516
Investment at fair value
1,979,268
343,862
44,023
Total current assets
15,522,433
10,104,898
1,293,691
Non-current assets
Property and equipment, net
123,305
36,511
4,674
Intangible assets, net
13,564,772
15,336,589
1,963,486
Operating lease right-of-use assets
1,730,717
2,957,515
378,639
Long term deposit
479,076
431,972
55,304
Deferred initial public offering ("IPO") costs
3,119,900
4,984,334
638,125
Total assets
34,540,203
33,851,819
4,333,919
Liabilities and Shareholders' Equity
Current liabilities
Accrued expenses and other current liabilities
1,844,246
1,782,265
228,177
Amounts due to a related party
306,110
306,110
39,190
Current portion of bank borrowings
3,701,162
3,863,852
494,674
Contract liabilities
4,199,173
4,619,690
591,441
Current portion of operating lease liabilities
1,624,066
1,392,826
178,318
Tax payable
229,355
217,478
27,843
Total current liabilities
11,904,112
12,182,221
1,559,643
Non-current liabilities
Bank borrowings, non-current
9,919,236
6,062,904
776,211
Operating lease liabilities, non-current
138,289
1,570,307
201,040
Deferred tax liabilities
2,152,668
2,292,955
293,558
Total liabilities
24,114,305
22,108,387
2,830,452
COMMITMENTS AND CONTINGENCIES (Note 14)
Shareholders' equity
Ordinary shares, authorized to issue an
unlimited
number of Ordinary Shares of
no
par value,
11,585,000
shares issued and outstanding as of December 31, 2022 and 2023
*
3,900
3,900
500
Additional paid-in capital
2,042,379
2,042,379
261,478
Retained earnings
8,478,877
9,778,545
1,251,910
Accumulated other comprehensive loss
(
99,258
)
(
81,392
)
(
10,421
)
Total shareholders' equity
10,425,898
11,743,432
1,503,467
Total liabilities and shareholders' equity
34,540,203
33,851,819
4,333,919
*
Giving retroactive
effect to the
1 for 231.7
share split effected on August 11, 2023.
The
accompanying notes are an integral part of these consolidated financial statements.
F-
4
Table of Contents
mF
International Limited and Subsidiaries
Consolidated
Statements of Income and Comprehensive Income
For
the Years Ended December 31, 2021, 2022 and 2023
For the years ended December 31,
2021
2022
2023
2023
HK$
HK$
HK$
US$
Revenue
32,212,970
34,931,827
31,961,177
4,091,869
Cost of revenue
16,260,407
16,512,702
13,995,670
1,791,813
Gross profit
15,952,563
18,419,125
17,965,507
2,300,056
Operating expenses
Selling and marketing expenses
220,681
161,791
160,976
20,609
Research and development expenses
29,478
80,012
11,373
1,456
General and administrative expenses
5,167,704
10,634,851
11,110,942
1,422,492
Total operating expenses
5,417,863
10,876,654
11,283,291
1,444,557
Income from operations
10,534,700
7,542,471
6,682,216
855,499
Other income (expense)
Other income, net
1,402,874
1,265,200
457,941
58,628
Realized loss on disposal of financial assets at fair value
(
16,120
)
-
(
7,874
)
(
1,008
)
Change in fair value on financial assets at fair value
(
660,325
)
(
1,157,650
)
(
2,091
)
(
268
)
Interest expenses, net
(
479,904
)
(
443,577
)
(
353,002
)
(
45,194
)
Total other (expense) income, net
246,525
(
336,027
)
94,974
12,158
Income before income taxes
10,781,225
7,206,444
6,777,190
867,657
Income tax expenses
(
431,630
)
(
387,845
)
(
148,309
)
(
18,987
)
Net income
10,349,595
6,818,599
6,628,881
848,670
Other comprehensive (loss) income
Foreign currency translation adjustment
(
14,168
)
7,496
17,866
2,287
Comprehensive income
10,335,427
6,826,095
6,646,747
850,957
Weighted average shares outstanding – basic and diluted*
11,585,000
11,585,000
11,585,000
11,585,000
Earnings per share – basic and diluted*
0.893
0.589
0.572
0.073
*
Giving retroactive
effect to the
1 for 231.7
share split effected on August 11, 2023.
The
accompanying notes are an integral part of these consolidated financial statements.
F-
5
Table of Contents
mF
International Limited and Subsidiaries
Consolidated
Statements of Changes in Shareholders' Equity
For
the Years Ended December 31, 2021, 2022 and 2023
Ordinary Shares
Shares *
Amount
Additional Paid-in Capital
Amounts due from related parties
Retained Earnings
Accumulated Other Comprehensive Loss
Total
HK$
HK$
HK$
HK$
HK$
HK$
Balance as of December 31, 2020
11,585,000
3,900
2,042,379
(
11,228,619
)
19,424,994
(
92,586
)
10,150,068
Net income
-
-
-
-
10,349,595
-
10,349,595
Advance to related parties
-
-
-
(
13,003,024
)
-
-
(
13,003,024
)
Foreign currency translation adjustments
-
-
-
-
-
(
14,168
)
(
14,168
)
Balance as of December 31, 2021
11,585,000
3,900
2,042,379
(
24,231,643
)
29,774,589
(
106,754
)
7,482,471
Net income
-
-
-
-
6,818,599
-
6,818,599
Repayment from related parties
-
-
-
6,117,332
-
-
6,117,332
Dividend declared
-
-
-
18,114,311
(
28,114,311
)
-
(
10,000,000
)
Foreign currency translation adjustments
-
-
-
-
-
7,496
7,496
Balance as of December 31, 2022
11,585,000
3,900
2,042,379
-
8,478,877
(
99,258
)
10,425,898
Net income
-
-
-
-
6,628,881
-
6,628,881
Dividend declared
-
-
-
-
(
5,329,213
)
-
(
5,329,213
)
Foreign currency translation adjustments
-
-
-
-
-
17,866
17,866
Balance as of December 31, 2023
11,585,000
3,900
2,042,379
-
9,778,545
(
81,392
)
11,743,432
US$
US$
US$
US$
US$
US$
Balance as of December 31, 2023
11,585,000
500
261,478
-
1,251,910
(
10,421
)
1,503,467
*
Giving retroactive
effect to the
1 for 231.7
share split effected on August 11, 2023.
The
accompanying notes are an integral part of these consolidated financial statements.
F-
6
Table of Contents
mF
International Limited and Subsidiaries
Consolidated
Statements of Cash Flows
For
the Years Ended December 31, 2021, 2022 and 2023
For the years ended December 31,
2021
2022
2023
2023
HK$
HK$
HK$
US$
Cash flows from operating activities:
Net income
10,349,595
6,818,599
6,628,881
848,670
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment
253,063
222,173
134,951
17,277
Amortization of intangible assets
5,996,618
6,160,391
5,514,165
705,958
Amortization of right-of-use assets and interest of lease liabilities
1,700,859
1,695,259
1,633,106
209,080
Realized loss on disposal of financial assets at fair value
16,120
-
7,874
1,008
Change in fair value on financial assets at fair value
660,325
1,157,650
2,091
268
Allowance for credit losses
-
497,099
998,020
127,773
Deferred tax expense
431,630
158,490
154,186
19,739
Changes in operating assets and liabilities:
Accounts receivable
(
436,514
)
(
949,239
)
(
2,444,125
)
(
312,912
)
Prepaid expenses and other current assets
(
72,146
)
520,618
(
38,978
)
(
4,990
)
Long term deposit
(
479,076
)
-
47,104
6,031
Accrued expenses and other current liabilities
666,788
(
75,232
)
(
61,981
)
(
7,935
)
Contract liabilities
(
4,679,419
)
(
1,275,002
)
420,517
53,837
Tax payable
(
8,090
)
229,355
(
11,877
)
(
1,521
)
Operating lease liabilities
(
1,665,000
)
(
1,663,674
)
(
1,659,126
)
(
212,412
)
Net cash provided by operating activities
12,734,753
13,496,487
11,324,808
1,449,871
Cash flows from investing activities:
Purchase of property and equipment
(
267,010
)
(
41,721
)
(
48,157
)
(
6,165
)
Costs to obtain and develop software
(
6,959,773
)
(
5,993,675
)
(
7,270,898
)
(
930,866
)
Purchase of intangible asset
(
40,000
)
(
1,999
)
-
-
Purchase of investment at fair value
(
5,950,000
)
(
156,000
)
-
-
Disposals of investment at fair value
1,870,086
4,068,302
1,633,315
209,107
Net cash used in investing activities
(
11,346,697
)
(
2,125,093
)
(
5,685,740
)
(
727,924
)
Cash flows from financing activities:
Advance from or repayment to related parties
(
13,003,024
)
6,117,332
-
-
Repayment to a related party
-
(
3,900
)
-
-
Dividend paid
-
(
10,000,000
)
(
5,329,213
)
(
682,279
)
Deferred IPO costs
-
(
3,119,900
)
(
1,864,434
)
(
238,696
)
Proceeds from bank borrowings
3,847,150
-
-
-
Repayment of bank borrowings
(
1,485,212
)
(
2,396,598
)
(
3,693,642
)
(
472,883
)
Net cash used in financing activities
(
10,641,086
)
(
9,403,066
)
(
10,887,289
)
(
1,393,858
)
Effect of exchange rate changes on cash
545
13,820
(
5,092
)
(
651
)
Net (decrease) increase in cash
(
9,252,485
)
1,982,148
(
5,253,313
)
(
672,562
)
Cash, beginning of year
19,334,068
10,081,583
12,063,731
1,544,474
Cash, end of year
10,081,583
12,063,731
6,810,418
871,912
Supplemental disclosure information:
Cash paid for income tax
9,905
-
-
-
Cash paid for interest
480,403
451,403
483,623
61,916
Supplemental non-cash in investing and financing activities:
Operating lease right-of-use assets, obtained in exchange for operating lease obligations
-
3,194,319
2,824,383
361,595
Dividend payable which was settled by netting off against the outstanding amounts due from related parties
-
18,114,311
-
-
The
accompanying notes are an integral part of these consolidated financial statements.
F-
7
Table of Contents
mF
International Limited and Subsidiaries
Notes
to Consolidated Financial Statements
1.
Organization and Business Description
Organization
and Nature of Operations
mF
International Limited (the "Company" or "mF International") is a limited liability company established under
the laws of the British Virgin Islands on June 15, 2022. It is a holding company with no business operation. The Company conducts its
business mainly through its three subsidiaries in Hong Kong (collectively, the "Group"). The Group is principally engaged
in research and development and sales of financial trading solutions via internet or platform as software as a service.
As
of December 31, 2023, the Company has direct or indirect interests in the following subsidiaries:
Name
Place
    and date of incorporation
Ownership
Principal
    activity
m-FINANCE
    Limited ("m-FINANCE")
Hong
    Kong
February
    11, 2002
100
%
    owned by the Company
Engages
    in development and provision of financial trading solutions.
m-FINANCE
    Trading Technologies Limited ("mFTT")
Hong
    Kong
March
    21, 2013
100
%
    owned by m-FINANCE
Engages
    in business of liquidity providers related services and other financial value-added services.
Omegatraders
    Systems Limited ("OTX ")
Hong
    Kong
December
    10, 2009
100
%
    owned by m-FINANCE
Engages
    in the business of algorithm trading research & development and investment.
m-FINANCE
    Software (Shenzhen) Limited ("SZ WFOE")
China
March
    27, 2014
100
%
    owned by m-FINANCE
Dormant
    and the deregistration was completed on March 21, 2023.
Reorganization
A
reorganization of the legal structure of the Company (the "Reorganization") was completed on August 22, 2022. Prior to the
Reorganization, the Company's main Hong Kong subsidiary, m-FINANCE, with its three subsidiaries mFTT, OTX and SZ WFOE, was ultimately
controlled by Gaderway Investments Limited.
As
part of the Reorganization, mF International was incorporated under the laws of the British Virgin Islands on June 15, 2022, and being
interspersed between Gaderway Investments Limited and m-FINANCE. Consequently, mF International became the holding company of m-FINANCE,
with its three subsidiaries on August 22, 2022. The Company and its subsidiaries resulting from Reorganization has always been under
the common control of the same controlling shareholder, Gaderway Investments Limited, before and after the Reorganization. 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 accompanying consolidated financial statements.
F-
8
Table of Contents
mF
International Limited and Subsidiaries
Notes
to Consolidated Financial Statements
2.
Summary of Significant Accounting Policies
Basis
of Presentation and Consolidation
The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities Exchange Commission ("SEC").
The
consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries. All intercompany
transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.
Use
of Estimates and Assumptions
The
preparation of consolidated financial statements in conformity with U.S. GAAP requires the management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. These estimates and judgments are based on
historical information, information that is currently available to the Company and on various other assumptions that the Company believes
to be reasonable under the circumstances. Significant estimates required to be made by management, include, but are not limited to, allowance
for credit losses and impairment assessment for the internally developed software. Actual results could differ from those estimates.
Foreign
Currency Translation
The
Company uses Hong Kong Dollar ("HK$") as its reporting currency. The functional currency of the Company in British Virgin
Islands is United States Dollar ("US$"). For the Company's subsidiaries in Hong Kong, the functional currency is HK$.
For the Company's subsidiary in the PRC, the functional currency is RMB. The functional currencies are the respective local currencies
based on the criteria of ASC 830, "Foreign Currency Matters".
In
the consolidated financial statements, the financial information of the Company and other entities located outside of the Hong Kong has
been translated into HK$. Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated
at historical exchange rates, and revenues, and expenses, gains and losses are translated using the average rate for the period. Gains
or losses resulting from foreign currency transactions are included in the accompanying consolidated statement of consolidated statements
of income and comprehensive income.
F-
9
Table of Contents
mF
International Limited and Subsidiaries
Notes
to Consolidated Financial Statements
2.
Summary of Significant Accounting Policies (Continued)
Convenience
Translation
Translations
of amounts in the consolidated balance sheets, consolidated statements of income and comprehensive income, consolidated statements of
changes in shareholders' equity and consolidated statements of cash flows from HK$ into US$ as of and for the year ended December
31, 2023 are solely for
the convenience of the reader and were calculated at the noon buying rate of US$1 = HK$7.8109, as published in
H.10 statistical release of the United States Federal Reserve Board
. No representation is made that the HK$ amounts could have been,
or could be, converted, realized or settled into US$ at such rate or at any other rate.
Investment
at fair value
Investment
at fair value represents the amount of short-term foreign exchange investment made by the Company involving buying the currency of one
country while selling that of another with the intention to optimize a trading algorithm based on live market interactions. The management
of the Company intended to retain such funds to continue making short-term foreign exchange investment in such investment accounts in
the near future. Such balance is classified as current asset and measured in fair value under ASC 820. Any gain or loss arising from
the transactions would be recognized in profit or loss.
Fair
Value of Financial Instruments
The
fair value of a financial instrument is defined as the exchange price that would be received from an asset or paid to transfer a liability
(as exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants
at the measurement date.
ASC
820 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be
received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the
use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:
Level
1 - Quoted prices in active markets for identical assets and liabilities.
Level
2 - Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability,
either directly or indirectly, for substantially the full term of the financial instrument.
Level
3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and
liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable
inputs.
The
Company considers the carrying amount of its financial assets and liabilities, which consist primarily of cash, accounts receivable,
amounts due from related parties, operating lease, prepaid expenses and other current assets, contract liabilities, income taxes
payable, amounts due to a related party, accrued expenses and other current liabilities approximate the fair value of the
respective assets and liabilities as of December 31, 2022 and 2023 owing to their short-term nature or present value of the assets
and liabilities.
The
Company values its short-term investments which mainly consist of foreign exchange investment with certain brokerage companies to trade
with foreign currencies, based on the quoted market value and the Company classifies the valuation techniques that use these inputs as
Level 1, because the prices of the foreign currencies are quoted in the active market.
The
following table sets forth the Company's assets and liabilities that are measured at fair value on a recurring basis and are categorized
using the fair value hierarchy as shown in the following table.
As of December 31, 2022
Level 1
Level 2
Level 3
Balance at fair value
Assets
HK$
HK$
HK$
HK$
Investment at fair value - Foreign exchange investment
1,979,268
-
-
1,979,268
As of December 31, 2023
Level 1
Level 2
Level 3
Balance at fair value
Assets
HK$
HK$
HK$
HK$
Investment at fair value - Foreign exchange investment
343,862
-
-
343,862
US$
US$
US$
US$
Investment at fair value - Foreign exchange investment
44,023
-
-
44,023
The
Company's non-financial assets, such as property and equipment would be measured at fair value only if they were determined to
be impaired.
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10
Table of Contents
mF
International Limited and Subsidiaries
Notes
to Consolidated Financial Statements
2.
Summary of Significant Accounting Policies (Continued)
Cash
Cash
include cash on hand and demand deposits in accounts maintained with commercial banks that can be added or withdrawn without limitation
with original maturities of less than three months. The Company maintains the bank accounts in Hong Kong. Cash balances in bank accounts
in Hong Kong are protected up to HK$
500,000
per account holder in each bank which is a member of the Hong Kong Deposit Protection Scheme.
Accounts
Receivable
On
January 1, 2023, the Company adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses
on Financial Instruments ("ASC 326"). ASC 326 requires the application of a credit loss model based prospectively on current
expected credit losses (CECL), and replaces the previous model based retrospectively on past incurred losses. The Company adopted ASC
326 using the modified retrospective method for all financial assets measured at amortized cost, with no material cumulative-effect adjustment
to shareholders' equity recognized as of January 1, 2023.
The
Company carries accounts receivable at the face amounts less a reserve for estimated credit losses. The Company estimated its reserve
for credit losses using relevant available information from internal and external sources relating to past events, current conditions
and reasonable and supportable forecasts. During the year ended December 31, 2023, the Company recorded HK$
998,020
adjustments for credit
losses on the consolidated financial statement related to accounts receivable. As of December 31, 2023, the reserve for credit losses
was HK$
1,495,119
(US$
191,415
).   A receivable balance is written off when deemed uncollectable, which is typically once a customer
cannot be reached and there has been no payment activity on the account for over 365 days
.
Prepaid
Expenses
Prepaid
expenses represent advance payments made to the service providers for the IT solution services and the vendors for certain prepaid services
such as insurance, utilities deposits and rental deposits. Prepaid expenses are unsecured and are reviewed periodically to determine
whether their carrying value has become impaired. As of December 31, 2022 and 2023, management believes that the Company's prepaid
expenses are not impaired, and there is no material impact over the initial adoption of CECL model in view of the advanced payments made
to the service providers for the IT solution and insurance services and the vendors for certain prepaid services were mainly for the
coming 12 months and the risk of relatively low  .
Deferred
IPO costs
Deferred
IPO costs consist primarily of direct expenses paid to attorneys, consultants, underwriters, and other parties related to the Company's
IPO. The balance will be offset with the proceeds received at the closing of the IPO.
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11
Table of Contents
mF
International Limited and Subsidiaries
Notes
to Consolidated Financial Statements
2.
Summary of Significant Accounting Policies (Continued)
Lease
The
adoption of Topic 842 resulted in the presentation of operating lease right of use ("ROU") assets and operating lease liabilities
on the consolidated balance sheet. See Note 8 for additional information.
The
lease standard provides practical expedients for an entity ongoing accounting. The Company elected to apply the short-term lease exception
for lease arrangements with a lease term of 12 months or less at commencement. Lease terms used to compute the present value of lease
payments do not include any option to extend or renew the lease that the Company is not able to reasonably certain to exercise upon the
lease inception. Accordingly, operating lease right-of-use assets and liabilities do not include leases with a lease term of 12 months
or less.
The
Company did not adopt the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single
lease component. Non-lease components include payments for building management, utilities and property tax. It separates the non-lease
components from the lease components to which they relate.
At
inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is or contains a lease if it conveys
the right to control the use of an identified asset for a period of time in exchange of a consideration. To assess whether a contract
is or contains a lease, the Company assess whether the contract involves the use of an identified asset, whether it has the right to
obtain substantially all the economic benefits from the use of the asset and whether it has the right to control the use of the asset.
The
operating right-of-use assets and related operating lease liabilities are recognized at the lease commencement date. The Company recognizes
operating lease expenses on a straight-line basis over the lease term.
The
Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets.
Operating
lease right-of-use of assets
The
right-of-use of asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease
payments made at or before the commencement date, plus any initial direct costs incurred and less any lease incentive received.
Operating
lease liabilities
Lease
liability is initially measured at the present value of the outstanding lease payments at the commencement date, discounted using the
Company incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed lease payments,
variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee and any exercise
price under a purchase option that the Company is reasonably certain to exercise.
Lease
liability is measured at amortized cost using the effective interest rate method. It is remeasured when there is a change in future lease
payments, if there is a change in the estimate of the amount expected to be payable under a residual value guarantee, or if there is
any change in the Company assessment of option purchases, contract extensions or termination options.
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12
Table of Contents
mF
International Limited and Subsidiaries
Notes
to Consolidated Financial Statements
2.
Summary of Significant Accounting Policies (Continued)
Property
and Equipment, net
Property
and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation is provided for on a straight-line basis
over the estimated useful lives of the related assets as follows:
Computer
    equipment
2
years
Furniture
    and fixture
3
years
Office
    equipment
3
years
Leasehold
    improvements
Shorter
    of 5 years or the remaining lease term
Expenditures
for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures
for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated
depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated
statements of Income and comprehensive income in other income or expenses.
The
Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates
of useful lives.
Intangible
assets, net
The
Company's internally developed software is used in providing financial trading solutions services to customers and the customers
access and uses the software over the internet or via a dedicated line in which an end user of the software does not take possession
of the software. In accordance with ASC 350-40, internally developed software is capitalized during the application development stage.
Research and development expenses related to salaries and payroll related costs for employees involved in the preliminary project stage
and activities occurring after the implementation of the software are expensed as incurred. Costs incurred for software upgrades are
capitalized if they result in additional functionalities or substantial enhancements. Development costs cease capitalization upon completion
of all substantial testing when the software is substantially complete and ready for its intended use and are amortized on a straight-line
basis over the estimated useful life, which is generally three years. Amortization of internal-use software begins when the software
is ready for its intended use.
The
Company evaluates annually its intangible assets for potential impairment when events or changes in circumstances indicate that the carrying
amount of the assets may not be recoverable. There were
no
impairments of intangible assets as of December 31, 2022 and 2023.
The
estimated useful lives of intangible assets are as follows:
Internally
    developed software
3
years
Software
3
years
Impairment
of Long-Lived Assets
The
Company reviews the recoverability of its long-lived assets 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 amount of an asset may no longer
be recoverable. When these events occur, the Company measures impairment by comparing the carrying value of the long-lived assets to
the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum
of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss,
which is the excess of carrying amount over the fair value of the assets, using the expected future discounted cash flows. There were
no
impairment losses on long-lived assets for the years ended December 31, 2021, 2022 and 2023.
F-
13
Table of Contents
mF
International Limited and Subsidiaries
Notes
to Consolidated Financial Statements
2.
Summary of Significant Accounting Policies (Continued)
Revenue
Recognition
The
core principle of the new revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services
to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or
services. The following five steps are applied to achieve that core principle:
Step
1: Identify the contract with the customer
Step
2: Identify the performance obligations in the contract
Step
3: Determine the transaction price
Step
4: Allocate the transaction price to the performance obligations in the contract
Step
5: Recognize revenue when the company satisfies a performance obligation.
The
Company has elected to apply the practical expedient in paragraph ASC 606-10-50-14 and does not disclose information about remaining
performance obligations that have original expected durations of one year or less.
The
Company elected a practical expedient that it does not adjust the promised amount of consideration for the effects of a significant financing
component if the Company expects that, upon the inception of revenue contracts, the period between when the Company transfers its promised
services or deliverables to its clients and when the clients pay for those services or deliverables will be one year or less.
As
a practical expedient, the Company elected to expense the incremental costs of obtaining a contract when incurred if the amortization
period of the asset that the Company otherwise would have recognized is one year or less.
The
Company is engaged in the development and provision of financial trading solutions to customers via internet or platform as software
as a service.
The
transaction price is allocated to each performance obligation on a relative stand-alone selling price basis. The transaction price allocated
to each performance obligation is recognized when that performance obligation is satisfied, at a point in time or over time as appropriate.
The
Company enters into contracts with customers that include promises to transfer various services, which are generally capable of being
distinct and accounted for as separate performance obligations. Revenue is recognized when the promised services are transferred to customers,
in an amount that reflects the consideration allocated to the respective performance obligation.
The
Company provides trading solution services to customers (including brokers and institutional clients) for their trading on forex, commodity
and bullion, through the Company's internally developed trading platform as software as a service. The Company's internally
developed software is used in providing financial trading solutions services to customers and the customers access and uses the software
over the internet or via a dedicated line in which an end user of the software does not take possession of the software. The Company's
trading solution provides a variety of functions suitable for front-end transaction executions and back-office settlement operations.
In a contract with a customer, it would normally require the Company to perform or delivery one or more of the following in return for
a consideration. The contract normally includes one or more of the following services, subject to the request of the customers, and the
transaction price of each service fee has stated stand-alone in the contract with reference to the Company's price list. The Company
identified each distinct service as a performance obligation. The recognition and measurement of revenues is based on the assessment
of individual contract terms.
The
Company's principal revenue stream includes:
(a)
Initial
    set up, installation and customization services
The
Company provides initial set up, installation and customization services of trading platform solution and financial value-added services
for each customer as agreed upon in the contracts. Initial set up, installation and customization services are services to help the customer
to configure the platform according to the needs of the customers. The Company provides specific customization as part of its development
and provision of financial trading solutions. The Company's customization services include development of customer-requested functions
and features on the Company's platform per customer specifications, i.e., the software specifications. Such services are undertaken
specifically for the customer in question and do not necessarily benefit other customers.
F-
14
Table of Contents
mF
International Limited and Subsidiaries
Notes
to Consolidated Financial Statements
2.
Summary of Significant Accounting Policies (Continued)
As
the initial set up, installation and customization services are capable of being distinct and the promise to transfer the service is
distinct within the context of the contract, the Company concludes that the initial set up, installation and customization services to
be accounted for as a single performance obligation. The entire transaction prices of initial set up, installation and customization
services are allocated to a single performance obligation and the Company recognizes revenue based on its effort or inputs to the satisfaction
of a performance obligation over time as work progresses because of the continuous transfer of control to the customer.
The
Company uses input method represent a reasonable measure of progress towards the satisfaction of a performance in order to estimate the
portion of revenue earned.
(b)
Subscriptions
The
Company provides customers the right to access its internally developed trading platform for the use of the trading solutions services
for a specified period of time.
The
Company concludes that each monthly subscription fee (1) is distinct and (2) meets the criteria for recognizing revenue over time. In
addition, the Company concludes that the services provided each month are substantially similar and result in the transfer of substantially
similar services to the customers each month. That is, the benefit consumed by the clients is substantially similar for each month. Therefore,
the Company concludes that the monthly subscription fee satisfies the requirements of ASC 606-10-25-14(b) to be accounted for as a single
performance obligation. The Company recognizes revenues from subscriptions ratably when it satisfies its performance obligations throughout
the contract terms.
(c)
Hosting,
    support and maintenance services
The
Company provides hosting, technical support and maintenance services to customers for the use of the trading solutions services for a
specific period. The Company concludes that each monthly hosting, support and maintenance service fee (1) is distinct and (2) meets the
criteria for recognizing revenue over time. In addition, the Company concludes that the services provided each month are substantially
similar and result in the transfer of substantially similar services to the customers each month. That is, the benefit consumed by the
clients is substantially similar for each month. Therefore, the Company concludes that the monthly hosting, support and maintenance service
fee satisfies the requirements of ASC 606-10-25-14(b) to be accounted for as a single performance obligation.
The
Company recognizes revenues from hosting, support and maintenance services ratably when it satisfies its performance obligations throughout
the contract terms.
(d)
Liquidity
    services
The
Company provides liquidity services to customers for the use of the fully automatic hedging solution and sending their clients'
orders directly to liquidity providers such as institutional brokers, market makers, exchanges and prime of prime brokers. The Company's
liquidity services enable its customers to access and match with the liquidity made available by liquidity providers through the Company's
trading solutions. The liquidity services are distinct and are identified as one performance obligation. As stipulated in the con
tract,
the Company will charge a liquidity service income based on the transaction volume of orders sent directly to the liquidity providers
under the liquidity services provided by the Company, with a minimum monthly fee for certain customers.
The Company will review
the customers' transaction volume of orders monthly and the revenue from providing liquidity services between customers and liquidity
providers is recognized at point in time.
(e)
White
    label services
The
Company provides white label services to customers by allowing them to add additional labels or brands to the trading platform services.
This provides customers the highest flexibility to operate their trading platform business based on their individual business development
strategy or marketing needs at a lower operating cost. The Company concludes that each monthly white label service fee at fixed rate
(1) is distinct and (2) meets the criteria for recognizing revenue over time. In addition, the Company concludes that the services provided
each month are substantially similar and result in the transfer of substantially similar services to the customers each month. That is,
the benefit consumed by the clients is substantially similar for each month. Therefore, the Company concludes that the monthly white
label service fee satisfies the requirements of ASC 606-10-25-14(b) to be accounted for as a single performance obligation. The Company
recognizes revenues from white label services ratably when it satisfies its performance obligations throughout the contract terms.
F-
15
Table of Contents
mF
International Limited and Subsidiaries
Notes
to Consolidated Financial Statements
2.
Summary of Significant Accounting Policies (Continued)
(f)
Quotes/news/package
    subscription services
The
Company provides subscription services to customers for professional strategy analysis, economic calendar, instant news, real-time quotes
and data feed. The Company will subscribe the information or data from the service providers and will convert the raw data into usable
data that can be used in the trading platform of the Company. The Company concludes that each monthly subscription fee at fixed rate
(1) is distinct and (2) meets the criteria for recognizing revenue over time. In addition, the Company concludes that the services provided
each month are substantially similar and result in the transfer of substantially similar services to the customers each month. That is,
the benefit consumed by the clients is substantially similar for each month. Therefore, the Company concludes that the monthly subscription
service fee satisfies the requirements of ASC 606-10-25-14(b) to be accounted for as a single performance obligation. The Company recognizes
revenues from subscription services ratably when it satisfies its performance obligations throughout the contract terms.
The
following table presents disaggregated information of revenues by business lines for the years ended December 31, 2021, 2022 and 2023,
respectively:
For the years ended December 31,
2021
2022
2023
2023
HK$
HK$
HK$
US$
Initial set up, installation and customization services
8,147,473
7,140,076
8,973,079
1,148,789
Subscriptions
12,124,676
11,414,976
11,445,019
1,465,263
Hosting, support and maintenance services
3,304,830
4,186,369
4,338,184
555,401
Liquidity services
3,220,992
6,699,586
2,626,516
336,263
White label services
1,860,221
1,889,188
2,122,198
271,697
Quotes/news/package subscription services
3,554,778
3,601,632
2,456,181
314,456
Total revenue
32,212,970
34,931,827
31,961,177
4,091,869
Revenue
disaggregated by timing of revenue recognition for 2021, 2022 and 2023 is disclosed in the table below:
For the years ended December 31,
2021
2022
2023
2023
HK$
HK$
HK$
US$
Point in time
3,506,631
6,699,586
2,626,516
336,263
Over time
28,706,339
28,232,241
29,334,661
3,755,606
Total revenue
32,212,970
34,931,827
31,961,177
4,091,869
The
Company also selected to apply the practical expedients allowed under ASC Topic 606 to omit the disclosure of remaining performance obligations
for contracts with an original expected duration of one year or less. There is
no
loss contract for the three years ended December 31,
2021, 2022 and 2023. As of December 31, 2021, 2022 and 2023, all contracts of the Company were with an original expected duration within
one year.
F-
16
Table of Contents
mF
International Limited and Subsidiaries
Notes
to Consolidated Financial Statements
2.
Summary of Significant Accounting Policies (Continued)
Contract
Liabilities
The
Company's contract liabilities include payments received in advance of performance under trading solution service contracts which
will be recognized as revenue as the Company executed the trading solution services with customers under the contract, as well as the
deferred installation service fee received from trading solution services.
Contract
Liabilities are recognized when the customers pay consideration before the Company recognizes the related revenue. Contract Liabilities
would also be recognized if the Company has an unconditional right to receive consideration before the Company recognizes the related
revenue.
Other
Income (expense), net
Government
subsidies primarily relate to (i) one-off entitlement granted by the Hong Kong government pursuant to the Employment Support Scheme under
the Anti-epidemic Fund in 2021 and 2022 and (ii) funds for participation in promotion activities in 2023. Employers participating in
ESS were required to undertake and warrant that they would: (i) not implement redundancies during the subsidy period; and (ii) spend
all the wage subsidies on paying wages to their employees. If an employer fails to use all the subsidies received to pay the wages of
his/her employees, the Hong Kong Government will claw back the unspent balance of the subsidy. If the total number of employees on the
payroll in any one month of the subsidy period is less than the "committed headcount of paid employees", the employer will
have to pay a penalty to the Hong Kong Government. The Company has (i) not implement redundancies during the subsidy period; and (ii)
spend all the wage subsidies on paying wages to its employees. There was no unfulfilled conditions nor other contingencies attached to
the ESS funding. Government subsidies received and recognized as other income totaled HK$
379,363
, HK$
734,059
and HK$
34,261
(US$
4,386
)
for the years ended December 31, 2021, 2022 and 2023, respectively.
Cost
of Revenue
The
Company's cost of revenue is primarily comprised of the amortization of the internally developed software, staff costs and other
direct costs associated with providing trading solution services, including data center and support costs related to delivering online
services. These costs are expenses as incurred.
Research
and development
Research
and development expenses primarily consist of payroll and other personnel-related expenses of the Company's software development
team.
F-
17
Table of Contents
mF
International Limited and Subsidiaries
Notes
to Consolidated Financial Statements
2.
Summary of Significant Accounting Policies (Continued)
Income
Taxes
The
Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable
to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective
tax bases.
Deferred
tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized
in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets
to the amount expected to be realized.
The
provisions of ASC 740-10-25, "Accounting for Uncertainty in Income Taxes," prescribe a more-likely-than-not threshold for
consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This
interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred
income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures.
The
Company believes there were no uncertain tax positions as of December 31, 2022 and 2023, respectively. The Company does not expect that
its assessment regarding unrecognized tax positions will materially change over the next 12 months. In general, the Inland Revenue Department
of Hong Kong has up to seven years to conduct examinations of the Company's tax filings. Accordingly, the tax years from 2018 to
2023 of the Company's Hong Kong subsidiaries remain open to examination by the taxing jurisdictions. The Company is not currently
under examination by an income tax authority, nor has it been notified that an examination is contemplated.
Earnings
Per Share
The
Company computes earnings per share ("EPS") in accordance with ASC 260, "Earnings per Share" ("ASC 260").
ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS are computed by dividing income
available to ordinary shareholders of the Company by the weighted average ordinary shares outstanding during the period. Diluted EPS
takes into account the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised and
converted into ordinary shares. As of December 31, 2022 and 2023, there were no dilutive shares.
Comprehensive
Income
Comprehensive
income consists of two components, net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) refers
to revenue, expenses, gains and losses that under U.S. GAAP are recorded as an element of shareholders' equity but are excluded
from net income. Other comprehensive income (loss) consists of foreign currency translation adjustment resulting from the Company translating
its financial statements from functional currency into reporting currency.
Statement
of Cash Flows
In
accordance with ASC 230, "Statement of Cash Flows", cash flows from the Company's operations are formulated based upon
the local currencies. As a result, amounts related to assets and liabilities reported on the statements of cash flows will not necessarily
agree with changes in the corresponding balances on the balance sheets.
Commitments
and Contingencies
In
the normal course of business, the Company is subject to contingencies, such as legal proceedings and claims arising out of its business,
which cover a wide range of matters. Liabilities for contingencies are recorded when it is probable that a liability has been incurred
and the amount of the assessment can be reasonably estimated.
If
the assessment of a contingency indicates that it is probable that a material loss is incurred and the amount of the liability can be
estimated, then the estimated liability is accrued in the Company's financial statements. If the assessment indicates that a potentially
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 remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee
would be disclosed.
Related
parties
Parties,
which can be a corporation or individual, 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 operating decisions. Companies are also
considered to be related if they are subject to common control or common significant influence, such as a family member or relative,
shareholder, or a related corporation.
F-
18
Table of Contents
mF
International Limited and Subsidiaries
Notes
to Consolidated Financial Statements
2.
Summary of Significant Accounting Policies (Continued)
Significant
Risks
Market
Risk of Financial Instrument
We
are subject to financial market risks, including changes in foreign currency exchange rate risk with respect to our investment at fair
value consisting of short-term foreign exchange investment made by the Company which is denominated in the US$. The fluctuation in US$
may result in increase or decrease in the value of our investment at fair value. We consider the foreign exchange risk in relation to
transactions denominated in US$ with respect to HK$ is not significant as HK$ is pegged to US$.
The
trades of foreign currencies conducted by the Company are denominated in the US$ and are paired with currencies with strong liquidity
traded in highly transparent markets, including such currencies as the EURO, USD, GBP, CHF, AUD, CAD and NZD, etc. Fluctuation in exchange
rates, changes in monetary and/or fiscal policy or finflation in the countries in which the Company paired its trades of foreign currencies
could have a material adverse effect on its results of operations. The clear position limits and floating profit/loss limits are set
to manage the market risks of its foreign exchange positions.
Currency
Risk
The
Company's operating activities are transacted in HK$. Foreign exchange risk arises from future commercial transactions, recognized
assets and liabilities and net investments in foreign operations. The Company considers the foreign exchange risk in relation to transactions
denominated in HK$ with respect to US$ is not significant as HK$ is pegged to US$.
Concentration
and Credit Risk
Financial
instruments that potentially subject the Company to the concentration of credit risks consist of cash and accounts receivable. The maximum
exposures of such assets to credit risk are their carrying amounts as of the balance sheet dates. The Company deposits its cash with
financial institutions located in Hong Kong. The Company believes that no significant credit risk exists as these financial institutions
have high credit quality and the Company has not incurred any losses related to such deposits.
For
the credit risk related to accounts receivable, the Company performs periodic credit evaluations of its customers' financial condition
and generally does not require collateral. The Company establishes an allowance for credit losses based upon estimates, factors surrounding
the credit risk of specific customers and other information. The allowance amounts were immaterial for all periods presented. The management
believes that its contract acceptance, billing, and collection policies are adequate to minimize material credit risk. Application for
progress payment of contract works is made on a regular basis. The Company seeks to maintain strict control over its outstanding receivables.
Overdue balances are reviewed regularly by the management.   The management considers the credit risk of prepayment is relatively
low and there is no material impact over the initial adoption of CECL model because the advanced payments made to the service providers
for the IT solution and insurance services and the vendors for certain prepaid services were mainly for the coming 12 months.
For
the years ended December 31, 2021, 2022 and 2023, all of the Company's assets were located in Hong Kong and all of the Company's
revenue were derived from its subsidiaries located in Hong Kong. The Company has a concentration of its revenue and accounts receivable
with specific customers.
For
the year ended December 31, 2021, one customer accounted for approximately
10.5
% of the Company's total revenue. For the year ended
December 31, 2022, one customer accounted for approximately
18.0
% of the Company's total revenue. For the year ended December 31,
2023, no customer accounted for over
10
% of the Company's total revenue.
As
of December 31, 2021, one customer's accounts receivable accounted for
88.4
% of the total accounts receivable. Two customers'
accounts receivable accounted for
27.2
% and
21.4
% of the total accounts receivable as of December 31, 2022, respectively. Two customers'
accounts receivable accounted for
13.9
% and
10.1
% of the total accounts receivable as of December 31, 2023, respectively.
For
the years ended December 31, 2021, 2022 and 2023, no vendor accounted for over
10
% of the Company's total purchase.
Interest
rate risk
Fluctuations
in market interest rates may negatively affect the Company's financial condition and results of operations. The Company is exposed
to floating interest rate risk on cash deposit and floating rate borrowings, and the risks due to changes in interest rates is not material.
The Company has not used any derivative financial instruments to manage the interest risk exposure.
F-
19
Table of Contents
mF
International Limited and Subsidiaries
Notes
to Consolidated Financial Statements
2.
Summary of Significant Accounting Policies (Continued)
Recently
Issued Accounting Standards, not yet Adopted by the Company
The
ASU 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures enhances existing income tax disclosures primarily related
to the rate reconciliation and income taxes paid information. With regard to the improvements to disclosures of rate reconciliation,
a public business entity is required on an annual basis to (1) disclose specific categories in the rate reconciliation and (2) provide
additional information for reconciling items that meet a quantitative threshold. Similarly, a public entity is required to provide the
amount of income taxes paid (net of refunds received) disaggregated by (1) federal, state, and foreign taxes and by (2) individual jurisdictions
in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds
received). The ASU also includes certain other amendments to improve the effectiveness of income tax disclosures, for example, an entity
is required to provide (1) pretax income (or loss) from continuing operations disaggregated between domestic and foreign, and (2) income
tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. ASU 2023-07: Segment Reporting (Topic
280): Improvements to Reportable Segment Disclosures. The ASU will be effective for annual periods beginning after December 15, 2024.
Entities are required to apply the ASU on a prospective basis. The adoption of ASU 2023-09 is not expected to materially impact the Company's
consolidated balance sheets, statements of income and comprehensive income, cash flows or disclosures.
The
ASU 2023-07: Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures provides improvements to reportable segment
disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance
interim disclosure requirements, clarify circumstances in which an entity can disclose multiple measures of segment profit or loss, provide
new segment disclosure requirements for entities with a single reportable segment and contain other disclosure requirements. The ASU
is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024.
The ASU should be adopted retrospectively to all periods presented in the financial statements unless it is impracticable to do so. The
adoption of ASU 2023-07 is not expected to materially impact the Company's consolidated balance sheets, statements of income and
comprehensive income, cash flows or disclosures.
Other
accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material
impact on the consolidated financial statements upon adoption. The Company does not discuss recent standards that are not anticipated
to have an impact on or are unrelated to its consolidated balance sheets, statements of income and comprehensive income, cash flows or
disclosures.
F-
20
Table of Contents
mF
International Limited and Subsidiaries
Notes
to Consolidated Financial Statements
3.
Accounts Receivable, net
Accounts
receivable, net consisted of the following at December 31:
2022
2023
2023
HK$
HK$
US$
Accounts receivable
1,630,469
4,074,594
521,655
Less: allowance for doubtful accounts / credit losses
(
497,099
)
(
1,495,119
)
(
191,415
)
Accounts receivable, net
1,133,370
2,579,475
330,240
The
movement of allowance for doubtful accounts
/ credit losses
are as follows:
2022
2023
2023
HK$
HK$
US$
Balance at beginning of the year ended December 31
-
497,099
63,642
Write off
-
(
497,099
)
(
63,642
)
Addition
497,099
1,495,119
191,415
Balance at end of the year ended December 31
497,099
1,495,119
191,415
4.
Contract Liabilities
Contract
liabilities consisted of the following at December 31:
2022
2023
2023
HK$
HK$
US$
Billings in advance of performance obligation under contracts
4,199,173
4,619,690
591,441
The
Company's contract liabilities include payments received in advance of performance under trading solution service contracts which
will be recognized as revenue as the Company executed the trading solution services with customers under the contract, as well as the
deferred installation and customization service fee received from trading solution services.
The
movement in contract liabilities is as follows:
2022
2023
2023
HK$
HK$
US$
Balance at beginning of the year ended December 31
5,474,175
4,199,173
537,604
Decrease in contract liabilities as a result of recognizing revenue during the year was included in the contract liabilities at the beginning of the year
(
5,474,175
)
(
4,199,173
)
(
537,604
)
Increase in contract liabilities as a result of billings in advance of performance obligation under contracts
4,199,173
4,619,690
591,441
Balance at end of the year ended December 31
4,199,173
4,619,690
591,441
None
of billings in advance of performance received that is expected to be recognized as income after more than one year.
F-
21
Table of Contents
mF
International Limited and Subsidiaries
Notes
to Consolidated Financial Statements
5.
Prepaid Expenses and Other Current Assets
Prepaid
expenses and other current assets consisted of the following as of December 31:
2022
2023
2023
HK$
HK$
US$
Rental and utility deposits
479,076
431,972
55,304
Prepayments
346,064
371,143
47,516
825,140
803,115
102,820
Less: amount classified as long term deposit
(
479,076
)
(
431,972
)
(
55,304
)
Prepaid expense and other current asset
346,064
371,143
47,516
6.
Property and Equipment, net
Property
and equipment, stated at cost less accumulated depreciation, consisted of the following as of December 31:
2022
2023
2023
HK$
HK$
US$
Computer equipment
2,103,315
2,151,472
275,445
Furniture and fixture
590,217
590,217
75,563
Office equipment
90,057
90,057
11,530
Leasehold improvements
652,073
652,073
83,482
Less: accumulated depreciation
(
3,312,357
)
(
3,447,308
)
(
441,346
)
Net book value
123,305
36,511
4,674
Depreciation
expense of property and equipment totaled HK$
253,063
, HK$
222,173
and HK$
134,951
(US$
17,277
) for the years ended December 31, 2021, 2022
and 2023, respectively.
7.
Intangible Assets, net
Intangible
assets, stated at cost less accumulated amortization, consisted of the following as of December 31:
2022
2023
2023
HK$
HK$
US$
Software
223,381
223,381
28,599
Internally developed software
58,540,105
62,688,252
8,025,740
Less: accumulated amortization
(
45,198,714
)
(
47,575,044
)
(
6,090,853
)
13,564,772
15,336,589
1,963,486
Amortization
expense of intangible assets totaled HK$
5,996,618
, HK$
6,160,391
and HK$
5,514,165
(US$
705,958
) for the years ended December 31, 2021,
2022 and 2023, respectively.
No
impairment charge was recognized for any of the periods presented.
Amortization
expense expected for the next five years is as follows:
Twelve months ending December 31,
HK$
US$
2024
4,681,992
599,418
2025
4,281,008
548,081
2026
3,654,149
467,827
2027
1,787,568
228,856
2028
931,872
119,304
15,336,589
1,963,486
F-
22
Table of Contents
mF
International Limited and Subsidiaries
Notes
to Consolidated Financial Statements
8.
Leases
The
Company leases office under non-cancelable operating lease agreement. Pursuant to the new lease standard ASC 842-10-55, this lease is
treated as operating leases. The Company's lease agreements do not have a discount rate that is readily determinable. The incremental
borrowing rate is determined at lease commencement or lease modification and represents the rate of interest the Company would have to
pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment.
Management determined the incremental borrowing rate was
4.0
% and
4.84
% for the lease that began in 2022 and 2023, respectively. This
lease is on a fixed payment basis. None of the leases include contingent rentals.
Description
    of lease
Lease
    term
Office
    in Wanchai, Hong Kong
3
years from January 31, 2019 to January 30, 2022
Office
    at Wanchai, Hong Kong
2
years from January 31, 2022 to January 30, 2024
Office
    at Wanchai, Hong Kong
2
years from January 31, 2024 to January 30, 2026
(a)
Amounts recognized in the consolidated balance sheet:
2022
2023
2023
HK$
HK$
US$
Right-of-use assets
1,730,717
2,957,515
378,639
Operating lease liabilities - current
1,624,066
1,392,826
178,318
Operating lease liabilities - non-current
138,289
1,570,307
201,040
Weighted average remaining lease term (in years)
1.08
2.08
Weighted average discount rate (%)
4.0
4.84
(b)
A summary of lease cost recognized in the Company's consolidated statements of income and supplemental cash flow information related
to operating leases is as follows:
2021
2022
2023
2023
HK$
HK$
HK$
US$
Amortization charge of right-of-use assets
1,658,667
1,601,824
1,597,585
204,533
Interest of lease liabilities
42,192
93,435
35,521
4,548
Cash paid for operating leases
1,665,000
1,663,674
1,659,126
212,412
Operating lease right-of-use assets, obtained in exchange for operating lease liabilities
-
3,194,319
2,824,383
361,595
(c)
The following table shows the remaining contractual maturities of the Company's operating lease liabilities as of December 31,
2023:
HK$
US$
2024
1,500,000
192,039
2025
1,485,000
190,119
2026
123,750
15,843
Total future lease payments
3,108,750
398,001
Less: imputed interest
(
145,617
)
(
18,643
)
Present value of operating lease liabilities
2,963,133
379,358
F-
23
Table of Contents
mF
International Limited and Subsidiaries
Notes
to Consolidated Financial Statements
9.
Accrued Expenses and Other Current Liabilities
Components
of accrued expenses and other current liabilities are as follows as of December 31:
2022
2023
2023
HK$
HK$
US$
Accrued bonus
1,099,913
1,319,259
168,900
Accrued legal and professional fee
201,380
168,000
21,508
Accrued expenses
542,953
295,006
37,769
1,844,246
1,782,265
228,177
10.
Bank Borrowings
Components
of bank borrowings are as follows as of December 31:
2022
2023
2023
HK$
HK$
US$
Bank of Communications (Hong Kong) Limited – Loan 1
(1)
5,626,386
4,031,479
516,135
Standard Chartered Bank (Hong Kong) Limited – Loan 2
(2)
4,321,239
3,140,250
402,034
Standard Chartered Bank (Hong Kong) Limited – Loan 3
(3)
2,791,603
2,114,745
270,743
Standard Chartered Bank (Hong Kong) Limited – Loan 4
(4)
881,170
640,282
81,973
Total
13,620,398
9,926,756
1,270,885
Less: current portion of long-term bank borrowings
(
3,701,162
)
(
3,863,852
)
(
494,674
)
Non-current portion of long-term bank borrowings
9,919,236
6,062,904
776,211
(1)
On
    April 25, 2019, m-FINANCE borrowed HK$
11,000,000
as working capital for
7
years from April 25, 2019 to April 24, 2026 at an annual
    interest rate of
4.125
% under the loan agreement with Bank of Communications (Hong Kong) Limited signed on April 16, 2019. The loan
    was secured by personal guarantee from Tai Wai (Stephen) Lam, who is the director and shareholder of the Company.
(2)
On
    December 22, 2020, m-FINANCE borrowed HK$
5,000,000
as working capital for
60
months from December 22, 2020 to December 22, 2025 at
    an annual interest rate of
2.75
% under the loan agreement with Standard Chartered Bank (Hong Kong) Limited. The loan was secured
    by personal guarantees from Tai Wai (Stephen) Lam and Chi Weng Tam, who are the directors and shareholders of the Company.
(3)
On
    November 2, 2021, mFTT borrowed HK$
2,847,150
as working capital for
5
years from November 2, 2021 to November 2, 2026 at an annual
    interest rate of
2.75
% under the loan agreement with Standard Chartered Bank (Hong Kong) Limited. The loan was secured by personal
    guarantees from Tai Wai (Stephen) Lam, who is one of the directors and shareholders of the Company.
(4)
On
    May 31, 2021, m-FINANCE borrowed HK$
1,000,000
as working capital for
5
years from May 31, 2021 to May 31, 2026 at an annual interest
    rate of
2.75
% under the loan agreement with Standard Chartered Bank (Hong Kong) Limited. The loan was secured by personal guarantees
    from Tai Wai (Stephen) Lam, who is one of the directors and shareholders of the Company.
Interest
expenses pertaining to the above bank borrowings for the years ended December 31, 2021, 2022 and 2023 amounted to HK$
479,904
, HK$
443,577
and HK$
483,623
(US$
61,916
), respectively. The weighted average annual interest rate for the years ended December 31, 2021, 2022 and 2023
was
3.0
%,
3.3
% and
4.87
%, respectively.
Maturities
of the bank borrowings were as follows:
HK$
US$
2024
4,180,517
535,216
2025
4,180,517
535,216
2026
2,082,182
266,574
Total bank borrowings repayments
10,443,216
1,337,006
Less: imputed interest
(
516,460
)
(
66,121
)
Total
9,926,756
1,270,885
F-
24
Table of Contents
mF
International Limited and Subsidiaries
Notes
to Consolidated Financial Statements
11.
Income Taxes
British
Virgin Islands
Under
the current and applicable laws of BVI, the Company is not subject to tax on income or capital gains.
China
The
Company's subsidiary, m-FINANCE Software (Shenzhen) Limited ("SZ WFOE") established in the PRC is subject to PRC Enterprises
Income Tax rate of
25
% for both current year and prior year.
Hong
Kong
In
accordance with the relevant tax laws and regulations of Hong Kong, a company registered in Hong Kong is subject to income taxes within
Hong Kong at the applicable tax rate on taxable income. From year of assessment of 2018/2019 onwards, Hong Kong profit tax rates are
8.25
% on assessable profits up to HK$
2,000,000
, and
16.5
% on any part of assessable profits over HK$
2,000,000
.
The
components of the income tax provision are as follows:
For the years ended December 31,
2021
2022
2023
2023
HK$
HK$
HK$
US$
Current tax
-
229,355
(
5,877
)
(
752
)
Deferred tax
431,630
158,490
154,186
19,739
Total income tax expense
431,630
387,845
148,309
18,987
The
Company measures deferred tax assets and liabilities based on the difference between the financial statement and tax bases of assets
and liabilities at the applicable tax rates. Components of the Company's deferred tax asset and liability are as follows:
For the years ended December 31,
2021
2022
2023
2023
HK$
HK$
HK$
US$
Deferred tax assets:
- Depreciation of property and equipment
63,921
85,519
92,438
11,834
- Net operating loss carry forwards
286,750
-
145,144
18,583
Total deferred tax assets
350,671
85,519
237,582
30,417
Less: valuation allowance
(
84,710
)
-
-
-
Deferred tax assets, net
265,961
85,519
237,582
30,417
Deferred tax liabilities:
- Amortization of capitalized development costs
(
2,267,648
)
(
2,238,187
)
(
2,530,537
)
(
323,975
)
Deferred tax liabilities, net
(
2,001,687
)
(
2,152,668
)
(
2,292,955
)
(
293,558
)
The
Company evaluated the recoverable amounts of deferred tax assets, and provided a valuation allowance to the extent that future taxable
profits will be available against which the net operating loss and temporary difference can be utilized. The Company considers both positive
and negative factors when assessing the future realization of the deferred tax assets and applied weigh to the relative impact of the
evidence to the extent it could be objectively verified.
As
of December 31, 2023, the Company had net operating loss carry-forward of HK$
879,659
(US$
112,619
), including HK$
664,863
(US$
85,119
) and
HK$
214,796
(US$
27,500
) from m-FINANCE and mFTT, respectively. These losses can offset future taxable income and can be carried forward
indefinitely under the current tax legislation in Hong Kong. Therefore, the Company determined that no valuation allowance was required
as it was more likely than not that the net operating losses would be realized.
The
Company recognized deferred tax liabilities related to taxable temporary differences arising on amortization of capitalized development
costs. The deferred tax liabilities will reverse as the capitalized development costs are amortized.
F-
25
Table of Contents
mF
International Limited and Subsidiaries
Notes
to Consolidated Financial Statements
11.
Income Taxes (Continued)
Reconciliation
between the provision for income taxes computed by applying the Hong Kong Profits Tax rate of 16.5% to income before income taxes and
the actual provision of income taxes is as follows:
For the years ended December 31,
2021
2022
2023
2023
HK$
HK$
HK$
US$
Profit before income taxes
10,781,225
7,206,444
6,777,190
867,658
Hong Kong Profits Tax rate
16.5
%
16.5
%
16.5
%
16.5
%
Income taxes computed at Hong Kong Profits Tax rate
1,778,902
1,189,063
1,118,236
143,164
Reconciling items:
Tax effect of income that is not taxable
(
62,679
)
(
115,120
)
(
42,605
)
(
5,455
)
Tax effect of expenses that are not deductible
(2)
124,513
752,329
587,035
75,156
The effect of tax rates in different tax jurisdictions
(
1,295
)
8,250
4,950
634
Research and development credit
(1)
(
1,478,363
)
(
1,318,956
)
(
1,529,698
)
(
195,841
)
Effect of two-tier tax rate
-
(
85,438
)
-
-
Change in valuation allowance
52,355
(
84,710
)
-
-
Others
18,197
42,427
10,391
1,329
Income tax expenses
431,630
387,845
148,309
18,987
An
uncertain tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained
in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on
examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. Penalties and interest
incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties
or interest relating to income taxes have been incurred during the years ended December 31, 2021, 2022 and 2023.
(1)
Research
    and development credit was arising from the tax authority of Hong Kong provided enhanced tax deduction for expenditure incurred by
    enterprises on a qualifying research and development activity and enterprises will be able to enjoy additional tax deduction for
    expenditure incurred on domestic research and development.
Research
and development expenditures eligible for deduction are classified into "Type A expenditures" which are qualified for 100
per cent deduction, and "Type B expenditures" which are qualified for the enhanced tax deduction. Type B expenditures have
a two-tiered deduction regime. The deduction is 300 per cent for the first HK$
2
million of the aggregate amounts of payments made to designated
local research institutions for qualifying research and development activities and expenditures incurred by enterprises from carrying
out in-house qualifying research and development activities. The remaining amount is qualified for 200 per cent deduction. There is no
cap on the amount of enhanced tax deduction and the deduction is applicable to all enterprises. Enterprises can claim the enhanced tax
deduction in relation to the qualifying research and development expenditures on or after April 1, 2018. Since the Company's expenditures
on research and development were incurred from carrying out in-house qualifying research and development activities, its expenditures
on research and development were eligible for deduction as Type B expenditures.
(2)
These
    non-deductible expenses are a result on non-deductible IPO expenses and change in fair value on financial assets at fair value.
F-
26
Table of Contents
mF
International Limited and Subsidiaries
Notes
to Consolidated Financial Statements
12.
Related Party Balance and Transactions
a.
Due from related parties
(a)
Tai
    Wai (Stephen) Lam, a director and a shareholder of the Company.
(b)
Chi
    Weng Tam, a director, an executive officer and a shareholder of the Company.
(c)
PrimeTime
    Global Technologies Limited, controlled by DTXS FinTech Holdings Limited.
(d)
PrimeTime
    Global Markets Limited, controlled by DTXS PrimeTime Holdings Limited.
(e)
DTXS
    Fintech Holdings Limited, controlled by Metallic Icon Limited.
(f)
Metallic
    Icon Limited, controlled by Gaderway Investments Limited.
(g)
DTXS
    PrimeTime Holdings Limited, controlled by Metallic Icon Limited.
(h)
Gaderway
    Investments Limited, the shareholder of the Company.
(i)
Digital
    Mind Holdings Limited, controlled by Metallic Icon Limited.
As
of December 31, 2021, 2022 and 2023, the balances of amounts due from related parties were as follows:
2021
2022
2023
2023
HK$
HK$
HK$
US$
Tai Wai (Stephen) Lam (a)
(1
)
5,794,360
-
-
-
Chi Weng Tam (b)
(1
)
3,338,543
-
-
-
PrimeTime Global Technologies Limited (c)
(2
)
160,825
-
-
-
PrimeTime Global Markets Limited (d)
(3
)
462,111
-
-
-
DTXS Fintech Holdings Limited (e)
(4
)
14,319,362
-
-
-
Metallic Icon Limited (f)
(5
)
58,172
-
-
-
DTXS PrimeTime Holdings Limited (g)
(6
)
35,970
-
-
-
Gaderway Investments Limited (h)
(7
)
62,300
-
-
-
Digital Mind Holdings Limited (i)
(8
)
-
-
-
-
24,231,643
-
-
-
(1)
The
    balance represented the advances to the directors. These amounts were unsecured, interest-free and repayable on demand. The outstanding
    balances have been assigned to Digital Mind Holdings Limited on June 29, 2022. The amounts due from related parties were presented
    as a reduction of the shareholder's equity as of December 31, 2021 pursuant to the Codification of Staff Accounting Bulletins
    Topic 4, section G.
(2)
The
    balance represented fund transfer which were unsecured, interest-free and repayable on demand. The outstanding balances have been
    assigned to Digital Mind Holdings Limited on June 29, 2022. The amounts due from related parties were presented as a reduction of
    the shareholder's equity as of December 31, 2021 pursuant to the Codification of Staff Accounting Bulletins Topic 4, section
    G.
(3)
The
    balance represented fund transfer which were unsecured, interest-free and repayable on demand. The outstanding balances have been
    assigned to Digital Mind Holdings Limited on June 29, 2022. The amounts due from related parties were presented as a reduction of
    the shareholder's equity as of December 31, 2021 pursuant to the Codification of Staff Accounting Bulletins Topic 4, section
    G.
(4)
The
    balance represented the expenses paid on behalf of DTXS Fintech Holdings Limited. These amounts were unsecured, interest-free and
    repayable on demand. The outstanding balances have been assigned to Digital Mind Holdings Limited on June 29, 2022. The amounts due
    from related parties were presented as a reduction of the shareholder's equity as of December 31, 2021 pursuant to the Codification
    of Staff Accounting Bulletins Topic 4, section G.
(5)
The
    balance represented the expenses paid on behalf of Metallic Icon Limited and fund transfer. These amounts were unsecured, interest-free
    and repayable on demand. The outstanding balances have been assigned to Digital Mind Holdings Limited on June 29, 2022. The amounts
    due from related parties were presented as a reduction of the shareholder's equity as of December 31, 2021 pursuant to the Codification
    of Staff Accounting Bulletins Topic 4, section G.
(6)
The
    balance represented the expenses paid on behalf of DTXS PrimeTime Holdings Limited. These amounts were unsecured, interest-free and
    repayable on demand. The outstanding balances have been assigned to Digital Mind Holdings Limited on June 29, 2022. The amounts due
    from related parties were presented as a reduction of the shareholder's equity as of December 31, 2021 pursuant to the Codification
    of Staff Accounting Bulletins Topic 4, section G.
(7)
The
    balance represented the expenses paid on behalf of Gaderway Investments Limited. These amounts were unsecured, interest-free and
    repayable on demand. The outstanding balances have been assigned to Digital Mind Holdings Limited on June 29, 2022. The amounts due
    from related parties were presented as a reduction of the shareholder's equity as of December 31, 2021 pursuant to the Codification
    of Staff Accounting Bulletins Topic 4, section G.
(8)
On
    June 29, 2022, m-FINANCE entered into a sale debt assignment agreement with Digital Mind Holdings Limited, the then shareholder of
    m-FINANCE, in which m-FINANCE consented to the assignment of amounts owed from the related parties, including Tai Wai (Stephen) Lam,
    Chi Weng Tam, PrimeTime Global Technologies Limited, PrimeTime Global Markets Limited, DTXS Fintech Holdings Limited, Metallic Icon
    Limited, DTXS PrimeTime Holdings Limited and Gaderway Investments Limited in the total amount of HK$
22,615,322
(equivalent to US$
2,898,843
)
    to Digital Mind Holdings Limited. The amounts due from related parties were presented as a reduction of the shareholder's
    equity pursuant to the Codification of Staff Accounting Bulletins Topic 4, section G. The amounts due from related parties were
    presented as a reduction of the shareholder's equity have been fully settled by (i) netting off the dividend payable in the
    amounts of HK$
10,114,311
(equivalent to US$
1,296,457
)
    declared on August 15, 2022 and the remaining balance was settled in cash in August 2022.
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27
Table of Contents
mF
International Limited and Subsidiaries
Notes
to Consolidated Financial Statements
12.
Related Party Balance and Transactions (Continued)
b.
Accounts receivable – a related party
As
of December 31, 2022 and 2023, the balances of accounts receivable from a related party were as follows:
2022
2023
2023
HK$
HK$
US$
PrimeTime Global Technologies Limited
(1
)
242,379
410,899
52,606
(1)
PrimeTime
    Global Technologies Limited, indirectly controlled by Gaderway Investments Limited, the shareholder of the Company. The balance represented
    the accounts receivable from PrimeTime Global Technologies Limited for the subscription income and commission income. The balance
    as at December 31, 2022 and 2023 has been settled on May 10, 2023 and February 22, 2024, respectively. For details, please refer to "e. Related Party Transactions"
    below.
c.
Due to a related party
As
of December 31, 2022 and 2023, the balances of amounts due to a related party were as follows:
2022
2023
2023
HK$
HK$
US$
Gaderway Investments Limited
(1
)
306,110
306,110
39,190
(1)
Gaderway
    Investments Limited, the shareholder of the Company. The balance represented the amount advance to the Company. These amounts were
    unsecured, interest-free and repayable on demand.
d.
Accrued expenses – a related party
As
of December 31, 2022 and 2023, the balances of accrued expenses to a related party were as follows:
2022
2023
2023
HK$
HK$
US$
PrimeTime Global Markets Limited
(1
)
290,160
-
-
(1)
PrimeTime
    Global Markets Limited, indirectly controlled by Gaderway Investments Limited, the shareholder of the Company. The balance represented
    the accrued expenses to PrimeTime Global Markets Limited for the subscription fee. For details, please refer to "e. Related
    Party Transactions" below.
e.
Related Party Transactions
The
following is a list of related parties which the Company has transactions with:
(a)
PrimeTime
    Global Technologies Limited, indirectly controlled by Gaderway Investments Limited, the shareholder of the Company.
(b)
PrimeTime
    Global Markets Limited, indirectly controlled by Gaderway Investments Limited, the shareholder of the Company.
For
the years ended December 31, 2021, 2022 and 2023, the related party transactions were as follows:
2021
2022
2023
2023
Note
HK$
HK$
HK$
US$
Outsourcing fee paid to PrimeTime Global Technologies Limited (a)
1
875,358
113,410
-
-
Outsourcing fee paid to PrimeTime Global Markets Limited (b)
1
87,178
191,795
-
-
Subscription fee paid to PrimeTime Global Markets Limited (b)
2
320,566
290,160
-
-
Subscription fee received from PrimeTime Global Technologies Limited (a)
3
190,098
180,015
46,080
5,899
Sales commission received from PrimeTime Global Technologies Limited (a)
4
284,646
235,194
364,819
46,706
During
the years ended December 31, 2022 and 2023, the Company declared dividends to its shareholders. For details, please refer to Note 13.
Shareholders' Equity.
Notes:
1.
The
    Company outsourced some works to the related parties, PrimeTime Global Markets Limited and PrimeTime Global Technologies Limited
    for handling software implementation work and supporting services including quality assurance, technical support and maintenance
    services for the Company and the related parties charged an outsourcing fee for providing such services. Since the Company wants
    to focus on its human resources for the developing new functions and upgrading existing functions, it outsources some of its ancillary
    works to related parties and independent third parties. The outsourcing fee was recorded as outsourcing fee in the cost of revenue.
2.
PrimeTime
    Global Markets Limited charged the Company for a subscription fee when the Company used PrimeTime Global Markets Limited's
    white label services. While PrimeTime Global Markets Limited provided white label hosting support services, the related party transaction
    is conducive to the stability of the operation of the Company's white label services. The subscription fee was recorded as
    expense to net off against the sundry income as other income incurred over the same period.
3.
The
    Company charged PrimeTime Global Technologies Limited for a subscription fee when it used the subscription services of the Company.
    The subscription income was recorded as revenue.
4.
The
    Company charged PrimeTime Global Technologies Limited for sales commission from business referred by the Company. The Company will
    charge a commission fee at an agreed percentage from the sales amount referred by the Company to PrimeTime Global Technologies Limited.
    The sales commission was recorded as commission income in the other income.
f.
Personal guarantees from related parties for bank loans
Tai
Wai (Stephen) Lam and Chi Weng Tam, the directors and shareholders of the Company, have jointly or severally provided personal guarantees
for several bank loans of the Company. For details, please refer to Note 10.
13.
Shareholders' Equity
Ordinary
shares
The
Company was established under the laws of the British Virgin Islands on June 15, 2022. The Company is authorized to issue an
unlimited
number of Ordinary Shares of
no
par value. On June 15, 2022, the Company issued
50,000
shares to the controlling shareholder at no par
value. On August 11, 2023, the Company's sole shareholder, Gaderway Investments Limited, approved a share split of its outstanding
Ordinary Shares at a ratio of 1:231.7, which became effective immediately, resulting in
11,585,000
ordinary shares issued and outstanding
after the share split. All shares and per share amounts used herein and in the accompanying consolidated financial statements have been
retroactively adjusted to reflect the share split pursuant to ASC 260-10-55-12.
As
a result, there are total
11,585,000
shares issued and outstanding. The issuance of these
11,585,000
ordinary shares is considered as
part of the Reorganization of the Company, which was retrospectively applied as if the transaction occurred at the beginning of the period
presented (see Note 1).
On
March 23, 2022, m-FINANCE declared an interim dividend of HK$
0.863
per share (equivalent to US$
0.111
per share), or HK$
10,000,000
in
aggregate (equivalent to US$
1,281,805
), to its shareholder, which was settled in cash on March 24, 2022. On June 30, 2022, m-FINANCE
declared an interim dividend of HK$
0.691
per share (equivalent to US$
0.089
per share) or HK$
8,000,000
(equivalent to US$
1,025,444
), to
its shareholder, and the amount of the dividend payable was concurrently settled by netting off the outstanding amounts due from related
parties. On August 15, 2022, m-FINANCE declared an interim dividend of HK$
0.873
per share (equivalent to US$
0.112
per share) or HK$
10,114,311
in aggregate (equivalent to US$
1,296,457
), to its shareholder, and the dividend payable was concurrently settled by netting off the outstanding
amounts due from the related parties. The amounts due from related parties were presented as a reduction of the shareholder's equity
pursuant to the Codification of Staff Accounting Bulletins Topic 4, section G. On March 27, 2023, the Company declared an interim dividend
of HK$
0.218
per share (equivalent to US$
0.028
per share), or HK$
2,528,413
in aggregate (equivalent to US$
324,093
), to its shareholder,
which was settled in cash on the same day. On July 31, 2023, the Company declared an interim dividend of HK$
0.242
per share (equivalent
to US$
0.031
per share), or HK$
2,800,800
in aggregate (equivalent to US$
359,008
), to its shareholder, which was settled in cash on the
same day.
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28
Table of Contents
mF
International Limited and Subsidiaries
Notes
to Consolidated Financial Statements
14.
Commitments and Contingencies
Commitments
As
of December 31, 2023, the Company did not have any significant capital and other commitments.
Contingencies
In
the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business
that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such
contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made.
15.
Segment Reporting
ASC
280, "Segment Reporting", establishes standards for reporting information about operating segments on a basis consistent
with the Company's internal organizational structure as well as information about geographical areas, business segments and major
customers in financial statements for details on the Company's business segments.
The
Company uses the management approach to determine reportable operating segments. The management approach considers the internal organization
and reporting used by the Company's chief operating decision maker ("CODM") for making decisions, allocating resources
and assessing performance.
Based
on the management's assessment, the Company determined that it has only one operating segment and therefore one reportable segment
as defined by ASC 280. The Company's assets are all located in Hong Kong and all of the Company's revenue, based on the location
of services, and expense are derived in the Hong Kong. Therefore, no geographical segments are presented.
16.
Subsequent Events
After
the lapse of the engagement with the former underwriter, Spartan Capital Securities, LLC in January 2024, the Company has signed an engagement
letter with Joseph Stone Capital, LLC on February 9, 2024, as the new underwriter. On April 19, 2024, the Company announced pricing of
its initial public offering of
1,666,667
ordinary shares at a public offering price of $
4.5
per ordinary share. The ordinary shares have
been approved for listing on the Nasdaq Capital Market and are expected to commence trading on April 22, 2024 under the ticker symbol
"MFI." The Company received aggregate gross proceeds of $
7,500,001.5
from the offering, before deducting underwriting discounts
and other related expenses. The offering closed on April 24, 2024.
The
Company evaluated all events and transactions that occurred after December 31, 2023 up through the date the Company issued the consolidated
financial statements. Other than the event disclosed above, there was no other subsequent event occurred that would require recognition
or disclosure in the Company's consolidated financial statements.
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29