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<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"></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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: 18pt"><b>UNITED
STATES</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: 18pt"><b>SECURITIES
AND EXCHANGE COMMISSION</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: 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>

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<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: 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">OR</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: 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">OR</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: 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">OR</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: 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
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<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: 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><span id="xdx_909_edei--EntityIncorporationStateCountryCode_c20230101__20231231_zvLqDAuJySck"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:edgarprovcountryen" id="Fact000024" name="dei:EntityIncorporationStateCountryCode">Cayman
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<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
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<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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_901_edei--EntityAddressAddressLine2_c20230101__20231231_zF3MeyfcoTxe"><span id="xdx_904_edei--EntityAddressAddressLine2_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zTCWEwSSTKA5"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000027" name="dei:EntityAddressAddressLine2"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000028" name="dei:EntityAddressAddressLine2">95
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<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_900_edei--EntityAddressAddressLine3_c20230101__20231231_zgfnmo5lvzt"><span id="xdx_90F_edei--EntityAddressAddressLine3_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zOEFyTPemvtk"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000029" name="dei:EntityAddressAddressLine3"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000030" name="dei:EntityAddressAddressLine3">Kwun
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<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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Email:
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<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">Securities
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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>

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    of each exchange on which registered</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_908_edei--Security12bTitle_c20230101__20231231_zzWmhUleN9ag"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000038" name="dei:Security12bTitle">Ordinary
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
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  </table>
<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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered pursuant to Section 12(g) of the Act: <b>None</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act: <b>None</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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-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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_edei--EntityCommonStockSharesOutstanding_iI_pid_c20231231_zyvdyo3SA2Jf"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-12-31" id="Fact000041" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,000,000</ix:nonFraction></span>
Ordinary Shares, $0.0001 par value, at December 31, 2023</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 of 1933.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes
&#9744; <span id="xdx_900_edei--EntityWellKnownSeasonedIssuer_c20230101__20231231_z3tZaIRCptel"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000042" 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: 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">If
the 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 15D 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: right; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes
&#9744; <span id="xdx_90E_edei--EntityVoluntaryFilers_c20230101__20231231_zAqULXHbQ9Ik"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000043" 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: 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">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: right; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_edei--EntityCurrentReportingStatus_c20230101__20231231_zkBJTAyF5axe"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000044" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span>
&#9746; No &#9744;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: right; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_edei--EntityInteractiveDataCurrent_c20230101__20231231_zbMno5QGqwei"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000045" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span>
&#9746; No &#9744;</span></p>

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 33%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    Accelerated Filer &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 34%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    Filer &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 33%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_edei--EntityFilerCategory_c20230101__20231231_ztLtiScLQVNb"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:entityfilercategoryen" id="Fact000046" name="dei:EntityFilerCategory">Non-accelerated
    filer</ix:nonNumeric></span> &#9746;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">Emerging
    Growth Company <span id="xdx_904_edei--EntityEmergingGrowthCompany_c20230101__20231231_zlo3ldr0ACij"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleantrue" id="Fact000047" name="dei:EntityEmergingGrowthCompany">&#9746;</ix:nonNumeric></span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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">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_903_edei--EntityExTransitionPeriod_c20230101__20231231_ztYCNrnVRXwb"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000048" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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_904_edei--IcfrAuditorAttestationFlag_c20230101__20231231_zd5dJViVh7bh"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000049" name="dei:IcfrAuditorAttestationFlag">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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_90A_edei--DocumentFinStmtErrorCorrectionFlag_c20230101__20231231_zn8LYP4xzju2"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000050" name="dei:DocumentFinStmtErrorCorrectionFlag">&#9744;</ix:nonNumeric></span></span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_edei--DocumentAccountingStandard_c20230101__20231231_zZRnP7hGR8Ki"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000051" name="dei:DocumentAccountingStandard">U.S. GAAP</ix:nonNumeric></span> &#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 78%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">International
    Financial Reporting Standards as issued by the International Accounting Standards Board &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    &#9744;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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">If
&#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the
Registrant has elected to follow:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
17 &#9744; Item 18 &#9744;</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">If
this is an annual report, indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act.)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes
&#9744; <span id="xdx_903_edei--EntityShellCompany_c20230101__20231231_zCBtu0GtDtF7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000052" name="dei:EntityShellCompany">No</ix:nonNumeric></span> &#9746;</span></p>

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

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

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


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    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

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

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

<table cellspacing="0" 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; padding-bottom: 1.5pt; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#Su1_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART I</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><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; text-align: justify"><a href="#Su1_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identity of Directors, Senior Management and Advisors</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</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">Item
    2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Su1_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offer Statistics and Expected Timetable</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">4</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Su1_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Key Information</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">4</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Su1_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information on the Company</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">35</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">Item
    4A.</span></td>
    <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="#nd_001">Unresolved Staff Comments</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</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">Item
    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"><a href="#nd_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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</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">Item
    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"><a href="#nd_003">Directors, Senior Management and Employees</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</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">Item
    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"><a href="#nd_004">Major Shareholders and Related Party Transactions</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</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">Item
    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"><a href="#nd_005">Financial Information</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</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">Item
    9.</span></td>
    <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="#nd_006">The Offer and Listing</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</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">Item
    10.</span></td>
    <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="#nd_007">Additional Information</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</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">Item
    11.</span></td>
    <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="#nd_008">Quantitative and Qualitative Disclosures about Market Risk</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93</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">Item
    12.</span></td>
    <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="#nd_009">Description of Securities Other Than Equity Securities</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nd_011">PART II</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nd_010">Defaults, Dividend Arrearages and Delinquencies</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94</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">Item
    14.</span></td>
    <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="#nd_012">Material Modifications to the Rights of Security Holders and Use of Proceeds</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">94</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">Item
    15.</span></td>
    <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="#nd_013">Controls and Procedures</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">94</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">Item
    16.</span></td>
    <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="#nd_014">Reserved</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">95</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">Item
    16A.</span></td>
    <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="#nd_015">Audit Committee Financial Expert</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</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">Item
    16B.</span></td>
    <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="#nd_016">Code of Ethics</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">95</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">Item
    16C.</span></td>
    <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="#nd_017">Principal Accountant Fees and Services</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">95</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">Item
    16D.</span></td>
    <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="#nd_018">Exemptions from the Listing Standards for Audit Committees</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">96</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">Item
    16E.</span></td>
    <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="#nd_019">Purchases of Equity Securities by the Issuer and Affiliates Purchasers</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">96</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">Item
    16F.</span></td>
    <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="#nd_020">Changes in Registrant&#8217;s Certifying Accountants</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">96</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">Item
    16G.</span></td>
    <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="#nd_021">Corporate Governance</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">96</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">Item
    16H.</span></td>
    <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="#nd_022">Mine Safety Disclosure</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">96</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">Item
    16I.</span></td>
    <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="#nd_023">Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">96</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">ITEM
    16J. </span></td>
    <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="#nd_024">Insider Trading Policies</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">96</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">ITEM
    16K</span></td>
    <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="#nd_025">Cybersecurity</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">96</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nd_027">PART III</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nd_026">Financial Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">97<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: 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">Item
    18.</span></td>
    <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="#nd_029">Financial Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nd_030">Exhibits</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nd_028">SIGNATURES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99</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>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FORWARD-LOOKING
STATEMENTS</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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Annual Report on Form 20-F contains forward-looking statements. A forward-looking statement is a projection about a future event or result,
and whether the statement comes true is subject to many risks and uncertainties. These statements often can be identified by the use
of terms such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;expect,&#8221; &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221;
&#8220;approximate&#8221; or &#8220;continue,&#8221; or the negative thereof. The actual results or activities of the Company will likely
differ from projected results or activities of the Company as described in this Annual Report, and such differences could be material.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward-looking
statements involve known and unknown risks, uncertainties and other factors that may cause the actual results and performance of the
Company to be different from any future results, performance and achievements expressed or implied by these statements. In other words,
our performance might be quite different from what the forward-looking statements imply. You should review carefully all information
included in this Annual 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should rely only on the forward-looking statements that reflect management&#8217;s view as of the date of this Annual Report. We undertake
no obligation to publicly revise or update these forward-looking statements to reflect subsequent events or circumstances. You should
also carefully review the risk factors described in other documents we file from time to time with the Securities and Exchange Commission
(the &#8220;SEC&#8221;). The Private Securities Reform Act of 1995 contains a safe harbor for forward-looking statements on which the
Company relies in making such disclosures. In connection with the &#8220;safe harbor,&#8221; we are hereby identifying important factors
that could cause actual results to differ materially from those contained in any forward-looking statements made by us or on our behalf.
Factors that might cause such a difference include, but are not limited to, those discussed in the section entitled &#8220;Risk Factors&#8221;
under Item 3. - &#8220;Key Information.&#8221;</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>FINANCIAL
STATEMENTS AND CURRENCY PRESENTATION</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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basis
of Presentation</i></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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise indicated, all financial information contained in this Annual Report is prepared and presented in accordance with generally
accepted accounting principles in the United States of America (&#8220;U.S. GAAP&#8221; or &#8220;GAAP&#8221;).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
amounts, percentages and other figures included in this Annual Report have been subject to rounding adjustments. Accordingly, amounts,
percentages and other figures shown as totals in certain tables or charts may not be the arithmetic aggregation of those that precede
them and amounts, and figures expressed as percentages in the text may not total 100% or, when aggregated, may not be the arithmetic
aggregation of the percentages that precede them.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purpose of undertaking a public offering of our Ordinary Shares, effective November 18, 2022 (the &#8220;Public Offering&#8221;),
we engaged in a series of re-organizing transactions resulting in 10,000,000 Ordinary Shares held by Luxury Max Investments Limited,
which have been retroactively restated to the beginning of the first period presented herein.</span></p>

<p style="font: 10pt Times 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial
Information in U.S. Dollars</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
reporting currency is the Hong Kong dollar. For the purpose of presenting these financial statements of our Operating Subsidiary, FPPF,
using RMB as functional currency, the Company&#8217;s assets and liabilities are expressed in Hong Kong dollars at the exchange rate
on the balance sheet date, which is 0.9126, 0.8866 and 0.8176 as of December 31, 2023, December 31, 2022 and December 31, 2021, respectively;
shareholders&#8217; equity accounts are translated at historical rates, and income and expense items are translated at the average exchange
rate during the year, which is 0.9070, 0.8642 and 0.8292 for the financial years ended December 31, 2023, December 31, 2022 and 2021,
respectively.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Annual Report also contains translations of Hong Kong dollars into U.S. dollars for the convenience of the reader. Unless otherwise stated,
all translations of Hong Kong dollars into U.S. dollars were made at US$0.12803 to HK$1, the exchange rates set forth in the statistical
releases of the Federal Reserve Board on December 29, 2023. We make no representation that the Hong Kong dollar or U.S. dollar amounts
referred to in this Annual Report could have been or could be converted into U.S. dollars or Hong Kong dollars, as the case may be, at
any particular rate or at all.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REFERENCES</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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this Annual Report, &#8220;China&#8221; refers to all parts of the People&#8217;s Republic of China, including the Special Administrative
Region of Hong Kong. The terms &#8220;we,&#8221; &#8220;our,&#8221; &#8220;us,&#8221; &#8220;the Group&#8221; and the &#8220;Company&#8221;
refer to Fenbo Holdings Limited and, where the context so requires or suggests, our direct and indirect subsidiaries. Our direct and
indirect subsidiaries are: (i) Fenbo Industries Limited (&#8220;FIL&#8221;), incorporated in Hong Kong; (ii) Able Industries Ltd. (&#8220;AIL&#8221;),
incorporated in Hong Kong; (iii) Fenbo Plastic Products Factory (Shenzhen) Ltd. (&#8220;FPPF&#8221;), incorporated in the PRC (&#8220;China&#8221;
or the &#8220;PRC&#8221;) (collectively, the &#8220;Operating Subsidiaries&#8221;).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Initial
Public Offering&#8221; or &#8220;IPO&#8221; refers to the closing on December 1, 2023 of our initial public offering of 1,000,000 Ordinary
Shares at a public offering price of $5.00 for total gross proceeds of $5,000,000. On November 30, 2023, we commenced the listing of
our Ordinary Shares on the Nasdaq Capital Market under the ticker symbol &#8220;FEBO&#8221;.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">References
to &#8220;dollars,&#8221; &#8220;U.S. Dollars&#8221; or &#8220;US$&#8221; are to United States Dollars, &#8220;RMB&#8221; are to Chinese
Renminbi and &#8220;HKD&#8221; or &#8220;HK$&#8221; means Hong Kong dollars, the lawful currency of Hong Kong.</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="Su1_001"></span>PART
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"><b><span id="Su1_002"></span>ITEM
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS</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>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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><span id="Su1_003"></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Su1_004"></span>ITEM
3. KEY INFORMATION</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
REASONS FOR THE OFFER AND USE OF PROCEEDS.</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>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
RISK FACTORS</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
investment in our Ordinary Shares is highly speculative and involves a significant degree of risk. The risks discussed below could materially
and adversely affect our business, prospects, financial condition, results of operations, cash flows, ability to pay dividends and the
trading price of our Ordinary Shares. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial
may also materially and adversely affect our business, prospects, financial condition, results of operations, cash flows and ability
to pay dividends, and you may lose all or a part of your investment. The realization of any of the risks described below could have a
material adverse effect on our business, results of operations and future prospects.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Our Business and 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"><b><i>We
have continuedly suffered losses from operations, and we may not be able to sustain profitability.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
losses from operations for the years ended December 31, 2022 and 2023 were HK$2.5 million and HK$0.4 million respectively. The decrease
in loss from operations of HK$2.1 million during the year ended December 31, 2023 was primarily due to the combined effect of increase
in gross profit of HK$3.3 million, but the revenue for the year ended December 31, 2023 remained the same as the prior year and the increase
in general and administrative expenses of HK$1.2 million during the year ended December 31, 2023. If we fail to generate sufficient revenues
to operate profitably on a consistent basis or if we are unable to fund our continuing losses, you could lose all or part of your 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>We
will rely on dividends and other distributions on equity paid by our Operating Subsidiaries to fund our cash and financing requirements,
and any limitation on the ability of our Operating Subsidiaries to make payments to us could have a material adverse effect on our ability
to conduct our business.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Company is a holding company, and we will rely on dividends and other distributions on equity paid by our Operating Subsidiaries for
our cash and financing requirements. Within our direct holding structure, the cross-border transfer of funds within our corporate group
is legal and compliant with the laws and regulations of the BVI, PRC, Hong Kong, and the Cayman Islands. Our subsidiaries are permitted
under the respective laws of China and Hong Kong to provide funding to us through dividends without restrictions on the amount of the
funds, other than as limited by the amount of their distributable earnings. However, to the extent cash is in our Hong Kong Operating
Subsidiaries, there is a possibility that the funds may not be available to fund our operations or for other uses outside of Hong Kong
due to interventions or the imposition of restrictions and limitations by the Hong Kong government on the ability to transfer cash<b>.
</b>If any of our subsidiaries incurs debt on its own behalf in the future, the instruments governing such debt may restrict their ability
to pay dividends 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
investors&#8217; funds enter FHL, the funds can be directly transferred to RLHL which will then directly transfer the funds to AIL and
FIL, which then can then transfer the funds to FPPF. If the Company intends to distribute dividends, AIL will transfer the dividends
to FIL in accordance with the laws and regulations of Hong Kong. FIL will then transfer the funds to RLHL which will then transfer the
funds to FHL, which will then distribute the dividends to all of its shareholders respectively in proportion to the Ordinary Shares they
hold in accordance with the laws and regulations of the Cayman Islands, regardless of whether the shareholders are U.S. investors or
investors in other countries or regions.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the laws of Cayman Islands and our Articles of Association, our Company is permitted to provide funding to its subsidiaries through loans
or capital contributions, provided that such funding is in the best interest of our Company. Our Board of Directors has complete discretion
as to whether to distribute dividends. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may
exceed the amount recommended by our Board of Directors. In either case, all dividends are subject to certain restrictions under Cayman
Islands law, namely that the Company may only pay dividends out of profits or share premium and provided that under no circumstances
may a dividend be paid if this would result in the Company being unable to pay its debts as they fall due in the ordinary course of business.
The Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Ordinance of Hong Kong, dividends may only be paid out of distributable profits (that is, accumulated realized profits
less accumulated realized losses) or other distributable reserves. Dividends cannot be paid out of share capital. There are no restrictions
or limitation under the laws of Hong Kong imposed on the conversion of HK dollars into foreign currencies and the remittance of currencies
out of Hong Kong, nor is there any restriction on foreign exchange to transfer cash between our Company and its subsidiaries, across
borders and to U.S investors, nor on distributing earnings from our Operating Subsidiaries&#8217; businesses to our Company and U.S.
investors and amounts owed. Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong
in respect of dividends.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
PRC laws, rules and regulations, our PRC subsidiaries are required to set aside at least 10% of their after-tax profits each year after
making up for previous years&#8217; accumulated losses, if any, to fund certain statutory reserves, until the aggregate amount of such
fund reaches 50% of their registered capital. As of December 31, 2023, these restricted assets totaled approximately HK$2,806,000 (US$359,000).
However, there can be no assurance that the PRC government will not intervene or impose restrictions on our ability to transfer or distribute
cash within our organization or to foreign investors, which could result in an inability or prohibition on making transfers or distributions
outside of China and may adversely affect our business, financial condition, and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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; 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
the Company nor any of its Operating Subsidiaries has paid dividends or made distributions to U.S. investors. No funds have been transferred
by the holding companies to the Operating Subsidiaries for the fiscal years ended December 31, 2023, 2022 or 2021, and through the date
of this Annual Report, to fund their business operations. In the future, any cash proceeds raised from overseas financing activities
may be transferred by us to our Operating Subsidiaries via capital contribution or shareholder loans, as the case may be.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
to the extent that cash is in our PRC or Hong Kong Operating Subsidiaries, there is a possibility that the funds may not be available
to fund our operations or for other uses outside of the PRC or Hong Kong due to interventions or the imposition of restrictions and limitations
by the PRC or Hong Kong government on the ability to transfer cash<b>. </b>Any limitation on the ability of our Operating Subsidiaries
to pay dividends or make other distributions to us could materially and adversely affect our financial position and the value of our
Ordinary Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
corporate structure may involve unique risks and could be disallowed by Chinese regulatory authorities. Any PRC regulations pertaining
to our corporate structure, loans to and investment in PRC entities by offshore holding companies may delay us from making loans or capital
contributions to our Operating Subsidiaries, which could materially and adversely affect their liquidity and their ability to fund and
expand their businesses, which could cause our Ordinary Shares to significantly decline in value or become worthless.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
regards to our corporate structure, any funds we may transfer to our PRC Operating Subsidiary, either as a loan or as an increase in
registered capital, are subject to approval by or registration with relevant government authorities in China, regardless of the amount
of the transfer. According to the relevant PRC regulations, capital contributions to our PRC Operating Subsidiary are subject to the
submission of reports of changes through the enterprise registration system and registration with a local bank authorized by SAFE. In
addition, any foreign loan procured by our PRC Operating Subsidiaries is required to be registered with SAFE, and such loan is required
to be registered with the NPRC. We may not be able to complete such registrations or obtain necessary approvals on a timely basis with
respect to future capital contributions or foreign loans by us to our PRC Operating Subsidiaries. If we fail to complete such registration
or other procedures, our ability to maintain our corporate structure while capitalizing our PRC Operating Subsidiaries&#8217; operations
may be negatively affected, which could adversely affect our liquidity and our ability to fund and expand our business.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we fail to implement and maintain an effective system of internal controls, we may be unable to accurately or timely report our results
of operations or prevent fraud, and investor confidence and the market price of our Ordinary Shares may be materially and adversely affected.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to our IPO, we were a private company with limited accounting personnel. Furthermore, prior to our IPO, our management had not performed
an assessment of the effectiveness of our internal control over financial reporting, and our independent registered public accounting
firm had not conducted an audit of our internal control over financial reporting. Effective internal control over financial reporting
is necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, is designed
to prevent fraud.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
failure to implement and maintain effective internal controls over financial reporting could result in errors in our financial statements
that could result in a restatement of our financial statements, cause us to fail to meet our reporting obligations and cause investors
to lose confidence in our reported financial information, which may result in volatility in and a decline in the market price of the
Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
the closing of our IPO, we became a public company in the United States subject to the Sarbanes-Oxley Act of 2002. Section 404 of the
Sarbanes-Oxley Act of 2002, or Section 404, which requires that we include a report of management on our internal control over financial
reporting in this Annual Report on Form 20-F. In addition, if we cease to be an &#8220;emerging growth company,&#8221; as such term is
defined in the JOBS Act, our independent registered public accounting firm must attest to and report on the effectiveness of our internal
control over financial reporting on an annual basis. Our management may conclude that our internal control over financial reporting is
not effective. Moreover, even if our management concludes that our internal control over financial reporting is effective, our independent
registered public accounting firm, after conducting its own independent testing, may issue a report that is qualified if it is not satisfied
with our internal controls or the level at which our controls are documented, designed, operated, or reviewed, or if it interprets the
relevant requirements differently from us. In addition, as a public company, our reporting obligations may place a burden on our management,
operational and financial resources, and systems for the foreseeable future. We may be unable to timely complete our evaluation testing
and any required remediation.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the course of documenting and testing our internal control procedures, in order to satisfy the requirements of Section 404, we may identify
material weaknesses and deficiencies in our internal control over financial reporting. The Public Company Accounting Oversight Board,
or PCAOB, has defined a material weakness as &#8220;a deficiency, or a combination of deficiencies in internal control over financial
reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim statements will not be prevented
or detected on a timely basis.&#8221;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, if we fail to maintain the adequacy of our internal control over financial reporting, as these standards are modified, supplemented,
or amended from time to time, we may not be able to conclude on an ongoing basis that we have effective internal control over financial
reporting in accordance with Section 404. Generally speaking, if we fail to achieve and maintain an effective internal control environment,
we could suffer material misstatements in our financial statements and fail to meet our reporting obligations, which would likely cause
investors to lose confidence in our reported financial information. This could in turn limit our access to capital markets, harm our
results of operations and lead to a decline in the trading price of our Ordinary Shares. Additionally, ineffective internal control over
financial reporting could expose us to increased risk of fraud, misuse of corporate assets and legal actions under the United States
securities laws and subject us to potential delisting from the Nasdaq Capital Market to regulatory investigations and to civil or criminal
sanctions.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 the People&#8217;s Republic of China and 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">&#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>A
downturn in the Hong Kong, China or global economy, or a change in economic and political policies of China, could materially and adversely
affect our Operating Subsidiaries&#8217; business and financial condition.</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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Operating Subsidiaries&#8217; business, prospects, financial condition, and results of operations may be influenced to a significant
degree by political, economic, and social conditions in Hong Kong and China generally. The Chinese economy differs from the economies
of most developed countries in many respects, including the amount of government involvement, level of development, growth rate, control
of foreign exchange and allocation of resources. While the Chinese economy has experienced significant growth over the past decades,
growth has been uneven, both geographically and among various sectors of the economy. The Chinese government has implemented various
measures to encourage economic growth and guide the allocation of resources. Some of these measures may benefit the overall Chinese economy
but may have a negative effect on our PRC Operating Subsidiary.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Economic
conditions in Hong Kong and China are sensitive to global economic conditions. Any prolonged slowdown in the global or Chinese economy
may affect our current customers&#8217; and potential customers&#8217; businesses and have a negative impact on our Operating Subsidiaries&#8217;
business, results of operations and financial condition. Additionally, continued turbulence in the international markets may adversely
affect our ability to access the capital markets to meet liquidity needs.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><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>Changes
in the policies, regulations and rules, and the enforcement of laws of the PRC government may be implemented quickly with little advance
notice and could have a significant impact upon our Operating Subsidiaries&#8217; ability to operate profitably in the PRC. The PRC legal
system also embodies uncertainties, which could limit law enforcement availability. Therefore, 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC legal system is a civil law system based on written statutes. Unlike common law systems, decided legal cases have little precedence.
In 1979, the PRC government began to promulgate a comprehensive system of laws and regulations governing economic matters in general.
The overall effect of legislation over the past several decades has significantly enhanced the protections afforded to various forms
of foreign investment in China. Our Operating Subsidiaries are subject to PRC laws and regulations. However, these laws and regulations
change frequently, and the interpretation and enforcement thereof involve uncertainties. For instance, we may have to resort to administrative
and court proceedings to enforce the legal protections to which we are entitled to by law or contract. However, since PRC administrative
and court authorities have significant discretion in interpreting statutory and contractual terms, it may be difficult to evaluate the
outcome of administrative court proceedings and the level of law enforcement that we would receive in more developed legal systems. Such
uncertainties, including the inability of our Operating Subsidiaries to enforce their contracts, could affect our business and operation.
In addition, confidentiality protections in China may not be as effective as in the United States or other countries. Accordingly, we
cannot predict the effect of future developments in the PRC legal system, particularly with regard to our business, including the promulgation
of new laws. This may include changes to existing laws or the interpretation or enforcement thereof, or the preemption of local regulations
by national laws. These uncertainties could limit the availability of law enforcement.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Chinese government may exercise significant oversight and discretion over the conduct of our Operating Subsidiaries&#8217; business and
may intervene in or influence their operations at any time, which could result in a material change in their operations and/or the value
of our Ordinary Shares. Changes in the policies, regulations, rule, and the enforcement of laws of the Chinese government may also be
implemented quickly with little advance notice. Therefore, our assertions and beliefs concerning 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Company is a holding company, and we conduct our operation through our Operating Subsidiaries in Hong Kong and the PRC. The PRC government
may choose to exercise significant oversight and discretion, and the regulations to which our Operating Subsidiaries are subject may
change rapidly and with little notice to them or our shareholders. As a result, the application, interpretation and enforcement of new
and existing laws and regulations in China are often uncertain. In addition, these laws and regulations may be interpreted and applied
inconsistently by different agencies or authorities, and inconsistently with our Operating Subsidiaries&#8217; current policies and practices.
New laws, regulations and other government directives in China may also be costly to comply with, and such compliance or any associated
inquiries or investigations or any other government actions may:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">delay
    or impede our Operating Subsidiaries&#8217; development;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">result
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">require
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">subject
    us to remedies, administrative penalties and even criminal liabilities that may harm our Operating Subsidiaries&#8217; business,
    including fines assessed for our Operating Subsidiaries current or historical operations, or demands or orders that our Operating
    Subsidiaries modify or even cease their business practices.</span></td></tr>
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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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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 a variable interest entity (&#8220;VIE&#8221;) structure, adopting new measures
to extend the scope of cybersecurity reviews and expanding the efforts in anti-monopoly enforcement. These regulatory actions and statements
emphasize the need to strengthen the administration over illegal securities activities and the supervision of China-based companies seeking
overseas listings. Additionally, companies are required to undergo a cybersecurity review if they hold large amounts of data related
to issues of national security, economic development, or public interest before carrying out mergers, restructuring or splits that affect
or may affect national security. These statements were recently issued, and their official guidance and interpretation remain unclear
at this time. While we believe that our Operating Subsidiaries&#8217; operations are not currently being affected, they may be subject
to additional and stricter compliance requirements in the near term. Compliance with new regulatory requirements or any future implementation
rules may present a range of new challenges which may create uncertainties and increase our Operating Subsidiaries&#8217; cost of operations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Chinese government may intervene or influence our Operating Subsidiaries&#8217; operations at any time and may exert more control over
offerings conducted overseas and foreign investment in China-based issuers, which may result in a material change in our Operating Subsidiaries&#8217;
operations and/or the value of our Ordinary Shares. Any legal or regulatory changes that restrict or otherwise unfavorably impact our
Operating Subsidiaries&#8217; ability to conduct their business could decrease demand for their services, reduce revenues, increase costs,
require them to obtain more licenses, permits, approvals or certificates, or subject them to additional liabilities. To the extent that
any new or more stringent measures are implemented, our business, financial condition and results of operations could be adversely affected,
and the value of our Ordinary Shares could decrease or become worthless.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><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>Although
we are based in Hong Kong and conduct operations in China and Hong Kong, if we should become subject to the recent scrutiny, criticism
and negative publicity involving U.S.-listed China-based companies, we may have to expend significant resources to investigate and/or
defend the allegations, which could harm our Operating Subsidiaries&#8217; business operations and our reputation and could result in
a loss of investment in our Ordinary Shares if such allegations cannot be addressed and resolved favorably.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the last several years, U.S. listed public companies that have substantially all of their operations in China have been the subject of
intense scrutiny by investors, financial commentators and regulatory agencies. Much of the scrutiny has centered on financial and accounting
irregularities and mistakes, lack of effective internal controls over financial reporting and, in many cases, allegations of fraud. The
Chinese government also may exercise significant oversight and discretion over the conduct of our business in China and Hong Kong and
may intervene or influence our Operating Subsidiaries&#8217; operations at any time, which could result in a material change in their
operations and/or the value of our Ordinary Shares. Moreover, as a result of this scrutiny, the publicly traded stock of many U.S.-listed
Chinese companies that have been the subject of such scrutiny has sharply decreased in value. Many of these companies are now subject
to shareholder lawsuits and/or SEC enforcement actions that are conducting internal and/or external investigations into the allegations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we are based in Hong Kong, if we should become the subject of any such scrutiny, whether any allegations are true or not, we may have
to expend significant resources to investigate such allegations and/or defend the Company. Such investigations or allegations would be
costly and time-consuming, likely would distract our management from our normal business and could result in our reputation being harmed.
The price of our Ordinary Shares could decline because of such allegations, even if the allegations are false.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
are 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; text-indent: 0.5in"><span style="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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 adversely affect the business operations of the Company. 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, 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 our operation
is based in Hong Kong, any change of such political arrangements may pose 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>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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 developments,
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, at the time 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; text-indent: 0.5in"><span style="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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Given
the relatively small geographical size of Hong Kong, any of such incidents may have a widespread effect on our Operating Subsidiaries&#8217;
business operations, which could in turn adversely and materially affect our business, 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><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>Changes
in international trade policies, trade disputes, barriers to trade or the emergence of a trade war may dampen growth in Hong Kong, China,
and other potential markets in which our Operating Subsidiaries&#8217; will seek to expand.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Political
events, international trade disputes and other business interruptions could harm or disrupt international commerce and the global economy
and could have a material adverse effect on our Operating Subsidiaries and their customers both current and potential new customers.
International trade disputes could result in tariffs and other protectionist measures, which may materially and adversely affect our
Operating Subsidiaries&#8217; business.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tariffs
could increase the cost of our products which could affect customers&#8217; investment decisions. In addition, political uncertainty,
such as the recent invasion by Russia in Ukraine, and surrounding international trade disputes and their potential of escalation to trade
wars and global recession, could have a negative effect on customer confidence, which could materially and adversely affect our Operating
Subsidiaries&#8217; business. Our Operating Subsidiaries may also have access to fewer business opportunities, and their operations may
be negatively impacted as a result. In addition, the current and future actions, or escalations by either the United States or China,
including those sanctions imposed by the United States and other countries on Russia, and that affect trade relations may cause global
economic turmoil and potentially have a negative impact on our Operating Subsidiaries&#8217; markets, their business, or their results
of operations, as well as the financial condition of their customers. We cannot provide any assurances as to whether such actions will
occur or the form that they may take.</span></p>

<p style="font: 10pt Times 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>Although
the audit report included in this Annual Report is prepared by U.S. auditors who are currently inspected by the PCAOB, there is no guarantee
that future audit reports will be prepared by auditors inspected by the PCAOB and, as such, in the future, investors may be deprived
of the benefits of such inspection. Furthermore, trading in our securities may be prohibited under the HFCA Act if the SEC subsequently
determines our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely, and as a result, U.S.
national securities exchanges, such as the Nasdaq Capital Market, may determine to delist our securities. Furthermore, on June 22, 2021,
the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which was enacted on December 29, 2022, amending the
HFCA Act and requiring the SEC to prohibit an issuer&#8217;s securities from trading on any U.S. stock exchanges if its auditor is not
subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time before the securities may be prohibited
from trading or delisted.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an auditor of companies that are registered with the SEC and publicly traded in the United States and a firm registered with the PCAOB,
our auditor is required under the laws of the United States to undergo regular inspections by the PCAOB to assess their compliance with
the laws of the United States and professional standards. The PCAOB is currently unable to conduct inspections without the approval of
the Chinese government authorities. Currently, our U.S. auditor is inspected by the PCAOB, and we have a manufacturing subsidiary operating
in mainland China. If there is significant change to current political arrangements between mainland China and Hong Kong, companies operating
in Hong Kong like us may face similar regulatory risks as those operated in PRC and we cannot assure you that our auditor&#8217;s work
will continue to be able to be inspected by the PCAOB.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inspections
of other auditors conducted by the PCAOB outside mainland China have at times identified deficiencies in those auditors&#8217; audit
procedures and quality control procedures, which may be addressed as part of the inspection process to improve future audit quality.
The lack of PCAOB inspections of audit work undertaken in mainland China prevents the PCAOB from regularly evaluating auditors&#8217;
audits and their quality control procedures. As a result, if there is any component of our auditor&#8217;s work papers become located
in mainland China in the future, such work papers will not be subject to inspection by the PCAOB. As a result, investors would be deprived
of such PCAOB inspections, which could result in limitations or restrictions to our access of the U.S. capital markets.</span></p>

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


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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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of a continued regulatory focus in the United States on access to audit and other information currently protected by national law,
in particular mainland China&#8217;s, in June 2019, a bipartisan group of lawmakers introduced bills in both houses of the U.S. Congress
which, if passed, would require the SEC to maintain a list of issuers for which PCAOB is not able to inspect or investigate the audit
work performed by a foreign public accounting firm completely. The proposed Ensuring Quality Information and Transparency for Abroad-Based
Listings on our Exchanges (&#8220;EQUITABLE&#8221;) Act prescribes increased disclosure requirements for these issuers and, beginning
in 2025, the delisting from U.S. national securities exchanges, such as the Nasdaq Capital Market, of issuers included on the SEC&#8217;s
list for three consecutive years. It is unclear if this proposed legislation will be enacted. Furthermore, there have been recent deliberations
within the U.S. government regarding potentially limiting or restricting China-based companies from accessing U.S. capital markets.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 20, 2020, the U.S. Senate passed the HFCA Act, which includes requirements for the SEC to identify issuers whose audit work is performed
by auditors that the PCAOB is unable to inspect or investigate completely because of a restriction imposed by a non-U.S. authority in
the auditor&#8217;s local jurisdiction. The U.S. House of Representatives passed the HFCA Act on December 2, 2020, and the HFCA Act was
signed into law on December 18, 2020. Additionally, in July 2020, the U.S. President&#8217;s Working Group on Financial Markets issued
recommendations for actions that can be taken by the executive branch, the SEC, the PCAOB or other federal agencies and department with
respect to Chinese companies listed on U.S. stock exchanges and their audit firms, in an effort to protect investors in the United States.
In response, on November 23, 2020, the SEC issued guidance highlighting certain risks (and their implications to U.S. investors) associated
with investments in China-based issuers and summarizing enhanced disclosures the SEC recommends China-based issuers make regarding such
risks.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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
in the HFCA Act. 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.
We will be required to comply with these rules if the SEC identifies us as having a &#8220;non-inspection&#8221; year under a process
to be subsequently established by the SEC. The final amendments require any identified registrant to submit documentation to the SEC
establishing that the registrant is not owned or controlled by a government entity in the public accounting firm&#8217;s foreign jurisdiction,
and also require, among other things, disclosure in the registrant&#8217;s annual report regarding the audit arrangements of, and government
influence on, such registrants. Under the HFCA Act, our securities may be prohibited from trading on Nasdaq or other U.S. stock exchanges
if our auditor is not inspected by the PCAOB for three consecutive years, and this ultimately could result in our Ordinary Shares being
delisted.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which was enacted on December 29, 2022,
amending the HFCA Act and requiring the SEC to prohibit an issuer&#8217;s securities from trading on any U.S. stock exchanges if its
auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time before our Ordinary Shares
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; text-indent: 0.5in"><span style="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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 22, 2021, the PCAOB adopted a final rule implementing the HFCA Act, which provides a framework for the PCAOB to use when determining,
as contemplated under the HFCA Act, whether the Board is unable to inspect or investigate completely registered public accounting firms
located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 5, 2021, the SEC approved the PCAOB&#8217;s Rule 6100, Board Determinations Under the Holding Foreign Companies Accountable
Act. Rule 6100 provides a framework for the PCAOB to use when determining, as contemplated under the HFCA Act, whether it is unable to
inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by
one or more authorities in that jurisdiction.</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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the HFCA Act.
The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public
accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a
position taken by an authority in foreign jurisdictions (&#8220;Commission-Identified Issuers&#8221;). The final amendments require Commission-Identified
Issuers to submit documentation to the SEC establishing that, if true, it is not owned or controlled by a governmental entity in the
public accounting firm&#8217;s foreign jurisdiction. The amendments also require that a Commission-Identified Issuer that is a &#8220;foreign
issuer,&#8221; as defined in Exchange Act Rule 3b-4, provide certain additional disclosures in its annual report for itself and any of
its consolidated foreign operating entities. Further, the release provides notice regarding the procedures the SEC has established to
identify issuers and to impose trading prohibitions on the securities of certain Commission-Identified Issuers, as required by the HFCA
Act. The SEC will identify Commission-Identified Issuers for fiscal years beginning after December 18, 2020. A Commission-Identified
Issuer will be required to comply with the submission and disclosure requirements in the annual report for each year in which it was
identified. If a registrant is identified as a Commission-Identified Issuer based on its annual report for the fiscal year ended December
31, 2021, the registrant will be required to comply with the submission or disclosure requirements in its annual report filing covering
the fiscal year ended December 31, 2022. The final amendments became effective on January 10, 2022.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.
The PCAOB made its determinations pursuant to PCAOB Rule 6100, which provides a framework for how the PCAOB fulfills its responsibilities
under the HFCA Act. The report further listed in its Appendix A and Appendix B, Registered Public Accounting Firms Subject to the Mainland
China Determination and Registered Public Accounting Firms Subject to the Hong Kong Determination, respectively. Our auditor, Centurion
ZD is headquartered in Hong Kong, and appears as part of the report as Appendix B: Registered Public Accounting Firms Subject to the
Hong Kong Determination.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 26, 2022, the China Securities Regulatory Commission (the &#8220;CSRC&#8221;), the Ministry of Finance of the PRC (the &#8220;MOF&#8221;),
and the PCAOB signed a Statement of Protocol (the &#8220;Protocol&#8221;) to allow the PCAOB to inspect and investigate completely registered
public accounting firms headquartered in mainland China and Hong Kong, consistent with the HFCA Act, and the PCAOB will be required to
reassess its determinations by the end of 2022. Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB
shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer
information to the SEC.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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. On December 29, 2022, the Accelerating Holding Foreign Companies Accountable Act was
enacted, which amended the HFCA Act by decreasing the number of non-inspection years from three years to two, thus reducing the time
period before our common stock may be prohibited from trading or delisted. Notwithstanding the foregoing, in the event it is later determined
that the PCAOB is unable to inspect or investigate completely our auditor, then such lack of inspection could cause our securities to
be delisted from the stock exchange.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC is assessing how to implement other requirements of the HFCA Act, including the listing and trading prohibition requirements described
above. Future developments in respect of increasing U.S. regulatory access to audit information are uncertain, as the legislative developments
are subject to the legislative process and the regulatory developments are subject to the rule-making process and other administrative
procedures.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the CSRC, the SEC and the PCAOB have entered into the SOP Agreements regarding the inspection of PCAOB-registered accounting firms in
mainland China and Hong Kong, there can be no assurance that we will be able to comply with requirements imposed by U.S. regulators if
there is significant change to current political arrangements between mainland China and Hong Kong. Delisting of our Ordinary Shares
would force holders of our Ordinary Shares to sell their Ordinary Shares. The market price of our Ordinary Shares could be adversely
affected as a result of anticipated negative impacts of these executive or legislative actions upon, regardless of whether these executive
or legislative actions are implemented and regardless of our actual operating performance.</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
enactment of the 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 Hong Kong subsidiaries, including two of our Operating Subsidiaries.</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; text-indent: 0.5in"><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 offenses &#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 the 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; 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
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 any our Operating Subsidiaries are determined to be in violation of the Hong Kong National Security Law or the HKAA by competent
authorities, our business operations, financial position, and results of operations could be materially and adversely affected.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business depends on our ability to collect, use, maintain and otherwise process data, including personal data, relating to the production
of our products, the engineering and design of new products and product lines, and sales and marketing efforts. Any limitation imposed
on our collection, use, maintenance or other processing of this data could significantly diminish the value of our Company and cause
us to lose revenue. Compliance with Hong Kong&#8217;s Personal Data (Privacy) Ordinance and any other regulations, legislation or self-regulations
relating to data protection, data privacy, cybersecurity, e-commerce and advertising may entail significant expenses. Uncertainties regarding
the application or interpretation of existing or newly adopted laws and regulations could also threaten our ability to collect, use,
maintain and otherwise process this data which, in turn, could materially harm our business and subject us to significant costs and legal
liability for non-compliance.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Operating Subsidiaries&#8217; business and operations in Hong Kong are subject to data privacy related laws and regulations. In particular,
the Personal Data (Privacy) Ordinance (Chapter 486 of the laws of Hong Kong) (&#8220;PDPO&#8221;) imposes a duty on any data user who,
either alone or jointly with other persons, controls the collection, holding, processing or use of any personal data which relates directly
or indirectly to a living individual and can be used to identify that individual. Under the PDPO, data users shall take all practicable
steps to protect the personal data they hold from any unauthorized or accidental access, processing, erasure, loss, or use. Once collected,
such personal data should not be kept longer than necessary for the fulfilment of the purpose for which it is or is to be used and shall
be erased if it is no longer required, unless erasure is prohibited by law or is not in the public interest.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PDPO also confers on the Privacy Commissioner for Personal Data (&#8220;Privacy Commissioner&#8221;) power to conduct investigations
and institute prosecutions. The data protection principles (collectively, the &#8220;DPP&#8221;), which are contained in Schedule 1 to
the PDPO, outline how data users should collect, handle, and use personal data, complemented by other provisions imposing further compliance
requirements. The collective objective of DPPs is to ensure that personal data is collected on a fully informed basis and in a fair manner,
with due consideration towards minimizing the amount of personal data collected. Once collected, the personal data should be processed
in a secure manner and should only be kept for as long as necessary for the fulfillment of the purposes of using the data. Use of the
data should be limited to or related to the original collection purpose. Data subjects are given certain rights, inter alia: (a) the
right to be informed by a data user whether the data user holds personal data of which the individual is the data subject; (b) if the
data user holds such data, to be supplied with a copy of such data; and (c) the right to request correction of any data they consider
to be inaccurate. The Commissioner may carry out criminal investigations and institute prosecution for certain offenses. Depending on
the severity of the cases, the Privacy Commissioner will decide whether to prosecute or refer cases involving suspected commission to
the Department of Justice of Hong Kong. Victims may also seek compensation by civil action from data users for damage caused by a contravention
of the PDPO. The Commissioner may provide legal assistance to the aggrieved data subjects if the Commissioner deems fit to do so.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our Operating Subsidiaries conducting business operations in Hong Kong have violated certain provisions of the PDPO, we could face significant
civil penalties and/or criminal prosecution. Based on advice of counsel, we believe we have established the necessary protocols and data
collection standards to ensure compliance with the PDPO.</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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Morever,
the increase in attention to and regulation of data protection, data privacy and cybersecurity across the globe in recent years will
require us to further devote resources and incur additional costs associated with compliance. Although we strive to comply with applicable
laws and regulations regarding data protection and data privacy and to inform our suppliers and customer of our business practices, it
is possible that these laws and regulations may be interpreted and applied in a manner that is inconsistent with our data collection,
use, maintenance and other processing practices or that it may be argued that our practices do not comply with Hong Kong&#8217;s Personal
Data (Privacy) Ordinance. Due to rapid changes in technology and the inconsistent interpretations of privacy and data collection and
protection laws and regulations, we may be required to materially change the way we do business. The challenges imposed by the ongoing
need to remain compliant with such laws and regulations, as well as the need to implement any changes due to newly introduced laws and
regulations, may slow our growth, and if we are not able to cope with these challenges as effectively as other companies, we will be
competitively disadvantaged.</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 incorporated under the laws of the Cayman Islands and are subject to its Data Protection Act, which regulates our collection and
processing of personal data of our 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"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
collect, process, and maintain personal data about investors of the Company pursuant to the Data Protection Act, 2021 Revision, of the
Cayman Islands, as amended from time to time as well as any regulations, codes of practice, or orders promulgated pursuant thereto (the
&#8220;DPA&#8221;). We are committed to processing personal data in accordance with the DPA. In our use of personal data, we will be
characterized under the DPA as a &#8220;data controller.&#8221; By virtue of your investment in the Company, we and certain of our third-party
service providers may collect, record, store, transfer and otherwise process personal data by which individuals may be directly or indirectly
identified. Your personal data will be processed fairly and for lawful purposes, including: (i) where the processing is necessary for
us to perform a contract to which you are a party or for taking pre-contractual steps at your request; (ii) where the processing is necessary
for compliance with any legal, tax, or regulatory obligations to which we are subject; or (iii) where the processing is for the purposes
of legitimate interests pursued by us or by a service provider to whom the data are disclosed. As a data controller, we will only use
your personal data for the purposes for which we collected it. We anticipate that we will share your personal data with our third-party
service providers for certain purposes. We may also share relevant personal data where it is lawful to do so and necessary to comply
with our contractual obligations or your instructions, or where it is necessary or desirable to do so in connection with any regulatory
reporting obligations. In exceptional circumstances, we will share your personal data with regulatory, prosecuting, and other governmental
agencies or departments, and parties to litigation (whether pending or threatened), in any country or territory, including to any other
person where we have a public or legal duty to do so (e.g., to assist with detecting and preventing fraud, tax evasion, and financial
crime or compliance with a court order).</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>A
cyberattack, security breach or other unauthorized access or interruption to our information technology systems or those of any third-party
service providers could harm our reputation and subject us to significant liability.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are fully aware that cybersecurity threats, privacy breaches, insider threats or other incidents and malicious internet-based activity
continue to increase, evolve in nature, and become more sophisticated. Information security risks for companies such as ours have significantly
increased in recent years in part because of the proliferation of new technologies, the use of internet and telecommunications technologies
to conduct financial transactions, and the increased sophistication and activities of organized crime, hackers, terrorists, and other
external parties, as well as nation-state and nation-state-supported actors. Many companies that provide services similar to ours have
also reported a significant increase in cyberattack activity since the beginning of the Covid-19 pandemic.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 16, 2024, our Board of Directors approved the authorization of an amendment to the Company&#8217;s Audit Committee Charter (the
&#8220;Audit Committee Charter&#8221;) pursuant to which it adopted a cybersecurity policy (the &#8220;Cybersecurity Policy&#8221;) and
further approving that the Audit Committee will have full authority and powers to implement the Cybersecurity Policy. The Audit Committee
Charter provides the members of the Audit Committee with authorization and authority to conduct continuous analysis of and review for
any potential cybersecurity risks as part of the Company&#8217;s overall risk management program and to create a cyber-resillient organization,
which will contribute to the value preservation of the Company. The Audit Committee Charter further provides authority and responsibility
to the members of the Audit Committee to: (i) understand the economic drivers and impact of cyber risk, including the financial impact
to our Company; (ii) align cyber-risk management policies with the Company&#8217;s business needs by integrating cyber-risk analysis
into significant business decisions; (iii) ensure our Company&#8217;s organizational structure supports cybersecurity goals; and (iv)
incorporate cybersecurity expertise into board governance. See &#8220;Item 16J. Cybersecurity&#8221;.</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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, because we may utilize a third-party contractor to provide these services to us, including cloud, software, data center and
other critical technology, to collect and maintain personal data on our shareholders, we rely heavily on the data security practices
and policies adopted by these third-party service providers. Our ability to monitor our third-party service providers&#8217; data security
is limited. A vulnerability in our or our third-party service providers&#8217; software or systems, a failure of our third-party service
providers&#8217; safeguards, policies or procedures, or a breach of a software or systems could result in the compromise of the confidentiality,
integrity or availability of the data housed. We cannot guarantee that any similar incidents may not occur again and adversely affect
our shareholders. We and our third-party service providers and partners may be unable to anticipate or prevent techniques used in the
future to obtain unauthorized access or to sabotage systems and we cannot guarantee that applicable recovery systems, security protocols,
network protection mechanisms and other procedures are or will be adequate to prevent network and service interruption, system failure
or data loss. In addition, we may also become liable in the event our or our third-party service providers are subject to security breaches,
privacy breaches or other cybersecurity threats. This could expose us to a risk of litigation, indemnity obligations and damages, cause
us to incur significant liability and financial loss and be subject to regulatory scrutiny, investigations, proceedings and fines and
penalties, and require us to expend significant capital and other resources to alleviate problems caused by any such cybersecurity attack
or other security breach or incident and implement additional security measures.</span></p>

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currently do not maintain cybersecurity insurance, and in the event that we were to seek to obtain such insurance coverage, it may not
be available on acceptable terms or may not be available in sufficient amounts to cover one or more large claims in connection with cybersecurity
liabilities. Insurers could also deny coverage as to any future claim.</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 regulations regarding data security or securities offerings that are conducted
overseas and/or other foreign investment in China-based issuers, and any failure to comply with applicable laws and regulations could
have a material and adverse effect on our business, financial condition and results of operations and may hinder our ability to offer
or continue to offer our 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 10, 2021, the Standing Committee of the National People&#8217;s Congress enacted the PRC Data Security Law, which took effect on
September 1, 2021. The law requires data collection to be conducted in a legitimate and proper manner and stipulates that, for the purpose
of data protection, data processing activities must be conducted based on data classification and hierarchical protection system for
data security.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 certain activities in the securities market and promote the high-quality development of the capital
markets, 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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August 20, 2021, the 30th meeting of the Standing Committee of the 13th National People&#8217;s Congress voted and passed the &#8220;Personal
Information Protection Law of the People&#8217;s Republic of China&#8221;, or the &#8220;PRC Personal Information Protection Law&#8221;,
which became effective on November 1, 2021. The PRC Personal Information Protection Law applies to the processing of personal information
of natural persons within the territory of China that is carried out outside of China where (1) such processing is for the purpose of
providing products or services for natural persons within China, (2) such processing is to analyze or evaluate the behavior of natural
persons within China, or (3) there are any other circumstances stipulated by related laws and administrative regulations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 24, 2021, the China Securities Regulatory Commission (&#8220;CSRC&#8221;), together with other relevant government authorities
in China issued the Provisions of the State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies
(Draft for Comments), and the Measures for the Filing of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments)
(&#8220;Draft Overseas Listing Regulations&#8221;). The Draft Overseas Listing Regulations requires that a PRC domestic enterprise seeking
to issue and list its shares overseas (&#8220;Overseas Issuance and Listing&#8221;) shall complete the filing procedures of and submit
the relevant information to CSRC. The Overseas Issuance and Listing includes direct and indirect issuance and listing. Where an enterprise
whose principal business activities are conducted in the PRC seeks to issue and list its shares in the name of an overseas enterprise
(&#8220;Overseas Issuer&#8221;) on the basis of the equity, assets, income or other similar rights and interests of the relevant PRC
domestic enterprise, such activities shall be deemed an indirect overseas issuance and listing (&#8220;Indirect Overseas Issuance and
Listing&#8221;) under the Draft Overseas Listing Regulations.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 28, 2021, the CAC jointly with the relevant authorities formally published Measures for Cybersecurity Review (2021) which took
effect on February 15, 2022 and replace the former Measures for Cybersecurity Review (2020) issued on April 13, 2020. Measures for Cybersecurity
Review (2021) stipulates that operators of critical information infrastructure purchasing network products and services and online platform
operators (together with the operators of critical information infrastructure, the &#8220;Operators&#8221;) carrying out data processing
activities that affect or may affect national security, shall conduct a cybersecurity review, any and online platform operator who controls
more than one million users&#8217; personal information must go through a cybersecurity review by the cybersecurity review office if
it seeks to be listed in a foreign country.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Operating Subsidiaries may in the future collect and store certain data (including certain personal information) from our customers,
who may be PRC individuals, in connection with our business and operations and for &#8220;Know Your Customers&#8221; purposes (to combat
money laundering). Given that: (i) two of our Operating Subsidiaries are incorporated and located in Hong Kong and the other Operating
Subsidiary is incorporated and located in China; (ii) we have an Operating Subsidiary engaged in business operations in mainland China;
and (iii) pursuant to the Basic Law of the Hong Kong Special Administrative Region (the &#8220;Basic Law&#8221;), which is a national
law of the PRC and the constitutional document for Hong Kong, national laws of the PRC 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 defense and foreign affairs, as well as other matters
outside the autonomy of Hong Kong), we currently may expect the Measures for Cybersecurity Review (2021), the PRC Personal Information
Protection Law and the Draft Overseas Listing Regulations to have an impact on 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
statements and regulatory actions are new, and it is highly uncertain how soon the legislative or administrative regulation making bodies
will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated,
if any. It is also highly uncertain what the potential impact such modified or new laws and regulations will have on the daily business
operations of our Operating Subsidiaries, their respective abilities to accept foreign investments and the listing of our Ordinary Shares
on a U.S. or other foreign exchanges. There remains significant uncertainty in the interpretation and enforcement of relevant PRC cybersecurity
laws and regulations. If the Draft Overseas Listing Regulations are adopted into law in the future and becomes applicable to our Operating
Subsidiaries, if any of our Operating Subsidiaries is deemed to be an &#8220;Operator&#8221; required to file for cybersecurity review
before listing in the United States or if the Measures for Cybersecurity Review (2021) or the PRC Personal Information Protection Law
becomes applicable to our Operating Subsidiaries, the business operations of our Operating Subsidiaries and the listing of our Ordinary
Shares in the United States could be subject to the CAC&#8217;s cybersecurity review or CSRC Overseas Issuance and Listing review in
the future. If our Operating Subsidiaries become subject to the CAC or CSRC review, we cannot assure you that our Operating Subsidiaries
will be able to comply with the regulatory requirements in all respects, and the current practice of collecting and processing personal
information may be ordered to be rectified or terminated by regulatory authorities. In the event of a failure to comply, our Operating
Subsidiaries may become subject to fines and other penalties, which may have a material adverse effect on our business, operations, and
financial condition, may hinder our ability to offer or continue to offer Ordinary Shares to investors and cause the value of our Ordinary
Shares to significantly decline or be worthless.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Chinese government chooses to exert more oversight and control over offerings that are conducted overseas and/or foreign investment
in China-based issuers, such action 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. As of the date of this Annual Report,
and based on the advice of our PRC counsel, Sundial Law Firm, we believe that we are in full compliance with the rules and regulations
promulgated by the CAC and CSRC and associated policies as issued to current date.</span></p>

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


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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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
recent statements, laws, and regulations by the Chinese government, including the Measures for Cybersecurity Review (2021), the PRC Personal
Information Protection Law and the Draft Overseas Listing Regulations, have indicated an intent to exert greater oversight and control
over offerings that are conducted overseas and/or foreign investments in China-based issuers. It is uncertain whether the Chinese government
will adopt additional requirements or extend the existing requirements to apply to our Operating Subsidiaries located in Hong Kong. We
could be subject to approval or review of Chinese regulatory authorities. 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.</span></p>

<p style="font: 10pt Times 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
the Chinese government were to impose new requirements for approval from the PRC authorities to issue the Company&#8217;s Ordinary Shares
to foreign investors or list on a foreign exchange, 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 in value or become 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recently,
the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued
the &#8220;Opinions on Severely Cracking Down on Illegal Securities Activities According to Law,&#8221; or &#8220;the Opinions,&#8221;
which were made available to the public on July 6, 2021. The Opinions emphasized the need to strengthen the administration over illegal
securities activities and the need to strengthen the supervision over overseas listings by Chinese companies.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the advice of PRC counsel, Sundial Law Firm, and our understanding of currently applicable PRC laws and regulations, the Company and
its PRC subsidiaries: (i) are not currently required to obtain permissions from any PRC authorities to operate or to issue securities
to foreign investors; (ii) are not subject to permission requirements from the China Securities Regulatory Commission (the &#8220;CSRC&#8221;),
the Cyberspace Administration of China (the &#8220;CAC&#8221;) or any other entity that is required to approve their operations; and
(iii) have not been denied any permissions by any PRC authorities. In addition, Fenbo Industries Limited, our Hong Kong subsidiary that
owns 100% of the outstanding shares of Fenbo Plastic Products Factory (Shenzhen) Ltd., is afforded the legal protections of national
treatment under the Foreign Investment Law of the People&#8217;s Republic of China.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we have erroneously concluded that these permission requirements do not apply to us, or if applicable laws, regulations, or interpretations
change, and it is determined in the future that the permission requirements become applicable to us, we may be subject to review, may
face challenges in addressing these requirements and may incur substantial costs in complying with these requirements, which could result
in material adverse changes in our business operations and financial position. In addition, if we are not able to fully comply with the
Measures for Cybersecurity Review (2021 version) or if the Opinions come into effect and are determined to be applicable to us, our ability
to offer or to continue to offer securities to investors may be significantly limited or completely hindered, and our securities may
significantly decline in value or become worthless.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Given
the current PRC regulatory environment, it is uncertain whether the Company will be required to obtain permission from the PRC government
to list on U.S. exchanges in the future, and if such permission is required, whether it will be denied or later rescinded. We have been
closely monitoring regulatory developments in China regarding any necessary approvals from the CSRC or other PRC governmental authorities
required for overseas listings. As of the date of this Annual Report, we have not received any inquiry, notice, warning, sanctions, or
regulatory objection to our recent IPO from the CSRC or other PRC governmental authorities. However, there remains significant uncertainty
as to the enactment, interpretation and implementation of regulatory requirements related to overseas securities offerings and other
capital markets activities.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Administration Provision and the Measures (Draft for Comments), only new offerings and refinancing by existent overseas listed
Chinese companies will be required to go through the filing process with PRC administrations; other existent overseas listed companies
will be allowed sufficient transition period to complete their filing procedure, which means if we complete the offering prior to the
effectiveness of Administration Provisions and Measures, we will certainly go through the filing process in the future, perhaps because
of refinancing or given by sufficient transition period to complete filing procedure as an existent overseas listed Chinese company.</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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
February 17, 2023, with the approval of the State Council, the CSRC promulgated the Trial Administrative Measures of Overseas Securities
Offering and Listing by Domestic Companies, or the Trial Measures, and five supporting guidelines, which became effective on March 31,
2023. Pursuant to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly,
shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures within three working days following
their submission of initial public offerings or listing applications. If a domestic company fails to complete the required filing procedures
or conceals any material fact or falsifies any major content in its filing documents, such domestic company may be subject to administrative
penalties, such as an order to rectify, warnings and fines, and its controlling shareholders, actual controllers, the person directly
in charge and other directly liable persons may also be subject to administrative penalties, such as warnings and fines; (ii) if the
issuer meets both of the following criteria, the overseas offering and listing conducted by such issuer shall be deemed an indirect overseas
offering and listing by a PRC domestic company: (A) 50% or more of any of the issuer&#8217;s operating revenue, total profit, total assets
or net assets as documented in its audited consolidated financial statements for the most recent fiscal year were derived from PRC domestic
companies; and (B) the majority of the issuer&#8217;s business activities are carried out in mainland China, or its main place(s) of
business are located in mainland China, or the majority of its senior management team in charge of its business operations and management
are PRC citizens or have their usual place(s) of residence located in mainland China; and (C) where a PRC domestic company is seeking
an indirect overseas offering and listing in an overseas market, the issuer shall designate a major domestic operating entity responsible
for all filing procedures with the CSRC, and where an issuer makes an application for an initial public offering or listing in an overseas
market, the issuer shall submit filings with the CSRC within three business days after such application is submitted.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
it is determined in the future that the approval of the CSRC, the CAC or any other regulatory authority is required for IPO future offerings,
we may face sanctions by the CSRC, the CAC or other PRC regulatory agencies. These regulatory agencies may impose fines and penalties
on our operations in China, limit our ability to pay dividends outside of China, limit our operations in China, delay or restrict the
repatriation of the proceeds from our IPO into China or take other actions that could have a material adverse effect on our business,
financial condition, results of operations and prospects, as well as the trading price of our securities. The CSRC, the CAC, or other
PRC regulatory agencies also may take actions requiring us, or making it advisable for us, to halt any future public offerings before
settlement and delivery of our Ordinary Shares to future investors. Consequently, if investors engage in market trading or other activities
in anticipation of and prior to settlement and delivery of our Ordinary Shares, such investors do so at the risk that settlement and
delivery may not occur. In addition, if the CSRC, the CAC or other regulatory PRC agencies later promulgate new rules requiring that
we obtain their approvals for future public offerings, we may be unable to obtain a waiver of such approval requirements, if and when
procedures are established to obtain such a waiver. Any uncertainties and/or negative publicity regarding such an approval requirement
could have a material adverse effect on the trading price of our securities.</span></p>

<p style="font: 10pt Times 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 Operating Subsidiaries&#8217; Business Operations</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 one major customer, and if we fail to retain this customer or attract new customers, our business, financial condition, results
of operations, and growth prospects will be harmed.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely on one key customer who contributed approximately 100% of our total revenues for the fiscal year ended December 31, 2023, 2022 and
2021. We do not have a long-term agreement with our key customer and their purchases are made on an order-by-order basis. Our business
with this customer has been, and we expect it will continue to be, conducted based on the actual orders received from time to time. Our
sole customer is not obligated in any way to continue placing orders with us at the same or increasing levels, or at all. Our customer&#8217;s
level of demand for our products may fluctuate significantly from period to period. Such fluctuation is attributable mainly to changes
in our customer&#8217;s business strategies, operational needs, product portfolio as well as consumer trends. The loss of our sole customer,
or if we are unable to attract new customers or if our existing customer decreases their spending on the products we offer, or fails
to make repeat purchases of our products, will harm our business, financial condition, results of operations, and growth prospects.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><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>Our
one key customer may take actions that adversely affect our gross profit and operating results</i>.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are dependent upon our one key customer whose bargaining strength is substantial and growing. We may be negatively affected by changes
in their policies, such as price and term demands, special packaging, shorter lead times for the delivery of products, smaller and more
frequent shipments, or other conditions. If we do not effectively respond to these demands, this customer could decrease their purchases
from us and a reduction in the demand for our products or the costs of complying with their business demands could have a material adverse
effect on our business, operating results, 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>Our
ability to deliver products to our key customer in a timely manner and to satisfy our customer&#8217;s fulfillment standards are subject
to several factors, some of which are beyond our 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
key customer places great emphasis on timely delivery of our products for specific selling seasons, especially during our third fiscal
quarter, and on the fulfillment of consumer demand throughout the year. We cannot control all of the various factors that might affect
our product delivery. Production delays, difficulties encountered in shipping from overseas, customs clearance delays, and operational
issues with any of the third-party logistics providers we use are on-going risks of our business. Accordingly, we are subject to risks,
including labor disputes, inclement weather, public health crises (such as pandemics and epidemics), natural disasters, possible acts
of terrorism, port and canal backlogs and blockages, availability of shipping containers, and increased security restrictions associated
with the carriers&#8217; ability to provide delivery services to meet our shipping needs. These risks have been exacerbated by surges
in demand and shifts in shopping patterns related to COVID-19, which has resulted in carrier-imposed capacity restrictions, carrier delays,
and longer lead times for our products. Failure to deliver products to our key customer in a timely and effective manner could damage
our reputation and result in the loss of our key customer or reduced orders, which could have a material adverse effect on our business,
operating results, 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>To
compete successfully in the global marketplace, we must develop and introduce innovative new products to meet changing consumer preferences.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
long-term success in the competitive personal care electric appliance industry depends on our ability to develop and commercialize a
continuing stream of innovative new products that meet changing consumer preferences and take advantage of opportunities sooner than
our competition. We face the risk that our competitors will introduce innovative new products that compete with our products. There are
numerous uncertainties inherent in successfully developing and commercializing new products on a continuing basis and new product launches
may not deliver expected growth in sales or operating income. If we are unable to develop and introduce a continuing stream of competitive
new products it may have an adverse effect on our business, operating results, 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>Our
Operating Subsidiaries may not be able to obtain or maintain all necessary licenses, permits and approvals and to make all necessary
registrations and filings for their business activities in multiple jurisdictions and related to residents.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the relevant laws and regulations in the PRC, our Operating Subsidiaries are required to maintain various approvals,
licenses and permits to operate their businesses, including, but not limited to, business licenses. These approvals, licenses and permits
are obtained upon satisfactory compliance with, among other things, the applicable laws, and regulations.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Operating Subsidiaries may be subject to a large number of regulatory measures imposed by various governmental entities in the PRC as
follows: (i) Regulations Relating to Competition; (ii) Electronical Commerce Law; (iii) Regulations Relating to Intellectual Property:
Copyright, Trademark, Patent and Domain Name; (iv) Regulations on Offshore Parent Holding Companies&#8217; Direct Investment in and Loans
to their PRC Subsidiaries; (v) Regulations Relating to Foreign Exchange; (vi) Regulations Relating to Dividend Distributions; (vii) Regulations
Relating to Overseas Listings; (viii) Regulations Relating to Employment; (ix) Regulations Relating to Customer Rights Protection; and
(x) Regulations Relating to Tax: Income Tax, Value-Added Tax. As of the date of this Annual Report, our Operating Subsidiaries have received
all necessary governmental approvals and licenses for operations in the PRC and have not been denied any such licenses or approvals.</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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
our Operating Subsidiaries are also subject to laws, regulations and policies relating to the protection of the environment and to workplace
health and safety and may be adversely affected by new and changing laws and regulations. They are required to adopt measures to control
the discharge of polluting matters, toxic substances or hazardous substances and noise at their facilities in accordance with such applicable
laws and regulations and to implement such measures that ensure the safety and health of their employees. Changes to current laws, regulations
or policies or the imposition of new laws, regulations, and policies in the personal care electric appliance industry could impose new
restrictions or prohibitions on their current practices. Our Operating Subsidiaries may incur significant costs and expenses and need
to budget additional resources to comply with any such requirements, which may have a material and adverse effect on their business,
financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this Annual Report, our Operating Subsidiaries have received all substantial and necessary governmental approvals for
operations in the PRC and Hong Kong. However, in the event that our Operating Subsidiaries fail to renew the relevant licenses or filings,
there is no assurance that our Operating Subsidiaries can find suitable suppliers in a timely manner or on reasonable commercial terms,
or that such suppliers will at all times perform in a satisfactory level. Therefore, our Operating Subsidiaries&#8217; business, reputation,
prospects, results of operations and financial condition may be materially and adversely affected. For further discussion, including
the possible consequences for non-compliance, see &#8220;Regulatory Environment.&#8221;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Significant
changes in or our compliance with regulations, interpretations or product certification requirements could adversely impact our operations.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to U.S. and foreign regulations, including environmental, health and safety laws, and industry-specific product certifications.
Our products we sell are subject to product safety laws and regulations in various jurisdictions. These laws and regulations specify
product safety testing requirements, and set product identification, labeling and claim requirements.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
new regulations, material changes to existing regulations, or greater oversight, enforcement, or changes in interpretation of existing
regulations, could further delay or interrupt distribution of our products in the U.S. and other countries, result in fines or penalties
or cause our costs of compliance to increase. We cannot guarantee that our products will receive regulatory approval in all countries.
Some of our personal care electronic appliances require various safety certifications, including UL certifications. Significant new certification
requirements or changes to existing certification requirements could further delay or interrupt distribution of our products or make
them more costly to produce.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not able to predict the nature of potential changes to, or enforcement of laws, regulations, product certification requirements,
repeals, or interpretations. Nor are we able to predict the impact that any of these changes would have on our business in the future.
Further, if we were found to be noncompliant with applicable laws and regulations in these or other areas, we could be subject to governmental
or regulatory actions, including fines, import detentions, injunctions, product withdrawals or recalls or asset seizures, any of which
could have a material adverse effect on our business, results of operations 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>Our
business may be adversely impacted by product defects or other quality issues.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 32.05pt"><span style="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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Product
defects or other quality issues can occur throughout the product development, design, and manufacturing processes. Any product defects
or any other failure of our products or substandard product quality could harm our reputation and result in adverse publicity, lost revenues,
delivery delays, product recalls, relationships with our network partners and other business partners, product liability claims, administrative
penalties, harm to our brand and reputation, and significant warranty and other expenses, and could have a material adverse impact on
our business, financial condition, operating results and prospects.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><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>Our
Operating Subsidiaries&#8217; business and operations may be materially and adversely affected in the event of a re-occurrence or a prolonged
global pandemic outbreak of COVID-19.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
global pandemic outbreak of COVID-19 announced by the World Health Organization in early 2020 has disrupted our Operating Subsidiaries&#8217;
operations and the operations of their customers, suppliers and/or sub-contractors. If the development of the COVID-19 outbreak becomes
more severe or new and more deadly variants occur resulting in more stringent regulatory measures being taken, such as complete lockdowns,
our Operating Subsidiaries may be forced to close down their businesses after any prolonged disruptions to their operations, and our
Operating Subsidiaries may experience a termination of certain of their contracts by their customer. In such event, our Operating Subsidiaries&#8217;
operations may be severely disrupted, which may have a material and adverse effect on our business, financial condition, and results
of operations. In addition, if any of our Operating Subsidiaries&#8217; employees are suspected of having contracted COVID-19, some or
all of such employees may be quarantined, and our Operating Subsidiaries will be required to disinfect their workplaces and facilities.
In the event that our Operating Subsidiaries&#8217; employees are placed under quarantine orders, our Operating Subsidiaries may face
a shortage of labor and their operations may be severely disrupted. Our Operating Subsidiaries&#8217; revenue and profitability may also
be materially affected if the COVID-19 outbreak or new outbreaks continue to materially affect the overall economic and market conditions
in Hong Kong or China, as the economic slowdown and/or negative business sentiment could potentially have an adverse impact on our Operating
Subsidiaries&#8217; business and operations. We are uncertain as to when any new outbreaks of COVID-19 will be contained, and we cannot
predict if the impact of any such outbreaks or associated lockdown measures will be short-lived or long-lasting. If the outbreaks of
COVID-19 are not effectively controlled within a short period of time, our business, financial condition, results of operations and prospects
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; text-indent: 0.5in"><span style="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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
first cases of the BA.5 variant of COVID-19 in China were detected in the first week of July. In Shanghai, authorities ordered mass testing
for 12 of its 16 districts in response to new infections linked to a karaoke bar. Although the Chinese government lifted a months-long
lockdown in Shanghai in June 2022, Shanghai remains subject to COVID-19 restrictions based on frequent testing. As of the date of this
Annual Report, our Operating Subsidiaries&#8217; business operations have not been adversely affected by the BA.5 variant.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Global
climate change and related legal and regulatory developments could negatively affect our business, results of operations, liquidity,
and financial condition.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
effects of climate change resulting from increased concentrations of carbon dioxide and other greenhouse gases in the atmosphere, such
as <span style="background-color: white">droughts, heat waves, flooding, wildfires, increased storm severity, sea level rise, and power
outages or shortages, particularly in certain regions in which we operate, may materially adversely impact our business. China, where
our manufacturing operations are conducted, is presently undergoing the worst heat wave in 60 years while also contending with a prolonged
drought drying up reservoirs and crippling hydropower stations. This has resulted in power shortages and factories having to cease or
limit their production operations. While the Company has not experienced any disruptions in the operations of its manufacturing operating
subsidiary, any such disruptions could have a material adverse effect on its business, operations, liquidity, and financial condition.</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><i>An
economic downturn may adversely affect consumer discretionary spending and demand for our products and services.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 32.05pt"><span style="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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
products and services may be considered discretionary items for consumers. Factors affecting the level of consumer spending for such
discretionary items include general economic conditions and other factors, such as consumer confidence in future economic conditions,
consumer sentiment, the availability and cost of consumer credit, levels of unemployment, and tax rates. Unfavorable economic conditions
may lead consumers to delay or reduce purchases of our products and services and consumer demand for our products and services may not
grow as we expect. Our sensitivity to economic cycles and any related fluctuation in consumer demand for our products and services may
have an adverse effect on our operating results and financial condition.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
war in Ukraine and shipping disruptions in the Red Sea could materially and adversely affect our business and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
recent outbreak of war in Ukraine has already affected global economic markets, including a dramatic increase in the price of oil and
gas, and the uncertain resolution of this conflict could result in protracted and/or severe damage to the global economy. Russia&#8217;s
recent military interventions in Ukraine have led to, and may lead to, additional sanctions being levied by the United States, the European
Union, and other countries against Russia and possibly countries that support, directly or indirectly, Russia&#8217;s incursion. Russia&#8217;s
military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the businesses
of our customers, even though we do not have any direct exposure to Russia or the adjoining geographic regions. The extent and duration
of the military action, sanctions and resulting market disruptions are impossible to predict, but could be substantial. Any such disruptions
caused by Russian military action or resulting sanctions may magnify the impact of other risks described herein. We cannot predict the
progress or outcome of the situation in Ukraine, as the conflict and governmental reactions are rapidly developing and beyond their control.
Prolonged unrest intensified military activities or more extensive sanctions impacting the region could have a material adverse effect
on the global economy, and such effect could in turn have a material adverse effect on our business, financial condition, results of
operations and prospects.</span></p>

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


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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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recently
there have been shipping disruptions in the Red Sea and surrounding waterways due to attacks on marine vessels by the Houthi movement
which controls part of Yemen. These disruptions may impact our ability to distribute our products to our customers in a cost-effective
and timely manner and to meet our customers&#8217; demands, all of which could have an adverse effect on financial condition and results
of operations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
Operating Subsidiaries rely on our management team and employees in their business.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
experienced executive directors and senior management team are one of the key factors contributing to our Operating Subsidiaries&#8217;
success. Their extensive experience and knowledge of the personal care electric appliance industry help formulate and implement business
strategy and foster growth of our Operating Subsidiaries&#8217; business. Particularly, we rely on our Executive Director, Mr. Li Kin
Shing, in the overall management, strategic planning and development and daily operation of our Operating Subsidiaries. The loss of services
of our Executive Director or of senior management members without timely and suitable replacement may cause disruption or loss of our
Operating Subsidiaries&#8217; business operation and prospects. Please refer to &#8220;Management &#8211; Executive Officers and Directors,&#8221;
&#8220;&#8211; Independent Non-Executive Directors&#8221; and &#8220;&#8211; Senior Management/Key Personnel&#8221; in this Annual Report
for details about the experience and roles of our Executive Directors, independent non-executive Directors, and senior management.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aside
from our key management, our Operating Subsidiaries also rely on our employees for their daily operations. Our Operating Subsidiaries&#8217;
results of operations and business performance may be materially and adversely affected if we cannot retain the services of our employees
and recruit suitable replacements in a timely manner.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
Operating Subsidiaries derive a significant portion of their revenue from international operations and are exposed to foreign exchange
risk</i></b>. <b><i>Moreover, fluctuations in exchange rates could have a material and adverse effect on our results of operations and
the value of your investment</i></b>.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Most
of our Operating Subsidiaries&#8217; sales are settled in USD. Our Operating Subsidiaries currently do not have a foreign currency hedging
policy. For the fiscal year ended December 31, 2023, our Operating Subsidiaries recorded a net foreign exchange gain of approximately
HK$213,000. For the fiscal year ended December 31, 2022, our Operating Subsidiaries did not record any foreign exchange gain or loss whereas
for the fiscal year ended December 31, 2021, our Operating Subsidiaries recorded a net foreign exchange gain of approximately HK$459,000.
Significant volatility in foreign exchange rates may negatively affect our results of operations and other comprehensive income.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our Operating Subsidiaries&#8217; revenues and expenses will also be denominated in Hong Kong dollars. Although the exchange
rate between of the Hong Kong dollar to the U.S. dollar has been pegged since 1983, we cannot assure you that the Hong Kong dollar will
remain pegged to the U.S. dollar. Any significant fluctuations in the exchange rates between Hong Kong dollars and U.S. dollars may have
a material adverse effect on our Operating Subsidiaries&#8217; revenue and financial condition. For example, to the extent that we were
required to convert U.S. dollars we received from our IPO into Hong Kong dollars for our Operating Subsidiaries&#8217; operations, fluctuations
in the exchange rates of the Hong Kong dollar against the U.S. dollar would have an adverse effect on the amounts we receive from the
conversion. We have not used any forward contracts, futures, swaps, or currency borrowings to hedge our exposure to foreign currency
risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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
Operating Subsidiaries are exposed to the credit risk of their customers</i></b>.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
credit risk exposure of our Operating Subsidiaries mainly arises from trade receivables from our customers. As of December 31, 2023,
2022 and 2021, our Operating Subsidiaries&#8217; accounts receivables amounted to approximately HK$31,486,000, HK$32,938,000 and HK$46,395,000,
respectively, which represented approximately 30.6%, 41.2% and 49.3% of total assets, respectively. For the fiscal years ended December
31, 2023, 2022 and 2021, our Operating Subsidiaries did not record any impairment/reversal of accounts receivables. However, our Operating
Subsidiaries are still subject to the credit risk of their customers and their liquidity is dependent on their customers making prompt
payments.</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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
our Operating Subsidiaries&#8217; suppliers generally offer them a credit period of 30 days to 60 days, while our Operating Subsidiaries
generally grant their customers a credit period ranging from 30 days to 90 days. The longer credit period granted to our Operating Subsidiaries&#8217;
customers compared to that offered by their suppliers indicates a potential risk of a possible cash flow shortage, which may affect the
liquidity of their business. In the event that our Operating Subsidiaries experience a cash flow shortage when their customers do not
make settlements on a timely manner, the financial position, profitability, and cash flow of our Operating Subsidiaries may be adversely
affected.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
Operating Subsidiaries may be harmed by negative publicity.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Operating Subsidiaries operate in highly competitive industries, and there are other companies in the market that offer similar products
and services. They derive most of their customers through word of mouth and rely on the positive feedback of their customers. Thus, customer
satisfaction with our Operating Subsidiaries&#8217; products is critical to the success of their business. If our Operating Subsidiaries
fail to meet our customer&#8217;s expectations, there may be negative feedback which may have an adverse impact on our Operating Subsidiaries&#8217;
business and reputation. In the event that our Operating Subsidiaries are unable to maintain a high level of customer satisfaction, or
any customer dissatisfaction is inadequately addressed, our Operating Subsidiaries&#8217; business, financial condition, results of operations
and prospects may also 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Operating Subsidiaries&#8217; reputation may also be adversely affected by negative publicity in reports and publications such as major
newspapers and forums or any other negative publicity or rumors. There is no assurance that our Operating Subsidiaries will not experience
negative publicity in the future or that such negative publicity will not have a material and adverse effect on their reputation or prospects.
This may result in our Operating Subsidiaries&#8217; being unable to attract new customers or retain existing customers and may in turn
adversely affect their business and results of operations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be unable to successfully implement our business strategies and future plans for our Operating Subsidiaries.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of our business strategies and future plans, we intend to expand our Operating Subsidiaries&#8217; operations. While we have planned
such expansion based on our outlook regarding our Operating Subsidiaries&#8217; business prospects, there is no assurance that such expansion
plans will be commercially successful or that the actual outcome of those expansion plans will match our expectations. The success and
viability of our expansion plans are dependent upon our ability to successfully implement our development projects, hire and retain skilled
employees to carry out our Operating Subsidiaries&#8217; product development and new market strategies and future plans and implement
strategic business development and marketing plans effectively and upon an increase in demand for their products by existing and new
customers in the future.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
the implementation of our business strategies and future plans for our Operating Subsidiaries&#8217; business operations may require
substantial capital expenditure and additional financial resources and commitments. There is no assurance that these business strategies
and future plans will achieve the expected results or outcome such as an increase in revenue that will be commensurate with our investment
costs or the ability to generate any cost savings, increased operational efficiency and/or productivity improvements to our Operating
Subsidiaries&#8217; operations. There is also no assurance that we will be able to obtain financing on terms that are favorable, if at
all. If the results or outcome of our future plans do not meet our expectations, including if our Operating Subsidiaries fail to achieve
a sufficient level of revenue or fail to manage their costs efficiently, we may not be able to recover our investment costs, and our
business, financial condition, results of operations and prospects may be adversely affected.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Our Operating Subsidiaries&#8217; 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>An
economic downturn may adversely affect consumer discretionary spending and demand for our products and services.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 32.05pt"><span style="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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
personal care electric appliance products may be considered discretionary items for consumers. Factors affecting the level of consumer
spending for such discretionary items include general economic conditions and other factors, such as consumer confidence in future economic
conditions, consumer sentiment, the availability and cost of consumer credit, levels of unemployment, and tax rates. Unfavorable economic
conditions may lead consumers to delay or reduce purchases of our products and consumer demand for our products and services may not
grow as we expect. Our sensitivity to economic cycles and any related fluctuation in consumer demand for our products and services may
have an adverse effect on our operating results and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 32.05pt"><span style="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 Securities</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>As
of the date of this Annual Report, we: (i) are not required to obtain permissions from any PRC authorities to operate or issue our Ordinary
Shares to foreign investors; (ii) are not subject to permission requirements from the China Securities Regulatory Commission (the &#8220;CSRC&#8221;),
the Cyberspace Administration of China (the &#8220;CAC&#8221;) or any other entity that is required to approve of our PRC subsidiaries&#8217;
operations; and (iii) have not received or were denied such permissions by any PRC authorities. Given the current PRC regulatory environment,
it is uncertain when and whether we will be required to obtain permission from the PRC government to list on U.S. exchanges in the future,
and even when such permission is obtained, whether it will be denied or rescinded.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this Annual Report, we: (i) are not required to obtain permissions from any PRC authorities to operate or issue our Ordinary
Shares to foreign investors; (ii) are not subject to permission requirements from the China Securities Regulatory Commission (the &#8220;CSRC&#8221;),
the Cyberspace Administration of China (the &#8220;CAC&#8221;) or any other entity that is required to approve of our PRC subsidiaries&#8217;
operations; and (iii) have not received or were denied such permissions by any PRC authorities. We are also currently not required to
obtain any pre-approval from Chinese authorities to list on a U.S. stock exchange, including the NYSE, Nasdaq, or any of the Nasdaq Markets.
Given the current PRC regulatory environment, it is uncertain when and whether we will be required to obtain permission from the PRC
government to list on U.S. exchanges in the future, and even when such permission is obtained, whether it will be denied or rescinded.
As of the date of this Annual Report, we have not received any inquiry, notice, warning, sanctions, or regulatory objection to our recent
IPO from the CSRC or other PRC governmental authorities. However, if we are required to obtain approval in the future and are denied
permission from Chinese authorities to list on U.S. exchanges, we will not be able to list on a U.S. exchange, which would materially
affect the interest of our investors.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
response to recent data security concerns arising from overseas listings of Chinese internet companies operating in the PRC, on January
4, 2022, the Cyberspace Administration of China (the &#8220;CAC&#8221;) issued revised measures to expand the types of businesses and
circumstances that would require cybersecurity review by the CAC. We believe that we may be directly subject to these regulatory actions
or statements as our Operating Subsidiaries&#8217; business involves the collection of user data and may implicate cybersecurity and
involve any other type of restricted industry. Because these statements and regulatory actions are new, however, it is highly uncertain
how soon legislative or administrative regulation making bodies in China will respond to them, or what existing or new laws or regulations
will be modified or promulgated, if any, or what the potential impact any such modified or new laws and regulations will be on our Operating
Subsidiaries&#8217; daily business operations or our ability to accept foreign investments and list on a U.S. exchange. For further information,
see &#8220;Risks Factors &#8211; Risks Related to Doing Business in the People&#8217;s Republic of China and Hong Kong.&#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"><b><i>Any
future action by the Chinese government to exert more oversight and control over offerings that are conducted overseas and/or foreign
investment in China-based issuers or expanding the categories of industries and companies whose foreign securities offerings are subject
to government review could significantly limit or completely hinder our ability to offer or continue to offer securities to investors
and cause the value of our securities to significantly decline or the securities to become 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recent
statements by the Chinese government have indicated an intent to exert greater oversight and control over offerings that are conducted
overseas and/or over foreign investments in China-based issuers. 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>

<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>


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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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
we could be subject to various government and regulatory interference in the regions in which we operate, which could result in a material
change in our operations and the value of the securities. Pursuant to Article 6 of the Revised Draft, companies holding data of more
than one million users must now apply for cybersecurity approval when seeking overseas listings because of the risk that such data and
personal information could be &#8220;affected, controlled, and maliciously exploited by foreign governments.&#8221; As confirmed by our
PRC counsel, Sundial Law Firm we currently are not subject to cybersecurity review with the CAC to conduct business operations in China,
given that: (i) we are not the &#8220;operator of critical information infrastructure&#8221; or &#8220;online platform operator&#8221;
(ii) we do not possess a large amount of personal information in our business operations, and (iii) as of the date of this Annual Report,
we have not been involved in any investigations initiated by the CAC, nor have we received any inquiry, notice, warning or sanction in
such respect.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 17, 2023, with the approval of the State Council, the China Securities Regulatory Commission (the &#8220;CSRC&#8221;) promulgated
the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (&#8220;Trial Measures&#8221;), and
five supporting guidelines, which came into effect on March 31, 2023. Pursuant to the <i>Trial Measures</i>, domestic companies that
seek to offer or list securities overseas, both directly and indirectly, shall complete filing procedures with the CSRC pursuant to the
requirements of the <i>Trial Measures </i>within three working days following their submission of initial public offerings or listing
applications. If a domestic company fails to complete the required filing procedures or conceals any material fact or falsifies any major
content in its filing documents, such domestic company may be subject to administrative penalties, such as an order to rectify, warnings
and fines, and its controlling shareholders, actual controllers, the person directly in charge and other directly liable persons may
also be subject to administrative penalties, such as warnings and fines.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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of the date of this Annual Report, we have not received any formal inquiry, notice, warning, sanction, or objection from the CSRC with
respect to the listing of our Ordinary Shares, and, in the opinion of our PRC legal counsel, Sundial Law Firm, the filing requirements
under the Trial Measurements do not apply to the Company since: (i) the revenue, total profit, total assets or net assets of FPPF was
less than 50% of that of the Company in total for the fiscal years ended December 31, 2023 and 2022; and (ii) the majority of senior
management are non-PRC citizens and reside in 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>

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there can be no assurance that the relevant PRC governmental authorities, including the CSRC, would reach the same conclusion as us,
or that the CSRC or any other PRC governmental authorities would not promulgate new rules or new interpretation of current rules (with
retrospective effect) to require us to obtain CSRC or other PRC governmental approvals for our recent IPO or future offerings. If we
inadvertently concluded that such approvals were not required, our ability to offer or continue to offer our Ordinary Shares to investors
could be significantly limited or completed hindered, which could cause the value of our Ordinary Shares to significantly decline or
become worthless. We may also face sanctions by the CSRC, the CAC or other PRC regulatory agencies. These regulatory agencies may impose
fines, penalties, limit our operations in China, or take other actions that could have a material adverse effect on our business, financial
condition, results of operations and prospects, as well as the trading price of our securities.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, may restrict or otherwise unfavorably
impact our ability or way to conduct business and may require us to change certain aspects of our business to ensure compliance, which
could decrease demand for our services, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals or certificates,
or subject us to additional liabilities.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not maintain the listing of our Ordinary Shares on the Nasdaq Capital Market, which could limit investors&#8217; ability to make
transactions in our Ordinary Shares and subject us to additional trading restrictions.</i></b></span></p>

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

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Ordinary Shares are listed on the Nasdaq Capital Market. In order to continue listing our shares on the Nasdaq Capital Market, we must
maintain certain financial and share price levels and we may be unable to meet these requirements in the future. We cannot assure you
that our Ordinary Shares will continue to be listed on Nasdaq in the future.</span></p>

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


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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>

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Nasdaq delists our Ordinary Shares and we are unable to list our shares on another national securities exchange, we expect that our shares
could be quoted on an over-the-counter market in the United States. If this were to occur, we could face significant material adverse
consequences, including:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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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>
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    Ordinary Shares are &#8220;penny stock,&#8221; which will require brokers trading in our shares to adhere to more stringent rules
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#9679;</span></td>
    <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-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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
long as our Ordinary Shares are listed on Nasdaq, U.S. federal law prevents or preempts states from regulating their sale. However, the
law does allow states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then
states can regulate or bar their sale. Further, if we were no longer listed on Nasdaq, we would be subject to regulations in each state
in which we offer our 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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Nasdaq
may apply additional and more stringent criteria for our continued listing.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
stock price may be volatile, and the value of our Ordinary Shares may 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot predict the prices at which our Ordinary Shares trade. The IPO price of our Ordinary Shares was determined by negotiations between
us and the underwriters and may not bear any relationship to any other established criteria of the value of our business and prospects.
The market price of our Ordinary Shares may fluctuate substantially in response to various factors, some of which are beyond our control.
These fluctuations could cause an investor to lose all or part of their investment in our Ordinary Shares as they may be unable to sell
their Ordinary Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
the stock market has recently experienced extreme price and volume fluctuations. Broad market and industry fluctuations, as well as general
economic, political, regulatory and market conditions, may also negatively impact the market price of our Ordinary Shares. Price volatility
may be greater if the public float and trading volume of shares of our Ordinary Shares is low. Furthermore, in the past, companies that
have experienced volatility in the market price of their securities have been subject to securities class-action litigation following
periods of volatility in the market price of their securities. We may be the target of this type of litigation in the future, which could
result in substantial costs, divert management&#8217;s attention and resources, and harm our business, financial condition, and results
of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><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>Certain
recent initial public offerings of companies with smaller public floats have experienced extreme stock price and volume fluctuations
seemingly unrelated to company performance. Such volatility, if it should occur to us, may make it difficult for prospective investors
to assess the rapidly changing value of our Ordinary Shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
recent instances of extreme stock price and volume fluctuations have been seemingly unrelated to company performance following a number
of recent initial public offerings, particularly among companies with relatively smaller public floats, and we expect that such instances
may continue and/or increase in the future. The trading price of our Ordinary Shares is likely to be volatile, and our Ordinary Shares
may be subject to rapid and substantial price volatility. Such volatility, including any stock run-ups, may be unrelated or disproportionate
to our actual or expected operating performance and financial condition or prospects and may distort the market perception of our Ordinary
Shares, price and our Company&#8217;s financial performance and public image, negatively affect the long-term liquidity of our Ordinary
Shares, regardless of our actual or expected operating performance. If we encounter such volatility, it will likely make it difficult
and confusing for prospective investors to assess the rapidly changing value of our Ordinary Shares and understand the value thereof.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also anticipate that our Ordinary Shares are likely to be more sporadically and thinly traded than that of larger, more established companies
with larger public floats. As a consequence of this lack of liquidity, the trade of relatively small quantities of Ordinary Shares by
our stockholders may disproportionately influence the price of those shares in either direction. The price of our Ordinary Shares could,
for example, decline precipitously in the event that a large number of our Ordinary Shares are sold on the market without commensurate
demand as compared to a larger, more established issuer that could better absorb those sales without adverse impact on its stock price.</span></p>

<p style="font: 10pt Times 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 publish unfavorable or inaccurate research about our business, the market
price and trading volume of our Ordinary Shares 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market price and trading volume of our Ordinary Shares will be heavily influenced by the way analysts interpret our financial information
and other disclosures. We do not have control over these analysts. If few securities analysts commence coverage of us, or if industry
analysts cease coverage of us, our Ordinary Share price could be negatively affected. If securities or industry analysts do not publish
research or reports about our business, downgrade our Ordinary Shares, or publish negative reports about our business, our Ordinary Share
price would likely decline. If one or more of these analysts cease coverage of us or fail to publish reports on us regularly, demand
for our Ordinary Shares could decrease, which might cause our Ordinary Share price to decline and could decrease the trading volume of
our Ordinary Shares.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently intend to retain all of our available funds and any future earnings to fund the development and growth of our business. As
a result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on an investment in our
Ordinary Shares as a source for any future dividend income. Our Board of Directors has complete discretion as to whether to distribute
dividends, subject to certain requirements of Hong Kong law. Even if our Board of Directors decides to declare and pay dividends, the
timing, amount, and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow,
our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition,
contractual restrictions, and other factors as determined by our Board of Directors. Accordingly, the return on an investment in our
Ordinary Shares will likely depend entirely upon any future price appreciation of our Ordinary Shares. There is no guarantee that our
Ordinary Shares will appreciate in value or even maintain the price at which an investor may have purchased our shares. An investor may
not realize a return on their investment in our Ordinary Shares and may even lose their entire investment.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
an exempted company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate
governance matters that differ significantly from Nasdaq Capital Market corporate governance listing standards. These practices may afford
less protection to shareholders than they would enjoy if we complied fully with Nasdaq Capital Market corporate governance listing standards.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a foreign private issuer whose Ordinary Shares are currently listed on the Nasdaq Capital Market, we rely on a provision in the Nasdaq
Capital Market corporate governance listing standards that allows us to follow Cayman Islands law with regard to certain aspects of corporate
governance. This allows us to follow certain corporate governance practices that differ in significant respects from the corporate governance
requirements applicable to U.S. companies listed on the Nasdaq Capital Market.</span></p>

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


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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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
example, we are exempt from Nasdaq Capital Market regulations that require a listed U.S. company to:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 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 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; 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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">require
    non-management directors to meet on a regular basis without management present;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#9679;</span></td>
    <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
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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">&#9679;</span></td>
    <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
    an independent nominating committee; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">seek
    shareholder approval for the implementation of certain equity compensation plans and dilutive issuances of Ordinary Shares, such
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a foreign private issuer, we are permitted to follow home country practice in lieu of the above requirements. Our audit committee is
required to comply with the provisions of Rule 10A-3 of the Exchange Act, which is applicable to U.S. companies listed on the Nasdaq
Capital Market. Therefore, we have a fully independent audit committee in accordance with Rule 10A-3 of the Exchange Act. However, because
we are a foreign private issuer, our audit committee is not subject to additional Nasdaq Capital Market corporate governance requirements
applicable to listed U.S. companies, including the requirements to have a minimum of three members and to affirmatively determine that
all members are &#8220;independent,&#8221; using more stringent criteria than those applicable to us as a foreign private issuer.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
because we are a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations
in the United States that are applicable to U.S. domestic issuers, including:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; 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">the rules under the Exchange
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the sections of the Exchange
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the sections of the Exchange
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the selective disclosure
    rules by issuers of material non-public information under Regulation FD.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are required to file this Annual Report and future annual reports on Form 20-F within four months of the end of each fiscal year. In
addition, we intend to publish our financial results on a semi-annual basis through press releases distributed pursuant to the rules
and regulations of the Nasdaq Capital Market. Press releases relating to financial results and material events will also be furnished
to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC will be less extensive and less timely
compared to that required to be filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections
or information that would be made available to you if you were investing in a U.S. domestic issuer.</span></p>

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


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
discussed above, we are a foreign private issuer and, therefore, we are not required to comply with all of the periodic disclosure and
current reporting requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last Business
Day of an issuer&#8217;s most recently completed second fiscal quarter, and, accordingly, the next determination will be made with respect
to us on June 30, 2024 In the future, we would lose our foreign private issuer status if: (i) more than 50% of our outstanding voting
securities are owned by U.S. residents; and (ii) a majority of our directors or executive officers are U.S. citizens or residents, or
we fail to meet additional requirements necessary to avoid the loss of foreign private issuer status. If we were to lose our foreign
private issuer status, we would be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer
forms, which are more detailed and extensive than the forms available to a foreign private issuer. We would also have to comply with
U.S. federal proxy requirements, and our officers, directors and 10% shareholders would become subject to the short-swing profit disclosure
and recovery provisions of Section 16 of the Exchange Act. In addition, we would lose our ability to rely upon exemptions from certain
corporate governance requirements under the listing rules of Nasdaq. As a U.S. listed public company that is not a foreign private issuer,
we would incur significant additional legal, accounting, and other expenses that we do not incur as a foreign private issuer.</span></p>

<p style="font: 10pt Times 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 significantly increased costs and devote substantial management time as a result of the listing of our Ordinary Shares on
the Nasdaq Capital Market.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
incur additional legal, accounting, and other expenses as a public reporting company, particularly after we cease to qualify as an emerging
growth company. For example, we are required to comply with the additional requirements of the rules and regulations of the SEC and Nasdaq
rules, including applicable corporate governance practices. Compliance with these requirements increases our legal and financial compliance
costs and makes some activities more time-consuming and costly. In addition, our management and other personnel will need to divert attention
from operational and other business matters to devote substantial time to these public company requirements. We cannot predict or estimate
the number of additional costs incur as a result of becoming a public company or the timing of such costs.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, changing laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for
public companies, increasing legal and financial compliance costs, and making some activities more time-consuming. These laws, regulations
and standards are subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application
in practice may evolve over time as new guidelines are provided by regulatory and governing bodies. This could result in continuing uncertainty
regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We intend to
invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative
expenses and a diversion of management&#8217;s time and attention from revenue-generating activities to compliance activities. If our
efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing bodies due
to ambiguities related to their application and practice, regulatory authorities may also initiate legal proceedings against us, and
our business may be adversely affected.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>You
may have more difficulties protecting your interests than you would as a shareholder of a U.S. corporation.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an exempted company incorporated under the laws of the Cayman Islands with limited liability. Our corporate affairs are governed
by our Articles of Association, the Companies Act and the common law of the Cayman Islands. The rights of shareholders to take action
against our directors and us, actions by minority shareholders and the fiduciary duties of our directors to us under Cayman Islands law
are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from
comparatively limited judicial precedent in the Cayman Islands as well as from English common law, the decisions of whose courts are
of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders and the fiduciary duties
of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedent in some
jurisdictions in the United States. In particular, the Cayman Islands has a 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 Cayman Islands.
In addition, Cayman Islands companies may not have the 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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to obtain copies of the register of members
or corporate records of the company. They will, however, have such rights as may be set out in the company&#8217;s articles of association.
A Cayman Islands exempted company may maintain its principal register of members and any branch registers in any country or territory,
whether within or outside the Cayman Islands, as the company may determine from time to time. There is no requirement for an exempted
company to make any returns of members to the Registrar of Companies in the Cayman Islands. The names and addresses of the members are,
accordingly, not a matter of public record and are not available for public inspection. However, an exempted company shall make available
at its registered office, in electronic form or any other medium, such register of members, including any branch register of member,
as may be required of it upon service of an order or notice by the Tax Information Authority pursuant to the Tax Information Authority
Act (2013 Revision) of the Cayman Islands. This may make it more difficult for you to obtain the information needed to establish any
facts necessary for a shareholder resolution or to solicit proxies from other shareholders in connection with a proxy contest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
corporate governance practices in the Cayman Islands, which is our home country, may differ significantly from requirements for companies
incorporated in other jurisdictions such as U.S. states. Currently, we plan to rely on home country practice with respect to any corporate
governance matter. Accordingly, our shareholders may be afforded less protection than they otherwise would under rules and regulations
applicable to U.S. domestic issuers.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an exempted company incorporated under the laws of the Cayman Islands, we conduct a substantial amount of operations in China, and
a substantial portion of our assets are located in China and Hong Kong. In addition, certain senior executive officers reside within
China and/or Hong Kong for a significant portion of the time and are either PRC or Hong Kong nationals. As a result, it may be difficult
for our shareholders to effect service of process upon us or those persons inside China or Hong Kong. In addition, neither China nor
Hong Kong has treaties providing for the reciprocal recognition and enforcement of judgments of courts with the Cayman Islands and many
other countries and regions. Therefore, recognition and enforcement in China or Hong Kong of judgments of a court in any of these non-PRC
or Hong Kong jurisdictions in relation to any matter not subject to a binding arbitration provision may be difficult or impossible.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder
claims that are common in the United States, including securities law class actions and fraud claims, generally are difficult to pursue
as a matter of law or practicality in China or Hong Kong. For example, in China, there are significant legal and other obstacles to obtaining
information needed for shareholder investigations or litigation outside China or otherwise with respect to foreign entities. Although
the local 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 regulatory cooperation with the securities regulatory
authorities in the United States have not been efficient in the absence of mutual and practical cooperation mechanism. According to Article
177 of the PRC Securities Law which took effect in March 2020, no overseas securities regulator is allowed to directly conduct investigation
or evidence collection activities within the territory of the PRC. Accordingly, without the consent of the competent PRC or Hong Kong
securities regulators and relevant authorities, no organization or individual may provide the documents and materials relating to securities
business activities to overseas parties.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a Cayman Islands exempted company and substantially all of our assets are located outside of the United States. In addition, all
of our current directors and officers are nationals and residents of countries other than the United States and substantially all of
the assets of these persons are located outside the United States. As a result, it may be difficult for a shareholder to effect service
of process within the United States upon these persons or to enforce against us or them judgments obtained in United States courts, including
judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.
Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands may render you unable to enforce a judgment
against our assets or the assets of our directors and officers. As a result of all of the above, our shareholders may have more difficulties
in protecting their interests through actions against us or our officers, directors or major shareholders than would shareholders of
a corporation incorporated in a jurisdiction in the United States.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><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>Our
Ordinary Shares may be subject to rapid and substantial price volatility unrelated to our performance, which could result in substantial
losses to investors.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Ordinary Shares may be subject to rapid and substantial price volatility and their trading price could fluctuate widely due to factors
beyond our control. We have a relatively small public float due to the relatively small size of our IPO and the concentrated ownership
of our Ordinary Shares among our executive officers and directors. As a result of our small public float, our Ordinary Shares may be
less liquid and have greater stock price volatility than the shares of companies with broader public ownership. This may also happen
because of the broad market and industry factors, like the performance and fluctuation of the market prices of other companies with business
operations located mainly in the PRC or Hong Kong that may have listed their securities in the United States. In addition to market and
industry factors, the price and trading volume for our Ordinary Shares may be highly volatile for factors specific to our Operating Subsidiaries&#8217;
operations, including the following:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuations
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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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>
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential
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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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of these factors may result in significant and sudden changes in the volume and price at which our shares will trade.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the stock price of a number of companies involved in initial public offerings, particularly among companies with relatively
smaller public floats, has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the
operating performance of these companies. Such rapid and substantial price 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 stock. This volatility may prevent an investor from being able to sell their securities at or above
the price paid for the securities</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are classified as a passive foreign investment company, United States taxpayers who own our securities may have adverse United States
federal income tax consequences.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a non-U.S. corporation and, as such, we will be classified as a passive foreign investment company, which is known as a PFIC, for
any taxable year if, for such year, either</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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">&#9679;</span></td>
    <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
    average percentage of our assets (determined at the end of each quarter) during the taxable year that produce passive income or that
    are held for the production of passive income is at least 50%.</span></td></tr>
  </table>
<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>


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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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Passive
income generally includes dividends, interest, rents, royalties (other than rents or royalties derived from the active conduct of a trade
or business) and gains from the disposition of passive assets.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. taxpayer who
holds our securities, the U.S. taxpayer may be subject to increased U.S. federal income tax liability and may be subject to additional
reporting requirements.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is possible that for our current taxable year or for any subsequent year more than 50% of our assets may be assets which produce passive
income. We will make this determination following the end of any particular tax year. We treat our affiliated entities as being owned
by us for United States federal income tax purposes, not only because we exercise effective control over the operation of such entities
but also because we are entitled to substantially all of their economic benefits, and, as a result, we consolidate their operating results
in our consolidated financial statements. For purposes of the PFIC analysis, in general, a non-U.S. corporation is deemed to own its
pro rata share of the gross income and assets of any entity in which it is considered to own at least 25% of the equity by value.</span></p>

<p style="font: 10pt Times 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
are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an &#8220;emerging growth company,&#8221; as defined in the JOBS Act, and we may take advantage of certain exemptions from various
requirements applicable to other public companies that are not emerging growth companies including, most significantly, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act for so long as we are an emerging growth
company. As a result, if we elect not to comply with such auditor attestation requirements, our investors may not have access to certain
information they may deem important.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
JOBS Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards
until such date that a private company is otherwise required to comply with such new or revised accounting standards. In other words,
an &#8220;emerging growth company&#8221; can delay the adoption of certain accounting standards until those standards would otherwise
apply to private companies. We have elected to take advantage of the extended transition period, although we have early adopted certain
new and revised accounting standards based on transition guidance permitted under such standards. As a result of this election, our future
financial statements may not be comparable to other public companies that comply with the public company effective dates for these new
or revised accounting standards.</span></p>

<p style="font: 10pt Times 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
Executive Director has substantial influence over the Company. His interests may not be aligned with the interests of our other shareholders,
and it could present or cause a change of control or other transactions.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Li Kin Shing, our Executive Director, beneficially owns 72.32%, of our issued and outstanding Ordinary Shares. Accordingly, as our controlling
shareholder he could control the outcome of any corporate transaction or other matter submitted to the shareholders for approval, including
mergers, consolidations, the election of directors and other significant corporate actions, including the power to prevent or cause a
change in control. The interests of our largest shareholder may differ from the interests of our other shareholders. Without the consent
of our controlling shareholder, we may be prevented from entering into transactions that could be beneficial to us or our other shareholders.
The concentration in the ownership of our shares may cause a material decline in the value of our shares. For more information regarding
our principal shareholders and their affiliated entities, see &#8220;Principal Shareholder&#8221;.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 business and the business of our Operating Subsidiaries,
or if they adversely change their recommendations regarding our Ordinary Shares, the market price for our Ordinary Shares and trading
volume could decline.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading market for our Ordinary Shares will be influenced by research or reports that industry or securities analysts publish about our
business and the business of our Operating Subsidiaries. If one or more analysts downgrade our Ordinary Shares, the market price for
our Ordinary Shares would likely decline. If one or more of these analysts cease to cover us or fail to regularly publish reports on
us, we could lose visibility in the financial markets, which in turn could cause the market price or trading volume for our Ordinary
Shares to decline.</span></p>

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


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
of substantial amounts of our Ordinary Shares in the public market or the perception that these sales could occur, could adversely affect
the market price of our Ordinary Shares, and could materially impair our ability to raise capital through equity offerings in the future.
Prior to the sale of our Ordinary Shares in our Initial Public Offering, we had 10,000,000 Ordinary Shares issued and outstanding. The
Ordinary Shares sold in our IPO are freely tradable without restriction or further registration under the Securities Act, and Ordinary
Shares held by our existing shareholders may also be sold in the public market in the future, subject to the restrictions in Rule 144
and Rule 701 under the Securities Act and applicable lock-up agreements. There are 11,000,000 Ordinary Shares outstanding immediately
after our Initial Public Offering. In connection with our Initial Public Offering, our directors and officers named in the section &#8220;Management&#8221;
and certain shareholders have agreed not to sell any Ordinary Shares until 180 days after November 21, 2023 without the prior written
consent of the representative of the underwriters. These restrictions on sales are subject to certain exceptions, including with respect
to the Ordinary Shares being sold by the Selling Shareholder named in the registration statement. However, the representative of the
underwriters may release these securities from these restrictions at any time. We cannot predict what effect, if any, market sales of
securities held by our controlling shareholder or any other shareholder or the availability of these securities for future sale will
have on the market price of our Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Short
selling may drive down the market price 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; text-indent: 0.5in"><span style="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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short
selling is the practice of selling shares that the seller does not own but rather has borrowed from a third party with the intention
of buying identical shares back at a later date to return to the lender. The short seller hopes to profit from a decline in the value
of the shares between the sale of the borrowed shares and the purchase of the replacement shares, as the short seller expects to pay
less in that purchase than it received in the sale. As it is in the short seller&#8217;s interest for the price of the shares to decline,
many short sellers publish, or arrange for the publication of, negative opinions and allegations regarding the relevant issuer and its
business prospects in order to create negative market momentum and generate profits for themselves after selling the shares short. These
short attacks have, in the past, led to the selling of shares in the market. If we were to become the subject of any unfavorable publicity,
whether such allegations are proven to be true or untrue, we could have to expend a significant amount of resources to investigate such
allegations and/or defend ourselves. While we would strongly defend against any such short seller attacks, we may be constrained in the
manner in which we can proceed against the relevant short seller by principles of freedom of speech, applicable state law or issues of
commercial confidentiality.</span></p>

<p style="font: 10pt Times 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 uncertainties with respect to indirect transfers of assets (including equity interests) of our Operating Subsidiaries in the PRC</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Announcement of the State Administration of Taxation on Issues Relating to Withholding at Source of Income Tax of Non-resident Enterprises
(&#8220;Announcement No. 37&#8221;) and the Announcement on Certain Issues Concerning Enterprise Income Tax for Indirect Transfer of
Assets by Non-Resident Enterprises (&#8220;Circular 7&#8221;) issued by The State Administration of Taxation (&#8220;SAT&#8221;), provide
comprehensive guidelines in relation to, and also heighten the PRC tax authorities scrutiny over, indirect transfers by a non-resident
enterprise of assets (including equity interests) of a PRC resident enterprise (&#8220;PRC Taxable Assets&#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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Announcement
No. 37 and Circular 7 specify that the PRC tax authorities are entitled to reclassify the nature of an indirect transfer of PRC Taxable
Assets when a non-resident enterprise transfers PRC Taxable Assets indirectly by disposing of equity interests in an overseas holding
company directly or indirectly holding such PRC Taxable Assets by disregarding the existence of such overseas holding company and considering
the transaction to be a direct transfer of PRC Taxable Assets if such transfer is deemed to have been conducted for the purposes of avoiding
PRC enterprise income taxes and without any other reasonable commercial purposes. It is unclear whether any exemptions specified under
Circular 7 will be applicable to the transfer of our Shares on a public market by our non-resident enterprise Shareholders or to any
future acquisition by us outside of the PRC involving PRC Taxable Assets. Therefore, the PRC tax authorities may deem any transfer of
our Shares by our Shareholders that are non-resident enterprises, or any future acquisition by us outside of the PRC involving PRC Taxable
Assets to be subject to the foregoing regulations, which may subject our Shareholders or us to additional PRC tax reporting obligations
or tax liabilities.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><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>We
may be classified as a PRC resident enterprise for PRC enterprise income tax purposes and be subject to PRC taxation on our worldwide
income, which could result in unfavorable tax consequences to us and our 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the EIT Law, if an enterprise is established outside of the PRC with a &#8220;de facto management body&#8221; located within the PRC,
such enterprise will be considered a PRC tax resident enterprise for tax purposes. Under the regulation on the Implementation of the
EIT Rules, the term &#8220;de facto management body&#8221; is defined as a body that exercises full and substantial control over and
overall management of the business, production, personnel, accounts, and properties of an enterprise, so we may be considered a PRC resident
enterprise by the PRC tax authorities and will normally be subject to the enterprise income tax on our worldwide income at the rate of
25%. Please see &#8220;Regulatory Environment&#8221; in this Annual Report for further details.</span></p>

<p style="font: 10pt Times 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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is unclear how the PRC tax authorities will determine whether an offshore entity is a non-PRC resident enterprise. There is no assurance
that PRC tax authorities will not consider us as a &#8220;resident enterprise.&#8221; If the PRC tax authorities subsequently determine
that we or our offshore holding companies are deemed to be or should be classified as &#8220;resident enterprise(s),&#8221; such entity
or entities may be subject to enterprise income tax on their worldwide income at a rate of 25%, which could have a material and adverse
impact on our financial condition and results of operations.</span></p>

<p style="font: 10pt Times 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
statement by the SEC regarding proposed rule changes submitted by Nasdaq and an act passed by the U.S. Senate and the U.S. House of Representatives
all call for additional and more stringent criteria to be applied to emerging market companies. These developments could add uncertainties
to our offering, 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; text-indent: 0.5in"><span style="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; text-indent: 0.5in"><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 the scrutiny,
criticism and negative publicity 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; text-indent: 0.5in"><span style="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; text-indent: 0.5in"><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; text-indent: 0.5in"><span style="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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 20, 2020, the U.S. Senate passed the Holding Foreign Companies Accountable Act (the &#8220;HFCA&#8221;) requiring a foreign company
to certify it is not owned or controlled by a foreign government if the PCAOB is unable to audit specified reports because the company
uses a foreign auditor not subject to PCAOB inspection. If the PCAOB is unable to inspect the company&#8217;s auditors for three consecutive
years, the issuer&#8217;s securities are prohibited to trade on a national exchange. On December 2, 2020, the U.S. House of Representatives
approved the Holding Foreign Companies Accountable Act.</span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
more stringent criteria may be imposed, including the HFCA, which became law in December 2020, our Ordinary Shares may be prohibited
from trading if our auditor cannot be fully inspected. The PCAOB issued a Determination Report on December 16, 2021 (the &#8220;Determination
Report&#8221;), which found that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered
in: (1) mainland China of the People&#8217;s Republic of China because of a position taken by one or more authorities in mainland China;
and (2) Hong Kong, a Special Administrative Region and dependency of the PRC, because of a position taken by one or more authorities
in Hong Kong. In addition, the Determination Report identified the specific registered public accounting firms subject to these determinations
which included our auditor who appears as part of the report and is listed under its Appendix B: Registered Public Accounting Firms Subject
to the Hong Kong 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 15, 2022, the PCAOB announced that it has secured complete access to inspect and investigate registered public accounting firms
headquartered in mainland China and Hong Kong and voted to vacate the previous 2021 Determination Report to the contrary.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
HFCAA prohibits foreign companies from listing their securities on U.S. exchanges if the company&#8217;s auditor has been unavailable
for PCAOB inspection or investigation for three consecutive years and, as a result, an exchange may determine to delist our Ordinary
Shares. In June 2021, the Senate passed the AHFCAA which, if signed into law, would reduce the time period for the delisting of foreign
companies under the HFCAA to two consecutive years instead of three years. In the event that the HFCAA is amended to prohibit an issuer&#8217;s
securities from trading on any U.S. stock exchange and our auditor is not subject to PCAOB inspections for two consecutive years instead
of three, it will reduce the time before our Ordinary Shares may be prohibited from trading or delisted from an exchange.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of this 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 offering, business, and our Ordinary 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 furthering our growth. If such allegations are not proven to be groundless, we and our business operations
will be severely affected, and you could sustain a significant decline in the 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"><b><span id="Su1_005"></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"><b>History
of the Company</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fenbo
Holdings Limited (the &#8220;Company&#8221; or &#8220;we&#8221; or &#8220;FHL), is the holding company of our Operating Subsidiaries,
Able Industries Limited (&#8220;AIL&#8221;), Fenbo Industries Limited (&#8220;FIL&#8221;) and Fenbo Plastic Products Factory (Shenzhen)
Ltd. (&#8220;FPPF&#8221;). Through our Operating Subsidiaries, we represent over 30 years of experience producing premium personal care
electric appliances (principally electrical hair styling products such as straighteners, curlers, trimmers, etc.) and toys products to
overseas markets.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operating history began in 1993 when FIL was founded in Hong Kong by Mr. Li Kin Shing as a toy manufacturer and distributor. As the toy
market deteriorated, he founded AIL in 2005 in Hong Kong and shifted our operations to the manufacturing and sales of personal care electric
appliances. Our manufacturing subsidiary, FPPF, located in Guangdong, PRC, was formed in the PRC in 2010 and is capable of producing
over three million units per year. We currently act as both an original equipment manufacturer (&#8220;OEM&#8221;) and historically have
also served as an original design manufacturer (&#8220;ODM&#8221;).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Company was incorporated in the Cayman Islands on September 30, 2022 under the Companies Act as an exempted company with limited liability.
Effective November 18, 2022, our Group completed a reorganization to consolidate its business operations in Hong Kong and the PRC into
an offshore corporate holding structure to expand our manufacturing and sales operations and in anticipation of listing on a recognized
securities market (the &#8220;Reorganization&#8221;). Following the Reorganization, on August 11, 2023, LMIL completed a private placement
of an aggregate of 2,000,000 Ordinary Shares owned by it at a price of $2.50 per share to: Yuk Tong Lam (500,000 Ordinary Shares), Majestic
Dragon Investment Co. Limited (500,000 Ordinary shares), Top Dragon International Limited (300,000 Ordinary Shares), Smart Tech Group
Limited (300,000 Ordinary Shares), and Power Ocean Ventures Limited (400,000 Ordinary Shares). See &#8220;Item 7. Major Shareholders
and Related Party Transactions - Major Shareholders,&#8221; for information on the current shareholdings of our major shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therefore,
as a result of the Reorganization and the private placement, as of the date of this Annual Report: (i) LMIL which is 100% owned by Mr.
Li Kin Shing, owns 72.32% of our Company, (ii) our Company is a holding company and owns 100% of RLHL, (iii) RLHL owns 100% of FIL and
AIL and (iv) FIL owns 100% of FPPF. <span style="background-color: white">We do not utilize a variable interest entity (&#8220;VIE&#8221;)
structure.</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Initial
Public Offering. </b>On December 1, 2023, we closed on our IPO of 1,000,000 Ordinary Shares at a public offering price of $5.00 for total
gross proceeds of $5,000,000. On November 30, 2023, we commenced the listing of our Ordinary Shares on the Nasdaq Capital Market under
the ticker symbol &#8220;FEBO&#8221;. The primary reason for our IPOand listing on the Nasdaq Capital Market was to allow us to raise
funds to strengthen our market position and to further expand our market share. We are using the proceeds from the IPO for: (i) expansion
of our production capacity and capability; (ii) strengthening engineering, research and development capability; (iii) penetrating and
further expanding into new and existing geographical markets; (iv) general working capital; and (v) payment of an advisory fee, which
$61,146 was paid to ARC Group and $380,000 to GCA Advisors Limited at closing of the IPO.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following chart sets forth our corporate structure as of the date of this Annual Report:</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="form20-f_001.jpg" alt="" style="height: 405px; width: 670px"/><span style="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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
description of our subsidiaries is set out below.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AIL
&#8211; As the marketing arm for the Group, AIL is responsible for all sales and marketing efforts. As of December 31, 2023, AIL employed
one employee.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FIL
&#8211; Is responsible for the overall management of the Operating Subsidiaries. As of December 31, 2023, FIL employed a total of 7 employees.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FPPF
&#8211; Is responsible for the production of all of the Company&#8217;s products, and its engineering and design department conducts
in-house design and research functions for the development of new products and product lines. As of December 31, 2023, FPPF employed
a total of 262 employees.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Industry
and Market 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following overview is based on an Independent Market Research Report prepared for the Company by Frost &amp; Sullivan.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
reported by Frost &amp; Sullivan, the global market size of personal care beauty appliance / hair styling tools, which is measured by
retail price, has increased from approximately US$26.9 billion to US$32.4 billion from 2016 to 2021, representing a CAGR of 3.8%. The
burgeoning demand for hair care appliances was attributable to the adverse effects shown by the chemical-based hair styling process.
The popularity of compact, portable, and travel size designs of hair styling tools also contributed to the market growth.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Looking
forward, the increasing awareness of adverse chemical treatment reactions, including a recent study from the National Institute of Health
indicating that women who used chemical hair straightening products were at higher risk for uterine cancer compared to women who did
not report using these products, continues to boost demand for personal care beauty appliances and the adoption of smart styling tools
is on the rise. Furthermore, increased consciousness about personal grooming and aesthetic appeal coupled with rising preference for
easy-to-use and low-cost grooming and beauty devices preference for easy-to-use and low-cost grooming and beauty devices is also likely
to augment the products demand in the future. With the advancements in technologies, personal care beauty appliances have become extremely
handy and offer different features such as better battery life, digital displays, multi-tasking, anti-bacterial, and others. Furthermore,
the overall cost of these products has also decreased due to reduced cost of manufacturing and surged demand from middle-income households.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
global hair styling tool market is expected to continuously increase at a CAGR of 3.7% in the next five years to reach US39.0 billion
in 2026.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="form20-f_002.jpg" alt=""/><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fashion
Trend</i></b><i>. </i>Evolving fashion trends, growing fashion consciousness, growing emphasis of people on self-maintenance and appearance
and changes in consumer preferences have influenced the market and driven the demand for household beauty appliances extensively within
the past few years. Millennials are the prime focus consumers of household beauty appliances. Use of hair styling appliances has been
higher among females. However, with the rising trend of self-grooming and personal hygiene, the use of these appliances has been increasing
among men population as well. The growing number of men spending on hair styling appliances, increasing the use of electric hair care
devices such as hair straighteners, hair dryers, and other appliances continue to influence the growth of the segment globally. The segment
is expected to continue to dominate the household beauty appliances market throughout the forecast period.</span></p>

<p style="font: 10pt Times 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; background-color: white; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Continued
Innovation in Hair Styling Products</i></b><i>. </i>The rapid technological advancements in electronics, reduction in the size of equipment,
and ease of manufacturing have helped the industry to a great extent. Increased innovations in the tools used for hair styling with the
opinions of salon expert and also individuals push the manufactures to develop new products and thus boosts the growth of the market.
Hair straighteners create beach waves effectively and effortlessly with just a simple bend of the wrist. High quality ceramics plates
have heat balance micro sensors that regulate the temperature and evenly distributes heat. Such products have multifunction features
that attract customers, thus increasing the demand for hair styling tools in the market. Further, advancements in battery technologies
helped in reducing the size of the equipment and increased the portability feature. This resulted in better marketing opportunities for
the companies as people could carry them without any hassle during traveling.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Economic
Consideration</i></b><i>. </i>Previously, the expenditure on personal grooming was relatively high, as people had to visit professional
salons and beauticians for hairstyling, facials, massages, and others. This was mainly owing to the high cost of grooming equipment that
needed expertise for effective operation. However, the prices for beauty appliances have been reduced significantly due to the small
size of the products and the low cost of manufacturing. Currently major players in the industry have outsourced their production from
countries, such as China, where the cost of raw material and labor is lower than the developed countries. The resulting lower the cost
of the products has attracted sales from middle-income consumers who are eager to keep up with the latest beauty standards. This coincides
with the increase in disposable income of consumers, mainly from the developing nations, which has significantly driven the demand for
household beauty appliances. Countries such as India, South Korea, Vietnam, Brazil, Mexico, Nigeria, Myanmar, and others have witnessed
large-scale economic development in the past few years, resulting in a surge in disposable income. As a result, people are spending more
on self-care and personal grooming products, which in turn propels the growth of the household beauty appliances market.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Rise
in Social Media</i></b><i>. </i>Consumers are increasingly looking for quality and meaningful interact with different brands throughout
the consumer journey from product trial, word-of-mouth interactions, purchase, after-sales experience. Good experiences and interactions
with the brands bring consumers back for more and attract new consumers through word of mouth and online reviews. With the prevalence
of social media in the world of fashion, makeup, hairstyling, and trendsetting, there is the growing number of promotions and advertisements
for hair styling tools through different media channels. For example, there is rising popularity of social media influencers, DIY hair
styling tutorials, and training videos, which in turn garner the attention of consumers across the world and further promote the use
of hair styling tools.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Surge
in Demand for Personalization</i></b><i>. </i>The demand for personalization solutions of beauty and fashion has been on the rise for
creating the right fit for every consumer. In the past, consumers generally used the styling services in salons, including hair-cutting,
coloring and styling and other treatments. Along with the development of technology, personalized solutions using electrical hair styling
tools have satisfied consumers&#8217; needs and saved consumers&#8217; time. Once the technology was launched, consumers began to use
hair styling tools that enable personalization, rather than having treatments in salon.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Growth
in E-Commerce Sales of Personal Care Beauty Appliances</i></b><i>. </i>Online retail or e-commerce sector has witnessed an exceptional
growth during the past few years, with an exponential rise during 2020, driven by the COVID-19 pandemic. The improvement in ease of buying
through e-commerce platforms is supported by the availability of various products, low costs, marketing strategies and increased dependence
on social media. E-commerce sites and applications have advanced their online platforms to offer a better user experience, thereby attracting
consumers toward buying products online. Consumers can now choose from different brands and products of beauty appliances on online applications
with categorization between quality, features, price, reviews, popularity, and others. As personal appliances have ergonomic designs
and smaller sizes, they can be shipped easily locally as well as internationally. In addition, various private labels and brands have
recently emerged which only offer products online, thereby reducing the expenditure on construction of showrooms or by other distribution
channels.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Another
factor driving the importance of online sales platforms is the growing influence of social media, especially within the millennial and
Gen-Z consumer population. YouTube, Instagram, Facebook, Twitter, and other social media platforms are filled with influencers, which
are paid by brands to promote their products to the viewers. This is further backed up by various bloggers and online magazines which
provide fresh (frequently upgraded) lists of best brands or best personal care products to get more consumer attraction. Such trends
have helped in the promotion of recently launched products such as at-home laser hair removal appliances, among many others. For instance,
the online site of the Cosmopolitan Magazine, which is a trusted source for many consumers globally, has a special blog for 19 best at-home
laser hair removal devices. Such marketing strategies and availability of numerous personal care products on online and e-commerce platforms
have driven the growth of the household beauty appliances market.</span></p>

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of COVID-19 on the Market</i></b><i>. </i>The post-COVID-19 era has provided a big opportunity for the household beauty appliances industry.
As people are spending more time at home, the overall expenditure on comfort goods and personal care products has grown significantly.
Various countries imposed lockdowns with the outbreak of the first COVID-19 infection wave. The high severity of COVID-19 cases led to
strict impositions of full-scale lockdowns and regulations on movement. As more people were stuck at home and working remotely, the online
sales for consumer products, home improvement goods, and others saw rapid growth during 2020 and 2021. Beauty salons, hair salons, spas,
and other places were closed down as per local government rules and regulations in 2020 due to the risk of infection within the customers.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
increased the sale of basic personal grooming products such as hair trimmers, epilators, electric razors, and others. In addition, the
demand for hand-held facial and body massagers, electric cleansers also surged during the COVID-19 pandemic. In the long run, this sudden
change in consumer buying habits is likely to stay intact as people are focusing more on personal care and luxury appliances. Thus, the
COVID-19 pandemic has had a positive impact on the household beauty appliance industry and is likely to display the same trend in the
near 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"><b>The
Personal Care Beauty Appliance / Hair Styling Tool OEM Market in the PRC</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
size of personal care beauty appliance / hair styling tool OEM industry by revenue in the PRC measures the revenue generated by hair
styling tool manufacturing plants located in the PRC in the aggregate. The market size has increased from US$2,010.1 million in 2016
to US$3,310.3 billion 2021, representing a CAGR of approximately 10.5%. The increase was largely attributed to the continuous upgrading
of hair styling tool and surge in application in advanced &amp; portable hair styling tools along with the ease and convenience.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
increase in promotion, including advertisements of hair styling tools in different media channels and rise in awareness for personal
grooming are expected to further support the growth of hair styling tool in the near future.</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="form20-f_003.jpg" alt=""/><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: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market
Drivers and Trends</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Advanced
Product Design and Growing Demand from Downstream End-customers</i></b><i>. </i>During 2016 to 2021, the market size in terms of sales
value of hair styling tool has increased at a CAGR of approximately 10.5%. The robust demand for hair styling tool is principally driven
by the growing awareness on needs and consciousness on beauty products, growing disposable income that leads to an elevated living standard
and greater consumption on consumer goods and electrical appliances, as well as the continuously advancing product specifications and
designs. In particular, the compactness and portability of hair styling tools nowadays contributes to growing momentum of demand as they
are convenient to carry along to different occasions and eliminate the need to visit a salon. Adverse impact of chemical-based hair styling
process unveiled in recent years has also contributed to customers in pursing hair styling products as a substitute product. Besides,
digitalization of hair styling product, such as the embedment of LCD screen and smartphone connectivity function has attracted wider
target customers. The burgeoning demand also lies on the heightened reliability and durability of hair styling tool, which in turn serve
as an impetus to the future demand for such product to grow at a CAGR of 9.3% during 2022 to 2026.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Developed
Supply Chain in the PRC</i></b><i>. </i>Outlined by the PRC Ministry of Industry and National Development and Reform Commission, the
national electronic manufacturing comprehensive development index that measures the industry&#8217;s scale of development, innovation,
and efficiency, has increased considerably from 100.0 to 175.3 from 2016 to 2021, representing a CAGR of approximately 11.9% during 2016
to 2021. As a major production and export country of electronic products, the supply chain of electronic components in the PRC has been
well developed, where upstream raw material producers and various midstream manufacturers are often located in each other&#8217;s proximately,
which allows close collaboration and reduced logistics costs. To attain better allocation of resources and considering cost efficiency,
brand owners around the globe have increasingly outsourced the manufacturing of hair styling products to OEMs. In turn, OEMs are expected
to continuously serve as major stakeholders in the supply chain.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Favorable
Policies in the PRC</i></b><i>. </i>In view of the accelerated downstream demand for various electronic product and subsequently the
production volume, the PRC government has devoted substantial efforts and promulgated development directions underpinning the domestic
manufacturing industry, particularly on electronic products. In terms of monetary policy, the PRC government has set out mitigation plans
to the reduce operational costs of electronics manufacturers, through provisions of tax relief and preferential financing assistance.
Further, the &#8220;Information Industry Development Guide&#8221; published by the PRC government has placed strong emphasis on research
and development of various types of manufacture red products. As a consequence of the rollout of various technology related proposals
prior to the Fourteenth Five-Year Plan, the PRC Government has taken initiatives in developing innovative technology that accommodates
the dynamic environment. In turn, the demand for hair styling tool OEM services is expected to grow continuously with the support of
the favorable PRC government policies.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Digitalization
in Production and operational Aspects</i></b><i>. </i>Owing to the advancement of technology and the implementation of &#8220;Made in
China 2025&#8221; production initiatives, increasing numbers of electronic products manufacturers including manufacturers of hair styling
tool are leveraging computerized machineries and advanced machineries to implement automation with an aim to lowering labor costs, alleviating
operational risk, and enhancing inventory management. Predictive maintenance technology coupled with Enterprise Resources Planning (ERP)
systems are introduced by manufacturers to monitor the state of equipment, inventory level and utilization rate. Further, the rise of
business-to-business online marketplace transactions are expected to lower procurement and logistics costs between upstream suppliers
and downstream brand owners with information transparency. As such, the integration of automation and informalization into the supply
chain is expected to alleviate the cost burden on manual efforts to achieve a greater allocation of manpower resources.</span></p>

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Threats and Risk Analysis</b></span></p>

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labor and Raw Material Co</i></b><i>sts. </i>Labor and raw material are the two major cost components. According to the to the Ministry
of Industry and Information Technology of the PRC, the profitability of enterprises in the electronics industry has declined from 9.1%
in 2018 to 5.9% in 2021. The decline was attributable to the rising labor costs, as well as a surge in price of component such as printed
circuit board, which is expected to put additional cost burden on industry participants.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shortage
of Experienced Labor</i></b><i>. </i>In view of the advancement in technology and increasing demand for solution customizations, professionals
that are capable of designing, implementing, and overseeing throughout the product development stage, are able to accommodate the demand
are an essential resource. However, there is a lack of domestic training for qualified personnel to participate in high-end design and
development services. As such, the shortage of professionals may hinder the development of the industry.</span></p>

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and the Outbreak of COVID-19</i></b><i>. </i>Outlined by leading companies in the components chips industry, the global component shortage
has been prolonging since 2019 during the events of U.S. China trade war, outbreak of the COVID-19 and various severe weather incidents.
The average lead delivery time of chips has increased from 12.7 weeks in January 2020 to 15.0 weeks in January 2021, and subsequently
further escalated to 26.2 weeks in January 2022. The COVID-19 pandemic caused temporary disruption to demand and supply of raw material
of hair styling tool. Temporary suspension of non-essential workplace activities as part of the containment measures for COVID-19 delayed
raw material supply from the upstream, shipment of semi-finished or finished products to overseas customers and increased operational
risk in relation to currencies, logistics costs and delayed scheduling. In the medium-to-long run, the impact of COVID-19 is expected
to be mitigated gradually as supported by systematic normalization of economic and logistics activities and the resumption of normal
manufacturing schedule throughout the supply chain.</span></p>

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Structure Analysis</b></span></p>

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Cost</i></b><i>. </i>During 2016 to 2021, the labor cost in the manufacturing industry in the PRC increased steadily. In particular,
the average monthly wage of professional technician has increased from RMB6,212.4 to RMB9,800.9 during 2016 to 2021, representing a CAGR
of approximately 9.5%. The increasing labor cost is attributable to increasing demand of skillful labor equipped with skills such as
knowledge on computerized management system, modelling analytical skills and proficiency in foreign languages.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Going
forward, the average monthly wage of employed persons in manufacturing industry, including production and equipment operator, professional
technician and managerial staff are expected to grow at a slower trend at a CAGR of 7.1%, 7.7% and 6.6% respectively, owing to the increasing
amount of labor entrants, resulting in a stable growth of wage.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Raw
Materials</i></b><i>. </i>The prices of key raw materials and component in hair styling tool manufacturing during 2016 to 2026, which
include integrated circuit, printed circuit board, plastics, lithium battery. In general, majority of materials and components used in
hair styling tool production in the PRC have been sourced domestically. The fast-growing market demand for raw materials worldwide has
resulted in a general increase in prices for such materials. With the sustained development of the electronic product and hair styling
tool manufacturing industry, the raw material prices are expected to grow moderately in the forecasted period.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Overview</i></b><i>.
</i>The industry is relatively fragmented and is highly competitive and there were approximately 1,000 market participants principally
engaged as hair styling tool OEM service providers in the PRC in 2021. The OEM service providers tend to place their focus on several
specific product categories to gain industry recognition and competitive advantages. Business relationships and track records establish
long- term relationships with customers and suppliers are the key factors of competition among the hair styling tool ODM services providers.</span></p>

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to Entry</i></b><i>.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>R&amp;D
Capabilities</i></b><i>. </i>R&amp;D capabilities are the technical abilities to discover, develop, or scale marketable solutions. Strong
R&amp;D capabilities allow existing market participants to have an improved type of business process, lower marginal costs or increase
marginal productivity. In view of the evolving market landscape, regular upgrade and innovation of products is another competition focus.
Fast&#8211;changing technical requirements further heighten the needs for R&amp;D capabilities. Therefore, a lack of strong R&amp;D capabilities
will prevent new market entrants from entering this industry.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Reputation
and Relationship with Different Stake</i></b><i>holders </i>In general, current market participants have already established an extensive
business network with their upstream equipment suppliers, distributors, as well as downstream customers. New market entrants without
prior supply and sales network may find it difficult to build a credible relationship with other stakeholders along the value chain,
thus, a stable business relationship between stakeholders act as one of the major challenges that new market entrants may face in the
PRC hair styling tool market.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Capital
Requirements</i></b><i>. </i>Market participants are required to possess sufficient amount of capital and human resources to sustain
their businesses, particularly product research and development (R&amp;D) process, product pilot tests and daily operation costs. Existing
market participants may have already built up a profound and reliable customer base and supply network, so as to ensure a stable and
smooth business operation and income flow as a comparative advantage over new market entrants. Therefore, new market entrants who would
like to enter the PRC hair styling tool market may have to overcome such high initial capital investment.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Factors
of Competition</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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Experience
and Knowledge</i></b><i>. </i>On time deliveries and lead time, response to shifts in demand and strong customized production platform
are highly valued by customers in hair styling tools OEM market. In addition, market participants who have in-depth understanding of
customer&#8217;s requirements are more capable of developing and offering better solution to address customers&#8217; needs and gain
a competitive advantage.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Technological
Capabilities</i></b><i>. </i>Technological capabilities, including casting and molding, machining, joining, and shearing and forming,
form key factors of competition in the hair styling tool OEM market. Market participants with strong technological capabilities are able
to engage in whole lifecycle of hair styling tool, from product development and prototype production to production, which comes as the
indistinguishable asset among the hair styling tool OEM services providers.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Track
Record and Project Experience</i></b><i>. </i>Market participants with proven track record and satisfactory project reference are usually
more preferred by customers, and thus receive higher recognition and earn reputation in the market. Such market participants are more
likely to be invited to tender and secure potential projects.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
engineering and design department of the Group has been conducting in-house design and research for the purposes of developing new product
lines for the Group. From time to time, the engineering and design department of the Group innovates new product design and features
around the core parameters of creativity, reliability, safety, and commercial viability. Our research and development activities also
include (i) development and standardizations of production techniques and procedures; (ii) working with customer to resolve specific
problems on customer&#8217;s designs and requirements; and (iii) experiment on project bases for calibration and optimization of production
processes in order to achieve higher yield on production. We believe that successful research process improvement and refinement is critical
to our ability to stay competitive in the industry in which we operate.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s production facilities (&#8220;SZ Factory&#8221;) are located in Bao&#8217;an District, Shenzhen City, Guangdong Province,
the PRC. The SZ Factory comprises one block of four-story building consisting of approximately 11,000 sq. meters.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Raw
materials</i></b><i>. </i>The principal raw materials sourced by the Group in its production which constitute the basic core components
of its products include plastics, motors, power cords, switches, heating elements and thermostats.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group sources plastics, motors, power cords, switches, heating elements and thermostats mainly from Hong Kong and PRC. The Group does
not have long term purchase contracts with its suppliers but only purchase via orders. Management bargains purchase price by taking into
account price trends of commodity and quantity volume discount.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December 31, 2022 and 2023, certain major raw materials experienced a general upward price trend. The prices of raw materials were, to a
certain extent, volatile over the period. Factors affecting the supply and prices of raw materials include fluctuation of oil price and
commodity price (including metals and plastics) and the variation in global economy as a whole. The Company has business relationships
with its major suppliers for over 17 years. Some of them are public companies or subsidiaries of public companies listed on Shanghai,
Shenzhen or Hong Kong Stock Exchanges and the supplies and availabilities of our raw materials have never been an issue in the past.
Also, all of our primary raw materials are general commercial commodities. Management believes that the Group has maintained good business
relationships with its suppliers and has a stable material supply chain. Other than the Group&#8217;s existing suppliers, there are alternative
sources of supply available for the raw materials which the Group requires. Therefore, even our existing suppliers may be temporarily
short in inventory, alternative purchase order to other suppliers can be placed without difficulty or price premium.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to ensure a stable supply of raw materials which can meet the ongoing requirements of sales and distribution, the quantity of each
procurement order for raw materials is determined by the Group with reference to (i) the customers&#8217; indicative orders prevailing
from time to time; (ii) the inventory levels prevailing from time to time; and (iii) the price trend and fluctuation of raw materials
as predicted by the Group. The Group also implements stock control procedures including up-to-date recording of all incoming and outgoing
items into and out of warehouse and production lines. During the Track Record Period, the Group did not have any material obsolete inventory
written off.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Production
Facility</i></b><i>. </i>Our manufacturing facilities is operated under our WFOE named FPPF, which is equipped with different types of
machines and is able to produce about three million pieces of electrical hair styling products per annum.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
principal production components of the Group are injection molding machines, EDM machines, milling machines, grinding machines, lathe,
spraying chambers and ovens, pad printing machines, hot stamping machines, production lines with oven, heater winding machines, bristle
insertion machines, wire forming machines, wire stripping machines, lead cutting machines, spot welding machines, hot plate welding machines,
crimping machines, and ultrasonic welding machines. The majority of the plant and machinery now situated in SZ Factory are owned by the
Group. Safeguarding policies have been set up and maintained by the Group. There are security guards and gates at the entrance, a 24-hour
surveillance system, security scanners for entrance and exit, periodic count of assets, in and out register and insurance coverage.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group carries out its sales and distribution activities through its sales and marketing team. The Group&#8217;s sales and marketing strategy
secures its overseas orders by establishing confidence and reputation in the Group&#8217;s products, assurance of quality, reasonable
and competitive pricing and maintaining long-term relationship with overseas customers. In addition, the Group has participated in various
exhibitions in Hong Kong, PRC and overseas to promote the Group&#8217;s products to overseas customers. Furthermore, business visit,
new product presentation and briefing and video conference have been carried out by the Group to potential overseas customers.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to keep abreast of the market trends of electrical appliances in terms of styles, features, functionalities, colors, textures,
materials and pricing, the Group&#8217;s sales and marketing department collects market data through participating in local and overseas
trade exhibitions and fairs and market data and surveys provided and/or conducted by customers. In particular, Mr. Gary Chiu, the Group&#8217;s
marketing consultant, has vast experience in marketing matters and strives to maintain a stable business relationship with its largest
customer, Spectrum Brands, a leading global branded consumer product for more than 15 years.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group negotiates with its customer to determine the price each year. The prices of the Group&#8217;s products are primary determined
with reference to (i) a cost-plus basis approach and (ii) the demand elasticity of a given product (which in turn is affected by (a)
the product features and functionality, (b) the product life cycle and (c) consumer preferences). Our sales and marketing department
is responsible to provide the quotation after considering the requirements from our customer. The actual selling prices of our products
are determined by our senior management by taking into account the estimated costs of each order. In arriving at the final price, the
Group also takes into account other ancillary factors such as the actual size and time frame of the order, the industry standing of the
customer and the relationship with the customer. Our pricing policy is reviewed quarterly by our senior management.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
the exception of lower sales in February of each calendar year correlated with the closure of factories in the PRC during the Chinese
New Year holidays, our Operating Subsidiaries&#8217; sales are not subject to any material seasonal fluctuations and remained steady
throughout the year.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
sole customer is Spectrum Brands (&#8220;Spectrum Brands&#8221;) for whom we manufacture hair care electric appliance styling products
under the Remington brand which is owned by Spectrum Brands. The Company has provided OEM services to Spectrum Brands since 2006. It
does not have a formal written contract with Spectrum Brands and relies on its long-term relationship to continue to provide such services
in the future. For each individual transaction, the Group generally negotiates and confirms the terms of sales with its customer based
on the quantity and quality of the products being ordered and enters into a purchase order with the customer. Although the Group has
not entered into any long-term sales contract with Spectrum Brands, the Directors consider that the Group has good business relationship
with Spectrum Brands. The Group has maintained business relationships with Spectrum Brands since 2006.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to products distributed to overseas customers, the Group exports its finished products on a Free Carrier (&#8220;FCA&#8221;)
basis, which means the Group is responsible for the delivery of products to a destination specified by the customers. The customer is
responsible for all costs after the goods are delivered to the container terminal warehouse designated by the customer. Management estimates
that the lead time from placing a purchase order by an overseas customer to the delivery of the first batch of finished product by the
Group takes approximately 55 to 65 days (subject to the size and the type of the order, the location of the customer and the availability
of raw materials).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group generally allows a credit period of 120 days for the trade receivables with terms that are common within the industry. Credit terms
offered to the customer by the Group vary depending on the Group&#8217;s assessment of the reputation of the customer, the length of
business relationship established with the Group and the actual size of order placed by the customer.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
industry is highly fragmented and competitive. In 2023, there were approximately 1,000 market participants principally engaged as hair
styling tool OEM service providers in the PRC. However, the Group considers that Zheijang Jindelie Electrical Appliance Co. Ltd. and
Hang Shun Hing Co. Ltd. are two direct competitors to the Group.</span></p>

<p style="font: 10pt Times 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: left"><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; text-indent: 0.5in"><span style="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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Renowned
customer base with stable relationship. </i></b>The Group has built up a solid and stable business relationship with Spectrum Brands
since 2006, as its OEM manufacturer for a variety of hair styling products under the popular worldwide personal care brand &#8220;Remington.
The established customer relationships provide a concrete foundation for the Group to further expand its business and to achieve economies
of scale.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Designs
for a diversified product range. </i></b>Endowed with over a decade of industry experience and market awareness, the engineering and
design department of the Group has been keeping itself abreast of market changes and has a track record for designing, researching, and
developing an innovative and trendy array of products on a proactive basis. The Group also offers a diversified range of products with
different value-added features or functionalities to meet the demands of customers of different demographical origins or consumer preferences.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Stringent
quality control. </i></b>As a consumer product manufacturer, the Group has a strong commitment to quality control. From the very beginning
of raw material procurement to the packaging of finished products, the Group imposes intensive quality checks and controls along the
whole production line of the Group&#8217;s manufacturing processes. The quality checks and controls include incoming checks, online checks,
random checks, and technical checks, which are strictly carried out by the operation department of the Group, as well as the representatives
of the Group&#8217;s customers as the case may be. The Group considers that continual adherence to stringent quality control procedures
is one of the most vital elements in maintaining long-term business relationships with its multinational customer.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Decade
of operating history and established presence in the industry</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has been engaged in the design, manufacture, and sale of small electrical appliances under the management of Mr. Li Kin Shing and
Mr. Li Siu Lun, Allan. With over a decade of operating history and industry experience under the management of Mr. Li Kin Shing and Mr.
Li Siu Lun, Allan, the Group has established its presence in the market for providing quality electrical appliances to customers.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group also retained suitable talents with different specializations in senior management team for the business development of the Group.
In particular, Mr. Gary Chiu, the Group&#8217;s marketing consultant, has joined the Group since 2005 and has vast experience in marketing
matters. In particular, through the continuous marketing efforts by Mr. Gary Chiu, the Group enjoys a stable business relationship with
its sole customer, Spectrum Brands, for more than 15 years.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal business objective is to strengthen our Operating Subsidiaries&#8217; market position and further expand their market share.
We intend to achieve such business objectives by:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Expansion
of production capacity and capability. </i></b>In line with the Group&#8217;s business expansion plan, the Group plans to upgrade and
expand its existing production facilities for further growth and development. In particular, the Group plans to purchase and install
new equipment in the SZ Factory so as to increase its overall production capacity.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
a view to achieving greater economies of scale and thereby enhancing the competitiveness of its products in the marketplace, the Group
will also devise effective management control over or re-engineer its production processes in order to optimize its production efficiency
and to improve the quality of its existing products, after commissioning the new production equipment.</span></p>

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


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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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
with a view to leveraging on the product development capability of the Group&#8217;s engineering, research, and development team, and
for the purpose of enhancing the long-term growth potential of the Group, it is the Directors&#8217; intention to actively develop and
pursue its OBM business, pursuant to which the Group intend to develop, manufacture, and sell the products under its own brand name.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Strengthening
the engineering, research, and development capability. </i></b>The Group plans to reinforce its product development capability by way
of recruiting more engineers. With a stronger engineering, research and development team, the Group will be better positioned to expand
the range of product models and lines available for its potential ODM and OBM customers.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Penetration
and further expansion into new and existing geographical markets. </i></b>Leveraging on the existing multinational customer base of the
Group, the Group plans to establish business relationship with more overseas customers with a view to broadening the Group&#8217;s customer
base and the market coverage of the Group&#8217;s products, such as the market in United States.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purpose of penetration into the Group&#8217;s new or developing markets such as the United States, the Group intends to strengthen
its sales force by way of recruiting new sales and marketing staff to solicit potential customers for the Group. We also intend to set
up our new subsidiary or representative office in the United States to enhance sales and service support for our sole customer and for
future expansion in marketing and internet sales of potential self-branded products.</span></p>

<p style="font: 10pt Times 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Licenses,
Permits and Approvals</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Operating Subsidiaries are required to obtain and maintain certain licenses and permits for our Operating Subsidiaries&#8217; business
operations.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the licenses and/or approvals our Operating Subsidiaries obtained in respect of our Operating Subsidiaries&#8217;
operations in the PRC as of the date of this Annual Report.</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Group
    member</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 26%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Licenses/records</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expiry
    date</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">Fenbo
    Plastic Products Factory (Shenzhen) Ltd.,</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business
    License </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">October
    26, 2060 </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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">Fenbo
    Plastic Products Factory (Shenzhen) Ltd.,</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sewage
    Discharge Permission </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">June
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  </table>
<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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
PRC Legal Advisers have confirmed that, as of the date of this Annual Report, our Operating Subsidiaries have obtained and renewed all
substantial and necessary licenses and approvals, which are material for their business operations in the PRC from the relevant authorities
of the PRC governments.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
of our Operating Subsidiaries&#8217; licenses and permits are subject to renewal. Our Operating Subsidiaries intend to renew all existing
licenses and permits accordingly before their respective expiry dates. Our Operating Subsidiaries have not experienced any refusal of
renewal of the licenses and permits necessary for their operation during the fiscal 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; text-indent: 0.5in"><span style="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: left"><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 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
exercises prudent risk management control through the maintenance of various insurance plans for the purposes of covering against different
aspects of risks, 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
Product liability insurance - product liability insurance for most kinds of its products against possible claims (relating to personal
injury or damage to property arising from the product manufactured by it).</span></p>

<p style="font: 10pt Times 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">2.
Property all risk insurance - covers its assets such as plant and machinery, raw materials and finished goods against accidental, physical
loss, destruction, or damage of property.</span></p>

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


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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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
Public liability insurance - third party insurance against possible third-party personal injury and property damage claims relating to
its factory premises and office located in the PRC 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">4.
The Company maintains director and officer liability and Company reimbursement insurance.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an OEM electrical hair styling product manufacturer for a renowned multinational client, the Group has been focusing on the high-end
segment of the personal care electrical appliance market. To this end, the Group has launched high-end professional electrical hair styling
products which were once more commonly used in salons for the mass household markets (particularly in Europe and United States).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group offers a wide array of fashionable electrical hair styling products with different styles, features, functionalities, colors, textures,
materials. It is the Group&#8217;s emphasis on the innovation of the design and styling of electrical hair styling products that appeal
to the demands of different customers.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
basic components of hair styling products are casings, motors, heating elements, thermostats, power cords, and switches.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
2006, the Company has served as an OEM for Spectrum Brands, a global home essential company, and its sole customer, producing electrical
hair styling products, under the &#8220;Remington&#8221; brand which Spectrum Brands has the right of the use of, and which are currently
sold to mainly Europe, United States and Latin America.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Products
&#8211; Personal Care Beauty Appliances / Hair Styling Tools</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s electrical hair styling products can be divided into three sub-categories, namely,</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Curling Wands and Irons;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Flat Irons and Hair Straighteners; </span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii) Hair
irons, which are tools used to alter the structure of hair of which there are three types: (a) crimpers, which are used to create little
crimps in the hair; (b) straighteners, also known as flat irons, which are used to straighten the hair; and (c) curling tongs, which
are used to make the hair curly;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv) Hair dryers, which are hand-held electric blower that can blow cool or warm air onto the hair
that are wet or damped; in order to accelerate and control the evaporation of water particles and formation of the hair shape and dry
the hair and ultimately used for styling hair; and</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)
others, which includes trimmer, nail polish, pet shampoo brush, eyebrow pluckers, etc.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Typically,
the irons embedded in the hair iron devices are made of heat-conductive metal with ceramic layers protecting the ironing surfaces. The
handle is made of thermal-resistant plastic. Advanced hair irons consist of components such as timer, temperature control system, and
automatic shutdown system in order to prevent fire damage.</span></p>

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


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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Product
    type:</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; text-align: justify; width: 51%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Example
    features:</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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><img src="form20-f_005.jpg" alt=""/><br/>
<img src="form20-f_006.jpg" alt=""/></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">Curling Irons</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    120 to 240V worldwide voltage</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    150&#176;C to 230&#176;C variable heat</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    reaching 100&#176;C in 30 seconds</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    ceramic coated on barrel and clip for a smooth surface for hair to glide on</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><img src="form20-f_007.jpg" alt=""/><br/>
<img src="form20-f_008.jpg" alt=""/><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 0pt 0pt 0"></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">Curling Wands</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    120 to 240V worldwide voltage</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    150&#176;C to 230&#176;C variable heat</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    reaching 100&#176;C in 30 seconds</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    ceramic coated on barrel and clip for a smooth surface for hair to glide on</span></p>
    <p style="font: 10pt Times 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">-
    LCD display</span></p>
    <p style="font: 10pt Times 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></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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"><img src="form20-f_009.jpg" alt=""/><br/>
<img src="form20-f_010.jpg" alt=""/><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 0pt 0pt 0"></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">Hair Straighteners</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    120 to 240V worldwide voltage</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    150&#176;C to 230&#176;C variable heat</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    reaching 100&#176;C in 30 seconds</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    ceramic coated on heating plates for a smooth surface for hair to glide on</span></p>
    <p style="font: 10pt Times 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">-
    LCD display</span></p>
    <p style="font: 10pt Times 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></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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"><img src="form20-f_011.jpg" alt=""/></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trimmer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    17mm and 5mm blade</span></p>
    <p style="font: 10pt Times 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">-
operate with AAA battery</span></p></td></tr>
  </table>
<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>


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
two typical categories of beauty appliance manufacturers are;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Original
equipment manufacturer (&#8220;OEM&#8221;) refers to a manufacturer that undertakes the manufacture and assembly of hair styling tool
based on designs and specifications provided by brand owners. OEM typically provides two types of offering (i) a finished end product
labelled with the brand name of the brand owner that are ready-to-sell to the end customers; (ii) the semi-finished subassemblies produced
by OEMs are subject to further assembly by the brand owner to be part of the final products sold under the brand names of such brand
owners.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Original
design manufacturers (&#8220;ODM&#8221;) are manufacturers that provide both product design and development and manufacturing services
for brand owners. Circumstances in which the manufacturer and brand owner collaborate to jointly develop, design, and manufacture a new
product, are referred as joint development (&#8220;JD&#8221;). The business model, i.e., OEM, ODM and JD, utilized by a particular product
manufacturer may vary across its product lines.</span></p>

<p style="font: 10pt Times 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>Health,
Work Safety, Social and Environmental Matters</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the nature of our Operating Subsidiaries&#8217; business, our Operating Subsidiaries&#8217; operational activities are subject to
environmental obligations, and they did not directly incur any cost of compliance with applicable environmental protection rules and
regulations during the fiscal years ended December 31, 2023, 2022 and 2021. Our directors expect that our Operating Subsidiaries will
not directly incur significant costs for compliance with applicable environmental protection rules and regulations in the future. As
of the date of this Annual Report, our Operating Subsidiaries were not in any material non-compliance issues in respect of any applicable
laws and regulations on environmental protection, health, and work safety.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Human
capital is one of the key elements of our Operating Subsidiaries&#8217; success. Our Operating Subsidiaries have taken out employees&#8217;
compensation insurance for their staff&#8217;s safety. Our Operating Subsidiaries also have adopted a safety and health policy for its
employees to follow and provide safety education and trainings to raise employees&#8217; awareness of safety issues. During the fiscal
years ended December 31, 2023, 2022 and 2021, our Operating Subsidiaries did not experience any significant incidents or accidents in
relation to employees&#8217; safety or any non-compliance with the applicable laws and regulations relevant to the health and work safety
issues.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><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 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth a breakdown of our employees by functions and geographical locations as of December 31, 2023:</span></p>

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

<table 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-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 0pt 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recruitment
and remuneration</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Operating Subsidiaries&#8217; success is highly dependent on their employees. Our Operating Subsidiaries recruit employees taking into
account their industry experience and interpersonal skills. Our Operating Subsidiaries hire employees through internal recruitment or
from the open market through online advertisement or by referrals. Our Operating Subsidiaries endeavor to offer competitive wages and
benefits. Our Operating Subsidiaries conduct annual review of the performance of their employees for determining the level of bonus,
salary adjustment and promotion of employees.</span></p>

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


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Operating Subsidiaries offer their employees training both internally and externally to enhance their skills and knowledge in the in
the personal care electric appliance industry. The regular training for our factory employees includes (i) new employee orientation;
(ii) post-promotion training; and (iii) general annual training. We believe training will help our employees improve their work performance,
which will eventually increase their loyalty to the Company. Therefore, the Company has developed a series of training programs targeting
the needs and requirements of the work and tailored in line with their roles and responsibilities. Most training is undertaken by our
internal staff, but if necessary for the effectiveness of the training, outside professionals are also hired to conduct trainings as
well.</span></p>

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unions, labor, and safety incidents</b></span></p>

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Operating Subsidiaries have not set up labor union for employees in Hong Kong or in the PRC. Our Operating Subsidiaries strive to
maintain good relationships with their employees and provide them with a safe working environment. During the fiscal years ended
December 31, 2023 and 2022 and through the date of this prospectus, our Operating Subsidiaries did not experience any form
of industrial action of their employees or any work safety related incidents that led to material disruption of operations or claims
against 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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or mandatory contribution </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>

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Hong Kong, our Operating Subsidiaries operate a defined contribution mandatory provident fund retirement benefits scheme under the Mandatory
Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong) for all of their employees in Hong Kong who are eligible to participate
in the scheme. Under the relevant PRC laws and regulations, our Operating Subsidiaries are required to participate in the social welfare
schemes, which provide pension insurance, medical insurance, work injury insurance, maternity insurance, and unemployment insurance as
well as the coverage of housing provident funds for our Operating Subsidiaries&#8217; employees in the PRC.</span></p>

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

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Operating Subsidiaries regard their trademarks, trade secrets, domain names, copyrights, know-how, proprietary technologies, and similar
intellectual property as critical to their business. As of the date of this prospectus, we have 1 trademark, the Company&#8217;s logo,
as registered with the Trade Marks Registry Intellectual Property Department of Hong Kong, and one domain name.</span></p>

<p style="font: 10pt Times 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Properties </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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
headquarter and sales office in Hong Kong are operating in an approximately 2,858 sq. feet office located in an industrial building.
The office has been owned by FIL since July 1999. FIL entered into an agreement to sell the Hong Kong office to Mr. Li Kin Shing at a
consideration of HK$13,880,000 in November 2022. The sale was completed in December 2022. We have leased the office from Mr. Li Kin Shing
at market rent since January 2023. The term of the lease of the property is for a fixed term of two (2) years commencing from January
1, 2023 at a monthly rent of HK$50,000 (approximately US$6,400). The rent paid to Mr. Li Kin Shing was determined according to the market
value of similar property quotes from the Hong Kong property market.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FPPF
has leased our factory and staff quarters in the PRC for a term of 10 years from an independent third party since 2014, with initial
annual rent of approximately RMB3.5 million and rental increment of 10% for every three years.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this Annual Report, neither we nor our Operating Subsidiaries are a party to, and we nor our Operating Subsidiaries are
aware of any threat of, any legal proceeding that, in the opinion of management, is likely to have a material adverse effect on our business,
financial condition or operations.</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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, our Operating Subsidiaries may become involved in legal proceedings arising in the ordinary course of business. Neither
we nor our Operating Subsidiaries are involved in any litigation, arbitration or claim of material importance, nor any material impact
non-compliance incidents or systemic non-compliance incidents in respect of applicable laws and regulations.</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>Impact
of COVID-19 on our Operating Subsidiaries&#8217; business and operations</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
continuous emergence of new series of COVID-19 variants during the years, the variation in vaccination rollout globally and a new series
of travel and transportation restrictions had contributed consequential impact to the differences in the economic recovery and the increase
in material lead time and transportation time. In addition, there were high demand in various raw materials which caused the breakdown
of a number of supply chains and led to rising costs of certain raw material (e.g., plastic) and global inflationary pressures. Energy
crises and international political dynamics had further hampered the pace of the recovery of the world economy. As of the date of this
prospectus, except for a temporary impact on the supply chain resulting from COVID-19, we have not experienced significant inflationary
pressures on material or labor costs negatively affecting our ongoing business since the national consumer price index increased by only
0.9 percent in 2021 over the previous year, according to the National Bureau of Statistics of China. Although we have not been materially
affected by inflation in the past, we may be affected if China experiences higher rates of inflation in the future. If there is any surge
in the inflation rate, in order to mitigate the inflationary pressures, we plan to (i) monitor our labor costs carefully in our day-to-day
operations; (ii) outsource or contract certain nonessential employees, to reduce labor-related administrative costs; and (iii) establish
a supplier management system and selectively cooperated with key suppliers.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
more than three years since the outbreak of COVID-19, the pandemic has impacted the global business environment and the livelihood of
people and caused a widespread global supply chain disruption. The Group&#8217;s revenue had been adversely affected due to severe supply
chain shortage as well as constraint on manpower resources and our export sales volume was therefore affected. During our fiscal year
ended December 31, 2021, a temporary supply chain disruption led to the decrease in our Group&#8217;s gross profit margin to approximately
16.5% for FY2021 (FY2020: 18.9%). Nevertheless, recently some countries had been gradually reopening borders with caution due to high
vaccination rate. The Directors believe that the impact of the COVID-19 pandemic is only temporary and would not result in a material
or long-term disruption to the Group&#8217;s business operations. The Group&#8217;s gross profit margin for the years ended December
31, 2023 and 2022, remained relatively stable at approximately 18.6% and 15.7%, respectively. The overall market and the business operation
of the Group is expected to gradually recover and improve when the adverse impacts of the pandemic to wane as economic activities resume
to normal. For instant, on December 9, 2022, China announced that China&#8217;s dynamic zero-COVID policy, which had been adhered to
for nearly 3 years, has officially moved towards reopening. The travel restrictions of China and Hong Kong were lifted gradually. Our
Group will closely monitor the development of the COVID-19 pandemic and will continuously assess its potential impact on our supply chain.
If there is any further disruption in our supply chain, we will response swiftly such as, within our capital constraints, increase our
raw material inventories in order to manage and mitigate such risk. Our Group&#8217;s gross profit margin increased from 15.7% for the
year ended December 31, 2022 to 18.6% for the fiscal year ended December 31, 2023. The increase in gross profit margin was primarily
due to the continuing diminishing effect of the COVID 19.</span></p>

<p style="font: 10pt Times 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>Impact
in the U.S. of the Uyghur Forced Labor Prevention Act (the &#8220;UFLPA&#8221;) and the War in Ukraine on our Operating Subsidiaries&#8217;
business and operations.</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>

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UFLPA prohibits on the importation of goods into the United States manufactured wholly or in part with forced labor in the PRC, especially
from the Xinjiang Uyghur Autonomous Region (&#8220;Xinjiang&#8221;). It establishes a rebuttable presumption that the importation of
any goods, wares, articles, and merchandise mined, produced, or manufactured wholly or in part in Xinjiang are not entitled to entry
to the U.S. and requires the importer of record to comply with specified conditions and, by clear and convincing evidence, that the goods,
wares, articles, or merchandise were not produced using forced labor.</span></p>

<p style="font: 10pt Times 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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our manufacturing facilities are located in the PRC, they are not located in Xinjiang and are staffed by our own employees with no raw
materials being sourced from Xinjiang. We are confident that our supply chain management system will rebut the presumption that our products
are tainted with forced or prison labor and therefore we do not anticipate any material or adverse effect our business operations, financial
position, and results of operations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
recent outbreak of war in Ukraine has already affected global economic markets, including a dramatic increase in the price of oil and
gas, and the uncertain resolution of this conflict could result in protracted and/or severe damage to the global economy. Russia&#8217;s
recent military interventions in Ukraine have led to, and may lead to, additional sanctions being levied by the United States, European
Union, and other countries against Russia and countries supporting Russia. Russia&#8217;s military incursion and the resulting sanctions
could adversely affect global energy and financial markets and thus could affect our businesses and the businesses of our customer, even
though we do not have any direct exposure to Russia or the adjoining geographic regions. The extent and duration of the military action,
sanctions and resulting market disruptions are impossible to predict, but could be substantial. Any such disruptions caused by Russian
military action or resulting sanctions may magnify the impact of other risks described herein. We cannot predict the progress or outcome
of the situation in Ukraine, as the conflict and governmental reactions are rapidly developing and beyond their control. Prolonged unrest
intensified military activities or more extensive sanctions impacting the region could have a material adverse effect on the global economy.
However, we do not anticipate that such activities will have a disproportionate material adverse effect on our operations, results of
operations, financial condition, liquidity, and business outlook since:</span></p>

<p style="font: 10pt Times 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; 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">we
    have multiple sources for raw materials and parts and are able to stockpile inventories in the event that we anticipate shortages</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    do not anticipate challenges sourcing raw materials as none are sourced from Russia, Belarus, Ukraine or Western China </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    have adequate sources of labor and do not anticipate labor shortages</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    are able to adjust our production capacity to meet surges or declines in consumer demand</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulatory
Environments</b></span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
summary of the laws and regulations which are material to our Operating Subsidiaries&#8217; operations in the personal care electric
appliance industry in the PRC are as follows: Laws and Regulations Relating to Foreign Investment The establishment, operation, and management
of corporate entities in the PRC are governed by the Company Law of the PRC (the &#8220;PRC Company Law&#8221;). The PRC Company Law
generally governs two types of companies: limited liability companies and joint stock limited companies. Both types of companies have
the status of legal persons, and the liability of shareholders of a limited liability company and a joint stock limited company is limited
to the amount of registered capital they have contributed. The PRC Company Law shall also apply to foreign-invested companies. Where
laws on foreign investment have other stipulations, such stipulations shall apply.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Laws
and Regulations Relating to Foreign Investment</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
establishment procedures, approval procedures, registered capital requirements, foreign exchange matters, accounting practices, taxation,
and labor matters of FPPF are regulated by the Foreign-invested Enterprise Law of the PRC (the &#8220;FIE Law&#8221;) and the Regulations
for the Implementation of the Foreign-invested Enterprise Law of the PRC. Investment in the PRC conducted by foreign investors and foreign-owned
enterprises shall comply with the Special Management Measures (Negative List) for the Access of Foreign Investment (the &#8220;Negative
List&#8221;). The Negative List contains specific provisions guiding market access of foreign capital, stipulating in detail the areas
of entry pertaining to the categories of encouraged foreign-invested industries, restricted foreign-invested industries and prohibited
foreign investment. Any industry not listed in the Negative List is a permitted industry.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Laws
and Regulations Relating to Labor </b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Protection
Labor Contract. </i></b>Pursuant to the Labor Law of the PRC, employers should enter into labor contracts with their employees. Wages
are to be paid according to the level of performance, and the policy of equal pay for equal work. Lowest wage protection and special
labor protection for female workers and juvenile workers shall be implemented. Employers are also required to pay for their employees&#8217;
social insurance premiums and housing provident funds. These payments are made to local administrative authorities, and an employer who
fails to contribute may be fined and be ordered to make up for the outstanding contributions.</span></p>

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


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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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Labor Contract Law of the PRC and the Implementation Rule of the Labor Contract Law of the PRC set out specific provisions in relation
to the execution, terms and the termination of an employment contract and the rights and obligations of the employees and employers.
At the time of hiring, an employer shall truthfully inform the employee as to the scope of work, working conditions, working place, occupational
hazards, work safety, salary and other matters about which the employee requests to be informed about.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employers
in the PRC are required to contribute, on behalf of their employees, to a number of social insurance funds, including funds for basic
pension insurance, for unemployment insurance, basic medical insurance, work-related injury insurance and maternity insurance. If an
employer does not pay the full amount of social insurance premiums as scheduled, the social insurance premium collection institution
shall order it to make the payment or make up the difference within the stipulated time period and impose a daily fine equivalent to
0.05% of the overdue payment from the date on which the payment is overdue. If the payment is not made within the stipulated period,
the relevant administration department shall impose a fine ranging from one to three times of the overdue payment.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
various laws and regulations that govern employers&#8217; obligation to contribute to the social security funds include the Social Insurance
Laws of the PRC, the Interim Regulation on the Collection and Payment of Social Insurance Premiums, the Decision of the State Council
on Establishing a Unified System of the Basic Pension Insurance for Enterprise Employees, the Circular on Relevant Issues concerning
the Improvement of the Basic Pension Insurance Policy for Urban Employees, the Regulation on Work-related Injury Insurance, the Regulation
on Unemployment Insurance, the Decision of the State Council on Establishing the Basic Medical Insurance System for Urban Employees,
the Circular on the Issuance of Provisions on the Administration of Basic Medical Insurance for Urban Employees, and the Trial Measures
on Maternity Insurance for Enterprise Employees.</span></p>

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and Regulations Relating to Intellectual Property Rights</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Trademark Law of the PRC (the &#8220;Trademark Law&#8221;), the right to exclusive use of a registered trademark shall be limited
to trademarks which have been registered and to goods for which the use of trademark has been permitted. The period of validity of a
registered trademark shall be ten years, counted from the day the registration is made. According to the Trademark Law, (i) using a trademark
that is identical to a registered trademark on the same goods without the authorization of the owner of the registered trademark; (ii)
using a trademark that is similar to a registered trademark on the same goods or (iii) using a trademark that is identical with or similar
to a registered trademark on similar goods without the authorization of the owner of the registered trademark, which is likely to cause
confusion, shall be deemed to constitute an infringement of the exclusive right to use a registered trademark. The infringer shall, in
accordance with the regulations, undertake to cease the infringement, take remedial action, and pay damages.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Laws
and Regulations Relating to Foreign Exchange</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Currency Exchange</i></b><i>. </i>The principal regulation governing foreign currency exchange in the PRC is the Regulation of the PRC
for the Control of Foreign Exchange (the &#8220;Foreign Exchange Regulation&#8221;). Under the regulation, RMB are freely convertible
for payments of current account items, such as trade and service-related foreign exchange transactions and dividend payments, but are
not freely convertible for capital expenditure, such as direct investment, loans, or investments in securities, outside the PRC unless
the approval of the State Administration of Foreign Exchange (the &#8220;SAFE&#8221;) or its local counterpart is obtained in advance.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Notice on Further Improving and Adjusting Management Policies on Foreign Exchange of Direct Investment, in relation to direct
foreign investments in the PRC, foreign investors are no longer required to obtain approval from the SAFE to re-invest in the PRC by
using income legally generated from the PRC. No approval from the SAFE is required for opening the foreign exchange accounts, payment
into certain accounts, settlement of the foreign exchange and for the purchase and external payment of foreign exchange. Also, the transfer
of foreign exchange in the PRC under a direct investment account is no longer subject to approval by the SAFE. In addition, the foreign-invested
enterprises are permitted to remit funds to their offshore parent companies.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Notice on Further Simplifying and Improving the Policies of Foreign Exchange Administration Applicable to Direct Investment, verification,
and approval of foreign exchange registration under domestic direct investment is abolished. The banks shall, in accordance with relevant
guidance, directly examine and handle foreign exchange registration under domestic direct investment. Relevant entities may, at their
discretion, choose the banks in their respective places of registration to go through foreign exchange registration of direct investment,
and may handle subsequent formalities for opening relevant accounts, fund exchange and other services (including the outflow or inflow
of profits and dividends) under direct investment only after foreign exchange registration of direct investment is completed.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
principal laws and regulations governing dividend distribution of foreign holding companies include the PRC Company Law, the FIE Law
and their implementation rules. Under these laws and regulations, foreign-invested enterprises in the PRC may pay dividends only out
of their after-tax profits, if any, determined in accordance with PRC accounting standards and regulations. In addition, wholly foreign-owned
enterprises in the PRC must allocate at least 10% of their accumulated profits after tax each year, if any, to fund certain reserve funds
unless these accumulated reserves have reached 50% of their registered capital. These reserves are not distributable as cash dividends.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Laws
and Regulations Relating to Taxation in the PRC </b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Enterprise
Income Tax</i></b><i>. </i>Pursuant to the Enterprise Income Tax Law of the PRC (the &#8220;EIT Law&#8221;), the income tax rate for
both resident enterprises and foreign-invested enterprises is 25% commencing from January 1, 2008 (with certain exceptions for qualified
foreign-invested enterprises). In order to clarify certain provisions in the EIT Law, the State Council promulgated the Implementation
Rules of the Enterprise Income Tax Law of the PRC (the &#8220;EIT Implementation Rules&#8221;). Pursuant to the EIT Law and the EIT Implementation
Rules, non-resident enterprises which have not established agencies or offices in the PRC, or which have established agencies or offices
in the PRC but whose income has no association with such agencies or offices, shall pay enterprise income tax on their income earned
from inside the PRC, and such income of nonresident enterprises for which the payer thereof shall be the withholding agent, shall be
taxed at the reduced rate of 10% and shall be withheld at the source.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Withholding
income tax and international tax treaties. </i></b>Pursuant to the EIT Law and the EIT Law Implementation Rules, dividends generated
after January 1, 2008, and payable by a foreign-invested enterprise in PRC to its foreign investors are subject to a 10% withholding
tax, unless any such foreign investor&#8217;s jurisdiction of registration and incorporation has entered into a tax agreement with PRC
which provides a different withholding tax arrangement.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Arrangement between Mainland China and the Hong Kong Special Administrative Region for Avoidance of Double Taxation and Prevention
of Tax Evasion, the applicable withholding income tax rate for any dividends declared by a Chinese company is 5% for a shareholder being
a Hong Kong resident holding at least 25% interest in its registered capital, or 10% for a shareholder being a Hong Kong resident holding
less than 25% interest in its registered capital.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Administrative Measures for Tax Convention Treatment for Non-resident Taxpayers, any non-resident taxpayer meeting conditions
for enjoying the convention treatment may be entitled to the convention treatment when filing a tax return or making a withholding declaration
through a withholding agent, subject to the subsequent administration by the tax authorities. The term &#8220;non-resident taxpayers&#8221;
refers to the taxpayers other than the PRC tax residents under the Provisions of domestic tax laws or conventions on the avoidance of
double taxation signed by the government of the People&#8217;s Republic of China with foreign countries (including the tax arrangements
signed with the Hong Kong Special Administrative Region and the Macau Special Administrative Region (hereinafter collectively referred
to as the &#8220;Tax Conventions&#8221;) (including non-resident enterprises and non-resident individuals). The convention treatment
means the deduction of or exemption from the enterprise income tax or individual income tax obligations required by the provisions of
PRC tax laws, under the tax conventions or tax clauses of conventions on aviation, sea transportation, and automobile transportation,
as well as the agreements or exchanges of letters on the mutual-exemption from tax on income from international transportation, signed
by the People&#8217;s Republic of China with foreign countries, including the Arrangement between Mainland China and the Hong Kong Special
Administrative Region for Avoidance of Double Taxation and Prevention of Tax Evasion.</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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Notice on Certain Issues with Respect to the Enforcement of Dividend Provisions in Tax Treaties, if the relevant PRC tax authorities
determine, in their discretion, that a company benefits from such reduced income tax rate due to a structure or arrangement that is primarily
tax-driven, such PRC tax authorities may adjust the preferential tax treatment. Pursuant to the Announcement of the State Administration
of Taxation on Issues Relating to Withholding at Source of Income Tax of Non-resident Enterprises, when the withholding agent enters
into a business contract with a non-resident enterprise in relation to income derived from or accruing in the PRC, where the non-resident
enterprise has no office or premises established in the PRC or the income derived or accrued has no de facto relationship with the office
or premises established, if the contract stipulates that the withholding agent shall bear the tax payable amount, the tax-exclusive income
amount derived by the non-resident enterprise shall be converted to a tax-inclusive income amount and the tax withheld shall be turned
over. Where the income subject to withholding at source derived by a non-resident enterprise is equity investment income such as dividends
and bonuses, the date of occurrence of withholding obligation for the relevant tax payable amount shall be the date of actual payment
of equity investment income such as dividends and bonuses.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Hong
Kong Regulations Related to Services Providers</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Business
registration requirement. </i></b>The Business Registration Ordinance (Chapter 310 of the Laws of Hong Kong) 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.
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.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this Annual Report, AIL and FIL hold valid business registration certificates.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulations
related to employment and labor protection </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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Employment
Ordinance (Chapter 57 of the Laws of Hong Kong). T</i></b>he Employment Ordinance (Chapter 57 of the Laws of Hong Kong), 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 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this Annual Report, AIL and FIL have complied with the provisions under the EO.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Employees&#8217;
Compensation Ordinance (Chapter 282 of the Laws of Hong Kong). </i></b>The Employees&#8217; Compensation Ordinance (Chapter 282 of the
Laws of Hong Kong), 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. 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 HKD100,000,000 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 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this Annual Report, employee compensation insurance has been obtained for all employees of AIL and FIL.</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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mandatory
Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong). </i></b>The Mandatory Provident Fund Schemes Ordinance (Chapter
485 of the Laws of Hong Kong), 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. 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. Any employer who contravenes this requirement commits a criminal offence and is liable on conviction
to a fine and imprisonment.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this Annual Report, the Company believes it has made all contributions required under the MPFSO.</span></p>

<p style="font: 10pt Times 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: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulations
related to Personal Data</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Personal
Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong). </i></b>The Personal Data (Privacy) Ordinance (Chapter 486 of the Laws
of Hong Kong), 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 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>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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>
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    3 &#8212; use of personal data;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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">
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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; text-indent: 0.5in"><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 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; text-indent: 0.5in"><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 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%">
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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">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </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; text-indent: 0.5in"><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 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this Annual Report, AIL and FIL are in compliance with the provisions of the PDPO.</span></p>

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


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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 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_001"></span>Item
4A. Unresolved Staff Comments</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 0.5in; background-color: white"><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-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 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_002"></span>Item
5. Operating and Financial Review and Prospects</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated
financial statements and related notes included elsewhere in this Annual Report. This discussion and analysis and other parts of this
Annual Report contain forward-looking statements based upon current beliefs, plans and expectations that involve risks, uncertainties,
and assumptions. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking
statements as a result of several factors, including those set forth under &#8220;Risk Factors&#8221; and elsewhere in this Annual Report.
You should carefully read the &#8220;Risk Factors&#8221; section of this Annual Report in Item ____ to gain an understanding of the important
factors that could cause actual results to differ materially from our forward-looking 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fenbo
Holdings Limited is a holding company incorporated on September 30, 2022 under the laws of the Cayman Islands. The Company has no substantial
operations other than holding all of the outstanding share capital of Rich Legend Holdings Limited (&#8220;RLHL&#8221;) which was incorporated
under the laws of the BVI on October 21, 2022. RLHL is the holding company holding of all the equity interest of (i) Fenbo Industries
Ltd., (&#8220;FIL&#8221;) a Hong Kong company incorporated on June 17, 1993; and (ii) Able Industries Ltd., (&#8220;AIL&#8221;) a Hong
Kong company incorporated on November 7, 2005. FIL is the holding company holding of all the equity interest of Fenbo Plastic Products
Factory (Shenzhen) Ltd., (&#8220;FPPF&#8221;) a company incorporated on October 19, 2010, under the laws of the PRC, which is one of
our Operating Subsidiaries conducting business operations in the PRC. The Company, through FIL, AIL and FPPF, has served as an OEM for
Spectrum Brands, a global home essential company, and its sole customer, producing electrical hair styling products, under the &#8220;Remington&#8221;
brand which Spectrum Brands has the right of the use of, and which are currently sold to Europe, United States and Latin America. The
Company&#8217;s headquarters is located in Hong Kong, China. The &#8220;Company&#8221; in the foregoing discussion titled &#8220;Operating
and Financial Review and Prospects&#8221; refers to the Group and its subsidiaries reflecting the applicable information on a consolidated
basis, unless the context otherwise indicates. The Group includes the following entities:</span></p>

<p style="font: 10pt Times 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%; 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; vertical-align: bottom; text-align: center"><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; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Background</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ownership</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal
    activities</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fenbo
    Holdings Limited </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; text-align: justify; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 26%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Cayman Islands company </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; text-align: justify; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 26%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
    holding</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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;FHL&#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; 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">Incorporated
    on September 30, 2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">Rich
    Legend Holdings </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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
    BVI 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%
    owned by FHL</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intermediate
    holding 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">Limited
    (&#8220;RLHL&#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; 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">Incorporated
    on October 21, 2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">Fenbo
    Industries Ltd. </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: 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
    Hong Kong 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%
    owned by RLHL</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intermediate
    holding 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">(&#8220;FIL&#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; 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">Incorporated
    on June 17, 1993</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
    trading of electronic appliance</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">Able
    Industries Ltd </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Hong Kong 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marketing</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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;AIL&#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; 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">Incorporated
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Key
Factors that Affect Results of Operations</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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the financial years ended December 31, 2021, 2022 and 2023, our revenue amounted to approximately HK$140.7 million, HK$119.7 million
and HK$119.1 million, respectively. Our net income amounted to approximately HK$0.8 million, HK$8.7 million and a net loss of HK$1.5
million for the financial years ended December 31, 2021, 2022 and 2023, 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company believes the key factors affecting its financial condition and results of operations include the following:</span></p>

<p style="font: 10pt Times 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: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Demand
from our one key customer group </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely on one key customer and if we fail to retain this customer or attract new customers, our business, financial condition, results
of operations and growth prospects will be harmed. Our aggregate sales generated from this one customer contributed all of our revenue
for the financial years ended December 31, 2021, 2022 and 2023. Accordingly, our sales would be significantly affected by the demands
of our key customer group, as well as certain inherent risks, among others, changes and development in the local political, regulatory
and business conditions, that may affect their purchases from us, many of which are beyond our control. These uncertainties could have
a material adverse effect on our business, results of operations and financial conditions, and affect our ability to remain profitable
and achieve business 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: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fluctuations
in the cost of our materials</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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Raw
materials, such as electrical components, packaging materials, metal materials, plastic particles, and painting materials, are the largest
component of our cost of revenues. As our contract price is fixed once our customer confirms an order for a electrical hair styling,
it is difficult for us to manage the pricing of our electrical hair styling to pass on any increase in costs to our customer. Any fluctuations
in the cost of raw materials would affect our profitability.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
prices at which we purchase such raw materials are determined principally by market forces such as the relevant supply and demand of
such raw materials, as well as our bargaining power with our suppliers. During the financial years ended December 31, 2021, 2022 and
2023, the majority of our raw materials were commonly available from the market and their prices have been are affected by the market
forces. We monitor supply and cost trends of these raw materials and take appropriate actions to obtain the materials we need for production.
We expect fluctuations in the cost of key materials to continue to affect our margins.</span></p>

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

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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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<p style="font: 10pt Times 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>

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

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


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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
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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">&#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">*Represents
percentage of change from the fiscal year ended December 31, 2022 to 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
decreased by HK$0.6 million, or 0.5%, to HK$119.1 million (US$15.2 million) for the fiscal year ended December 31, 2023 compared to HK$119.7
million for the same period in 2022 primarily because of the decrease in revenue for our curling wands and irons products. Revenue decreased
by HK$21.0 million, or 14.9%, to HK$119.7 million for the fiscal year ended December 31, 2022 compared to HK$140.7 million for the same
period in 2021 primarily because of the decrease in revenue for our flat irons and hair straighteners products.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
our fiscal year ended December 31, 2023, the negative impact of the COVID-19 pandemic had greatly subsided, and industries, including
consumer confidence, returned to normalcy as compared to the continued negative impact of the COVID-19 pandemic on businesses during
2022. The persistence of COVID-19 pandemic during fiscal year 2022, which continued to rampage in the global economy, the lock down measures
of foreign countries and the cancellation of international flight, negatively affected the cross-border delivery, thereby affecting the
Group&#8217;s sales as compared to fiscal year 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: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cost
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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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
of sales included cost of raw materials (such as costs of electrical components, packaging materials, metal materials, plastic particles,
and painting materials), direct labor (including wages and social security contributions), manufacturing overhead (such as consumables,
depreciation, direct rental expense and utilities) and other taxes. We currently do not hedge our raw materials position, and we monitor
raw material price trends closely to manage our production needs.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the fiscal year ended December 31, 2023, cost of sales decreased to HK$97.0 million (US$12.4 million), representing an decrease by HK$3.9
million from HK$100.9 million in the same period in 2022. The fluctuation of cost of sales was in line with the decrease in our revenue
during the same period. For the fiscal year ended December 31, 2022, cost of sales decreased to HK$100.9 million (US$12.9 million), representing
a decrease by HK$16.6 million from HK$117.5 million in the same period in 2021. The fluctuation of cost of sales was in line with that
of the revenue during the same period.</span></p>

<p style="font: 10pt Times 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: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gross
profit</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the foregoing, gross profit for the fiscal year ended December 31, 2023, was HK$22.1 million (US$2.8 million), an increase
of HK$3.3 million from HK$18.8 million for the same period in 2022. Gross profit for the fiscal year ended December 31, 2022 was HK$18.8
million, a decrease of HK$4.4 million from HK$23.2 million for the same period in 2021.</span></p>

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


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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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
our fiscal year ended December 31, 2023, the COVID-19 Pandemic has been successfully brought under control and the adverse impacts of
the pandemic have been gradually dissipating as economic activities resume to normal. The supply and prices of raw materials became stable
during the year, and thus led to the decrease in the Group&#8217;s average unit costs and increase in gross profit for the year. During
our fiscal year ended December 31, 2022, various adverse factors related to the COVID-19 pandemic, such as the temporary disruption in
the Group&#8217;s supply chain leading to tight supply and rising prices of raw materials, the rise of ocean freight charges and shortage
of container supplies, continued to hamper the global economy, and thus led to the increase in the Group&#8217;s average unit costs.
On December 9, 2022, China announced that China&#8217;s dynamic zero-COVID policy, which had been adhered to for nearly 3 years, has
officially moved towards reopening. The travel restrictions of China and Hong Kong were lifted gradually.</span></p>

<p style="font: 10pt Times 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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a result of the above, the Group&#8217;s gross profit margin for the fiscal year ended December 31, 2023 rose to 18.6% as compared
to gross profit margin of 15.7% for the fiscal year ended December 31, 2022. For the fiscal year ended December 31, 2022, our gross
profit margin of 15.7% had dropped from a gross profit margin of 16.5% for the fiscal year ended December 31, 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>

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Group continues to closely monitor the COVID-19 pandemic and other factors affecting our performance, and will assess their respective
potential impact on our supply chain. We believe that we can enhance our gross margin during 2024 as we optimize our product-mix and
quality of products, or, within our capital constraints, increase our raw material inventories.</span></p>

<p style="font: 10pt Times 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: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Selling
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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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components of selling and marketing expenses are packaging expenses, transportation costs and custom declarations. For the year ended
December 31, 2023, selling and marketing expenses was HK$2.0 million (US$0.3 million), which decreased by HK$0.1 million from HK$2.1
million in the same period in 2022. For the year ended December 31, 2022, selling and marketing expenses was HK$2.1 million, which decreased
by HK$1.0 million from HK$3.0 million in the same period in 2021. The decrease during the fiscal year ended December 31, 2023 from the
same period in 2022 was due mainly to a decrease in overall level of shipping of products. The decrease during the fiscal year ended
December 31, 2022 from the same period in 2021 was due mainly to a decrease in packaging expenses as a result of the relatively stable
prices of packaging materials during the year.</span></p>

<p style="font: 10pt Times 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>

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and administrative expenses consist primarily of staff costs for our accounting and administrative support personnel and executives,
depreciation, office and insurance expenses, motor vehicles and travelling expenses, stamp duty and other taxes, utility expenses, office
rental and management fee, legal and professional fee and auditor&#8217;s remuneration and others.</span></p>

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


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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>


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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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
and administrative expenses increased by HK$1.3 million from HK$19.2 million for the fiscal year ended December 31, 2022 to HK$20.5 million
(US$2.6 million) for the fiscal year ended December 31, 2023. This increase was due mainly to the increase in staff costs and motor vehicles
and travelling expenses as the travel restrictions of China and Hong Kong were lifted gradually during the fiscal year ended December
31, 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
and administrative expenses increased by HK$2.4 million from HK$16.9 million for the fiscal year ended December 31, 2021 to HK$19.2 million
(US$2.5 million) for the fiscal year ended December 31, 2022. This increase was due mainly to additional professional fees for our public
offering.</span></p>

<p style="font: 10pt Times 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: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income
(loss) from operations</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
loss from operations decreased by HK$2.1 million from the loss from operations of HK$2.5 million for the fiscal year ended December
31, 2022 to HK$0.4 million for the fiscal year ended December 31, 2023. The improvement in the financial performance from operations
during the fiscal year ended December 31, 2023 were primarily due to the combined effects of the increase of gross profit of HK$3.4
million and the decrease of general and administrative expenses of HK$1.3 million during the fiscal year ended December 31,
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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
income from operations decreased by HK$5.8 million from the income from operations of HK$3.3 million for the fiscal year ended
December 31, 2021 to the loss from operation of HK$2.5 million for the fiscal year ended December 31, 2022. The decline of the
financial performance from operations were primarily due to the combined effects of the decrease of gross profit of HK$4.4 million
and the increase of general and administrative expenses of HK$1.4 million during the fiscal year ended December 31, 2022.</span></p>

<p style="font: 10pt Times 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: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
income (expense), net</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Major
components of other income (expense) are exchange gain and loss, gain on disposal of property, plant and equipment, sundry income, government
grant and bank interest income. For the fiscal year ended December 31, 2023, net income was HK$0.8 million (US$0.1 million), which decreased
by HK$12.2 million from HK$13.0 million in the same period in 2022. The decrease was due mainly to the decrease in gain on disposal of
property, plant and equipment recognized during the fiscal year ended December 31, 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the fiscal year ended December 31, 2022, net income was HK$13.0 million (US$1.7 million), which increased by HK$11.1 million from
HK$1.9 million in the same period in 2021. The increase was due mainly to a gain on disposal of property, plant and equipment of
HK$12.5 million recognized during the fiscal year ended December 31, 2022. The gain was mainly attributable to the sales of Hong
Kong office to Mr. Li Kin Shing at a consideration of HK$13,880,000 in December 2022. Only minimal amount of gain on disposal of
property, plant and equipment was recognized in the same period in 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: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest
expense</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
expense remained relatively stable at HK$1.7 million (US$0.2), HK$1.6 million and HK$1.6 million for the fiscal years ended December
31, 2023, 2022 and 2021. The increase during the fiscal year ended December 31, 2023 was due mainly to the increase in average interest
for the Group&#8217;s debt during the fiscal year.</span></p>

<p style="font: 10pt Times 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: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income
(loss) before tax expense</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the above, the Company recorded a loss before tax expense of HK$1.3 million (US$0.2 million) for the fiscal year ended December
31, 2023, a decrease of HK$10.3 million from HK$9.0 million for the fiscal year ended December 31, 2022. The decrease was mainly due
to the decrease in gain on disposal of property, plant and equipment recognized during the fiscal year ended December 31, 2023. The Company
recorded an income before tax expense of HK$9.0 million (US$1.2 million) for the year ended December 31, 2022, an increase of HK$5.4
million from HK$3.6 million for the year ended December 31, 2021.</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; 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 0pt 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income
tax expense</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the fiscal year ended December 31, 2023, income tax expense was HK$0.1 million (US$17,000), which decreased by HK$0.2 million from HK$0.3
million for the year ended December 31, 2022. The decrease was mainly due to a decrease in taxable income generated from operations during
the fiscal year ended December 31, 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the fiscal year ended December 31, 2022, income tax expense was HK$0.3 million (US$40,000), which decreased by HK$2.5 million from HK$2.8
million for the fiscal year ended December 31, 2021. The decrease was mainly due to an increase in non-taxable gain on disposals of property,
plant and equipment of HK$12.4 million and a decrease in taxable income generated from operations during the year ended December 31,
2022.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
net income decreased by HK$10.1 million from a net income of HK$8.6 million for the year ended December 31, 2022 to a net loss of HK$1.5
million (US$0.2 million) for the fiscal year ended December 31, 2023. The decrease in the net income during the year ended December 31,
2023 was mainly attributable to the cumulative effect of the reasons set out above.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
net income increased by HK$7.8 million from HK$0.8 million for the year ended December 31, 2021 to HK$8.6 million (US$1.1 million) for
the year ended December 31, 2022. The improvement in the net income during the year ended December 31, 2022 was mainly attributable to
the cumulative effect of the reasons set out above.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
and Capital Resources</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the Fiscal Year Ended December 31, 2023 and 2022</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company financed its daily operations and business development through cash generated from the operations of AIL, FIL, and FPPF. As of
December 31, 2023 and 2022, its cash balance was HK$46.3 million (US$5.9 million) and HK$13.9 million, respectively.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth a summary of its cash flows for the periods indicated:</span></p>

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

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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 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash
provided by operating activities:</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the fiscal years ended December 31, 2023, net cash provided by operating activities of HK$9.7 million (US$1.2 million) was primarily
the result of the net loss of HK$1.5 million (US$0.2 million) as adjusted for non-cash items and change in operating activities. Adjustments
for non-cash items consisted of depreciation of property and equipment of HK$0.5 million (US$65,000), amortization of right to use assets
of HK$5.4 million (US$0.7 million) and interest on lease liabilities of HK$0.3 million (US$40,000). Change in operating activities mainly
included increase in account payables of HK$5.1 million (US$0.6 million), increase in other payables and accrued liabilities of HK$1.4
million (US$0.2 million), decrease in inventories of HK$1.4 million (US$0.2 million), decrease in prepaid expenses and other current
assets of HK$2.5 million (US$0.3 million) and partially offset by an increase in accounts receivable of HK$0.8 million (US$0.1 million)
and payment on lease of HK$6.3 million (US$0.8 million).</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the fiscal year ended December 31, 2022, net cash provided by operating activities of HK$5.7 million (US$0.7 million) was primarily the
result of the net income of HK$8.7 million (US$1.1 million) as adjusted for non-cash items and change in operating activities. Adjustments
for non-cash items consisted of depreciation of property and equipment of HK$0.7 million (US$90,000), amortization of right to use assets
of HK$4.9 million (US$0.6 million), interest on lease liabilities of HK$0.5 million (US$60,000) and gain on disposal of property, plant,
and equipment of HK$12.5 million (US$1.6 million). Change in operating activities mainly included decrease in accounts receivable of
HK$10.2 million (US$1.3 million), increase in other payables and accrued liabilities of HK$0.3 million (US$34,000), decrease in inventories
of HK$4.2 million (US$0.5 million) and partially offset by a decrease in prepaid expenses and other current assets of HK$3.0 million
(US$0.4 million), a decrease in account payables of HK$2.3 million (US$0.3 million) and payment on lease of HK$6.0 million (US$0.8 million).</span></p>

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


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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 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash
used in investing activities:</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the fiscal year ended December 31, 2023, net cash used in investing activities was HK$0.3 million (US$36,000) for the purchase of property,
plant, and equipment.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the fiscal year ended December 31, 2022, net cash used in investing activities was HK$0.6 million (US$71,000) for the purchase of property,
plant, and equipment.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash
used in financing activities:</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the fiscal year ended December 31, 2023, net cash from financing activities of HK$23.3 million (US$3.0 million) was mainly due to the
proceeds from issuance of ordinary shares of HK$26.0 million (US$3.3 million and partially offset by the advances to related parties
of HK$2.7 milion (US$0.3 million).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the fiscal year ended December 31, 2022, net cash from financing activities of HK$5.0 million (US$0.6 million) represented the advance
from related parties.</span></p>

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

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

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    <td style="vertical-align: bottom; text-align: left">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
assets as of December 31, 2023, was HK$97.9 million (US$12.5 million). Out of this balance, the Company had cash of HK$46.3 million (US$6.0
million) of which approximately HK$39.3 million was denominated in Hong Kong Dollar, approximately HK$2.6 million was denominated in
USD and approximately HK$4.4 million was denominated in RMB. The current asset balance mainly included accounts receivable, net of HK$31.5
million (US$4.0 million), prepaid expenses and other current assets of HK$6.0 million (US$0.8 million) and inventories of HK$14.1 million
(US$1.8 million).</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
liabilities as of December 31, 2023, was HK$43.0 million (US$5.5 million). This amount was composed of accounts payables of HK$18.5 million
(US$2.4 million), other payables and accrued liabilities of HK$7.0 million (US$0.9 million), amounts due to related parties of HK$2.4
million (US$0.3 million), current portion of lease liabilities of HK$4.1 million (US$0.5 million) and bank loan of HK$11.0 million (US$1.4
million).</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
assets as of December 31, 2022, was HK$71.3 million. Out of this balance, the Company had cash of HK$13.9 million of which approximately
HK$5.6 million was denominated in Hong Kong Dollar and approximately HK$8.3 million was denominated in RMB. The current asset balance
mainly included accounts receivable, net of HK$32.9 million, prepaid expenses and other current assets of HK$6.8 million, inventories
of HK$15.9 million and deferred IPO cost of HK$1.9 million.</span></p>

<p style="font: 10pt Times 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; 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
liabilities as of December 31, 2022, was HK$41.3 million. This amount was composed of accounts payables of HK$13.8 million, other payables
and accrued liabilities of HK$5.8 million, amounts due to related parties of HK$5.1 million, current portion of lease liabilities of
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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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Off-Balance
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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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Company had no off-balance sheet arrangements, including arrangements that would affect its liquidity, capital
resources, market risk support, and credit risk support or other benefits.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may sell its Ordinary Shares in order to fund its business growth. Issuances of additional shares will result in dilution to
existing shareholders. There is no assurance that the Company will achieve sales of its equity securities or arrange for debt or other
financing to fund its growth in case it is necessary, or if the Company is able to do so, there is no guarantee that existing shareholders
will not be substantially diluted.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
Accounting Policies, Judgments and Estimates</b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States
of America (&#8220;USGAAP&#8221;). Accordingly, these statements should be read in conjunction with the Company&#8217;s financial statements
and note thereto as of and for the fiscal years ended December 31, 2023, 2022 and 2021.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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 subsidiaries. All inter- company transactions,
if any, and balances due to, due from, long-term investment subsidiary, and registered paid in capital have been eliminated upon consolidation.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business
combinations and noncontrolling interests</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standards Codification
(&#8220;ASC&#8221;) 805 &#8220;Business Combinations.&#8221; The cost of an acquisition is measured as the aggregate of the acquisition
date fair value of the assets transferred to the sellers, liabilities incurred by the Company and equity instruments issued by the Company.
Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities assumed
are measured separately at their fair values as of the acquisition date, irrespective of the extent of any noncontrolling interests.
The excess of (i) the total costs of acquisition, fair value of the noncontrolling interests and acquisition date fair value of any previously
held equity interest in the acquiree over (ii) the acquisition date amounts of the identifiable net assets of the acquiree is recorded
as goodwill. If the cost of acquisition is less than the acquisition date amounts of the net assets of the subsidiary acquired, the difference
is recognized directly in the consolidated income statements. During the measurement period, which can be up to one year from the acquisition
date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Subsequent
to the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever
comes first, any further adjustments are recorded in the consolidated income statements.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the Company&#8217;s non-wholly owned subsidiaries, a noncontrolling interest is recognized to reflect the portion of equity that is not
attributable, directly, or indirectly, to the Company.</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use
of Estimates and Assumptions</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated
financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates
reflected in the Company&#8217;s consolidated financial statements include the useful lives of property and equipment, the imputed interest
rate of leases, impairment of long-lived assets, allowance for doubtful accounts, provision for contingent liabilities, revenue recognition,
deferred taxes and uncertain tax position. Actual results could differ from these estimates.</span></p>

<p style="font: 10pt Times 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: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Revenue
Recognition</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company elected to adopt Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606), effective
as of October 1, 2019. Accordingly, the consolidated financial statements for the years ended
December 31, 2023, and 2022 are presented under ASC 606. The core principle of the guidance is that an entity should recognize revenue
to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects
to be entitled in exchange for those goods or services. The Company&#8217;s revenues are generated from the production and sales of premium
personal care electric appliances (principally electrical hair styling products such as straighteners, curlers, trimmers, etc.) and toy
products. This performance obligation is satisfied at a point of time and recognized in revenue upon the transfer of control of the goods
to the customers. Interest income from banks is recognized when received.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
cost of revenue primarily consists of the cost of raw materials, direct labor costs and factory overhead.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Hong Kong operations are not subject to the value added tax. For the PRC operations, the PRC export revenue is not subject to VAT. VAT
are charged for purchase of materials at 17% of which 13% is refundable. Revenues are presented net of applicable VAT.</span></p>

<p style="font: 10pt Times 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: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income
Taxes</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for income taxes in accordance with the laws of the relevant tax authorities. The charge for taxation is based on the
results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have
been enacted or substantively enacted by the balance sheet date.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
taxes are accounted for using the asset and liability method in respect of temporary differences arising from differences between the
carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation
of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets
are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences
can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized, or the
liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged
directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance
when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.
Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><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, with a tax examination being presumed to occur. 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. No penalties and interest incurred related to underpayment of income tax are classified as income tax expense
in the period incurred.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
the discussion of the recent accounting pronouncements contained in Note 2 to the consolidated financial statements, &#8220;Summary of
Significant Accounting Policies&#8221;.</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>&#160;</b></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"><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><span id="nd_003"></span>Item
6. Directors, Senior Management and Key Employees</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors is the primary decision-making body of our Company, setting fundamental business strategies and policies for the management
and operation of our Operating Subsidiaries&#8217; business and monitoring their implementation.</span></p>

<p style="font: 10pt Times 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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Board of Directors currently consists of five directors, comprising two Executive Directors and three independent non-executive Directors.
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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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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Independent
    Non-executive Directors:</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lai
    King Yan (Anthony)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">51</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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
    Non-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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tong
    Ching Ho (Tony)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">53</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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
    Non-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; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wong
                                            Siu Keung (Sony)</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derong
    Meng</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"><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">48</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">49</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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
                                            Non-executive Director</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Non-executive Director and Co-Chairman</span></p></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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
arrangement or understanding exists between any such director or officer and any other persons pursuant to which any director or executive
officer was elected as a director or executive officer. Our directors are elected annually and serve until their successors take office
or until their death, resignation, or removal. The executive officers serve at the pleasure of the Board of Directors.</span></p>

<p style="font: 10pt Times 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Executive
Officers and Directors:</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mr.
Li Siu Lun Allan (&#8220;Mr. Allan Li&#8221;) </b>has served as FHL&#8217;s Chairman, Executive Director, and Chief Executive Officer
since September 30, 2022. Since September 1998, he has served as a Director of FIL and since June 2021 as a Director of AIL. He has over
20 years of marketing, administration, and operating experience at FIL. Mr. Allan Li attended the Faculty of Applied Sciences at Simon
Fraser University, B.C. Canada, from September 1994 until December 1996. Mr. Allan Li is the son of Mr. Li Kin Shing, founder of the
Group.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mr.
Li Kin Shing (&#8220;Mr. Li&#8221;)</b> has served as FHL&#8217;s Executive Director since September 30, 2022. Mr. Li founded FIL in
June 1993 and has served as a director since then. Mr. Li has served as the Legal Representative of FPPF since October 1993 and the Director
of AIL since November 2005. Mr. Li received a Certificate in Mechanical Engineer in June 1996 and a Certificate in Workshop Instructor
Training from the Morrison Hill Technical Institute, Hong Kong, in 1974.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mr.
Fu Wai Yip (Freddy) </b>has served as FHL&#8217;s Chief Financial Officer since December 6, 2022. Since December 2011, he has served
as the Financial Controller of The Well Leatherware Manufactory Ltd. He attended the University of Bolton, UK from 2000 to 2002 where
he received a Bachelor of Arts degree in Accountancy. Mr. Fu is a Fellow Member of the Association of International Accounts, UK., The
Institute of Public Accountants - Australia, and the Institute of Financial Accountants.</span></p>

<p style="font: 10pt Times 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Independent
Non-executive Directors</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mr.
Lai King Yan (Anthony)</b> was appointed as an Independent Director effective upon the closing of the IPO. Since October 2021, Mr. Lai
has served as a Director of Advent Corporate Finance Limited since October 2021. From April 2019 to May 2021, he served as a Director
of Changjiang Corporate Finance (HK) Limited and from January 2013 until February 2019, he served as the Managing Director of CLC International
Limited, Mr. Lai attended Bond University in Australia from 1994 until 1996 where he received a Bachelor of Commerce degree.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mr.
Tong Ching Ho (Tony)</b> was appointed as an Independent Director effective upon the closing of the IPO. Mr. Tong served as a Sourcing
Specialist for NBC Hong Kong Merchants Ltd. since July 2015. He attended the University of Victoria, B.C. Canada from 1993 until1996
where he received his Bachelor of Arts in Economics degree.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mr.
Wong Siu Keung (Sony)</b> was appointed as an Independent Director effective upon the closing of the IPO. Mr. Wong served as the Responsible
Officer and Risk Manager for Ocean Assets Management HK Limited since May 2021. From October 2019 to March 2021, he served as the Responsible
Officer and Executive Director for Boxin Jiayuan Ltd, and from October 2017 to September 2019 as the Senior VP and Responsible Officer
for ZQ Capital HK Ltd. Mr. Wong attended the Simon Fraser University, Vancouver, Canada from 1994 until 2000, where he received a Bachelor&#8217;s
degree in business administration in 1998 and a Master&#8217;s degree in business administration in 2000. Mr. Wong was admitted as a
certified public accountant of the Delaware State Board of Accountancy in October 2004 and became a chartered financial analyst of the
Association for Investment Management and Research in August 2003.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mr.
Derong Meng </b>was appointed as the Co-Chairman and an Independent Director effective January 1, 2024. Since April 2019, Mr. Meng has
served as the Executive President of Dijiu (Shenzhen) Supply Chain Group Co. Ltd., a firm focused on the development, implementation,
and management of supply chain logistics from traditional sales channels to e-commerce platforms with an emphasis on agricultural products.
From June 2017 until March 2019, he served as the CEO, Business Development Department, of Shenzhen Eternal Asia Supply Chain Co. Ltd.
Mr. Meng received a Bachelor&#8217;s Degree in Economics and Management from Yancheng Institute of Technology in July 1996.</span></p>

<p style="font: 10pt Times 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: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Key
Personnel / Consultants</b></span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mr.
Chiu Yat Chung (Gary) (&#8220;Mr. Chiu&#8221;) </b>has served as the AIL&#8217;s Marketing Consultant since April 2021 and from November
2005 until March 2021, he served as a Director of AIL. Mr. Chiu received a Bachelor&#8217;s degree in Industrial Engineering from the
University of Hong Kong in 1999 and Master&#8217;s degree in Manufacturing Engineering from the Polytechnic University, Hong Kong in
2003.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><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 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors has established an audit committee, a compensation committee, and a nomination committee, each of which will operate
pursuant to a charter adopted by our Board of Directors that will be effective upon the effectiveness of the registration statement of
which this prospectus is a part. The Board of Directors may also establish other committees from time to time to assist our Company and
the Board of Directors. Upon the effectiveness of the registration statement of which this prospectus is a part, the composition and
functioning of all of our committees will comply with all applicable requirements of the Sarbanes-Oxley Act of 2002, Nasdaq and SEC rules
and regulations, if applicable. Upon our listing on Nasdaq, each committee&#8217;s charter will be available on our website at http://www
<span style="text-decoration: underline">http://www.fenbo.com</span>. The reference to our website address does not constitute incorporation by reference of the information contained
at or available through our website, and you should not consider it to be part of this Annual Report.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wong
Siu Keung (Sony) Tong Ching Ho (Tony), and Lai King Yan (Anthony), all of whom are our independent non-executive Directors, will serve
on the audit committee, which will be chaired by Wong Siu Keung (Sony). Our Board of Directors has determined that each are &#8220;independent&#8221;
for audit committee purposes as that term is defined by the rules of the SEC and Nasdaq, and that each has sufficient knowledge in financial
and auditing matters to serve on the audit committee. Our Board of Directors has designated Mr. Wong Siu Keung (Sony) as an &#8220;audit
committee financial expert,&#8221; as defined under the applicable rules of the SEC. The audit committee&#8217;s responsibilities include:</span></p>

<p style="font: 10pt Times 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%; 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">&#9679;</span></td>
    <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,
    approving the compensation of, and assessing the independence of our independent registered public accounting firm;</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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pre-approving
    auditing and permissible non-audit services, and the terms of such services, to be provided by our independent registered public
    accounting firm;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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
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    our financial statements;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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 discussing with management and our independent registered public accounting firm our annual and quarterly financial statements
    and related disclosures as well as critical accounting policies and practices used by 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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">coordinating
    the oversight and reviewing the adequacy of our internal control over financial reporting;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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">establishing
    policies and procedures for the receipt and retention of accounting-related complaints and concerns; recommending, based upon the
    audit committee&#8217;s review and discussions with management and our independent registered public accounting firm, whether our
    audited financial statements shall be included in our 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <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
    the integrity of our financial statements and our compliance with legal and regulatory requirements as they relate to our financial
    statements and accounting matters;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">preparing
    the audit committee report required by SEC rules to be included in our annual proxy 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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
all related person transactions for potential conflict of interest situations and approving all such transactions;</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">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Continuously engage in the analysis of and review for an potential cybersecurity risks as part of the Company&#8217;s overall risk
    management program; and</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    earnings releases.</span></td></tr>
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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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Audit
committee charter. </b>On April 16, 2024, our Board of Directors authorized and approved an amendment to the Audit Committee Charter
(the &#8220;Audit Committee Charter&#8221;). pursuant to which it adopted a cybersecurity policy (the &#8220;Cybersecurity Policy&#8221;)
and further approved that the Audit Committee will have full authority and powers to implement the Cybersecurity Policy. The Audit Committee
Charter provides the members of the Audit Committee with authorization and authority to conduct continuous analysis of and review for
any potential cybersecurity risks as part of the Company&#8217;s overall risk management program and to create a cyber-resillient organization,
which will contribute to the value preservation of the Company. The Audit Committee Charter further provides authority and responsibility
to the members of the Audit Committee to: (i) understand the economic drivers and impact of cyber risk, including the financial impact
to our Company; (ii) align cyber-risk management policies with our business needs by integrating cyber-risk analysis into significant
business decisions; (iii) ensure our organizational structure supports cybersecurity goals; and (iv) incorporate cybersecurity expertise
into board governance.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
additional information regarding our Cybersecurity Policy, please refer to Exhibit 16J included in this Annual Report on Form 20-F for
the year ended December 31, 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: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation
committee</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lai
King Yan (Anthony), Wong Siu Keung (Sony), and Tong Ching Ho (Tony) all of whom are our independent non-executive Directors, will serve
on the compensation committee, which will be chaired by Lai King Yan (Anthony). Our Board of Directors has determined that each such
member satisfies the &#8220;independence&#8221; requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq Stock Market. The
compensation committee&#8217;s responsibilities include:</span></p>

<p style="font: 10pt Times 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%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">evaluating
    the performance of our Chief Executive Officer in light of our Company&#8217;s corporate goals and objectives and based on such evaluation:
    (i) recommending to the Board of Directors the cash compensation of our Chief Executive Officer, and (ii) reviewing and approving
    grants and awards to our Chief Executive Officer under equity-based plans;</span></td></tr>
  </table>
<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>


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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>

<table cellspacing="0" 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">&#9679;</span></td>
    <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 of Directors the cash compensation of our other 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">&#9679;</span></td>
    <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 establishing our overall management compensation, philosophy, and policy;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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">overseeing
    and administering our compensation and similar 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">&#9679;</span></td>
    <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 the retention or termination of any consulting firm or outside advisor to assist in the evaluation of compensation
    matters and evaluating and assessing potential and current compensation advisors in accordance with the independence standards identified
    in the applicable Nasdaq rules;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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">retaining
    and approving the compensation of any compensation advisors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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 approving our policies and procedures for the grant of equity-based awards;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
and recommending to the Board of Directors the compensation of our directors;</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Reviewing and determining the necessity for recovery of certain incentive compensation previously paid to the Company&#8217;s officers
    and directors in the event of a restatement of the Company&#8217;s financial statements for any fiscal year; and</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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">preparing
    the compensation committee report required by SEC rules, if and when required.</span></td></tr>
  </table>
<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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation
committee charter. </b>On April 16, 2024, our Board of Directors authorized and approved an amendment to the Compensation Committee Charter
(the &#8220;Compensation Committee Charter&#8221;). pursuant to which it adopted a compensation recovery policy (the &#8220;Compensation
Recovery Policy&#8221;) and further approved that the Compensation Committee will have full authority and powers to implement the Compensation
Recovery Policy. The Compensation Committee Charter provides the members of the Compensation Committee with authorization and authority
to carry out such duties and responsibilities associated with the Compensation Recovery Policy. The Compensation Committee shall, in
the event of a restatement of the Company&#8217;s financial statements, have the authority and power to: (i) determine such executive
officers who served at any time during the performance period for the incentive-based compensation; (ii) determine the relevant recovery
period; (iii) determine the amount of incentive-based compensation that must be subject to the Company&#8217;s Compensation Recovery
Policy and establish procedures for recovery; (iv) maintain documentation of the above-referenced determinations; and (v) prepare and
have filed all disclosures with respect to the Compensation Recovery Policy in accordance with Federal securities laws, including the
disclosure required by the applicable Securities and Commission filings.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
additional information regarding our Compensation Recovery Policy, please refer to Exhibit 97.1 included in this Annual Report on Form
20-F for the year ended December 31, 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: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Nomination
committee</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tong
Ching Ho (Tony), Wong Siu Keung (Sony) and Lai King Yan (Anthony), all of whom are our independent non-executive Directors, will serve
on the nomination committee, which will be chaired by Tong Ching Ho (Tony). Our Board of Directors has determined that each member of
the nomination committee is &#8220;independent&#8221; as defined in applicable Nasdaq rules. The nomination committee&#8217;s responsibilities
include:</span></p>

<p style="font: 10pt Times 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%; 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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">developing
    and recommending to the Board of Directors criteria for board and committee membership;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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">establishing
    procedures for identifying and evaluating director candidates, including nominees recommended by stockholders; 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">&#9679;</span></td>
    <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
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    to advise us.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we do not have a formal policy regarding board diversity, our nomination committee and Board of Directors will consider a broad range
of factors relating to the qualifications and background of nominees, which may include diversity (not limited to race, gender, or national
origin). Our nomination committee&#8217;s and Board of Directors&#8217; priority in selecting board members is identification of persons
who will further the interests of our shareholders through their established record of professional accomplishment, the ability to contribute
positively to the collaborative culture among board members, knowledge of our business, understanding of the competitive landscape and
professional and personal experience and expertise relevant to our growth strategy.</span></p>

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


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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 0pt 0pt 0; text-align: left; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
Private Issuer Status</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Nasdaq listing rules include certain accommodations in the corporate governance requirements that allow foreign private issuers, such
as us, to follow &#8220;home country&#8221; corporate governance practices in lieu of the otherwise applicable corporate governance standards
of Nasdaq Markets. The application of such exceptions requires that we disclose each Nasdaq Markets corporate governance standard that
we do not follow and describe the Cayman Islands corporate governance practices we do follow in lieu of the relevant Nasdaq Markets corporate
governance standard. However, we currently follow the Nasdaq Markets corporate governance standards listed below with the exception of
the independent directors regularly scheduling meetings with only the independent directors present:</span></p>

<p style="font: 10pt Times 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%; 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">&#9679;</span></td>
    <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
    majority independent director requirement under Section 5605(b)(1) of the Nasdaq Marketplace Listing rules;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#9679;</span></td>
    <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 under Section 5605(d) of the Nasdaq Marketplace Listing Rules that a compensation committee comprised solely of independent
    directors governed by a compensation committee charter oversee executive compensation; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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">&#9679;</span></td>
    <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 under Section 5605(e) of the Nasdaq Marketplace Listing Rules that director nominees be selected or recommended for selection
    by either a majority of the independent directors or a nominations committee comprised solely 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; 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">&#9679;</span></td>
    <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
    Shareholder Approval Requirements under Section 5635 of the Nasdaq Marketplace Listing Rules; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <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 under Section 5605(b)(2) of the Nasdaq Marketplace Listing Rules that the independent directors have regularly scheduled
    meetings with only the independent directors present.</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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Code
of Conduct and Code of Ethics</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of this Annual Report, we have adopted a written code of business conduct and ethics that applies to our directors, officers, and employees,
including our chief executive officer, chief financial officer, principal accounting officer or controller or persons performing similar
functions. Following the effectiveness of the registration statement of which this prospectus is a part, a current copy of this code
will be posted on the Corporate Governance section of our website, which is located at http://www.eglhkg.com. The information on our
website is deemed not to be incorporated in this prospectus or to be a part of this prospectus. We intend to disclose any amendments
to the code of ethics, and any waivers of the code of ethics or the code of conduct for our directors, executive officers, and senior
finance executives, on our website to the extent required by applicable U.S. federal securities laws and the Nasdaq corporate governance
rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation
of Directors and Senior Management/Executive Personnel</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
directors and members of our senior management receive compensation in the form of salaries, allowances, bonuses, and other benefits-in-kind,
including our contribution to the pension scheme. Our compensation committee determines the salaries of our directors and members of
our senior management based on their qualifications, positions, and seniority.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the below compensation table: (i) no remuneration was paid to our directors or the five highest paid individuals as an inducement to
join, or upon joining, our Group; (ii) no compensation was paid to, or receivable by, our directors or past directors or the five highest
paid individuals during the fiscal years ended December 31, 2023, 2022 and 2021 for the loss of office as director of any member of our
Group or of any other office in connection with the management of the affairs of any member of our Group; and (iii) none of our directors
waived any emoluments during the same period. Notwithstanding the below compensation table, no director has been paid in cash or shares
or otherwise by any person either to induce him to become, or to qualify him as a director, or otherwise for service rendered by him
in connection with the promotion or formation of 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes all compensation received by our directors, our executive officers and our key employees during the fiscal
years ended December 31, 2021, 2022 and 2023.</span></p>

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


<!-- Field: Page; Sequence: 71; Value: 50 -->
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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 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary
Compensation Table</b></span></p>

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

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    <td style="vertical-align: bottom; text-align: center">&#160;</td><td style="vertical-align: bottom; text-align: center">&#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 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nil</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Non-Executive Director <sup>(4)</sup></span></td><td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td><td style="vertical-align: bottom; text-align: center">2022</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">Nil</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">Nil</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">Nil</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td><td style="vertical-align: bottom; text-align: center">2023</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">20</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">Nil</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">Nil</span></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="vertical-align: bottom; text-align: center">&#160;</td><td style="vertical-align: bottom; text-align: center">&#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)">
    <td style="text-align: left">Wong Siu Keung (Sony),</td><td>&#160;</td>
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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">Nil</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">Nil</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Non-Executive Director <sup>(4)</sup></span></td><td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td><td style="vertical-align: bottom; text-align: center">2022</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">Nil</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">Nil</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">Nil</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td><td style="vertical-align: bottom; text-align: center">2023</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">20</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">Nil</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">Nil</span></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">&#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"><sup>(1)
</sup>Compensation for Li Siu Lun Allan was paid by FIL, a wholly owned subsidiary of FHL for the years ended December 31, 2021 and 2022
whereas for the year ended December 31, 2023 was paid by FIL and FHL together.</span></p>

<p style="font: 10pt Times 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"><sup>(2)
</sup>Compensation for Li Kin Shing was paid by FIL and AIL, wholly owned subsidiaries of FHL for the years ended December 31, 2021 and
2022 whereas for the year ended December 31, 2023 was paid by FIL, AIL and FHL altogether.</span></p>

<p style="font: 10pt Times 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"><sup>(3)
</sup>Fu Wai Yip (Freddy) was appointed as CFO of FHL on December 6, 2022.</span></p>

<p style="font: 10pt Times 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"><sup>(4)
</sup>Lai King Yan (Anthony), Tong Ching Ho (Tony), and Wong Siu Keung (Sony) were appointed as independent non-executive directors effective
with the closing of the IPO.</span></p>

<p style="font: 10pt Times 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"><sup>(5)
</sup>Other compensation includes sales commission, allowances, and any employer&#8217;s contribution social security.</span></p>

<p style="font: 10pt Times 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><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 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
required pursuant to the listing standards of the Nasdaq Listing Rules, Rule 10D under the Exchange Act, and Rule 10D-1 under the Exchange
Act, the Compensation Committee of the Board of Directors has adopted a compensation recovery policy, also known as a clawback policy
(the &#8220;Compensation Recovery Policy&#8221;), effective December 1, 2023. The Compensation Recover Policy requires the Company to
recover the incremental portion of the incentive-based compensation received by such officer that was in excess of the amount they would
have received had their incentive compensation been determined based on the restated financial statements. Such events requiring a restatement
of financial statements would be due to the material noncompliance of the Company with any financial reporting requirements under the
securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is
material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in
the current period or left uncorrected in the current period.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
additional information regarding our Compensation Recovery Policy, please refer to Exhibit 97.1 included in the Company&#8217;s Annual
Report on Form 20-F for the year ended December 31, 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mandatory
Provident Fund</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Mandatory Provident Fund (the &#8220;MPF&#8221;) is a compulsory saving scheme (pension fund) for the retirement of residents in Hong
Kong. Most employees and their employers are required to contribute monthly to mandatory provident fund schemes provided by approved
private organizations, according to their salaries and the period of employment. The Mandatory Provident Fund was implemented in December
2000 following the enactment of the Mandatory Provident Fund Schemes Ordinance on July 27, 1995. The MPF Schemes Authority (MPFA) is
charged with supervising the provision of MPF schemes &#8211; it registers schemes and ensures that approved trustees administer schemes
prudently, ensuring compliance including inspections, audits, and investigations.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
MPF system is mandatory for all employees in Hong Kong who have an employment contract of 60 days or more and also applies also to self-employed
persons. Under the MPF, the choice of the scheme is the responsibility of the employer (for which the legislation defines three types):
(i) master trust scheme; (ii) employer sponsored scheme; or (iii) industry scheme. The scheme operates on the principle of fully funded
defined contributions into a privately managed plan fund contributed by employers and employees managed as a trust, which compartmentalizes
fund assets from those of the manager. Investment decisions are delegated to a trustee in the private sector.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FIL,
our Operating Subsidiary in Hong Kong, implemented a MPF with a major international assurance company to provide retirement benefits
for its employees. All permanent full-time are eligible to join the MPF. Eligible employees of the MPF and the employer&#8217;s contributions
to the MPF are both at 5% of the eligible employee&#8217;s monthly salary and are subject to a maximum mandatory contribution of HKD1,500
(US$192) monthly.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the relevant PRC regulations, the Group is required to make contributions for each employee, at rates based upon the employee&#8217;s
standard salary base as determined by the local social security bureau, to a defined contribution retirement scheme organized by the
local social security bureau in respect of the retirement benefits for FPPF&#8217;s employees in the PRC.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
contributions to the MPF are recognized as employee benefit expense when they are due and are charged to the consolidated statement
of income (loss). The total contributions to the MPF of our Operating Subsidiaries in Hong Kong for the fiscal years ended December
31, 2023, and 2022 amounted to approximately HKD61,000 and HKD79,000, respectively. FIL has no other obligation to
make payments in respect of retirement benefits of the employees.</span></p>

<p style="font: 10pt Times 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors&#8217;
Agreements</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of our directors has entered into a Director&#8217;s Agreement with the Company dated as of the effective date of its registration statement
as filed with the SEC, which was November 27, 2023 (the &#8220;Effective Date&#8221;). Our newly appointed director, Mr. Derong Meng,
entered into a Director&#8217;s Agreement dated April 16, 2024. The terms and conditions of each such Director&#8217;s Agreement are
similar in all material aspects. Each Director&#8217;s Agreement is for an initial term of one year and will continue until the director&#8217;s
successor is duly elected and qualified. Each director will be up for re-election each year at the annual shareholders&#8217; meeting
and, upon re-election, the terms, and provisions of his or her Director&#8217;s Agreement will remain in full force and effect. Any Director&#8217;s
Agreement may be terminated for any or no reason by the director or at a meeting called expressly for that purpose by a vote of the shareholders
holding more than 50% of the Company&#8217;s issued and outstanding Ordinary Shares entitled to vote.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Directors&#8217; Agreements, the initial annual salary that is payable to each of our directors is as follows:</span></p>

<p style="font: 10pt Times 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 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: justify"><span style="font-family: Times New Roman, Times, Serif">Lai King Yan (Anthony)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 3%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">30,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Tong Ching Ho (Tony)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">30,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Wong Siu Keung (Sony)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">30,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Derong
Meng</td><td>&#160;</td>
    <td style="text-align: left">US$</td><td style="text-align: right">12,000</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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as disclosed above, none of our directors has entered into a service agreement with our Company or any of our subsidiaries that
provides for benefits upon termination of employment.</span></p>

<p style="font: 10pt Times 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: left; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employment
Letters</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 6, 2022, FGH entered into a letter agreement with Mr. Li Siu Lun Allan, pursuant to which Mr. Li will serve as the Chairman,
Executive Director and Chief Executive Officer of the Company in accordance with the following terms and provisions: (i) payment of a
monthly salary of US$3,000 payable at the end of each month, which commenced upon the closing of the IPO ; (ii) a discretionary performance
bonus determined by the compensation committee and/or the board at the end of the fiscal year; and (ii) either party shall have the right
to terminate the agreement by giving to the other party not less than six months&#8217; notice in writing.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 6, 2022, FGH entered into a letter agreement with Mr. Li Kin Shing, pursuant to which Mr. Li Kin Shing will serve as an Executive
Director of the Company in accordance with the following terms and provisions: (i) payment of a monthly salary of US$3,000 payable at
the end of each month, which commenced upon the closing of the IPO; and (ii) a discretionary performance bonus determined by the compensation
committee and/or the board at the end of the fiscal year; and (ii) either party shall have the right to terminate the agreement by giving
to the other party not less than six months&#8217; notice in writing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 6, 2022, FGH entered into an employment agreement with Mr. Fu Wai Yip (Freddy), pursuant to which Mr. Fu is designated as the
Chief Financial Officer of the Company in accordance with the following terms and provisions: (i) a fixed initial salary of US$3,000
for the period from December 6, 2022 to the date of the closing of the IPO (the &#8220;Initial Period&#8221;) (ii) after the Initial
Period, payment of a monthly salary of US$3,000, subject to the adjustment determined by the compensation committee and/or the board,
payable at the end of each month; (iii) a discretionary performance bonus determined by the compensation committee and/or the board at
the end of the fiscal year and (iv) either party shall have the right to terminate the agreement by giving to the other party not less
than six months&#8217; notice in writing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: left; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Indemnification
Agreements</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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into indemnification agreements with each of our directors and executive officers, including our newly appointed director,
Mr. Derong Meng. Under these agreements, we agree to indemnify our directors and executive officers against certain liabilities and expenses
incurred by such persons in connection with claims made by reason of their being a director or officer of our Company.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling
us under the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy
as expressed in the Securities Act and is therefore unenforceable.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><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: left; background-color: white"><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 0pt 0pt 0; text-align: justify; background-color: white"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth a breakdown of our employees by functions and geographical locations as of December 31, 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>

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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: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recruitment
and remuneration</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Operating Subsidiaries&#8217; success is highly dependent on their employees. Our Operating Subsidiaries recruit employees taking into
account their industry experience and interpersonal skills. Our Operating Subsidiaries hire employees through internal recruitment or
from the open market through online advertisement or by referrals. Our Operating Subsidiaries endeavor to offer competitive wages and
benefits. Our Operating Subsidiaries conduct annual review of the performance of their employees for determining the level of bonus,
salary adjustment and promotion of employees.</span></p>

<p style="font: 10pt Times 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: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Training
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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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Operating Subsidiaries offer their employees training both internally and externally to enhance their skills and knowledge in the in
the personal care electric appliance industry. The regular training for our factory employees includes (i) new employee orientation;
(ii) post-promotion training; and (iii) general annual training. We believe training will help our employees improve their work performance,
which will eventually increase their loyalty to the Company. Therefore, the Company has developed a series of training programs targeting
the needs and requirements of the work and tailored in line with their roles and responsibilities. Most training is undertaken by our
internal staff, but if necessary for the effectiveness of the training, outside professionals are also hired to conduct trainings as
well.</span></p>

<p style="font: 10pt Times 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: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Labor
unions, labor, and safety incidents</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Operating Subsidiaries have not set up labor union for employees in Hong Kong or in the PRC. Our Operating Subsidiaries strive to maintain
good relationships with their employees and provide them with a safe working environment. During the fiscal years ended December 31, 2023, and 2022 and through the date of this prospectus, our Operating Subsidiaries did not experience
any form of industrial action of their employees or any work safety related incidents that led to material disruption of operations or
claims against 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Welfare
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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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
Hong Kong, our Operating Subsidiaries operate a defined contribution mandatory provident fund retirement benefits scheme under the Mandatory
Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong) for all of their employees in Hong Kong who are eligible to participate
in the scheme. Under the relevant PRC laws and regulations, our Operating Subsidiaries are required to participate in the social welfare
schemes, which provide pension insurance, medical insurance, work injury insurance, maternity insurance, and unemployment insurance as
well as the coverage of housing provident funds for our Operating Subsidiaries&#8217; employees in the PRC.</span></p>

<p style="font: 10pt Times 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_004"></span>Item
7. Major Shareholders and Related Party Transactions</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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information presented below regarding beneficial ownership of our voting securities has been presented in accordance with the rules of
the SEC and is not necessarily indicative of ownership for any other purpose. Under these rules, a person is deemed to be a &#8220;beneficial
owner&#8221; of a security if that person has or shares the power to vote or direct the voting of the security or the power to dispose
or direct the disposition of the security. A person is deemed to own beneficially any security as to which such person has the right
to acquire sole or shared voting or investment power within sixty (60) days through the conversion or exercise of any convertible security,
warrant, option, or other right. More than one (1) person may be deemed to be a beneficial owner of the same securities. The percentage
of beneficial ownership by any person as of a particular date is calculated by dividing the number of shares beneficially owned by such
person, which includes the number of shares as to which such person has the right to acquire voting or investment power within sixty
(60) days, by the sum of the number of shares outstanding as of such date, plus the number of shares as to which such person has the
right to acquire voting or investment power within sixty (60) days. Consequently, the denominator used for calculating such percentage
may be different for each beneficial owner. Except as otherwise indicated below and under applicable community property laws, we believe
that the beneficial owners of our shares listed below have sole voting and investment power with respect to the shares shown. Unless
otherwise noted below, the address of each person listed on the table is Flat J, 19/F., World Tech Centre, 95 How Ming Street, Kwun Tong,
Kowloon, 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this Annual Report, the following table sets forth information regarding beneficial ownership of our share capital by:</span></p>

<p style="font: 10pt Times 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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    <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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<p style="font: 10pt Times 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 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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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">8,000,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-decoration: underline">5% 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></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Luxury Max Investments Limited <sup>(2)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8,000,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </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>

<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: right; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
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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">Based
    on 11,062,500 Ordinary Shares issued and outstanding, including the 62,500 Ordinary Shares issued to the underwriters on January
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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: right"><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">Luxury
    Max Investments Limited is owned 100% of record by Li Kin Shing, our director, who is also its sole director</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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related
Party Transactions</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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related
Parties</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted an audit committee charter, which was amended on April 16, 2024, which requires the committee to review all related-party
transactions on an ongoing basis and all such transactions be approved by the committee.</span></p>

<p style="font: 10pt Times 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the fiscal years ended December 31, 2023, 2022 and 2021, we, including the Operating Subsidiaries, entered into the following transactions
with our related parties:</span></p>

<p style="font: 10pt Times 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sale
/ Lease of Office</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2022, FIL sold its headquarter and sales office in Hong Kong to Mr. Li Kin Shing, the Company&#8217;s Executive Director, and
sole shareholder, at a consideration of HK$13,880,000. The carrying net book value of the office as of the transaction date was HK$1,349,000,
and thus, one-off gain on disposal of the property of HK$12,531,000 was recognized in the income statements of the Group for the year
ended December 31, 2022. This gain on disposal of the property was regarded as capital gain and classified as a non-taxable income under
the tax rule of Hong Kong. The consideration of HK$13,880,000 receivable from Mr. Li Kin Shing was offset against the amount due to Mr.
Li Kin Shing, and the dividend declared of HK$10,000,000 for the year ended December 31, 2022.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
the disposal of the office, FIL will continue to occupy the office and entered into a lease agreement with Mr. Li Kin Shing to lease
this office for an initial term of two (2) years, which commenced January 1, 2023, for a monthly rental of HK$50,000. As the lease term
commenced after the year end date (i.e., January 1, 2023), saved for the disclosure requirement for this subsequent event, the lease
does not have any effect on the financial statements of the Group for the year ended December 31, 2022, and has been accounted for on
the financial statements for the year ended December 31, 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Guarantees</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
related parties provided guarantees to the Company in connection with its bank borrowings of the Group. The bank loans of the Group consisted
of the following:</span></p>

<p style="font: 10pt Times 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 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: center; vertical-align: bottom">Bank Name</td><td style="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; vertical-align: bottom">Nature of <br/>Loan</td><td style="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; vertical-align: bottom"><p style="margin-top: 0; margin-bottom: 0">As at <br/>December 31,</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">2020</p></td><td style="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; vertical-align: bottom"><p style="margin-top: 0; margin-bottom: 0">As at <br/>December 31,</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">2021</p></td><td style="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
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    <td style="text-align: justify; vertical-align: bottom">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td style="text-align: justify; vertical-align: bottom">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
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    <td style="vertical-align: bottom; width: 15%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revolving loan <sup>(1)</sup> &#160;</span></td><td style="width: 2%">&#160;</td>
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    <td style="vertical-align: bottom; text-align: left">Bank of China (Hong Kong) </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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    <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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<p style="font: 10pt Times 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">(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">This
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    guarantee from Li Kin Shing. This loan was first drawn down on October 22, 2018 and has been rolled over for every six-month period.
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    the Company&#8217;s office premise located in Hong Kong was released since September 29, 2022. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">
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    Kong residential property jointly owned by Li Kin Shing and his spouse and personal guarantees from Li Kin Shing and Chiu Yat Chung
    Gary. This term loan was drawn down on January 2, 2019 and wholly repaid on January 2, 2021. The Company recognized this loan as
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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">
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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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions
with related parties were conducted in the normal course of business and at prices and terms no less than those charged to and contracted
with other independent third parties.</span></p>

<p style="font: 10pt Times 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>

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

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for a director quarter located in Hong Kong as follows:</span></p>

<p style="font: 10pt Times 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="margin-top: 0; margin-bottom: 0">he lessor</p></td><td style="padding-bottom: 1.5pt">&#160;</td>
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                                                                                 <p style="margin-top: 0; margin-bottom: 0">payment for
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                                                                                <p style="margin-top: 0; margin-bottom: 0">ended <br/> December 31,</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">2021 <br/> (HK$&#8217;000)</p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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                                                                                <p style="margin-top: 0; margin-bottom: 0">payment for <br/> the year</p>
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                                                                                <p style="margin-top: 0; margin-bottom: 0">payment for <br/> the year</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">ended<br/>
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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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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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>Related
party balances</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>

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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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    <td style="vertical-align: bottom; text-align: center">&#160;</td><td style="text-align: center; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td><td style="text-align: center; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td><td style="text-align: center; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td><td style="text-align: center; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="vertical-align: bottom; text-align: center">(HK$&#8217;000)</td><td style="text-align: center; vertical-align: bottom">&#160;</td><td style="text-align: center; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="vertical-align: bottom; text-align: center">(HK$&#8217;000)</td><td style="text-align: center; vertical-align: bottom">&#160;</td><td style="text-align: center; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="vertical-align: bottom; text-align: center">(HK$&#8217;000)</td><td style="text-align: center; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 13%; text-align: left">Mr. Li Siu Lun Allan</td><td style="width: 2%">&#160;</td>
    <td style="width: 13%; text-align: left">Executive director</td><td style="width: 2%">&#160;</td>
    <td style="width: 13%; text-align: left">Advance to a director</td><td style="width: 2%">&#160;</td>
    <td style="width: 13%; text-align: left">Amount due from a related party</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">20</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 style="text-align: left">Mr. Li Kin Shing</td><td>&#160;</td>
    <td style="text-align: left">Sole shareholder and executive director</td><td>&#160;</td>
    <td style="text-align: left">Advance from a shareholder</td><td>&#160;</td>
    <td style="text-align: left">Amounts due to related parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,213</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,855</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">151</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Mr. Chiu Yat Chung Gary</td><td>&#160;</td>
    <td style="text-align: left">Senior management</td><td>&#160;</td>
    <td style="text-align: left">Advance from a senior management</td><td>&#160;</td>
    <td style="text-align: left">Amounts due to related parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,262</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,262</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
above amounts were unsecured, non-interest bearing and repayable on demand.</span></p>

<p style="font: 10pt Times 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interests
of Experts and Counsel</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: left; text-indent: 0.5in; background-color: white"><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: left"><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 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: left; text-indent: 0.5in; background-color: white"><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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_005"></span>Item
8. Financial 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
Statements</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: left; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Consolidated Financial Statements are set forth under Item 18. - &#8220;Financial Statements.&#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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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
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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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_006"></span>Item
9. The Offer and Listing</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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offer
and Listing Details</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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Ordinary Shares commenced trading on the Nasdaq Capital Market on November 30, 2023 under the symbol &#8220;FEBO.&#8221; Our CUSIP number
for our Ordinary Shares is G3413G 102.</span></p>

<p style="font: 10pt Times 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Transfer
Agent</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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transfer agent and registrar for the ordinary shares of the Company is V Stock Transfer, LLC, 18 Lafayette Place, Woodmere, New York
11598; telephone: 212-828-8436, toll-free: 855-9VSTOCK; Facsimile: 646-536-3179.</span></p>

<p style="font: 10pt Times 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_007"></span>Item
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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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
Capital</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an exempted company incorporated with limited liability in the Cayman Islands and our affairs will be governed by our Memorandum
and Articles of Association, the Companies Act and the common law of the Cayman Islands.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this Annual Report, our authorized share capital is US$30,300 divided into 300,000,000 ordinary shares of par value of
US$0.0001 each, and 3,000,000 preference shares of a par value of US$0.0001 each.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following are summaries of certain material provisions of our Memorandum and Articles of Association and the Companies Act insofar as
they relate to the material terms 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ordinary
Shares</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: left; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of our outstanding Ordinary Shares are fully paid and non-assessable. Certificates representing the Ordinary Shares are issued in registered
form. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their Ordinary Shares. We may not issue shares
to bearer.</span></p>

<p style="font: 10pt Times 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: left; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividends</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the Companies Act and our Articles of Association, our Company in general meeting may declare dividends in any currency to be paid
to the members but no dividend shall be declared in excess of the amount recommended by our Board of Directors.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
in so far as the rights attaching to, or the terms of issue of, any share may otherwise provide:</span></p>

<p style="font: 10pt Times 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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  <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">all
    dividends shall be declared and paid according to the amounts paid-up on the shares in respect of which the dividend is paid, although
    no amount paid-up on a share in advance of calls shall for this purpose be treated as paid-up on the share;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
    dividends shall be apportioned and paid pro rata in accordance with the amount paid-up on the shares during any portion(s) of the
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    Board of Directors may deduct from any dividend or other monies payable to any member all sums of money (if any) presently payable
    by him to our Company on account of calls, installments or otherwise.</span></td></tr>
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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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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
our Board of Directors or our Company in general meeting has resolved that a dividend should be paid or declared, our Board of Directors
may resolve:</span></p>

<p style="font: 10pt Times 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%">
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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">that
    such dividend be satisfied wholly or in part in the form of an allotment of shares credited as fully paid-up, provided that the members
    entitled to such dividend will be entitled to elect to receive such dividend (or part thereof) in cash in lieu of such allotment;
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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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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">(bb)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">that
    the members entitled to such dividend will be entitled to elect to receive an allotment of shares credited as fully paid-up in lieu
    of the whole or such part of the dividend as our Board of Directors may think fit.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the recommendation of our Board of Directors, our Company may by ordinary resolution in respect of any one particular dividend of our
Company determine that it may be satisfied wholly in the form of an allotment of shares credited as fully paid-up without offering any
right to members to elect to receive such dividend in cash in lieu of such allotment.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
dividend, bonus, or other sum payable in cash to the holder of shares may be paid by cheque or warrant sent through the post. Every such
cheque or warrant shall be made payable to the order of the person to whom it is sent and shall be sent at the holder&#8217;s or joint
holders&#8217; risk and payment of the cheque or warrant by the bank on which it is drawn shall constitute a good discharge to our Company.
Any one of two or more joint holders may give effectual receipts for any dividends or other monies payable or property distributable
in respect of the shares held by such joint holders.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whenever
our Board of Directors or our Company in general meeting has resolved that a dividend be paid or declared, our Board of Directors may
further resolve that such dividend be satisfied wholly or in part by the distribution of specific assets of any kind.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors may, if it thinks fit, receive from any member willing to advance the same, and either in money or money&#8217;s worth,
all or any part of the money uncalled and unpaid or installments payable upon any shares held by him/her/it, and in respect of all or
any of the monies so advanced may pay interest at such rate (if any) not exceeding 20% per annum, as our Board of Directors may decide,
but a payment in advance of a call shall not entitle the member to receive any dividend or to exercise any other rights or privileges
as a member in respect of the share or the due portion of the shares upon which payment has been advanced by such member before it is
called up.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
dividends, bonuses, or other distributions unclaimed for one year after having been declared may be invested or otherwise used by our
Board of Directors for the benefit of our Company until claimed and our Company shall not be constituted a trustee in respect thereof.
All dividends, bonuses, or other distributions unclaimed for six years after having been declared may be forfeited by our board of directors
and, upon such forfeiture, shall revert to our Company.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
dividend or other monies payable by our Company on or in respect of any share shall bear interest against our Company.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Company may exercise the power to cease sending checks for dividend entitlements or dividend warrants by post if such checks or warrants
remain uncashed on two consecutive occasions or after the first occasion on which such a check or warrant is returned undelivered.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to any special rights, restrictions or privileges as to voting for the time being attached to any class or classes of shares at any general
meeting: (a) on a poll every member present in person or by proxy or, in the case of a member being a corporation, by our duly authorized
representative shall have one vote for every share which is fully paid or credited as fully paid registered in his name in the register
of members of our Company but so that no amount paid-up or credited as paid-up on a share in advance of calls or instalments is treated
for this purpose as paid-up on the share; and (b) on a show of hands every member who is present in person (or, in the case of a member
being a corporation, by our duly authorized representative) or by proxy shall have one vote. Where more than one proxy is appointed by
a member which is a Clearing House (as defined in the Articles) (or its nominee(s)) or a central depository house (or its nominee(s)),
each such proxy shall have one vote on a show of hands. On a poll, a member entitled to more than one vote need not use all his votes
or cast all the votes he does use in the same way.</span></p>

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


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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 0pt 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Transfer
of Ordinary Shares</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the Companies Act and our Articles of Association, all transfers of shares shall be effected by an instrument of transfer in the usual
or common form or in such other form as our Board of Directors may approve and may be under hand or, if the transferor or transferee
is a Clearing House (as defined in the Articles) (or its nominee(s)) or a central depository house (or its nominee(s)), under hand or
by machine imprinted signature, or by such other manner of execution as our Board of Directors may approve from time to 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution
of the instrument of transfer shall be by or on behalf of the transferor and the transferee, provided that our Board of Directors may
dispense with the execution of the instrument of transfer by the transferor or transferee or accept mechanically executed transfers.
The transferor shall be deemed to remain the holder of a share until the name of the transferee is entered in the register of members
of our Company in respect of that 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors may, in our absolute discretion, at any time and from time to time remove any share on the principal register to any
branch register or any share on any branch register to the principal register or any other branch register. Unless our Board of Directors
otherwise agrees, no shares on the principal register shall be removed to any branch register nor shall shares on any branch register
be removed to the principal register or any other branch register. All removals and other documents of title shall be lodged for registration
and registered, in the case of shares on any branch register, at the registered office and, in the case of shares on the principal register,
at the place at which the principal register is located.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors may, in our absolute discretion, decline to register a transfer of any share (not being a fully paid-up share) to
a person of whom it does not approve or on which our Company has a lien. It may also decline to register a transfer of any share issued
under any share option scheme upon which a restriction on transfer subsists or a transfer of any share to more than four joint holders.
Our Board of Directors may decline to recognize any instrument of transfer unless a certain fee, up to such maximum sum as Nasdaq may
determine to be payable, is paid to our Company, the instrument of transfer is properly stamped (if applicable), is in respect of only
one class of share and is lodged at our registered office or the place at which the principal register is located accompanied by the
relevant share certificate(s) and such other evidence as our Board of Directors may reasonably require is provided to show the right
of the transferor to make the transfer (and if the instrument of transfer is executed by some other person on his behalf, the authority
of that person so to do).</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registration of transfers of shares or of any class of shares may, after compliance with any notice requirement of Nasdaq, be suspended
at such times and for such periods (not exceeding in the whole thirty days in any year) as our Board of Directors may determine.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fully
paid shares shall be free from any restriction on transfer (except when permitted by Nasdaq) and shall also be free from all liens.</span></p>

<p style="font: 10pt Times 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: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Procedures
on liquidation</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
resolution that our Company be wound up by the court or be wound up voluntarily shall be a special resolution of our shareholders.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to any special rights, privileges, or restrictions as to the distribution of available surplus assets on liquidation for the time being
attached to any class or classes of 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>

<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">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
    our Company is wound up, the surplus assets remaining after payment to all creditors shall be divided among the members in proportion
    to the capital paid-up on the shares held by them respectively; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
    our Company is wound up and the surplus assets available for distribution among the members are insufficient to repay the whole of
    the paid-up capital, such assets shall be distributed, subject to the rights of any shares which may be issued on special terms and
    conditions, so that, as nearly as may be, the losses shall be borne by the members in proportion to the capital paid-up on the shares
    held by them, respectively.</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our Company is wound up (whether the liquidation is voluntary or compelled by the court), the liquidator may, with the sanction of a
special resolution and any other sanction required by the Companies Act, divide among the members in specie or kind the whole or any
part of the assets of our Company, whether the assets consist of property of one kind or different kinds, and the liquidator may, for
such purpose, set such value as he deems fair upon any one or more class or classes of property to be so divided and may determine how
such division shall be carried out as between the members or different classes of members and the members within each class. The liquidator
may, with the like sanction, vest any part of the assets in trustees upon such trusts for the benefit of members as the liquidator thinks
fit, but so that no member shall be compelled to accept any shares or other property upon which there is a liability.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Calls
on Ordinary Shares and Forfeiture of Ordinary Shares</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to these Articles and to the terms of allotment, our Board of Directors may, from time to time, make such calls as it thinks fit upon
the members in respect of any monies unpaid on the shares held by them respectively (whether on account of the nominal value of the shares
or by way of premium) and not by the conditions of allotment of such shares made payable at fixed times. A call may be made payable either
in one sum or by instalments. If the sum payable in respect of any call or instalment is not paid on or before the day appointed for
payment thereof, the person or persons from whom the sum is due shall pay interest on the same at such rate not exceeding 20% per annum
as our Board of Directors shall fix from the day appointed for payment to the time of actual payment, but our Board of Directors may
waive payment of such interest wholly or in part. Our Board of Directors may, if it thinks fit, receive from any member willing to advance
the same, either in money or money&#8217;s worth, all or any part of the money uncalled and unpaid or instalments payable upon any shares
held by him, and in respect of all or any of the monies so advanced our Company may pay interest at such rate (if any) not exceeding
20% per annum as our Board of Directors may decide.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a member fails to pay any call or installment of a call on the day appointed for payment, our Board of Directors may, for so long as
any part of the call or instalment remains unpaid, serve not less than 14 days&#8217; notice on the member requiring payment of so much
of the call or instalment as is unpaid, together with any interest which may have accrued and which may still accrue up to the date of
actual payment. The notice shall name a further day (not earlier than the expiration of 14 days from the date of the notice) on or before
which the payment required by the notice is to be made and shall also name the place where payment is to be made. The notice shall also
state that, in the event of non-payment at or before the appointed time, the shares in respect of which the call was made will be liable
to be forfeited.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the requirements of any such notice are not complied with, any share in respect of which the notice has been given may at any time thereafter,
before the payment required by the notice has been made, be forfeited by a resolution of our Board of Directors to that effect. Such
forfeiture will include all dividends and bonuses declared in respect of the forfeited share and not actually paid before the forfeiture.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
person whose shares have been forfeited shall cease to be a member in respect of the forfeited shares but shall, nevertheless, remain
liable to pay to our Company all monies which, at the date of forfeiture, were payable by him to our Company in respect of the shares
together with (if our Board of Directors shall in our discretion so require) interest thereon from the date of forfeiture until payment
at such rate not exceeding 20% per annum as our Board of Directors may prescribe.</span></p>

<p style="font: 10pt Times 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: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Redemption
of Ordinary Shares</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the Companies Act, our Articles of Association, and, where applicable, the Nasdaq listing rules or any other law or so far as not
prohibited by any law and subject to any rights conferred on the holders of any class of Shares, any power of our Company to purchase
or otherwise acquire all or any of its own Shares (which expression as used in this Article includes redeemable Shares) be exercisable
by our Board of Directors in such manner, upon such terms and subject to such conditions as it thinks fit.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the Companies Act, our Articles of Association, and to any special rights conferred on the holders of any Shares or attaching to any
class of Shares, Shares may be issued on the terms that they may, at the option of our Company or the holders thereof, be liable to be
redeemed on such terms and in such manner, including out of capital, as our Board of Directors may deem fit.</span></p>

<p style="font: 10pt Times 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Variations
of Rights of Shares</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the Companies Act and without prejudice to our Articles of Association, if at any time the share capital of our Company is divided
into different classes of shares, all or any of the special rights attached to any class of shares may (unless otherwise provided for
by the terms of issue of the shares of that class) be varied, modified, or abrogated with the sanction of a special resolution passed
at a separate general meeting of the holders of the shares of that class. The provisions of the Articles relating to general meetings
shall mutatis mutandis apply to every such separate general meeting, but so that the necessary quorum (whether at a separate general
meeting or at its adjourned meeting) shall be not less than a person or persons together holding (or, in the case of a member being a
corporation, by our duly authorized representative) or representing by proxy not less than one-third in nominal value of the issued shares
of that class. Every holder of shares of the class shall be entitled on a poll to one vote for every such share held by him, and any
holder of shares of the class present in person or by proxy may demand a poll.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
special rights conferred upon the holders of any shares or class of shares shall not, unless otherwise expressly provided in the rights
attaching to the terms of issue of such shares, be deemed to be varied by the creation or issue of further shares ranking <i>pari passu
</i>therewith.</span></p>

<p style="font: 10pt Times 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: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General
Meetings of Shareholders</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Company must hold an annual general meeting each fiscal year other than the fiscal year of our Company&#8217;s adoption of our Articles
of Association.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extraordinary
general meetings may be convened on the requisition of one or more members holding, at the date of deposit of the requisition, not
less than one tenth of the paid-up capital of our Company having the right of voting at general meetings. Such requisition shall be
made in writing to our Board of Directors or the secretary of our Company for the purpose of requiring an extraordinary general
meeting to be called by our Board of Directors for the transaction of any business specified in such requisition. Such meeting shall
be held within two months after the deposit of such requisition. If within 21 days of such deposit, our Board of Directors fails to
proceed to convene such meeting, the requisitionist (s) himself (themselves) may do so in the same manner, and all reasonable
expenses incurred by the requisitionist (s) as a result of the failure of our Board of Directors shall be reimbursed to the
requisitionist (s) by our Company.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Every
general meeting of our Company shall be called by at least 10 clear days&#8217; notice in writing. The notice shall be exclusive of the
day on which it is served or deemed to be served and of the day for which it is given, and must specify the time, place and agenda of
the meeting and particulars of the resolution(s) to be considered at that meeting and the general nature of that 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
a meeting of our Company may be called by shorter notice than as specified above, such meeting may be deemed to have been duly called
if it is so agreed:</span></p>

<p style="font: 10pt Times 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">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    the case of an annual general meeting, by all members of our Company entitled to attend and vote thereat; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    the case of any other meeting, by a majority in number of the members having a right to attend and vote at the meeting holding not
    less than 95% of the total voting rights at the meetings of all our shareholders.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
business transacted at an extraordinary general meeting shall be deemed special business. All business shall also be deemed special business
where it is transacted at an annual general meeting, with the exception of the election of directors, which shall be deemed ordinary
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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
business other than the appointment of a chairman of a meeting shall be transacted at any general meeting unless a quorum is present
when the meeting proceeds to business and continues to be present until the conclusion of the meeting.</span></p>

<p style="font: 10pt Times 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
quorum for a general meeting shall be two members entitled to vote and present in person (or, in the case of a member being a corporation,
by our duly authorized representative) or by proxy representing not less than one-third (1/3) in nominal value of the total issued voting
shares in our Company throughout the meeting.</span></p>

<p style="font: 10pt Times 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: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Inspection
of Books and Records</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
shareholders have no general right to inspect or obtain copies of the register of members or corporate records of our company. They will,
however, have such rights as may be set out in our Articles of Association.</span></p>

<p style="font: 10pt Times 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: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changes
in Capital</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the Companies Act, our shareholders may, by ordinary resolution:</span></p>

<p style="font: 10pt Times 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">(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">increase
    our share capital by new shares of the amount fixed by that ordinary resolution and with the attached rights, priorities and privileges
    set out in that ordinary resolution;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#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">(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">consolidate
    and divide all or any of our share capital into shares of a larger amount than our existing 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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#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">(c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">sub-divide
    our shares or any of them into our shares of a smaller amount than is fixed by our Company&#8217;s Memorandum of Association, so,
    however, that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced our shares
    shall be the same as it was in case of the share from which the reduced our shares is derived;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#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">(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">cancel
    any shares which, at the date of the passing of that ordinary resolution, have not been taken or agreed to be taken by any person
    and diminish the amount of our share capital by the amount of the shares so cancelled; and</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">convert
    all or any of our paid-up shares into stock and reconvert that stock into paid-up shares of any denomination.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the Companies Act and to any rights for the time being conferred on the shareholders holding a particular class of shares, our shareholders
may, by special resolution, reduce our share capital or any capital redemption reserve in any way.</span></p>

<p style="font: 10pt Times 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Memorandum
and Articles of Incorporation</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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an exempted company with limited liability under the Companies Act of the Cayman Islands. The Companies Act in the Cayman Islands
distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts
business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company
are essentially the same as for an ordinary company except for the exemptions and privileges listed below:</span></p>

<p style="font: 10pt Times 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%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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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">an
    exempted company does not have to file an annual return of its shareholders with the Registrar of Companies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: 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; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: 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; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: 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; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: 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; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for
    20 years in the first instance);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: 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; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: 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; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exempted company may register as a limited duration company; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: 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; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exempted company may register as a segregated portfolio company.</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>


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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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Limited
liability&#8221; means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the
company. At the closing of the Initial Public Offering, we became subject to reporting and other informational requirements of the Exchange
Act, as applicable to foreign private issuers. As of the date of this Annual Report, we intend to comply with the Nasdaq Rules in lieu
of following home country practice. The Nasdaq Rules require that every company listed on the Nasdaq hold an annual general meeting of
shareholders. In addition, our Articles of Association allow directors to call special meeting of shareholders pursuant to the procedures
set forth in our articles.</span></p>

<p style="font: 10pt Times 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: left; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mergers
and Similar Arrangements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
merger of two or more constituent companies under Cayman Islands law requires a plan of merger or consolidation to be approved by the
directors of each constituent company and authorization by (a) a majority in number representing seventy-five percent (75%) in value
of the shareholders voting together as one class and (b) if the shares to be issued to each shareholder in the surviving company are
to have the same rights and economic value as the shares held in the constituent company, a special resolution of the shareholders voting
together as one 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders.
For this purpose a subsidiary is a company of which at least ninety percent (90%) of the issued shares entitled to vote are owned by
the parent company.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived
by a court in the Cayman Islands.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Save
in certain circumstances, a dissentient shareholder of a Cayman constituent company is entitled to payment of the fair value of his shares
upon dissenting to a merger or consolidation. The exercise of appraisal rights will preclude the exercise of any other rights save for
the right to seek relief on the grounds that the merger or consolidation is void or unlawful.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, there are statutory provisions that facilitate the reconstruction and amalgamation of companies, provided that the arrangement
is approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made, and who must,
in addition, represent three-fourths in value of each such class of shareholders or creditors, as the case may be, that are present and
voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently
the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express
to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines
that:</span></p>

<p style="font: 10pt Times 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%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><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
    statutory provisions as to the required majority vote have been met;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: 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; background-color: white">
    <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
    shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: 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; background-color: white">
    <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
    arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest;
    and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: 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; background-color: white">
    <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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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
a takeover offer is made and accepted within four months by holders of 90% of the shares that are the subject of the offer, the offeror
may, within a two-month period commencing on the expiration of such four month period, require the holders of the remaining shares to
transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely
to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.</span></p>

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


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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 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an arrangement and reconstruction is thus approved, the dissenting shareholder would have no rights comparable to appraisal rights, which
would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash
for the judicially determined value of the shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholders&#8217;
Suits</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
principle, we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder.
However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, there are exceptions
to the foregoing principle, including when:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    company acts or proposes to act illegally or ultra vires;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: 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; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has
    not been obtained; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: 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; background-color: white">
    <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">those
    who control the company are perpetrating a &#8220;fraud on the minority&#8221;.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Indemnification
of Directors and Executive Officers and Limitation of Liability</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman
Islands law does not limit the extent to which a company&#8217;s articles of association may provide for indemnification of officers
and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such
as to provide indemnification against civil fraud or the consequences of committing a crime. Our Articles of Association permit indemnification
of officers and directors for losses, damages, costs and expenses incurred in their capacities as such unless such losses or damages
arise from dishonesty or fraud which may attach to such directors or officers. This standard of conduct is generally the same as permitted
under the Delaware General Corporation Act for a Delaware corporation. In addition, we intend to enter into indemnification agreements
with our directors and senior executive officers that will provide such persons with additional indemnification beyond that provided
in our Articles of Association.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling
us under the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy
as expressed in the Securities Act and is therefore unenforceable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Anti-Takeover
Provisions in the Memorandum and Articles of Association</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
provisions of our Amended Memorandum and Articles of Association may discourage, delay or prevent a change in control of our company
or management that shareholders may consider favorable, including provisions that authorize our board of directors to issue preference
shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such preference shares without
any further vote or action by our shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our Amended Memorandum and Articles
of Association, as amended and restated from time to time, for what they believe in good faith to be in the best interests of our Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-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 0pt 0pt 0; text-align: left; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors&#8217;
Fiduciary Duties</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty
has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care
that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and
disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires
that a director act in a manner he or she reasonably believes to be in the best interests of the corporation. He or she must not use
his or her corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best
interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder
and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis,
in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption
may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by
a director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.</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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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
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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 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company
and therefore it is considered that he owes the following duties to the company - a duty to act bona fide in the best interests of the
company, a duty not to make a profit based on his or her position as director (unless the company permits him to do so) and a duty not
to put himself in a position where the interests of the company conflict with his or her personal interest or his or her duty to a third
party. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that
a director need not exhibit in the performance of his or her duties a greater degree of skill than may reasonably be expected from a
person of his or her knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with
regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholder
Action by Written Consent</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Delaware General Corporation Act, a corporation may eliminate the right of shareholders to act by written consent by amendment to
its certificate of incorporation. Our Articles of Association provide that any action required or permitted to be taken at general meetings
of the Company may only be taken upon the vote of shareholders at general meeting and shareholders may not approve corporate matters
by way of a unanimous written resolution without a meeting being held.</span></p>

<p style="font: 10pt Times 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: left; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholder
Proposals</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
Cayman Islands law nor our Articles of Association allow our shareholders to requisition a shareholders&#8217; meeting. As an exempted
Cayman Islands company, we are not obliged by law to call shareholders&#8217; annual general meetings. However, our Articles of Association
require us to call such meetings every year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: left; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cumulative
Voting</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cumulative
voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder
to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder&#8217;s voting power
with respect to electing such director. As permitted under Cayman Islands law, our Articles of Association do not provide for cumulative
voting.</span></p>

<p style="font: 10pt Times 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: left; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Removal
of Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
our Articles of Association, directors may be removed by ordinary resolution.</span></p>

<p style="font: 10pt Times 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: left; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Transactions
with Interested Shareholders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Delaware General Corporation Act contains a business combination statute applicable to Delaware corporations whereby, unless the corporation
has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging
in certain business combinations with an &#8220;interested shareholder&#8221; for three years following the date that such person becomes
an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target&#8217;s
outstanding voting stock within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered
bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to
the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination
or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware
corporation to negotiate the terms of any acquisition transaction with the target&#8217;s board of directors.</span></p>

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


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
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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 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman
Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business
combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders,
it does provide that such transactions must be entered into bona fide in the best interests of the company and for a proper corporate
purpose and not with the effect of constituting a fraud on the minority shareholders.</span></p>

<p style="font: 10pt Times 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: left; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dissolution;
Winding Up</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Delaware General Corporation Act, unless the board of directors approves the proposal to dissolve, dissolution must be approved by
shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors
may it be approved by a simple majority of the corporation&#8217;s outstanding shares. Delaware law allows a Delaware corporation to
include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.
Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution
of its members or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its members. The court has
authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable
to do so.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Act of the Cayman Islands and our Articles of Association, our company may be dissolved, liquidated or wound up by the
vote of holders of two-thirds of our shares voting at a meeting.</span></p>

<p style="font: 10pt Times 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: left; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Variation
of Rights of Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Delaware General Corporation Act, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding
shares of such class, unless the certificate of incorporation provides otherwise. Under Cayman Islands law and our Articles of Association,
if our share capital is divided into more than one class of shares, we may vary the rights attached to any class only with the sanction
of a special resolution passed at a general meeting of the holders of the shares of that class.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: left; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amendment
of Governing Documents</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Delaware General Corporation Act, a corporation&#8217;s governing documents may be amended with the approval of a majority of the
outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. As permitted by Cayman Islands law,
our Amended Memorandum and Articles of Association may only be amended by special resolution.</span></p>

<p style="font: 10pt Times 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: left; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rights
of Non-Resident or Foreign Shareholders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no limitations imposed by our Amended Memorandum and Articles of Association on the rights of non-resident or foreign shareholders
to hold or exercise voting rights on our shares. In addition, there are no provisions in our Amended Memorandum and Articles of Association
governing the ownership threshold above which shareholder ownership must be disclosed.</span></p>

<p style="font: 10pt Times 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: left; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors&#8217;
Power to Issue Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to applicable law, our board of directors is empowered to issue or allot shares or grant options and warrants with or without preferred,
deferred, qualified or other special rights or restrictions.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
material contracts, other than those entered into in the ordinary course of business, are described in Item 4, Item 6 and Item 7 or elsewhere
in this Annual Report.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividends
and Dividend Policy</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
dividends have been declared or paid by the companies comprising our Group for the financial year ended December 31, 2023.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted a dividend policy, according to which our board of directors shall take into account, among other things, the following
factors when deciding whether to propose a dividend and in determining the dividend amount: (a) operating and financial results; (b)
cash flow situation; (c) business conditions and strategies; (d) future operations and earnings; (e) taxation considerations; (f) interim
dividend paid, if any; (g) capital requirement and expenditure plans; (h) interests of shareholders; (i) statutory and regulatory restrictions;
(j) any restrictions on payment of dividends; and (k) any other factors that our board may consider relevant. The payment of dividends,
in certain circumstances is also subject to the approval of our Shareholders, the Cayman Islands Companies Act and our Articles of Association
as well as any other applicable laws. Currently, we do not have any predetermined dividend distribution ratio.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
if our board of directors decides to pay dividends, the form, frequency and amount will depend upon our future operations and earnings,
capital requirements and surplus, general financial condition, contractual restrictions and other factors that the board of directors
may deem relevant. In addition, we are a holding company and depend on the receipt of dividends and other distributions from our subsidiaries
to pay dividends on 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exchange
Controls</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no foreign exchange controls or foreign exchange regulations under current applicable laws of the various places of incorporation
of our significant subsidiaries that would affect the payment or remittance of dividends.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>United
States Federal Income Tax Considerations</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of
our Ordinary Shares by U.S. Holders (as defined below) who acquired our Ordinary Shares in the IPO and currently hold our Ordinary Shares
as &#8220;capital assets&#8221; (generally, property held for investment) under the United States Internal Revenue Code of 1986, as amended
(the &#8220;Code&#8221;). This discussion is based upon existing United States federal income tax law, which is subject to differing
interpretations or change, possibly with retroactive effect. There can be no assurance that the Internal Revenue Service, or the IRS,
or a court will not take a contrary position. This discussion does not address all aspects of United States federal income taxation that
may be relevant to particular investors in light of their specific circumstances, including investors subject to special tax rules (for
example, certain financial institutions (including banks), cooperatives, pension plans, insurance companies, broker-dealers, traders
in securities that have elected the mark-to-market method of accounting for their securities, partnerships and their partners, regulated
investment companies, real estate investment trusts and tax-exempt organizations (including private foundations)), investors who are
not U.S. Holders, investors who own (directly, indirectly, or constructively) 10% or more of our stock (by vote or value), investors
that will hold their Ordinary Shares as part of a straddle, hedge, conversion, constructive sale, or other integrated transaction for
United States federal income tax purposes or U.S. Holders that have a functional currency other than the U.S. dollar, all of whom may
be subject to tax rules that differ significantly from those summarized below. In addition, this discussion does not discuss any non-United
States tax, state or local tax, or non-income tax (such as the U.S. federal gift or estate tax) considerations, or any consequences under
the alternative minimum tax or Medicare tax on net investment income. Each U.S. Holder is urged to consult its tax advisor regarding
the United States federal, state, local, and non-United States income and other tax considerations of an investment in 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: left; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General</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; text-indent: 0.5in; background-color: white"><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 United States federal
income tax purposes, (i) an individual who is a citizen or resident of the United States, (ii) a corporation (or other entity treated
as a corporation for United States federal income tax purposes) created in, or organized under the laws of, the United States or any
state thereof or the District of Columbia, (iii) an estate the income of which is includible in gross income for United States federal
income tax purposes regardless of its source, or (iv) a trust (A) the administration of which is subject to the primary supervision of
a United States court and which has one or more United States persons who have the authority to control all substantial decisions of
the trust or (B) that has otherwise validly elected to be treated as a United States person under the Code.</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 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a partnership (or other entity or arrangement treated as a partnership for United States 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
as a U.S. Holder, as described above, and the activities of the partnership. Partnerships holding our Ordinary Shares and partners in
such partnerships are urged to consult their tax advisors as to the particular United States federal income tax consequences of an investment
in 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: left; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividend<i>s</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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
entire amount of any cash distribution paid with respect to our Ordinary Shares (including the amount of any non-U.S. taxes withheld
therefrom, if any) generally will constitute dividends to the extent such distributions are paid out of our current or accumulated earnings
and profits, as determined under United States federal income tax principles, and generally will be taxed as ordinary income in the year
received by such U.S. Holder. To the extent amounts paid as distributions on the Ordinary Shares exceed our current or accumulated earnings
and profits, such distributions will not be dividends but instead will be treated first as a tax-free return of capital to the extent
of the U.S. Holder&#8217;s adjusted tax basis, determined for federal income tax purposes, in the Ordinary Shares with respect to which
the distribution is made, and thereafter as capital gain. However, we do not intend to compute (or to provide U.S. Holders with the information
necessary to compute) our earnings and profits under United States federal income tax principles. Accordingly, a U.S. Holder will be
unable to establish that a distribution is not out of earnings and profits and should expect to treat the full amount of each distribution
as a &#8220;dividend&#8221; for United States federal income tax purposes.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
dividends that we pay will generally be treated as income from foreign sources for United States foreign tax credit purposes and will
generally constitute passive category income. Depending on the U.S. Holder&#8217;s particular facts and circumstances, a U.S. Holder
may be eligible, subject to a number of complex limitations, to claim a foreign tax credit in respect of any foreign withholding taxes
imposed (at a rate not exceeding any applicable treaty rate) on dividends received on our Ordinary Shares. A U.S. Holder who does not
elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for United States federal income tax purposes,
in respect of such withholdings, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes.
The rules governing the foreign tax credit are complex. U.S. Holders are advised to consult their tax advisors regarding the availability
of the foreign tax credit under their particular circumstances.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
paid in non-U.S. currency will be included in the gross income of a U.S. Holder in a U.S. dollar amount calculated by reference to a
spot market exchange rate in effect on the date that the dividends are received by the U.S. Holder, regardless of whether such foreign
currency is in fact converted into U.S. dollars on such date. Such U.S. Holder will have a tax basis for United States federal income
tax purposes in the foreign currency received equal to that U.S. dollar value. If such dividends are converted into U.S. dollars on the
date of receipt, a U.S. Holder generally should not be required to recognize foreign currency gain or loss in respect thereof. If the
foreign currency so received is not converted into U.S. dollars on the date of receipt, such U.S. Holder will have a basis in the foreign
currency equal to its U.S. dollar value on the date of receipt. Any gain or loss on a subsequent conversion or other disposition of the
foreign currency generally will be treated as ordinary income or loss to such U.S. Holder and generally will be income or loss from sources
within the United States for foreign tax credit limitation purposes. U.S. Holders should consult their own tax advisors regarding the
treatment of foreign currency gain or loss, if any, on any foreign currency received by a U.S. Holder that is converted into U.S. dollars
on a date subsequent to receipt.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sale
or Other Disposition of Ordinary Shares</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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder will generally recognize capital gain or loss upon a sale or other disposition of Ordinary Shares, in an amount equal to
the difference between the amount realized and the U.S. Holder&#8217;s adjusted tax basis, determined for federal income tax purposes,
in such Ordinary Shares, each amount determined in U.S. dollars. Any capital gain or loss will be long-term capital gain or loss if the
Ordinary Shares have been held for more than one year and will generally be United States source gain or loss for United States foreign
tax credit purposes. The deductibility of a capital loss may be subject to limitations, particularly with regard to shareholders who
are individuals. Each U.S. Holder is advised to consult its tax advisor regarding the tax consequences if a foreign tax is imposed on
a disposition of our Ordinary Shares, including the availability of the foreign tax credit under its particular circumstances.</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 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder that receives a currency other than U.S. dollars on the disposition of our Ordinary Shares will realize an amount equal to
the U.S. dollar value of the non-U.S. currency received at the spot rate on the date of sale (or, if the Ordinary Shares are traded on
a recognized exchange and in the case of cash basis and electing accrual basis U.S. Holders, the settlement date). An accrual basis U.S.
Holder that does not elect to determine the amount realized using the spot rate on the settlement date will recognize foreign currency
gain or loss equal to the difference between the U.S. dollar value of the amount received based on the spot market exchange rates in
effect on the date of sale or other disposition and the settlement date. A U.S. Holder will have a tax basis in the currency received
equal to the U.S. dollar value of the currency received on the settlement date. Any gain or loss on a subsequent disposition or conversion
of the currency will be United States source ordinary income or loss.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Passive
Foreign Investment Company Considerations</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
United States federal income tax purposes, a non-United States corporation, such as our Company, will be treated as a &#8220;passive
foreign investment company,&#8221; or &#8220;PFIC&#8221; if, in the case of any particular taxable year, either (a) 75% or more of our
gross income for such year consists of certain types of &#8220;passive&#8221; income or (b) 50% or more of the value of our assets (generally
determined on the basis of a quarterly average) during such year produce or are held for the production of passive income. Based upon
our current and expected income and assets (including goodwill and taking into account the proceeds raised from the IPO) and the expected
market price of our Ordinary Shares following the IPO, we do not expect to be a PFIC for the current taxable year or 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
while we do not expect to be or become a PFIC, no assurance can be given in this regard because the determination of whether we are or
will become a PFIC for any taxable year is a fact-intensive inquiry made annually that depends, in part, upon the composition and classification
of our income and assets. Fluctuations in the market price of our Ordinary Shares may cause us to be or become a PFIC for the current
or subsequent taxable years because the value of our assets for the purpose of the asset test, including the value of our goodwill and
other unbooked intangibles, may be determined by reference to the market price of our Ordinary Shares (which may be volatile). 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. It is
also possible that the Internal Revenue Service may challenge our classification of certain income or assets for purposes of the analysis
set forth in subparagraphs (a) and (b), above or the valuation of our goodwill and other unbooked intangibles, which may result in our
company being or becoming a PFIC for the current or future taxable years.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, and unless the U.S. Holder makes
a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules on (i) any excess distribution
that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than
125% of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder&#8217;s holding period
for the Ordinary Shares); and (ii) any gain realized on the sale or other disposition, including, under certain circumstances, a pledge,
of Ordinary Shares. Under the PFIC rules:</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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">such
    excess distribution and/or gain will be allocated ratably over the U.S. Holder&#8217;s 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">such
    amount allocated to the current taxable year and any taxable years in the U.S. Holder&#8217;s holding period prior to the first taxable
    year in which we are a PFIC, each a pre-PFIC year, will be taxable as ordinary income;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">such
    amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect
    applicable to the U.S. Holder for that year; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <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
    interest charge generally applicable to underpayments of tax will be imposed on the tax attributable to each prior taxable year,
    other than a pre-PFIC year.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
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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 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, and we own any equity in a non-United States
entity that is also a PFIC, or a lower-tier PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the
shares of the lower-tier PFIC for purposes of the application of these rules. U.S. Holders are advised to consult their tax advisors
regarding the application of the PFIC rules to any of the entities in which we may own equity.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an alternative to the foregoing rules, a U.S. Holder of &#8220;marketable stock&#8221; in a PFIC may make a mark-to-market election with
respect to such stock, provided that certain requirements are met. The mark-to-market election is available only for stock that is regularly
traded on a national securities exchange that is registered with the SEC, or on a foreign exchange or market that the IRS determines
is a qualified exchange that has rules sufficient to ensure that the market price represents a legitimate and sound fair market value.
Although we intend to apply for the listing of our Ordinary Shares on Nasdaq, we cannot guarantee that our listing will be approved.
Furthermore, we cannot guarantee that, once listed, our Ordinary Shares will continue to be listed and regularly traded on such exchange.
U.S. Holders are advised to consult their tax advisors as to whether the Ordinary Shares are considered marketable for these purposes.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an effective mark-to-market election is made with respect to our Ordinary Shares, the U.S. Holder will generally (i) include as ordinary
income for each taxable year that we are a PFIC the excess, if any, of the fair market value of Ordinary Shares held at the end of the
taxable year over its adjusted tax basis of such Ordinary Shares; and (ii) deduct as an ordinary loss the excess, if any, of its adjusted
tax basis of the Ordinary Shares held at the end of the taxable year over the fair market value of such Ordinary Shares held at the end
of the taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election.
The U.S. Holder&#8217;s adjusted tax basis in the Ordinary Shares would be adjusted to reflect any income or loss resulting from the
mark-to-market election. If a U.S. Holder makes an effective mark-to-market election, in each year that we are a PFIC, any gain recognized
upon the sale or other disposition of the Ordinary Shares will be treated as ordinary income and loss will be treated as ordinary loss,
but only to the extent of the net amount previously included in income as a result of the mark-to-market election.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a U.S. Holder makes a mark-to-market election in respect of a PFIC, and such corporation ceases to be a PFIC, the U.S. Holder will not
be required to take into account the mark-to-market gain or loss described above during any period that such corporation is not a PFIC.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
a mark-to-market election generally cannot be made for any lower-tier PFICs that a PFIC may own, a U.S. Holder who makes a mark-to-market
election with respect to our Ordinary Shares may continue to be subject to the general PFIC rules with respect to such U.S. Holder&#8217;s
indirect interest in any of our non-United States subsidiaries if any of them is a PFIC.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a U.S. Holder owns our Ordinary Shares during any taxable year that we are a PFIC, such holder would generally be required to file an
annual IRS Form 8621. Each U.S. Holder is advised to consult its tax advisor regarding the potential tax consequences to such holder
if we are or become a PFIC, including the possibility of making a mark-to-market election.</span></p>

<p style="font: 10pt Times 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Hong
Kong Profits Tax Considerations</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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
subsidiaries incorporated in Hong Kong were subject to Hong Kong profits tax at a rate of 8.25% for assessable profits on the first HK$2,000,000
and 16.5% on their remaining assessable profits generated from operations arising in or derived from Hong Kong for the year of assessment
of 2020/2021 and 2019/2020. As from year of assessment of 2018/2019 onwards, Hong Kong profits 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. Under Hong Kong tax laws, our Hong Kong subsidiaries
are exempted from Hong Kong income profits tax on its foreign-derived income profits. In addition, payments of dividends from our Hong
Kong subsidiaries to us are not subject to any tax withholding in Hong Kong.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation
of Dividends</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the current practices of the Hong Kong Inland Revenue Department, no tax is payable in Hong Kong in connection with dividends paid by
us, either by withholding or otherwise, unless such dividends are attributable to a trade, profession or business carried on in 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: left; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Profits</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><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 the Ordinary Shares. Trading gains from the sale of Ordinary
Shares by persons carrying on a trade, profession, or business in Hong Kong, where such gains are derived from or arise in Hong Kong
from such trade, profession or business will be chargeable to Hong Kong profits tax which is imposed at the rates of 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 on corporations and at the rates of 7.5% on
assessable profits up to HK$2,000,000 and 15.0% on any part of assessable profits over HK$2,000,000 on unincorporated businesses from
the year of assessment commencing on or after April 1, 2018. Liability for Hong Kong profits tax would thus arise in respect of trading
gains from sales of Ordinary Shares realized by persons carrying on a business of trading or dealing in securities in 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
DISCUSSION ABOVE IS A GENERAL SUMMARY. IT DOES NOT COVER ALL TAX MATTERS THAT MAY BE OF IMPORTANCE TO A PARTICULAR INVESTOR. EACH PROSPECTIVE
INVESTOR IN OUR ORDINARY SHARES IS URGED TO CONSULT ITS OWN TAX ADVISER ABOUT THE TAX CONSEQUENCES TO IT OF OWNING AND DISPOSING OF OUR
ORDINARY SHARES IN LIGHT OF SUCH PROSPECTIVE INVESTOR&#8217;S OWN CIRCUMSTANCES.</span></p>

<p style="font: 10pt Times 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Documents
on Display</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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
may read and copy documents referred to in this Annual Report on Form 20-F that have been filed with the SEC at the SEC&#8217;s Public
Reference Room, 450 Fifth Street, N.W., Washington, D.C. You may obtain information on the operation of the Public Reference Room by
calling the SEC at 1-800-SEC-0330. You can also obtain copies of our SEC filings by going to the SEC&#8217;s website at http://www.sec.gov.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC allows us to &#8220;incorporate by reference&#8221; the information we file with the SEC. This means that we can disclose important
information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is considered
to be part of this Annual Report on Form 20-F.</span></p>

<p style="font: 10pt Times 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_008"></span>Item
11. Quantitative and Qualitative Disclosures About Market Risk</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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest
Rate Risk</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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is currently not subject to significant interest rate risk due to its lack of outstanding loans or large deposit 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
Currency Exchange Rates</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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is exposed to certain foreign currency exchange risks as our reporting currency is the Hong Kong dollar and our overseas sales
and procurement were denominated in United States dollars during the financial years ended December 31, 2022, 2022 and 2023. To the extent
that our Group&#8217;s sales and purchases and operating costs are not denominated in the same currency and to the extent that there
are timing differences between invoicing and payment from our customers and to our suppliers, we may be exposed to foreign currency exchange
gains or losses arising from transactions in currencies other than our reporting currency.</span></p>

<p style="font: 10pt Times 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_009"></span>Item
12. Description of Securities Other Than Equity Securities</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: left; text-indent: 0.5in; background-color: white"><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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_011"></span>PART
II</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_010"></span>Item
13. Defaults, Dividend Arrearages and Delinquencies</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: left; text-indent: 0.5in; background-color: white"><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 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_012"></span>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 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: left; text-indent: 0.5in; background-color: white"><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 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_013"></span>Item
15. Controls and Procedures</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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e)
and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by the Company in the reports
that the Company files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified
in the SEC&#8217;s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed
to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated
and communicated to the issuer&#8217;s management, including its principal executive officer or officers and principal financial officer
or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the end of the period covered by this Annual Report, our Chief Executive Officer and Principal Accounting Officer (the &#8220;Certifying
Officer&#8221;), conducted an evaluation of our disclosure controls and procedures. Based on this evaluation, the Certifying Officer
has concluded that our disclosure controls and procedures were effective to ensure that material information is recorded, processed,
summarized and reported by our management on a timely basis in order to comply with our disclosure obligations under the Exchange Act
and the rules and regulations promulgated thereunder.</span></p>

<p style="font: 10pt Times 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: left; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management&#8217;s
Report on Internal Control over Financial Reporting</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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)).
The Company&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally
accepted in the United States of America. Because of its inherent limitations, internal control over financial reporting may not prevent
or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls
may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the
Company conducted an evaluation of the effectiveness of the Company&#8217;s internal control over financial reporting as of December
31, 2023 using the criteria established in &#8220;Internal Control - Integrated Framework&#8221; issued by the Committee of Sponsoring
Organizations of the Treadway Commission (&#8220;COSO&#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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a
reasonable possibility that a material misstatement of the Company&#8217;s annual or interim financial statements will not be prevented
or detected on a timely basis. In its assessment of the effectiveness of internal control over financial reporting as of December 31,
2023, the Company determined that there were no control deficiencies that constituted material weaknesses.</span></p>

<p style="font: 10pt Times 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: left; text-indent: 0.5in; background-color: white"><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 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the period ended December 31, 2023, there was no change in the Company&#8217;s internal control over financial reporting period covered
by this Annual Report that has materially affected, or is reasonably likely to materially affect, the Company&#8217;s internal control
over financial reporting.</span></p>

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


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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 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_014"></span>Item
16. Reserved</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_015"></span>Item
16A. Audit Committee Financial Expert</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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors has determined that the Company has at least one audit committee financial expert serving on its audit committee.
Our board of directors has determined that each member of our audit committee is &#8220;independent&#8221; for audit committee purposes
as that term is defined by the rules of the SEC and Nasdaq, and that each has sufficient knowledge in financial and auditing matters
to serve on the audit committee. Our board of directors has designated Mr. Wong Siu Keung (Sony) as an &#8220;audit committee financial
expert,&#8221; as defined under the applicable rules of the SEC.</span></p>

<p style="font: 10pt Times 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_016"></span>Item
16B. Code of Ethics</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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors has adopted a written code of business conduct and ethics that applies to our directors, officers and employees, including
our chief executive officer, chief financial officer, principal accounting officer or controller or persons performing similar functions.
A current copy of this code is posted on the Corporate Governance section of our website, which is located at http://www.jecleantech.sg.
The information on our website is deemed not to be incorporated in or to be a part of this Annual Report. We intend to disclose any amendments
to the code of ethics, and any waivers of the code of ethics or the code of conduct for our directors, executive officers and senior
finance executives, on our website to the extent required by applicable U.S. federal securities laws and the corporate governance rules
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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_017"></span>Item
16C. Principal Accountant Fees and Services</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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Audit
Fees</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following are the fees billed to us by our auditors during the financial years ended December 31, 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>

<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; vertical-align: bottom">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center"><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>Financial Year</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>Ended</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>December 31, 2023</b></span></p></td><td style="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Audit Fees</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">100,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">160,000</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Audit Related Fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Tax Fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">All Other Fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Total</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">160,000</td><td style="text-align: left">&#160;</td></tr>
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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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Audit
Fees </i>consist of the aggregate fees billed for professional services rendered for the audit of our annual financial statements and
the reviews of the financial statements included in our Forms 6-K and for any other services that were normally provided by our independent
auditor in connection with our statutory and regulatory filings or engagements.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Audit
Related Fees</b> consist of the aggregate fees billed for professional services rendered for assurance and related services that were
reasonably related to the performance of the audit or review of our financial statements and were not otherwise included in Audit Fees.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax
Fees</b> consist of the aggregate fees billed for professional services rendered for tax compliance, tax advice and tax planning. Included
in such Tax Fees are fees for preparation of our tax returns and consultancy and advice on other tax planning matters.</span></p>

<p style="font: 10pt Times 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>All
Other</b> <i>Fees </i>consist of the aggregate fees billed for products and services provided by our independent auditor and not otherwise
included in Audit Fees, Audit Related Fees or Tax Fees. Included in such Other Fees would be fees for services rendered by our independent
auditor in connection with any private and public offerings conducted during such periods.</span></p>

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


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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 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_018"></span>Item
16D. Exemptions from the Listing Standards for Audit Committees</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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance
matters that differ significantly from Nasdaq corporate governance listing standards. However, our audit committee is required to comply
with the provisions of Rule 10A-3 of the Exchange Act, which is applicable to U.S. companies listed on Nasdaq. Therefore, we have a fully
independent audit committee in accordance with Rule 10A-3 of the Exchange Act. However, because we are a foreign private issuer, our
audit committee is not subject to additional Nasdaq corporate governance requirements applicable to listed U.S. companies, including
the requirements to have a minimum of three members and to affirmatively determine that all members are &#8220;independent,&#8221; using
more stringent criteria than those applicable to us as a foreign private issuer.</span></p>

<p style="font: 10pt Times 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_019"></span>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 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: left; text-indent: 0.5in; background-color: white"><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 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_020"></span>Item
16F. Changes in Registrant&#8217;s Certifying Accountants.</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: left; text-indent: 0.5in; background-color: white"><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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_021"></span>Item
16G. Corporate Governance.</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: left; text-indent: 0.5in; background-color: white"><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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_022"></span>Item
16H. Mine Safety Disclosure.</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: left; text-indent: 0.5in; background-color: white"><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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_023"></span>Item
16I. <span style="background-color: white">Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</span></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: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_024"></span>Item
16J. Insider Trading Policies </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>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has adopted an Insider Trading Policy governing the purchase, sale and other dispositions of its securities by directors, senior
management, and employees that is reasonably designed to promote compliance with applicable insider trading laws, rules and regulations
and the listing standards of the Nasdaq Capital 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_025"></span>Item
16K. Cybersecurity</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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has adopted a Cybersecurity Policy governing the establishment and application of certain procedures and safeguards to identify
potential cybersecurity risks and, in the event of a cybersecurity breach, the protocol for disclosing to the Securities and Exchange
Commission, including possible remedies. We review cybersecurity risk as part of our overall risk-management program. This ensures that
cybersecurity risk management remains a meaningful priority in our business strategy and operations. Our risk management strategy for
cybersecurity generally includes:</span></p>

<p style="font: 10pt Times 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%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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"><i>Identification</i>:
    We aim to proactively identify the manners in which our business could be materially impacted by cybersecurity risks including: </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>

<table cellspacing="0" 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: 1.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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">Cybersecurity
    Incidents &#8211; an unauthorized occurrence on or conducted through its information system that jeopardizes the confidentiality,
    integrity, or availability of its information systems or any information residing therein</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">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">Cybersecurity
    Threats &#8211; any potential occurrence that may result in an unauthorized effort to adversely affect the confidentiality, integrity,
    or availability of its information systems or any information residing therein.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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"><i>Assessment</i>:
    We periodically assess our risks relating to cybersecurity threats, including risks relating to our reliance on third parties. In
    so doing, we consider the likelihood and impact that could result from the manifesting of such risks, together with the sufficiency
    of existing policies, procedures, systems, and safeguards in place to manage such risks, together with the sufficiency of existing
    policies, procedures, systems, and safeguards in place to manage such risks, including evaluating and if available obtaining cyber
    liability insurance, and aligning such cyber-risk management policies with the Company&#8217;s business needs by integrating cyber-risk
    analysis into significant business decisions. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">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"><i>Management</i>:
    If deemed appropriate, we design and implement reasonable safeguards to address any identified gaps in our existing processes and
    procedures, including annual cybersecurity awareness training emphasizing the use of strong passwords on all systems and aligning
    cyber-risk management policies with the Company&#8217;s needs by integrating cyber-risk analysis into significant business decisions
    and ensuring that the Company&#8217;s organization structure supports such cybersecurity goals. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">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"><i>Evaluation</i>:
    If a cybersecurity breach occurs, the Audit Committee will determine whether the Incident or Threat is &#8220;material&#8221; (.i.e.
    is there a substantial likelihood that a reasonable shareholder would consider it important in making an investment decision or if
    it would have significantly altered the &#8220;total mix&#8221; of information made available?), assessing among other factors potential
    or actual financial impacts, reputational damage, and operational disruptions.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">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"><i>Report</i>:
    Establish and monitor an incident response approach requiring our Chief Financial officer to report to us, the full Board of Directors
    and legal counsel any cybersecurity concerns or events.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">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"><i>Disclosure</i>:
    To ensure compliance with SEC requirements and maintain overall stakeholder confidence in the Company, all material and known facts
    regarding the cybersecurity breach will be recorded, including their nature, scope, and financial implications; and a Form 6-K will
    be prepared and filed within four (4) business days after the determination that a &#8220;material&#8221; cybersecurity incident
    has occurred.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
presently do not engage third parties to assist with evaluating the effectiveness of our risk-management and cybersecurity practices.
The Company did not have any material cybersecurity breaches during the year ended December 31, 2023.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Audit Committee of our Board of Directors is the governance body involved in, and ultimately responsible for, cybersecurity oversight.
They will generally coordinate with our Chief Financial Officer in this regard. If needed, the full Board would be updated on cybersecurity
risks and incidents. None of our directors on the Audit Committee nor our Chief Financial Officer have particular experience in cybersecurity
matters.</span></p>

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<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="nd_027"></span>PART
III</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_026"></span>Item
17. Financial Statements</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 0.5in; background-color: white"><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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_029"></span>Item
18. Financial Statements</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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following Financial Statements are filed as part of this Annual 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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contents</b></span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Pages</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Su_001">Report
    of Independent Registered Public Accounting Firm</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Su_002">Consolidated
    Balance Sheets as of December 31, 2023 and 2022</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Su_003">Consolidated Statements of Operations and Comprehensive Income for the years ended December 31, 2023 and 2022</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Su_004">Consolidated Statements of Changes in Shareholders&#8217; Equity for the years ended December 31, 2023 and 2022</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Su_005">Consolidated Statements of Cash Flows for the years ended December 31, 2023 and 2022</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Su_006">Notes to Consolidated Financial Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</span></td></tr>
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<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-top: 0pt; margin-bottom: 0pt; text-align: left"><img src="form20-f_012.jpg" alt="" style="height: 135px; width: 670px"/><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-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 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Su_001"></span>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</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: left"><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 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fenbo
Holdings 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion
on the Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 audited the accompanying consolidated balance sheets of Fenbo Holdings Limited and its Subsidiaries (collectively, the &#8220;Company&#8221;)
as of December 31, 2023 and 2022, and the related consolidated statements of operations 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 consolidated financial position of the Company as of December 31, 2023 and 2022, and the consolidated results
of its operations and its cash flows for each of the 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 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for Opinion</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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">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 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
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 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
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.
I believe that my audits provide a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
audit matters</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
critical audit matters communicated below are matters arising from the current audit period of the consolidated financial statements
that were communicated or required to be communicated to the audit committee and that (1) related to accounts or disclosures that are
material to the consolidated financial statements and (2) involved especially challenging, subjective or complex judgments. The communication
of the critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we
are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts
or disclosures to which it related.</span></p>

<p style="font: 10pt Times 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 determined that there are no critical audit matters.</span></p>

<p style="font: 10pt Times 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">/s/
Centurion ZD CPA &amp; Co</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_edei--AuditorName_c20230101__20231231_zU5EYL4rOsI2"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000053" name="dei:AuditorName">Centurion
ZD CPA &amp; Co</ix:nonNumeric></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_edei--AuditorLocation_c20230101__20231231_z9sQkxWomNrb"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000054" name="dei:AuditorLocation">Hong
Kong</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 29, 2024</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PCAOB
ID # <span id="xdx_90F_edei--AuditorFirmId_c20230101__20231231_zp1rSg3IrVm1"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000055" name="dei:AuditorFirmId">2769</ix:nonNumeric></span></span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Su_002"></span>FENBO
HOLDINGS LIMITED</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>CONSOLIDATED
BALANCE SHEETS</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>(Amount
in thousands, except for share and per share data, or otherwise noted)</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>

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    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#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_402_eus-gaap--InventoryNet_i02I_maACzB8m_z6OUKIbJSEKe" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40D_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_i02I_maACzB8m_zmBoY2UzWAD9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_401_eus-gaap--OperatingLeaseRightOfUseAsset_i02I_maANzaLd_zRiyskIzkAAi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zvXn1Khb6qzg" 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_40B_eus-gaap--LiabilitiesCurrentAbstract_i01B_z8K1AaQTXXZa" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--ShortTermBankLoansAndNotesPayable_i02I_maLCzzHm_zcuJK53IhaEl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_405_eus-gaap--AccountsPayableCurrent_i02I_maLCzzHm_zZyD6cSgKyZ" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_401_eus-gaap--LiabilitiesCurrent_i02TI_mtLCzzHm_maLzIp7_zRsa7Xb1CUz5" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_407_eus-gaap--Liabilities_i01TI_mtLzIp7_maLASEzhfo_z1UN9pea3xaf" 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: 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_405_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_iB_zW2qYnXKqGik" 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>
  <tr id="xdx_40D_eus-gaap--PreferredStockValue_i01I_maSEz0lg_zl07jDIkFtzg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">Additional paid-in capital</td><td>&#160;</td>
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<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">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 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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Su_003"></span>FENBO
HOLDINGS LIMITED</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>CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME</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>(Amount
in thousands, except for share and per share data, or otherwise noted)</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>

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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40A_eus-gaap--OperatingExpensesAbstract_iB_zLvFXGBrKyY8" 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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  <tr id="xdx_40A_eus-gaap--SellingAndMarketingExpense_i01N_di_maOEz2XR_zACUBLyKdcW" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_402_eus-gaap--GeneralAndAdministrativeExpense_i01N_di_maOEz2XR_zoQXtXmdPcyb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">General and administrative expenses</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_403_eus-gaap--OperatingExpenses_i01NT_di_mtOEz2XR_msOILzYge_zJDk6q8eQUw8" 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></tr>
  <tr id="xdx_40D_eus-gaap--OperatingIncomeLoss_i01T_mtOILzYge_maILFCOzkX3_zJacM4Bo7hoc" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Income from operations</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">&#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">&#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--NonoperatingIncomeExpenseAbstract_iB_zYm2shjTszcj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Other (expense) income:</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_40C_eus-gaap--ForeignCurrencyTransactionGainLossBeforeTax_i01_maNIEztDj_zmY7OQq07cg3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Exchange (loss) gain, net</td><td>&#160;</td>
    <td style="text-align: center">&#160;</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:ForeignCurrencyTransactionGainLossBeforeTax" contextRef="From2023-01-01to2023-12-31" id="Fact000284" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="HKD">213</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_400_eus-gaap--GainLossOnSaleOfPropertyPlantEquipment_i01_maNIEztDj_zPBlMsQCTXc6" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Gain (loss) on disposal of property, plant and equipment</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"><ix:nonFraction name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" contextRef="From2022-01-012022-12-31" id="Fact000288" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="HKD">12,458</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:GainLossOnSaleOfPropertyPlantEquipment" contextRef="From2023-01-01to2023-12-31" id="Fact000289" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="HKD">1</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--GainLossOnSaleOfPropertyPlantEquipment_i01_pn3n3_uUSD_c20230101__20231231_zAdFocU8A4Zb" title="Gain (loss) on disposal of property, plant and equipment" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0291">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--InvestmentIncomeInterestAndDividend_i01_maNIEztDj_zB37xynwXR0h" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Interest income</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"><ix:nonFraction name="us-gaap:InvestmentIncomeInterestAndDividend" contextRef="From2022-01-012022-12-31" id="Fact000293" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="HKD">20</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:InvestmentIncomeInterestAndDividend" contextRef="From2023-01-01to2023-12-31" id="Fact000294" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="HKD">84</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--InvestmentIncomeInterestAndDividend_i01_pn3n3_uUSD_c20230101__20231231_zbnynysYDfj3" title="Interest income" style="text-align: right"><ix:nonFraction name="us-gaap:InvestmentIncomeInterestAndDividend" contextRef="From2023-01-01to2023-12-31" id="Fact000296" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--OtherNonoperatingExpense_i01N_di_msNIEztDj_zgdT8KHmeMG9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Interest expense</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">(<ix:nonFraction name="us-gaap:OtherNonoperatingExpense" contextRef="From2022-01-012022-12-31" id="Fact000298" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="HKD">1,581</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:OtherNonoperatingExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000299" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="HKD">1,708</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eus-gaap--OtherNonoperatingExpense_i01N_pn3n3_di_uUSD_c20230101__20231231_zwhKkXx06NFi" title="Interest expense" style="text-align: right">(<ix:nonFraction name="us-gaap:OtherNonoperatingExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000301" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">219</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40D_ecustom--GovernmentGrant_i01_maNIEztDj_zOBFp3Ner4c5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Government grant</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"><span style="-sec-ix-hidden: xdx2ixbrl0303">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="FEBO:GovernmentGrant" contextRef="From2023-01-01to2023-12-31" id="Fact000304" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="HKD">205</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_ecustom--GovernmentGrant_i01_pn3n3_uUSD_c20230101__20231231_zAqWZhzXlNZf" title="Government grant" style="text-align: right"><ix:nonFraction name="FEBO:GovernmentGrant" contextRef="From2023-01-01to2023-12-31" id="Fact000306" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">26</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--OtherNonoperatingIncome_i01_maNIEztDj_zlBAJ8JGOyFk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Other income, net</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OtherNonoperatingIncome" contextRef="From2022-01-012022-12-31" id="Fact000308" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="HKD">528</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:OtherNonoperatingIncome" contextRef="From2023-01-01to2023-12-31" id="Fact000309" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="HKD">266</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--OtherNonoperatingIncome_i01_pn3n3_uUSD_c20230101__20231231_z3paLRyGyX03" title="Other income, net" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OtherNonoperatingIncome" contextRef="From2023-01-01to2023-12-31" id="Fact000311" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">34</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--NonoperatingIncomeExpense_i01T_mtNIEztDj_maILFCOzkX3_z68nTPPdQ6Ab" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Total other (expense) income</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></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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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">&#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">&#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: center">&#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: center; padding-bottom: 2.5pt">13, 14</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"><span id="xdx_905_eus-gaap--EarningsPerShareBasic_i01_pid_c20220101__20221231_zGbsWw8Zyzs2" title="Net income (loss) per share attributable to ordinary shareholders, Basic" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBJbmNvbWUA"><span id="xdx_902_eus-gaap--EarningsPerShareDiluted_i01_pid_c20220101__20221231_zvtOeNB100rf" title="Net income (loss) per share attributable to ordinary shareholders, Diluted" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBJbmNvbWUA"><ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2022-01-012022-12-31" id="Fact000349" format="ixt:numdotdecimal" decimals="INF" unitRef="HKDPShares"><ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2022-01-012022-12-31" id="Fact000351" format="ixt:numdotdecimal" decimals="INF" unitRef="HKDPShares">86.53</ix:nonFraction></ix:nonFraction></span></span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90A_eus-gaap--EarningsPerShareBasic_i01_pid_uUSDPShares_c20230101__20231231_z37zHdCXYKR7" title="Net income (loss) per share attributable to ordinary shareholders, Basic" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBJbmNvbWUA"><span id="xdx_902_eus-gaap--EarningsPerShareDiluted_i01_pid_uUSDPShares_c20230101__20231231_z7Ch2S6tMMvi" title="Net income (loss) per share attributable to ordinary shareholders, Diluted" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBJbmNvbWUA">(<ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2023-01-01to2023-12-31" id="Fact000357" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares"><ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2023-01-01to2023-12-31" id="Fact000359" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">1.86</ix:nonFraction></ix:nonFraction></span></span></td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40C_eus-gaap--WeightedAverageNumberOfSharesOutstandingAbstract_iB_zrAP0sKDu8Dd" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Basic and diluted</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<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">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 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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Su_004"></span>FENBO
HOLDINGS LIMITED</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>CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS&#8217; EQUITY</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>(Amount
in thousands, except for share and per share data, or otherwise noted)</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>

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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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  <tr id="xdx_40F_eus-gaap--NetIncomeLoss_zUj2EKrO790k" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_407_eus-gaap--NetIncomeLoss_zsbssSZwwV5a" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_401_eus-gaap--StockIssuedDuringPeriodValueStockDividend_zOAtjrccCNw6" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Dividend declared</td><td>&#160;</td>
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    <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><td>&#160;</td>
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<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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F0B_zjC156dvysE8" style="width: 15pt; text-align: right"><span 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_F18_zu00e49iPB4k" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000501" xml:lang="en-US">In connection with
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the beginning of the first period presented. On December 1, 2023 the Company closed the IPO. The offering was conducted pursuant to the
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</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">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 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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Su_005"></span>FENBO
HOLDINGS LIMITED</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>CONSOLIDATED
STATEMENTS OF CASH FLOWS</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>(Amount
in thousands, except for share and per share data, or otherwise noted)</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>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Su_006"></span>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

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

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000659" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p id="xdx_807_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zsF0a80BeiU2" style="font: 10pt Times 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>Note
1 <span id="xdx_82D_zEX4iqPTUOJ4">Nature of business and organization</span></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">Fenbo
Holdings Limited (the &#8220;Company&#8221;) was incorporated in the Cayman Islands on September 30, 2022 as an exempted company with
limited liability. The Company conducts its primary operations of manufacture and production of premium personal care electronic appliance
(such as electrical hair styling products such as hair dryers, straighteners, curlers, trimmers, etc.) through its indirectly held wholly
owned 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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000661" name="srt:ScheduleOfCondensedFinancialStatementsTableTextBlock"><p id="xdx_892_esrt--ScheduleOfCondensedFinancialStatementsTableTextBlock_znwJZ8D3WGx3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Details
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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"><span id="xdx_8BD_zwaCOb6lbV8l" style="display: none">&#160;Schedule
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  <tr style="vertical-align: bottom; background-color: White">
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  </table>

</ix:nonNumeric><p id="xdx_8A9_z0RR4NSL2FP8" 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
November 17, 2022, RLHL entered into agreements to acquire <span id="xdx_90E_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_pid_c20221117__20221117__us-gaap--TypeOfArrangementAxis__custom--FenboIndustriesAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--RichLegendHoldingsLimitedMember_zS4NGyXuQmJ9" title="Acquisition of ordinary shares"><ix:nonFraction name="us-gaap:BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" contextRef="From2022-11-172022-11-17_custom_FenboIndustriesAgreementMember_custom_RichLegendHoldingsLimitedMember" id="Fact000734" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,999,999</ix:nonFraction></span> ordinary shares in Fenbo Industries and <span id="xdx_905_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_pid_c20221117__20221117__us-gaap--TypeOfArrangementAxis__custom--AbleIndustriesAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--RichLegendHoldingsLimitedMember_zdL8I1uNB3A6" title="Acquisition of ordinary shares"><ix:nonFraction name="us-gaap:BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" contextRef="From2022-11-172022-11-17_custom_AbleIndustriesAgreementMember_custom_RichLegendHoldingsLimitedMember" id="Fact000736" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction></span> ordinary shares
in Able Industries, respectively from Mr. Li in consideration of the issuance and allotment of a total of <span id="xdx_901_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_pid_c20221117__20221117__srt--TitleOfIndividualAxis__custom--MrLiMember__us-gaap--BusinessAcquisitionAxis__custom--RichLegendHoldingsLimitedMember_z0yqO07mWObc" title="Acquisition of ordinary shares"><ix:nonFraction name="us-gaap:BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" contextRef="From2022-11-172022-11-17_custom_MrLiMember_custom_RichLegendHoldingsLimitedMember" id="Fact000738" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">9</ix:nonFraction></span> shares, credited as fully
paid, to Mr. Li.</span></p>

<p style="font: 10pt Times 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
November 17, 2022, RLHL entered into an agreement to acquire <span id="xdx_90E_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_pid_c20221117__20221117__srt--TitleOfIndividualAxis__custom--MrAllanMember__us-gaap--BusinessAcquisitionAxis__custom--RichLegendHoldingsLimitedMember_zqu98Dp2NMGi" title="Acquisition of ordinary shares"><ix:nonFraction name="us-gaap:BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" contextRef="From2022-11-172022-11-17_custom_MrAllanMember_custom_RichLegendHoldingsLimitedMember" id="Fact000740" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1</ix:nonFraction></span> ordinary share in Fenbo Industries from Mr. Allan Li for a cash consideration
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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
November 18, 2022, the Company entered into an agreement to acquire <span id="xdx_900_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_pid_c20221118__20221118__us-gaap--BusinessAcquisitionAxis__custom--RichLegendHoldingsLimitedMember_znJQ9vjl0mg5" title="Acquisition of ordinary shares"><ix:nonFraction name="us-gaap:BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" contextRef="From2022-11-182022-11-18_custom_RichLegendHoldingsLimitedMember" id="Fact000744" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10</ix:nonFraction></span> ordinary shares representing <span id="xdx_907_eus-gaap--BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage_iI_pid_dp_c20221118__us-gaap--BusinessAcquisitionAxis__custom--RichLegendHoldingsLimitedMember_zhcAphy7MMd9" title="Acquisition of share captial, percentage"><ix:nonFraction name="us-gaap:BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage" contextRef="AsOf2022-11-18_custom_RichLegendHoldingsLimitedMember" id="Fact000746" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the issued share capital
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to Luxury Max Investments Limited (&#8220;LMIL&#8221;), a company incorporated in the British Virgin Islands on October 21, 2022 and
wholly owned by Mr. Li. In connection with this acquisition, Mr. Li transferred <span id="xdx_909_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_pid_c20221021__20221021__srt--TitleOfIndividualAxis__custom--MrLiMember__us-gaap--BusinessAcquisitionAxis__custom--RichLegendHoldingsLimitedMember_zFz4dsOMHSf2" title="Acquisition of ordinary shares"><ix:nonFraction name="us-gaap:BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" contextRef="From2022-10-212022-10-21_custom_MrLiMember_custom_RichLegendHoldingsLimitedMember" id="Fact000750" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000</ix:nonFraction></span> ordinary shares of the Company from Mr. Li to
RLHL.</span></p>

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


<ix:exclude><!-- Field: Page; Sequence: 104; Value: 1 -->
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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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the above transactions, Fenbo Industries, Fenbo SZ and Able Industries have become indirectly wholly-owned subsidiaries of the Company,
whereas their former majority shareholder, namely Mr. Li, has had 100% interest of the Company, through his wholly-owned investment holding
company, LMIL. Upon completion of the Reorganization, the capital structure of the Group was as follows:</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"><span id="xdx_C00_gL3SOFSATB-FVUHAR_zmq8kvcpswEi"><ix:continuation continuedAt="ConU000706-02" id="ConU000706-01">&#160;</ix:continuation></span></span></p>

<div id="xdx_C01_gL3SOFSATB-FVUHAR_zIC59vE3CVR"><ix:continuation continuedAt="ConU000706-03" id="ConU000706-02"><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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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_pid_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TheCompanyMember__us-gaap--BusinessAcquisitionAxis__custom--AbleIndustriesMember_zefqyr5gB4Vf" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0760">-</span></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: 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>
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    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&#160;</td><td id="xdx_987_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_pid_c20230101__20231231__us-gaap--BusinessAcquisitionAxis__custom--AbleIndustriesMember_zLSKYOj5ZQT6" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" contextRef="From2023-01-012023-12-31_custom_AbleIndustriesMember" id="Fact000774" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table>

</ix:continuation></div><p style="font: 10pt Times 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 id="xdx_C00_gL3SOFSATB-FVUHAR_z3IeN3Sb7cdf"><ix:continuation id="ConU000706-03">&#160;</ix:continuation></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">The
Reorganization has been accounted for as a reverse acquisition whereby Fenbo Industries and Able Industries are deemed to be the accounting
acquirers (legal acquirees) and the Company to be the accounting acquiree (legal acquirer). The financial statements before the Reorganization
are those of Fenbo Industries and Able Industries on a combined basis with the results of the Company being consolidated from the closing
date of the Reorganization. The equity section and earnings per share of the Company have been retroactively restated to reflect the
reverse acquisition and no goodwill has been recorded.</span></p>

<p style="font: 10pt Times 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 1, 2023 the Company closed the IPO. The offering was conducted pursuant to the Company&#8217;s registration statement and <span id="xdx_902_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_pid_c20231201__20231201__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--BusinessAcquisitionAxis__custom--FenboIndustriesMember_zA1cGKOZQGi1" title="Acquisition of ordinary shares"><ix:nonFraction name="us-gaap:BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" contextRef="From2023-12-012023-12-01_us-gaap_IPOMember_custom_FenboIndustriesMember" id="Fact000776" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000,000</ix:nonFraction></span>
shares of ordinary shares were issued at the IPO price of $<span id="xdx_901_eus-gaap--SharePrice_iI_pid_c20231201__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zGox8hcDG68f" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2023-12-01_us-gaap_IPOMember" id="Fact000778" format="ixt:numdotdecimal" decimals="INF" unitRef="HKDPShares">5.00</ix:nonFraction></span> per share after the offering. The Shares were approved for listing on
The Nasdaq Capital Market and commenced trading under the ticker symbol &#8220;FEBO.&#8221; On January 11, 2024, the representative of
the underwriters partially exercised the over-allotment option and on January 16, 2024 purchased <span id="xdx_905_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_pid_c20240116__20240116__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--BusinessAcquisitionAxis__custom--FenboIndustriesMember_zxs3aOvqcht7" title="Acquisition of ordinary shares"><ix:nonFraction name="us-gaap:BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" contextRef="From2024-01-162024-01-16_us-gaap_IPOMember_us-gaap_SubsequentEventMember_custom_FenboIndustriesMember" id="Fact000780" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">62,500</ix:nonFraction></span> ordinary shares at the IPO price
of $<span id="xdx_909_eus-gaap--SharePrice_iI_pid_c20240116__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zg3FGfDQxoda" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2024-01-16_us-gaap_IPOMember_us-gaap_SubsequentEventMember" id="Fact000782" format="ixt:numdotdecimal" decimals="INF" unitRef="HKDPShares">5.00</ix:nonFraction></span> per 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">The
accompanying financial statements are presented assuming that the existing group structure was an existence at the beginning of the first
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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000784" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_80E_eus-gaap--SignificantAccountingPoliciesTextBlock_zIymWgpEiqRa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
2 <span id="xdx_82C_zNIFFByKf409">Summary of significant accounting policies</span></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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000786" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_84C_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zdKFdHsrbus" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86F_zErSkZDDA8T8">Basis
of presentation</span></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
consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States
of America (&#8220;USGAAP&#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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000788" name="us-gaap:ConsolidationPolicyTextBlock"><p id="xdx_848_eus-gaap--ConsolidationPolicyTextBlock_zz7M9K1bjFI" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_869_zlvz73k17Zyf">Consolidation</span></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
consolidated financial statements include the financial statements of the Company and its subsidiaries. All inter-company transactions,
if any, and balances due to, due from, long-term investment subsidiary, and registered paid in capital have been eliminated upon consolidation.</span></p>

<p style="font: 10pt Times 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000790" name="us-gaap:BusinessCombinationsPolicy"><p id="xdx_846_eus-gaap--BusinessCombinationsPolicy_zuyQwaQTNsm3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86C_zUGPWOquL0w7">Business
combinations and non-controlling interests</span></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
Company accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standards Codification
(&#8220;ASC&#8221;) 805 &#8220;Business Combinations.&#8221; The cost of an acquisition is measured as the aggregate of the acquisition
date fair value of the assets transferred to the sellers, liabilities incurred by the Company and equity instruments issued by the Company.
Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities assumed
are measured separately at their fair values as of the acquisition date, irrespective of the extent of any noncontrolling interests.
The excess of (i) the total costs of acquisition, fair value of the noncontrolling interests and acquisition date fair value of any previously
held equity interest in the acquiree over (ii) the acquisition date amounts of the identifiable net assets of the acquiree is recorded
as goodwill. If the cost of acquisition is less than the acquisition date amounts of the net assets of the subsidiary acquired, the difference
is recognized directly in the consolidated income statements. During the measurement period, which can be up to one year from the acquisition
date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Subsequent
to the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever
comes first, any further adjustments are recorded in the consolidated income statements.</span></p>

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


<ix:exclude><!-- Field: Page; Sequence: 105; Value: 1 -->
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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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the Company&#8217;s non-wholly owned subsidiaries, a noncontrolling interest is recognized to reflect the portion of equity that is not
attributable, directly, or indirectly, to the Company.</span></p>

<p style="font: 10pt Times 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000792" name="us-gaap:UseOfEstimates"><p id="xdx_844_eus-gaap--UseOfEstimates_z1qa3obReqi1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_865_zlYQuRL7hI0g">Use
of estimates and assumptions</span></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
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated
financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates
reflected in the Company&#8217;s consolidated financial statements include the useful lives of property and equipment, the imputed interest
rate of leases, impairment of long-lived assets, allowance for doubtful accounts, provision for contingent liabilities, revenue recognition,
deferred taxes and uncertain tax position. Actual results could differ from these estimates.</span></p>

<p style="font: 10pt Times 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000794" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"><p id="xdx_84F_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_z4oL67brVxpi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86E_zRGeSSDtQZg">Foreign
currency translation and transaction</span></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
functional currencies of the Company are the local currency of the country in which the subsidiaries operate. The reporting currency
of the Company is the Hong Kong Dollars (&#8220;HKD&#8221;). The results of operations and the consolidated statements of cash flows
denominated in foreign currencies are translated at the average rates of exchange during the reporting period. Assets and liabilities
denominated in foreign currencies at the balance sheet date are translated at the applicable rates of exchange in effect at that date.
The equity denominated in the functional currencies is translated at the historical rates of exchange at the time of capital contributions.
Because cash flows are translated based on the average translation rates, amounts related to assets and liabilities reported on the consolidated
statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Translation
adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated
other comprehensive income included in consolidated statements of changes in shareholders&#8217; equity. Transaction gains and losses
that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency in the consolidated
statement of income and comprehensive income.</span></p>

<p style="font: 10pt Times 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
functional currency of RLHL, Fenbo Industries and Able Industries are HKD. The functional currency of Fenbo SZ is Renminbi (&#8220;RMB&#8221;).
An entity&#8217;s functional currency is the currency of the primary economic environment in which it operates, normally that is the
currency of the environment in which the entity primarily generates and expends cash. Management&#8217;s judgment is essential to determine
the functional currency by assessing various indicators, such as cash flows, sales price and market, expenses, financing and inter-company
transactions and arrangements.</span></p>

<p style="font: 10pt Times 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 presenting these financial statements of subsidiary using RMB as functional currency, the Company&#8217;s assets and liabilities
are expressed in HKD at the exchange rate on the balance sheet date, which is <span id="xdx_905_eus-gaap--ForeignCurrencyExchangeRateRemeasurement1_iI_c20231231_zjuHRXwuNI4j" title="Exchange rate on the balance sheet date"><ix:nonFraction name="us-gaap:ForeignCurrencyExchangeRateRemeasurement1" contextRef="AsOf2023-12-31" id="Fact000796" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.9126</ix:nonFraction></span> and <span id="xdx_90C_eus-gaap--ForeignCurrencyExchangeRateRemeasurement1_iI_c20221231_zgRXxiL8Ptmj" title="Exchange rate on the balance sheet date"><ix:nonFraction name="us-gaap:ForeignCurrencyExchangeRateRemeasurement1" contextRef="AsOf2022-12-31" id="Fact000798" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.8866</ix:nonFraction></span> as of December 31, 2023 and 2022, respectively;
shareholders&#8217; equity accounts are translated at historical rates, and income and expense items are translated at the average exchange
rate during the period, which is <span id="xdx_903_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_c20231231_z526JMhte3F9" title="Income and expense items translated at the average exchange rate"><ix:nonFraction name="us-gaap:ForeignCurrencyExchangeRateTranslation1" contextRef="AsOf2023-12-31" id="Fact000800" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.9070</ix:nonFraction></span> and <span id="xdx_90F_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_c20221231_zl1UBTKr6py1" title="Income and expense items translated at the average exchange rate"><ix:nonFraction name="us-gaap:ForeignCurrencyExchangeRateTranslation1" contextRef="AsOf2022-12-31" id="Fact000802" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.8642</ix:nonFraction></span> for the years ended December 31, 2023 and 2022, 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">The
value of foreign currencies including the US Dollar may fluctuate against the Hong Kong Dollar. Any significant variations of the foreign
currencies relative to the Hong Kong Dollar may materially affect the Company&#8217;s financial condition in terms of reporting in HK$.</span></p>

<p style="font: 10pt Times 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">Translations
of the consolidated balance sheets, consolidated statements of comprehensive income 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 rate
of US$<span id="xdx_90D_ecustom--ForeignCurrencyExchangeRateTranslation_iI_pid_uUSDPShares_c20231231_zL9AgX0w4lJ7" title="Foreign currency exchange rate per share"><ix:nonFraction name="FEBO:ForeignCurrencyExchangeRateTranslation" contextRef="AsOf2023-12-31" id="Fact000804" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.12803</ix:nonFraction></span> = HK$<span id="xdx_907_ecustom--ForeignCurrencyExchangeRateTranslation_iI_pid_c20231231_zQp5gThdJhyl" title="Foreign currency exchange rate per share"><ix:nonFraction name="FEBO:ForeignCurrencyExchangeRateTranslation" contextRef="AsOf2023-12-31" id="Fact000806" format="ixt:numdotdecimal" decimals="INF" unitRef="HKDPShares">1</ix:nonFraction></span>. No representation is made that the HK$ amounts could have been, or could be, converted, realized or settled into
US$ at that rate on December 31, 2023, 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000808" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_849_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zkkNjQjj9HJ6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_864_zOuaB3WM0rr3">Cash</span></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">Cash
comprises of cash at banks and on hand. Cash held in accounts at financial institutions located in the PRC is not freely convertible
into foreign currencies. In addition, these balances are not covered by insurance. While management believes that these financial institutions
are of high credit quality, it also continually monitors their creditworthiness. The Company and its subsidiaries have not experienced
any losses in such accounts and do not believe the cash is exposed to any significant risk.</span></p>

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


<ix:exclude><!-- Field: Page; Sequence: 106; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></td></tr></table></div>
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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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000810" name="us-gaap:TradeAndOtherAccountsReceivablePolicy"><p id="xdx_84A_eus-gaap--TradeAndOtherAccountsReceivablePolicy_zQFIPiMn7gT5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86C_zAjvYHnVkow4">Accounts
receivable, net</span></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">Accounts
receivable, net are stated at the original amount less an allowance for expected credit loss on such receivables. The allowance for expected
credit loss is estimated based upon the Company&#8217;s assessment of various factors including historical experience, the age of the
accounts receivable balances, current general economic conditions, future expectations and customer specific quantitative and qualitative
factors that may affect the Company&#8217;s customers&#8217; ability to pay. An allowance is also made when there is objective evidence
for the Company to reasonably estimate the amount of probable 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000812" name="us-gaap:InventoryPolicyTextBlock"><p id="xdx_842_eus-gaap--InventoryPolicyTextBlock_zLMlVczqiyp7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_865_zTSPfKB3avO2">Inventories</span></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">Inventories
are stated at the lower of cost or net realizable value. Cost of inventories is determined using the first-in first-out cost method.
Adjustments are recorded to write down the cost of inventories to the estimated net realizable value due to slow-moving, damaged and
lost goods, which is dependent upon factors such as historical and forecasted demand and prevailing market conditions. Write-downs are
recorded in cost of revenues on the consolidated statements of income and comprehensive income.</span></p>

<p style="font: 10pt Times 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000814" name="FEBO:PrepaymentsAndDepositsPolicyTextBlock"><p id="xdx_845_ecustom--PrepaymentsAndDepositsPolicyTextBlock_zXOSVX5b8rof" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86B_zWQOhlsCq3j8">Prepayments
and deposits</span></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">Prepayments
are cash deposited or advanced to suppliers for purchasing goods or services that have not been received or provided and deposits made
to the Company&#8217;s customers and landlord. This amount is refundable and bears no interest. Prepayment and deposit are classified
as either current or non-current based on the terms of the respective agreements. These advances are unsecured and are reviewed periodically
to determine whether their carrying value has become impaired.</span></p>

<p style="font: 10pt Times 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000816" name="FEBO:OtherReceivablesPolicyTextBlock"><p id="xdx_849_ecustom--OtherReceivablesPolicyTextBlock_zRQXlJORhV5a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86B_z7sbokQYaEVf">Other
receivables</span></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">Other
receivables primarily include rental deposit, VAT refundable, prepayment and income tax refundable. Management regularly reviews the
aging of receivables and changes in payment trends and records allowances when management believes collection of amounts due are at risk.
Accounts considered uncollectable are written off against allowances after exhaustive efforts at collection are made.</span></p>

<p style="font: 10pt Times 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000818" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_847_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zMIqq52lUrW3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86C_zFsxGzkz5b1l">Property,
plants and equipment, net</span></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">Property,
plants and equipment are stated at cost net of accumulated depreciation and impairment. Depreciation is provided over the estimated useful
lives of the assets using the straight-line method from the time the assets are placed in service. Estimated useful lives are as follows:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000820" name="FEBO:PropertyPlantAndEquipmentUsefulLivesTableTextBlock"><p id="xdx_89D_ecustom--PropertyPlantAndEquipmentUsefulLivesTableTextBlock_zXBuwIsRqj4a" style="font: 10pt Times 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="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B9_zlY1Unb3U345" style="display: none">Schedule
of property and equipment estimated useful lives</span></span></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: 78%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Classification:</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: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated
    useful life</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Machinery
    &amp; 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_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember__srt--RangeAxis__srt--MinimumMember_ziZWLOnX2xvb" title="Estimated useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_MachineryAndEquipmentMember_srt_MinimumMember" format="ixt-sec:duryear" id="Fact000822" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">3</ix:nonNumeric></span>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Electronic
    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_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicEquipmentMember_z7uOGnToJNjc" title="Estimated useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_custom_ElectronicEquipmentMember" format="ixt-sec:duryear" id="Fact000826" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">5</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; text-align: justify"><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_90A_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember__srt--RangeAxis__srt--MinimumMember_z8t2jqNjbIml" title="Estimated useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_OfficeEquipmentMember_srt_MinimumMember" format="ixt-sec:duryear" id="Fact000828" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">3</ix:nonNumeric></span>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Motor
    vehicles</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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--VehiclesMember__srt--RangeAxis__srt--MinimumMember_zpm4pYx5i2t2" title="Estimated useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_VehiclesMember_srt_MinimumMember" format="ixt-sec:duryear" id="Fact000832" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">3</ix:nonNumeric></span>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computer
    and 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_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_zcWA0zRdl5X7" title="Estimated useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_ComputerEquipmentMember" format="ixt-sec:duryear" id="Fact000836" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">3</ix:nonNumeric></span>
    years</span></td></tr>
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</ix:nonNumeric><p id="xdx_8AE_z6Ao1YsdALV9" style="font: 10pt Times 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
cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is
included in the consolidated statements of income and comprehensive income. Expenditures for maintenance and repairs, which do not materially
extend the useful lives of the assets, are charged to earnings as incurred, while additions, renewals and betterments, which are expected
to extend the useful life of assets, are capitalized.</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">Leases
that transfer substantially all of the benefits and risks incidental to the ownership of assets are accounted for as finance leases as
if there was an acquisition of an asset and incurrence of an obligation at the inception of the lease. All other leases are accounted
for as operating leases. The Company has no finance leases.</span></p>

<p style="font: 10pt Times 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
ASC 842, the Company determines if an arrangement is a lease at inception. Operating lease right-of-use assets and operating lease liabilities
are initially recognized based on the present value of future lease payments at lease commencement. The operating lease right-of-use
asset also includes any lease payments made prior to lease commencement and the initial direct costs incurred by the lessee and is recorded
net of any lease incentives received. As the interest rates implicit in most of the leases are not readily determinable, the Company
uses the incremental borrowing rates based on the information available at lease commencement to determine the present value of the future
lease payments. Operating lease expenses are recognized on a straight-line basis over the term of the lease.</span></p>

<p style="font: 10pt Times 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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loans</span></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">Bank
loans are recognized initially at fair value, net of incidental fees. Incidental fees are recorded as a reduction of the proceeds received
and the related accretion is recorded as interest expense in the consolidated income statements over the estimated term of the facilities
using the effective interest method.</span></p>

<p style="font: 10pt Times 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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and contingencies</span></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">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. The Company may consider many factors in making these assessments including historical and the specific facts and circumstances
of each matter.</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">Certain
conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company, but
which will only be resolved when one or more future events occur or fail to occur. The Company assesses these contingent liabilities,
which inherently involves judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company
or unasserted claims that may result in legal proceedings, the Company, in consultation with its legal counsel, evaluates the perceived
merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be
sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount
of the liability can be estimated, the estimated liability would be accrued in the consolidated financial statements. If the assessment
indicates that a potentially material loss contingency is not probable, or is probable but cannot be estimated, the nature of the contingent
liability, together with an estimate of the range of the reasonably possible loss, if determinable and material, would be disclosed.</span></p>

<p style="font: 10pt Times 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">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 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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of long-lived assets</span></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">Long-lived
assets, including property, plants and equipment are reviewed for impairment whenever events or changes in circumstances (such as a significant
adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not
be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected
to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset
plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is
identified, the Company will reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach
or, when available and appropriate, to comparable market values. For the years ended December 31, 2023 and 2022, no impairment of long-lived
assets was recognized.</span></p>

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


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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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000846" name="us-gaap:FairValueMeasurementPolicyPolicyTextBlock"><p id="xdx_843_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zjDzv9GtLLV8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86C_zpYqzqZoGGV9">Fair
Value Measurement</span></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
accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and
requires disclosure of the fair value of financial instruments held by the Company. The accounting standards define fair value, establish
a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures.
The three levels of the fair value hierarchy are as follows:</span></p>

<p style="font: 10pt Times 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%">
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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>

<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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<p style="font: 10pt Times 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%">
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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">Financial
instruments included in current assets and current liabilities are reported in the consolidated balance sheets at face value or cost,
which approximate fair value because of the short period of time between the origination of such instruments and their expected realization
and their current market rates of interest.</span></p>

<p style="font: 10pt Times 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">Interest
rates that are currently available to the Company for issuance of long-term debt and capital lease with similar terms and remaining maturities
are used to estimate the fair value of the Company&#8217;s long-term debt. The fair value of the Company&#8217;s long-term debt approximated
the carrying value at December 31, 2023, and 2022, as the weighted average interest rate on these long-term debt approximates the market
rate for similar debt.</span></p>

<p style="font: 10pt Times 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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Recognition</span></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
Company elected to adopt Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606), effective
as of October 1, 2019. Accordingly, the consolidated financial statements for the year ended December 31, 2023 and 2022 are presented
under ASC 606. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods
or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those
goods or services. The Company&#8217;s revenues are generated from the production and sales of premium personal care electric appliances
(principally electrical hair styling products such as straighteners, curlers, trimmers, etc.) and toy products. This performance obligation
is satisfied at a point of time and recognized in revenue upon the transfer of control of the goods to 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">Interest
income from banks is recognized when received.</span></p>

<p style="font: 10pt Times 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Cost
of revenue</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
cost of revenue primarily consists of the cost of raw materials, direct labor costs and factory overhead.</span></p>

<p style="font: 10pt Times 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000850" name="FEBO:EmployeeBenefitPolicyTextBlock"><p id="xdx_84F_ecustom--EmployeeBenefitPolicyTextBlock_z1BGnxW2S0Be" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_862_z00KE4UlXKT8">Employee
benefit</span></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
full-time employees of the Company are entitled to staff welfare benefits including medical care, housing fund, pension benefits, unemployment
insurance and other welfare, which are government mandated defined contribution plans. The Company is required to accrue for these benefits
based on certain percentages of the employees&#8217; respective salaries, subject to certain ceilings, in accordance with the relevant
PRC regulations, and make cash contributions to the state-sponsored plans out of the amounts accrued. Total expenses for the plans were
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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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000856" name="FEBO:ValueAddedTaxesPolicyTextBlock"><p id="xdx_849_ecustom--ValueAddedTaxesPolicyTextBlock_z3RkrMXOpa0h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_862_zVEiLNy23XK1">Value
added taxes</span></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
Hong Kong operations are not subject to the value added tax.</span></p>

<p style="font: 10pt Times 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
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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">Revenues
are presented net of applicable VAT.</span></p>

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


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</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000862" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_840_eus-gaap--IncomeTaxPolicyTextBlock_zYjLRogmDkx4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86C_zWwmPjBJ7quf">Income
taxes</span></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
Company accounts for income taxes in accordance with the laws of the relevant tax authorities. The charge for taxation is based on the
results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have
been enacted or substantively enacted by the balance sheet date.</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">Deferred
taxes are accounted for using the asset and liability method in respect of temporary differences arising from differences between the
carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation
of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets
are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences
can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized, or the
liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged
directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance
when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.
Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.</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">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, with a tax examination being presumed to occur. 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. No penalties and interest incurred related to underpayment of income tax are classified as income tax expense
in the period incurred.</span></p>

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</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000864" name="us-gaap:ComprehensiveIncomePolicyPolicyTextBlock"><p id="xdx_840_eus-gaap--ComprehensiveIncomePolicyPolicyTextBlock_z6YYIS8qnOTg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_860_zGC3ORiUqFdg">Comprehensive
income (loss)</span></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">Comprehensive
income (loss) 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 GAAP are recorded as an element of shareholders&#8217; equity but are excluded
from net income. Other comprehensive income (loss) consists of a foreign currency translation adjustment resulting from the Company not
using HKD as its functional currencies.</span></p>

<p style="font: 10pt Times 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000866" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_847_eus-gaap--EarningsPerSharePolicyTextBlock_zLYzsnOQwO4k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86B_zyezUJP15xp2">Earnings
per share</span></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
Company computes earnings per share (&#8220;EPS&#8221;) in accordance with ASC 260, &#8220;Earnings per Share&#8221;. ASC 260 requires
companies to present basic and diluted EPS. Basic EPS is measured as net income attributable to the owners of the Company divided by
the weighted average ordinary shares outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of the
potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the
periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase
income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the years ended December 31, 2023
and 2022, there were no dilutive shares.</span></p>

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</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000868" name="FEBO:StatutoryReservesPolicyTextBlock"><p id="xdx_84B_ecustom--StatutoryReservesPolicyTextBlock_zLX1th6lWRHa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_869_zkwsAaEpqgbd">Statutory
Reserves</span></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">Pursuant
to the laws applicable to the PRC, PRC entities must make appropriations from after-tax profit to the non-distributable &#8220;statutory
surplus reserve fund&#8221;. Subject to certain cumulative limits, the &#8220;statutory surplus reserve fund&#8221; requires annual appropriations
of 10% of after-tax profit until the aggregated appropriations reach 50% of the registered capital (as determined under accounting principles
generally accepted in the PRC (&#8220;PRC GAAP&#8221;) at each year-end). For foreign invested enterprises and joint ventures in the
PRC, annual appropriations should be made to the &#8220;reserve fund&#8221;. For foreign invested enterprises, the annual appropriation
for the &#8220;reserve fund&#8221; cannot be less than 10% of after-tax profits until the aggregated appropriations reach 50% of the
registered capital (as determined under PRC GAAP at each year-end). If the Company has accumulated loss from prior periods, the Company
is able to use the current period net income after tax to offset against the accumulate loss.</span></p>

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</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000870" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_843_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zcSueNLWoYqa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_864_zRcz2zXJcnZ6">Recent
Accounting Pronouncements</span></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
Company is an &#8220;emerging growth company&#8221; (an &#8220;EGC&#8221;) as defined in the Jumpstart Our Business Startups Act of 2012
(the &#8220;JOBS Act&#8221;). Under the JOBS Act, an EGC can delay adopting new or revised accounting standards issued subsequent to
the enactment of the JOBS Act 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">In
December 2019, the FASB issued ASU 2019-12, &#8220;Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes&#8221;, which
simplifies various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in
ASC 740 and also clarifies and amends existing guidance to improve consistent application. The new guidance is effective for the Company
for the year ending September 30, 2022. The Company does not expect that the adoption of this guidance will have a material impact on
the financial position, results of operations and cash flows.</span></p>

<p style="font: 10pt Times 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
January 2020, the FASB issued ASU 2020-01, &#8220;Investments &#8212; Equity Securities (Topic 321), Investments &#8212; Equity Method
and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) &#8212; Clarifying the Interactions between Topic 321, Topic
323, and Topic 815 (a consensus of the FASB Emerging Issues Task Force)&#8221;, which clarifies the interactions of the accounting for
certain equity securities under ASC 321, investments accounted for under the equity method of accounting in ASC 323, and the accounting
for certain forward contracts and purchased options accounted for under ASC 815. ASU 2020-01 could change how an entity accounts for
(i) an equity security under the measurement alternative and (ii) a forward contract or purchased option to purchase securities that,
upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting
or the fair value option in accordance with ASC 825 &#8220;Financial Instruments&#8221;. These amendments improve current U.S. GAAP by
reducing diversity in practice and increasing comparability of the accounting for these interactions. The new guidance is effective prospectively
for the Company for the year ending September 30, 2022. The Company does not expect that the adoption of this guidance will have a material
impact on the financial position, results of operations and cash flows.</span></p>

<p style="font: 10pt Times 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
March 2020, the FASB issued ASU 2020-04, &#8220;Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform
on Financial Reporting&#8221; and issued a subsequent amendment which refines the scope of the ASU and clarifies some of its guidance
as part of the FASB&#8217;s monitoring of global reference rate reform activities in January 2021 within ASU 2021-01 (collectively, including
ASU 2020-04, &#8220;ASC 848&#8221;). ASC 848 provides optional expedients and exceptions for applying U.S. GAAP on contract modifications
and hedge accounting to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected
to be discontinued because of reference rate reform, if certain criteria are met. The Company does not expect that the adoption of this
guidance will have a material impact on the financial position, results of operations and cash flows.</span></p>

<p style="font: 10pt Times 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
August 2020, the FASB issued ASU 2020-06, &#8220;Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging
&#8212; Contracts in Entity&#8217;s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity&#8217;s
Own Equity&#8221;, which simplifies an issuer&#8217;s accounting for certain convertible instruments and the application of derivatives
scope exception for contracts in an entity&#8217;s own equity. This guidance also addresses how convertible instruments are accounted
for in the diluted earnings per share calculation and required enhanced disclosures about the terms of convertible instruments and contracts
in an entity&#8217;s own equity. The new guidance is required to be applied either retrospectively to financial instruments outstanding
as of the beginning of the first comparable reporting period for each prior reporting period presented or retrospectively with the cumulative
effect of the change to be recognized as an adjustment to the opening balance of retained earnings at the date of adoption. This guidance
is effective for the Company for the year ending September 30, 2023. Early adoption is permitted. The Company does not expect that the
adoption of this guidance will have a material impact on the financial position, results of operations and cash flows.</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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
for the above-mentioned pronouncements, there are no new recent issued accounting standards that will have material impact on the consolidated
financial position, statements of operations and cash flows.</span></p>

<p style="font: 10pt Times 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000872" name="us-gaap:ConcentrationRiskCreditRisk"><p id="xdx_84D_eus-gaap--ConcentrationRiskCreditRisk_zdQ4LepJdwij" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86E_zrLS2OFbpQbe">Concentrations
of Risks</span></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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Foreign currency risk</span></p>

<p style="font: 10pt Times 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">A
majority of the Group&#8217;s revenue and expense transactions are denominated in the functional currency of its 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>

<p style="font: 10pt Times 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 id="xdx_908_eus-gaap--ConcentrationRiskBenchmarkDescription_c20230101__20231231_zMyE26RLjW8d" title="Concentration risk, description"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000874" name="us-gaap:ConcentrationRiskBenchmarkDescription">For
the Hong Kong operation, as the HK dollar is pegged to the USD since 1983, and since May 2005, the USD 1 is within the range of HKD 7.75
to HKD 7.85. The management considered that the foreign currency risk for Hong Kong dollar is limited under the pegging arrangement.</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">For
the PRC operations, the RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions are
required by law to be transacted only by authorized financial institutions at exchange rates set by the People&#8217;s Bank of China
(&#8220;PBOC&#8221;). It is difficult to predict how market forces or PRC government policy may impact the exchange rate between the
RMB and HKD in the future. The change in the value of the RMB relative to the HKD may affect the Company&#8217;s financial results reported
in HKD without giving effect to any underlying changes in the Company&#8217;s business or results of operations. Remittances in currencies
other than RMB by the Company in China must be processed through the PBOC or other China foreign exchange regulatory bodies which require
certain supporting documentation in order to affect the remittance.</span></p>

<p style="font: 10pt Times 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, the Company is exposed to foreign exchange risk as revenues and results of operations may be affected by fluctuations in the
exchange rate between the HKD and RMB. If the RMB depreciates against the HKD, the value of RMB revenues, earnings and assets as expressed
in HKD financial statements will decline. The Company has not entered into any hedging transactions in an effort to reduce its exposure
to foreign exchange risk.</span></p>

<p style="font: 10pt Times 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Credit risk</span></p>

<p style="font: 10pt Times 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">Financial
instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and accounts
receivable. As of December 31, 2023 and 2022 substantially all of the Company&#8217;s cash was held by major financial institutions located
in Hong Kong and the PRC, which management believes are of high credit quality.</span></p>

<p style="font: 10pt Times 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 credit risk related to accounts receivable, the Company performs ongoing credit evaluations of its customers. The Company establishes
an allowance for doubtful accounts based upon estimates, factors surrounding the credit risk of specific customers and other information.
The allowance amounts were immaterial for all periods 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
Customer concentration risk</span></p>

<p style="font: 10pt Times 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 has a high concentration risk. For the year ended December 31, 2023 and 2022, one customer accounted for the Group&#8217;s total
revenue and the total balance of account receivables for the year ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
Vendor concentration risk</span></p>

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


<ix:exclude><!-- Field: Page; Sequence: 112; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000884" name="us-gaap:AccountsAndNontradeReceivableTextBlock"><p id="xdx_804_eus-gaap--AccountsAndNontradeReceivableTextBlock_zkaGCewZ2aU1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
3 <span id="xdx_820_zHqlvrNph2G2">Accounts receivable, net</span></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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000886" name="us-gaap:AccountsReceivableAllowanceForCreditLossTableTextBlock"><p id="xdx_89A_eus-gaap--AccountsReceivableAllowanceForCreditLossTableTextBlock_zaj7C1xTWdBc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
receivable, net consist of the following:</span></p>

<p style="font: 10pt Times 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 id="xdx_8BE_zxoZP43dm5Ha" style="display: none">Schedule
of accounts receivable net</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_490_20221231_zbbTkObdIhii" style="border-bottom: Black 1.5pt solid; text-align: center">December 31, 2022</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49F_20231231_zUPh5Qs50jtj" style="border-bottom: Black 1.5pt solid; text-align: center">December 31, 2023</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">December 31, 2023</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">HK$&#8217;000</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">HK$&#8217;000</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">US$&#8217;000</td><td>&#160;</td></tr>
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    <td style="width: 46%; text-align: left">Accounts receivable</td><td style="width: 2%">&#160;</td>
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    <td style="text-align: left; padding-bottom: 1.5pt">Allowance for doubtful accounts</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"><span style="-sec-ix-hidden: xdx2ixbrl0894">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_982_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iI_pn3n3_uUSD_msARNzQUy_c20231231_zOg3PgzDuJk9" title="Allowance for doubtful accounts" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0896">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-bottom: 2.5pt">Total accounts receivable, net</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="us-gaap:AccountsReceivableNet" contextRef="AsOf2023-12-31" id="Fact000899" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="HKD">31,486</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_8AF_zEv7mOA7vp34" style="font: 10pt Times 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000903" name="us-gaap:InventoryDisclosureTextBlock"><p id="xdx_80B_eus-gaap--InventoryDisclosureTextBlock_zYyQUsZ41qMc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
4 <span id="xdx_82D_zLfrmFSEWzf4">Inventories</span></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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000905" name="us-gaap:ScheduleOfInventoryCurrentTableTextBlock"><p id="xdx_897_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_zD5Vbz0SIwxd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories
consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B3_zrGuehk3w34g" style="display: none">Schedule
of inventories</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_490_20221231_z1ejE0TQ4NR5" style="border-bottom: Black 1.5pt solid; text-align: center">December 31, 2022</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49F_20231231_zYA2dxeh0SY3" style="border-bottom: Black 1.5pt solid; text-align: center">December 31, 2023</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">December 31, 2023</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: center">HK$&#8217;000</td><td>&#160;</td><td>&#160;</td>
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    <td colspan="2" style="text-align: center">US$&#8217;000</td><td>&#160;</td></tr>
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  <tr id="xdx_403_eus-gaap--InventoryWorkInProcess_iI_pn3n3_maINz4fG_zUwHU3p8B6Lj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Work in progress</td><td>&#160;</td>
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    <td style="text-align: left; padding-bottom: 1.5pt">Finished goods</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40A_eus-gaap--InventoryNet_iTI_pn3n3_mtINz4fG_zqMpf8B455Hd" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Total inventories</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:InventoryNet" contextRef="AsOf2022-12-31" id="Fact000922" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="HKD">15,860</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 style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:InventoryNet" contextRef="AsOf2023-12-31" id="Fact000923" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="HKD">14,088</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_984_eus-gaap--InventoryNet_iTI_pn3n3_uUSD_mtINz4fG_c20231231_z2zFQdvzpHAl" title="Total inventories" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:InventoryNet" contextRef="AsOf2023-12-31" id="Fact000925" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,804</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A5_z44qL0zCCzH" style="font: 10pt Times 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000927" name="FEBO:PrepaymentDepositAndOtherReceivablesTextBlock"><p id="xdx_80D_ecustom--PrepaymentDepositAndOtherReceivablesTextBlock_zHqcqJtS7LDj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
5 <span id="xdx_82E_zhZH5kmhzLoh">Prepayment, deposit and other receivables</span></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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000929" name="us-gaap:DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock"><p id="xdx_89A_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zG26e68CEtm1" style="font: 10pt Times 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,
deposit and other receivables consist of the following:</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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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="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 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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  <tr id="xdx_40B_eus-gaap--PrepaidExpenseCurrent_iI_pn3n3_maPEAOAzpHV_zktjWx7Zkru1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Prepayment</td><td>&#160;</td>
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    <td style="text-align: left">Income tax refundable</td><td>&#160;</td>
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    <td style="text-align: left; padding-bottom: 1.5pt">Other receivables</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left; padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid
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  </table>
<!-- Field: Split-Segment; Name: 001 -->
</ix:nonNumeric><p id="xdx_8A3_zLmPBZIZj9lf" style="font: 10pt Times 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000966" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_806_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_z6GVzPvkqbS6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
6 <span id="xdx_82B_zs3qfmsBbqtf">Property, plants and equipment, net</span></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000968" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_890_eus-gaap--PropertyPlantAndEquipmentTextBlock_z2087nIIoDjh" style="font: 10pt Times 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 id="xdx_8B7_zEMIfyADLSi3" style="display: none">Schedule
of property plants and equipment net</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">December 31, 2023</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">HK$&#8217;000</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">HK$&#8217;000</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">US$&#8217;000</td><td>&#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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  <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: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8AA_z25GXME2Yhki" style="font: 10pt Times 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">Depreciation
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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>


<ix:exclude><!-- Field: Page; Sequence: 113; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001022" name="us-gaap:LesseeFinanceLeasesTextBlock"><p id="xdx_805_eus-gaap--LesseeFinanceLeasesTextBlock_zN7MHIUjnN5g" style="font: 10pt Times 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>Note
7 <span id="xdx_825_zibW0qwcKkul">Right-of-use assets and operating lease liabilities</span></b></span></p>

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

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001024" name="FEBO:ScheduleOfNonCancellableLeaseContractsTableTextBlock"><p id="xdx_89C_ecustom--ScheduleOfNonCancellableLeaseContractsTableTextBlock_zpCTW67P7BX2" style="font: 10pt Times 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 December 31, 2023, the Company had the following non-cancellable lease contracts:</span></p>

<p style="font: 10pt Times 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 id="xdx_8B9_zXGG7lK66Iq6" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule Of Non-cancellable Lease Contracts</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: center">Description of lease</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center">Term</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Imputed</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">interest rate</p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left">Director&#8217;s quarter, Kowloon, Hong Kong</td><td style="width: 2%">&#160;</td>
    <td style="width: 40%; text-align: justify"><span id="xdx_905_eus-gaap--LesseeOperatingLeaseTermOfContract_iI_dtM_c20231231__us-gaap--LeaseContractualTermAxis__custom--MayOneTwoThousandTwentyThreeToAprilThirtyTwoThousandTwentyFiveMember__srt--CounterpartyNameAxis__custom--DirectorsQuarterKowloonHongKongMember_zGUBdy4grqHl" title="Term"><ix:nonNumeric contextRef="AsOf2023-12-31_custom_MayOneTwoThousandTwentyThreeToAprilThirtyTwoThousandTwentyFiveMember_custom_DirectorsQuarterKowloonHongKongMember" format="ixt-sec:durmonth" id="Fact001026" name="us-gaap:LesseeOperatingLeaseTermOfContract">24</ix:nonNumeric></span> months from May 1, 2023 to April 30, 2025</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right"><span id="xdx_905_ecustom--ImputedInterestRate_iI_pid_dp_uPure_c20231231__us-gaap--LeaseContractualTermAxis__custom--MayOneTwoThousandTwentyThreeToAprilThirtyTwoThousandTwentyFiveMember__srt--CounterpartyNameAxis__custom--DirectorsQuarterKowloonHongKongMember_zE2bfG7aYtxd" title="Imputed interest rate"><ix:nonFraction name="FEBO:ImputedInterestRate" contextRef="AsOf2023-12-31_custom_MayOneTwoThousandTwentyThreeToAprilThirtyTwoThousandTwentyFiveMember_custom_DirectorsQuarterKowloonHongKongMember" id="Fact001028" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.6</ix:nonFraction></span></td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Office, Kowloon, Hong Kong</td><td>&#160;</td>
    <td style="text-align: justify"><span id="xdx_909_eus-gaap--LesseeOperatingLeaseTermOfContract_iI_dtM_c20231231__us-gaap--LeaseContractualTermAxis__custom--JanuaryOneTwoThousandTwentyThreeToDecemberThirtyOneTwoThousandTwentyFourMember__srt--CounterpartyNameAxis__custom--OfficeKowloonHongKongMember_zA5KaxODfnJf" title="Term"><ix:nonNumeric contextRef="AsOf2023-12-31_custom_JanuaryOneTwoThousandTwentyThreeToDecemberThirtyOneTwoThousandTwentyFourMember_custom_OfficeKowloonHongKongMember" format="ixt-sec:durmonth" id="Fact001030" name="us-gaap:LesseeOperatingLeaseTermOfContract">24</ix:nonNumeric></span> months from January 1, 2023 to December 31, 2024</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Production plant and administration facility, Shenzhen, PRC</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_902_ecustom--ImputedInterestRate_iI_pid_dp_c20231231__us-gaap--LeaseContractualTermAxis__custom--JulySixteenTwoThousandFourteenToJulyFifteenTwoThousandTwentyFourMember__srt--CounterpartyNameAxis__custom--ProductionPlantAndAdministrationFacilityShenzhenPrcMember_zp8azOmQix8i" title="Imputed interest rate"><ix:nonFraction name="FEBO:ImputedInterestRate" contextRef="AsOf2023-12-31_custom_JulySixteenTwoThousandFourteenToJulyFifteenTwoThousandTwentyFourMember_custom_ProductionPlantAndAdministrationFacilityShenzhenPrcMember" id="Fact001036" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.3</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A0_zzrMkiiGA3t9" style="font: 10pt Times 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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001038" name="srt:ScheduleOfCondensedBalanceSheetTableTextBlock"><p id="xdx_89E_esrt--ScheduleOfCondensedBalanceSheetTableTextBlock_zp3bzRR524z5" style="font: 10pt Times 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
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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 id="xdx_8B8_zsa0WxWvlNqe" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule Of Condensed Balance Sheet</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_491_20221231_zDb78KKUDWCa" style="border-bottom: Black 1.5pt solid; text-align: center">December 31, 2022</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_492_20231231_zNXYL3LHfyZ" style="border-bottom: Black 1.5pt solid; text-align: center">December 31, 2023</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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</ix:nonNumeric><p id="xdx_8AE_z1tXS3E8y0Sg" style="font: 10pt Times 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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001060" name="FEBO:ScheduleOfCondensedConsolidatedStatementOfIncomeAndCashFlowTableTextBlock"><p id="xdx_89F_ecustom--ScheduleOfCondensedConsolidatedStatementOfIncomeAndCashFlowTableTextBlock_zpsUUUeMXuOl" style="font: 10pt Times 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
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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 id="xdx_8B2_zUXJVrwe96jk" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule Of Condensed Consolidated Statement Of Income And Cash Flow</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: center">US$&#8217;000</td><td>&#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>
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  <tr id="xdx_406_eus-gaap--RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_pn3n3_zcg9osEJGXf2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 2.5pt">lease liabilities</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  <tr id="xdx_409_eus-gaap--OperatingLeasePayments_pn3n3_z2DgdX2en1Gb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 2.5pt">Cash paid for operating leases</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AF_zdPaBUQp4xxl" style="font: 10pt Times 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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lease payments as of December 31, 2023 are as follows:</span></p>

<p style="font: 10pt Times 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 id="xdx_8B0_zI54mxvNr1c1" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule Of Future Lease Payments</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times 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>


<ix:exclude><!-- Field: Page; Sequence: 114; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001104" name="us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock"><p id="xdx_806_eus-gaap--AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_zmYTMBU8WQyd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
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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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001106" name="FEBO:AccountsPayableAndAccruedLiabilitiesDisclosureTableTextBlock"><p id="xdx_899_ecustom--AccountsPayableAndAccruedLiabilitiesDisclosureTableTextBlock_zSKBgL4nWX49" style="font: 10pt Times 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,
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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"><span id="xdx_8B2_zS3g3H8p4C5" style="display: none">Schedule
of prepayment deposit and other receivables</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td colspan="2" id="xdx_496_20231231_zKCw3FqEgwg2" style="text-align: center">HK$&#8217;000</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">US$&#8217;000</td><td>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">December 31, 2023</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">HK$&#8217;000</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">HK$&#8217;000</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">US$&#8217;000</td><td>&#160;</td></tr>
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  <tr id="xdx_402_eus-gaap--TaxesPayableCurrent_iI_pn3n3_maALCz0Ts_zRZTRRKGw5D1" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Income tax payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1113">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:TaxesPayableCurrent" contextRef="AsOf2023-12-31" id="Fact001114" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="HKD">17</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_405_eus-gaap--OtherNotesPayable_iI_pn3n3_maALCz0Ts_zYLTOZQiKBKg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Other payables</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:OtherNotesPayable" contextRef="AsOf2022-12-31" id="Fact001118" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="HKD">1,149</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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    <td style="text-align: left; padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif">Total</span></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:AccruedLiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact001123" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="HKD">5,799</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 style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact001124" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="HKD">7,049</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_980_eus-gaap--AccruedLiabilitiesCurrent_iTI_pn3n3_uUSD_mtALCz0Ts_c20231231_z2LiwsS6S1B1" title="Total" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact001126" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">904</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A9_zowGNpJaM98f" style="font: 10pt Times 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
amounts due to non-controlling interest were unsecured, non-interest bearing and repayable on demand.</span></p>

<p style="font: 10pt Times 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001128" name="us-gaap:DebtDisclosureTextBlock"><p id="xdx_805_eus-gaap--DebtDisclosureTextBlock_zHxiES55b0hi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
9 <span id="xdx_828_zEr962exD8C">Credit facilities</span></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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001130" name="us-gaap:ScheduleOfLineOfCreditFacilitiesTextBlock"><p id="xdx_892_eus-gaap--ScheduleOfLineOfCreditFacilitiesTextBlock_zVWh3LsxGobg" style="font: 10pt Times 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
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;<span id="xdx_8B8_z1Rhw4eSQuvj" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
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    <td colspan="2" id="xdx_49A_20231231_zku9XPgjE6Dl" style="text-align: center">HK$&#8217;000</td><td>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td style="border-bottom: Black 1.5pt solid; text-align: justify">Nature of Loan</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2023</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">HK$&#8217;000</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">HK$&#8217;000</td><td>&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--LineOfCredit_iI_pn3n3_hus-gaap--CreditFacilityAxis__custom--BankofChinaMember_zD32Csv7Sbyd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  </table>
</ix:nonNumeric><p id="xdx_8AB_z5G4wAn1b9Hc" style="font: 10pt Times 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">Interest
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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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001151" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_80F_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_z9NcEnM2GW09" style="font: 10pt Times 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>Note
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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">Related
party balances</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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related party balances consisted of the following:</span></p>

<p style="font: 10pt Times 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><span id="xdx_8B7_zp7SBosKUAw9" style="display: none">Schedule of Related Party Balances</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td style="border-bottom: Black 1.5pt solid; text-align: center">Nature</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center">Classification</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8A6_z8JksaDMvR2c" 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
above amounts are unsecured, non-interest bearing and repayable on demand.</span></p>

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


<ix:exclude><!-- Field: Page; Sequence: 115; Value: 1 -->
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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 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Related
party transactions (Guarantees)</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
related parties made guarantees to the Company in relation to all the bank borrowings of the Group. Please refer to the Note 9 for details
of each guarantee made by the related parties in relation to all the bank borrowings of the Group as of December 31, 2023 and 2022.</span></p>

<p style="font: 10pt Times 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Related
party transactions (Sale / lease of properties)</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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001170" name="us-gaap:ScheduleOfRentExpenseTableTextBlock"><p id="xdx_89D_eus-gaap--ScheduleOfRentExpenseTableTextBlock_zLEoa8rcX89l" style="font: 10pt Times 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
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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 id="xdx_8BF_zEKXhCaSqWS3" style="display: none">Schedule
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td style="text-align: left">Lessor is Mr. Li</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1177">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8AF_z2vRG9WK69Va" style="font: 10pt Times 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
December 2022, FIL sold its headquarter and sales office in Hong Kong to Mr. Li, the Company&#8217;s Executive Director and sole shareholder,
at a consideration of HK$<span id="xdx_906_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pp0p0_c20221201__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MrLiMember_zAo5TjlOKPna" title="Sale of stock consideration"><ix:nonFraction name="us-gaap:SaleOfStockConsiderationReceivedOnTransaction" contextRef="From2022-12-012022-12-31_custom_MrLiMember" id="Fact001182" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="HKD">13,880,000</ix:nonFraction></span>. The carrying net book value of the office as of the transaction date was HK$<span id="xdx_90A_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_pp0p0_c20220101__20221231_zk2jgB0ak1f8" title="Carrying net book value"><ix:nonFraction name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" contextRef="From2022-01-012022-12-31" id="Fact001184" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="HKD">1,349,000</ix:nonFraction></span>, and one-off
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2022. This gain on disposal of property was regarded as capital gain and classified as a non-taxable income under the tax rule of Hong
Kong. The sale consideration of HK$<span id="xdx_906_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pp0p0_c20221201__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MrLiMember_zxTenIha15Ch" title="Sale of stock consideration"><ix:nonFraction name="us-gaap:SaleOfStockConsiderationReceivedOnTransaction" contextRef="From2022-12-012022-12-31_custom_MrLiMember" id="Fact001188" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="HKD">13,880,000</ix:nonFraction></span> receivable from Mr. Li was offset against the amount due to Mr. Li, and the dividend declared
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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">After
the disposal of the office, FIL will continue to occupy the office and entered into a lease agreement with Mr. Li to lease this office
for an initial term of two (<span id="xdx_903_eus-gaap--LesseeOperatingLeaseTermOfContract_iI_pid_dtY_c20230101__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MrLiMember_z2BVI7IvnAzc" title="Lease initial term"><ix:nonNumeric contextRef="AsOf2023-01-01_custom_MrLiMember" format="ixt-sec:duryear" id="Fact001192" name="us-gaap:LesseeOperatingLeaseTermOfContract">2</ix:nonNumeric></span>) years, commencing January 1, 2023, for a monthly rental of HK$<span id="xdx_90A_eus-gaap--PaymentsForRent_pp0p0_c20230101__20230101__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MrLiMember_zD08YHCvkw5b" title="Monthly rental"><ix:nonFraction name="us-gaap:PaymentsForRent" contextRef="From2023-01-012023-01-01_custom_MrLiMember" id="Fact001194" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="HKD">50,000</ix:nonFraction></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
related party transactions are determined on an arm-length basis by reference to the market price of the comparable premises.</span></p>

<p style="font: 10pt Times 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001196" name="us-gaap:CompensationAndEmployeeBenefitPlansTextBlock"><p id="xdx_808_eus-gaap--CompensationAndEmployeeBenefitPlansTextBlock_zZ6JeSbnfgwf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
11 <span id="xdx_82A_zfbYihx6S8Vc">Employee benefits government plan</span></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 participates in a government-mandated multi-employer defined contribution plan pursuant to which certain retirement, medical
and other welfare benefits are provided to employees. PRC labor regulations require the Company to pay to the local labor bureau a monthly
contribution calculated at a stated contribution rate based on the basic monthly compensation of qualified employees. The relevant local
labor bureau is responsible for meeting all retirement benefit obligations; the Company has no further commitments beyond its monthly
contribution.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001198" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_807_eus-gaap--IncomeTaxDisclosureTextBlock_zlEGS9gpc9J9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
12 <span id="xdx_82B_zrAVVvpTqIA7">Income taxes</span></b></span></p>

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

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001200" name="us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"><p id="xdx_89F_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_z03LDubxzsbl" style="font: 10pt Times 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
provision for income taxes consists of the following:</span></p>

<p style="font: 10pt Times 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 id="xdx_8B3_z2rwi1i7kvM9" style="display: none">Schedule of Provision Income Taxes</span></p>

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    <td style="display: none; text-align: left">&#160;</td><td id="xdx_498_20220101__20221231_zC0RFy8QtIUh" style="display: none; text-align: center">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td id="xdx_496_20230101__20231231_znFiRLaQFnMl" style="display: none; text-align: center">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td></tr>
<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="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the year ended December 31</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$&#8217;000</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">HK$&#8217;000</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$&#8217;000</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Current tax</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="width: 46%; text-align: left">- Hong Kong</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1203">-</span></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_8A9_zxo98KPiLbRk" 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>


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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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001217" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><p id="xdx_89F_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zj2RRWZWwCW5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reconciliations
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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 id="xdx_8B5_z7I7B4s9TZ09" style="display: none">Schedule
of Reconciliation of Income Before Income Tax Expense</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom; background-color: White">
    <td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td id="xdx_498_20220101__20221231_z3mT8npVUHJ1" style="display: none; text-align: center">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td id="xdx_490_20230101__20231231_zFHyNqJk9WGa" style="display: none; text-align: center">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: left; padding-bottom: 2.5pt">Income tax expense</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A4_zUpCi3QPh5O8" style="font: 10pt Times 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman
Islands</span></p>

<p style="font: 10pt Times 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 incorporated in the Cayman Islands and is not subject to tax on income or capital gains under the laws of Cayman Islands.
Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 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 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">RLHL
is incorporated in the British Virgin Islands and not subject to tax on income or capital gains under current British Virgin Islands
law. In addition, upon payments of dividends by these entities to their shareholders, no British Virgin Islands withholding tax will
be imposed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 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 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">Fenbo
Industries and Able Industries are incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income as reported
in its statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. <span id="xdx_909_eus-gaap--TaxCreditCarryforwardDescription_c20230101__20231231__srt--StatementGeographicalAxis__country--HK_zL1GpFTmlyMc" title="Income tax, description"><ix:nonNumeric contextRef="From2023-01-012023-12-31_country_HK" id="Fact001244" name="us-gaap:TaxCreditCarryforwardDescription">The applicable tax rate in Hong Kong is
8.25% for the first HK$ 2 million assessable profits and 16.5% for the assessable profits over the first HK$ 2 million.</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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</span></p>

<p style="font: 10pt Times 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">Fenbo
SZ is governed by the income tax laws of the PRC and the income tax provision in respect to operations in the PRC is calculated at the
applicable tax rates on the taxable income for the periods based on existing legislation, interpretations and practices in respect thereof.
Under the Enterprise Income Tax Laws of the PRC (the &#8220;EIT Laws&#8221;), Chinese enterprises are subject to income tax at a rate
of <span id="xdx_900_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_dp_c20230101__20231231_zQ4aksobqqM9" title="Income tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2023-01-01to2023-12-31" id="Fact001246" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction></span>% after appropriate tax adjustments.</span></p>
<p style="font: 10pt Times 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001248" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_80B_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zVFZrbkoBwD5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
13 <span id="xdx_826_zA33j4mxYC88">Shareholders&#8217; equity</span></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: 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 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 Cayman Islands on September 30, 2022. The authorized number of ordinary shares was <span id="xdx_90E_eus-gaap--CommonStockSharesAuthorized_iI_c20231231_z43plMnvWf1l" title="Common stock, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2023-12-31" id="Fact001250" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">300,000,000</ix:nonFraction></span>
shares with a par value of USD <span id="xdx_90B_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_uUSDPShares_c20231231_z3NrE3rBxol8" title="Common stock, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2023-12-31" id="Fact001252" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> per 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">For
the purpose of undertaking a public offering of the Company&#8217;s ordinary shares, the Company performed a series of re-organizing
transactions resulting in <span id="xdx_904_eus-gaap--SharesOutstanding_iI_c20221118_z8303hODPjhg" title="Shares outstanding"><ix:nonFraction name="us-gaap:SharesOutstanding" contextRef="AsOf2022-11-18" id="Fact001254" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000,000</ix:nonFraction></span> shares of ordinary shares outstanding effected on November 18, 2022. On December 1, 2023 the Company
closed the IPO. The offering was conducted pursuant to the Company&#8217;s registration statement and <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20231201__20231201__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zoUdNqCT16Bk" title="Ordinary shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2023-12-012023-12-01_us-gaap_IPOMember" id="Fact001256" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000,000</ix:nonFraction></span> shares of ordinary shares
were issued at the IPO price of $<span id="xdx_90D_eus-gaap--SharePrice_iI_pid_c20231201__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zYuneMY1WTi5" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2023-12-01_us-gaap_IPOMember" id="Fact001258" format="ixt:numdotdecimal" decimals="INF" unitRef="HKDPShares">5.00</ix:nonFraction></span> per share after the offering. The Shares were approved for listing on The Nasdaq Capital Market
and commenced trading under the ticker symbol &#8220;FEBO.&#8221;</span></p>

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


<ix:exclude><!-- Field: Page; Sequence: 117; Value: 1 -->
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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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company believes it is appropriate to reflect the above transactions as re-denomination and nominal issuance of shares on a retroactive
basis similar to stock split or dividend pursuant to ASC 260. According to the above transactions, the Company has retroactively adjusted
the shares and per share data for all periods 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statutory
reserves</span></p>

<p style="font: 10pt Times 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
accordance with the relevant PRC laws and regulations, the Group&#8217;s subsidiaries in the PRC are required to provide for certain
statutory reserves, which are appropriated from net profit as reported in accordance with PRC accounting standards. The Group&#8217;s
subsidiaries in the PRC are required to allocate at least 10% of their after-tax profits to the general reserve until such reserve has
reached 50% of their respective registered capital. Appropriations to other types of reserves in accordance with relevant PRC laws and
regulations are to be made at the discretion of the board of directors of each of the Group&#8217;s subsidiaries in the PRC. The statutory
reserves are restricted from being distributed as dividends under PRC laws and regulations.</span></p>

<p style="font: 10pt Times 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
January 11, 2024, the representative of the underwriters partially exercised the over-allotment option and on January 16, 2024 purchased
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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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001264" name="us-gaap:EarningsPerShareTextBlock"><p id="xdx_807_eus-gaap--EarningsPerShareTextBlock_zIPZ3UTNDUne" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
14 <span id="xdx_82D_zmjlE8eand5k">Net Income (Loss) Per Share</span></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>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001266" name="us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"><p id="xdx_89D_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zfp5k03AvsIk" style="font: 10pt Times 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
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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><span id="xdx_8BE_zOeG15m5RWM6" style="display: none">Schedule
of Net Income (Loss) Per Share</span></p>

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    <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></tr>
  <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">&#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">
    <td style="text-align: left; padding-bottom: 1.5pt">Weighted average number of basic and diluted ordinary shares used in calculating loss per share</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: 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: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Basic and diluted net income (loss) per share (cents)</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8AC_zX4VusgyG6V8" style="font: 10pt Times 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001310" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_809_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zbN1jHTEZFq" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
15 <span id="xdx_82A_zEtVky3gitBe">Commitments and Contingencies</span></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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Lease
Commitments</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
Company entered into leases for production plant in PRC and director&#8217;s quarter. Please refer to the Note 7 for the details.</span></p>

<p style="font: 10pt Times 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001312" name="us-gaap:RestrictedAssetsDisclosureTextBlock"><p id="xdx_806_eus-gaap--RestrictedAssetsDisclosureTextBlock_zOTsmTIwWCui" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
16 <span id="xdx_82E_zjSt9MWU0mJ9">Restricted net assets</span></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">PRC
laws and regulations permit payments of dividends by the Company&#8217;s subsidiaries incorporated in the PRC only out of their retained
earnings, if any, as determined in accordance with PRC accounting standards and regulations. In addition, the Company&#8217;s subsidiaries
incorporated in the PRC are required to annually appropriate 10% of their net income to the statutory reserve prior to payment of any
dividends, unless the reserve has reached 50% of their respective registered capital. Furthermore, registered share capital and capital
reserve accounts are also restricted from distribution. As a result of the restrictions described above and elsewhere under PRC laws
and regulations, the Company&#8217;s subsidiaries incorporated in the PRC are restricted in their ability to transfer a portion of their
net assets to the Company in the form of dividends. Except for the above or disclosed elsewhere, there is no other restriction on the
use of proceeds generated by the Company&#8217;s subsidiaries to satisfy any obligations of the Company.</span></p>

<p style="font: 10pt Times 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001314" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_800_eus-gaap--SubsequentEventsTextBlock_z9Bq4nwqUP85" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
17 <span id="xdx_825_zuUyS32TgmR7">Subsequent Event</span></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">Save
for that on January 11, 2024, the representative of the underwriters partially exercised the over-allotment option and on January 16,
2024 purchased <span id="xdx_907_eus-gaap--StockRepurchasedDuringPeriodShares_pid_c20240116__20240116__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z4BCxL6HNk2l" title="Stock repurchased"><ix:nonFraction name="us-gaap:StockRepurchasedDuringPeriodShares" contextRef="From2024-01-162024-01-16_us-gaap_IPOMember_us-gaap_SubsequentEventMember" id="Fact001316" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">62,500</ix:nonFraction></span> ordinary shares at the IPO price of US$<span id="xdx_909_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20240116__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zAaEFGqXxLr4" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2024-01-16_us-gaap_IPOMember_us-gaap_SubsequentEventMember" id="Fact001318" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">5.00</ix:nonFraction></span> per share, the Company evaluated all events and transactions that occurred
after December 31, 2023, up through the date that these consolidated financial statements are available to be issued, there were no other
material subsequent events that require disclosure in these consolidated financial statements.</span></p>

</ix:nonNumeric><p id="xdx_817_zFSPtazU5Go7" 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-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; text-align: left; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nd_030"></span>Item
19. Exhibits </b></span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><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; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1957001/000149315223032230/ex3-1.htm" style="-sec-extract: exhibit">Memorandum and Articles of Association of the Registrant dated September 30, 2022 (incorporated by reference to Exhibit 3.1 to the Company&#8217;s Registration Statement on Form F-1 filed with the SEC on November 21, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex2-1.htm">Specimen Ordinary share certificate</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Registered Securities</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1957001/000149315223032230/ex10-1.htm" style="-sec-extract: exhibit">Form (incorporated by reference to Exhibit 10.1 to the Company&#8217;s Registration Statement on Form F-1 filed with the SEC on November 21, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1957001/000149315223032230/ex10-2.htm" style="-sec-extract: exhibit">Form of Indemnification Agreement incorporated by reference to Exhibit 10.2 to the Company&#8217;s Registration Statement on Form F-1 filed with the SEC on November 21, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1957001/000149315223032230/ex10-3.htm" style="-sec-extract: exhibit">Audit Committee Charter (incorporated by reference to Exhibit 10.3 to the Company&#8217;s Registration Statement on Form F-1 filed with the SEC on November 21, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex4-4.htm">Amended Audit Committee Charter</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1957001/000149315223032230/ex10-4.htm" style="-sec-extract: exhibit">Nomination Committee Charter (incorporated by reference to Exhibit 10.4 to the Company&#8217;s Registration Statement on Form F-1 filed with the SEC on November 21, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1957001/000149315223032230/ex10-5.htm" style="-sec-extract: exhibit">Compensation Committee Charter (incorporated by reference to Exhibit 10.5 to the Company&#8217;s Registration Statement on Form F-1 filed with the SEC on November 21, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7*
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex4-7.htm">Amended Compensation Committee Charter</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1957001/000149315223032230/ex10-6.htm" style="-sec-extract: exhibit">Lease Agreement (incorporated by reference to Exhibit 10.6 to the Company&#8217;s Registration Statement on Form F-1 filed with the SEC on November 21, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1957001/000149315223032230/ex10-7.htm" style="-sec-extract: exhibit">Employment Letter Agreement with Mr. Li Siu Lun Allan (incorporated by reference to Exhibit 10.7 to the Company&#8217;s Registration Statement on Form F-1 filed with the SEC on November 21, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1957001/000149315223032230/ex10-8.htm" style="-sec-extract: exhibit">Employment Letter Agreement with Mr. Li Kin Shing (incorporated by reference to Exhibit 10.8 to the Company&#8217;s Registration Statement on Form F-1 filed with the SEC on November 21, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.11
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1957001/000149315223032230/ex10-9.htm" style="-sec-extract: exhibit">Employment Letter Agreement with Mr. Fu Wai Yip (Freddy) (incorporated by reference to Exhibit 10.9 to the Company&#8217;s Registration Statement on Form F-1 filed with the SEC on November 21, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.12
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1957001/000149315223032230/ex10-10.htm" style="-sec-extract: exhibit">Bank Facility Letter dated September 29, 2022 between Fenbo Industries Limited and Bank of China (Hong Kong) (incorporated by reference to Exhibit 10.10 to the Company&#8217;s Registration Statement on Form F-1 filed with the SEC on November 21, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.13
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1957001/000149315223032230/ex10-11.htm" style="-sec-extract: exhibit">Lease Agreement for Factory and Dormitory (incorporated by reference to Exhibit 10.11 to the Company&#8217;s Registration Statement on Form F-1 filed with the SEC on November 21, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.14
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1957001/000149315223032230/ex10-12.htm" style="-sec-extract: exhibit">Headquarter Purchase Agreement (incorporated by reference to Exhibit 10.12 to the Company&#8217;s Registration Statement on Form F-1 filed with the SEC on November 21, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1957001/000149315223032230/ex21-1.htm" style="-sec-extract: exhibit">List of Subsidiaries of Fenbo Holdings Limited (incorporated by reference to Exhibit 21.1 to the Company&#8217;s Registration Statement on Form F-1 filed with the SEC on November 21, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1957001/000149315223032230/ex14.htm" style="-sec-extract: exhibit">Code of Ethics of Business Conduct and Ethics of the Company (incorporated by reference to Exhibit 14.1 to the Company&#8217;s Registration Statement on Form F-1 filed with the SEC on November 21, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Fenbo Holdings Limited</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Principal Executive Officer Pursuant to Section 1350, as adopted 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">
    <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 Principal Financial Officer Pursuant to Section 1350, as adopted 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">
    <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 Principal Executive Officer Pursuant to 18 U.S.C. 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">
    <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 Principal Financial Officer Pursuant to 18 U.S.C. 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">
    <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>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*Filed
herewith.</span></p>

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

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

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


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<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="nd_028"></span>SIGNATURE</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>

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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.</span></p>

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

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    Li Siu Lun Allan</i></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Li
    Siu Lun Allan, Chief Executive Officer (Principal Executive Officer) and Executive Director </span></td></tr>
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    Li Kin Shing </i></span></td></tr>
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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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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Fu Wai Yip (Freddy) </i></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">Fu
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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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{"company-data": {"conformed-name": "Fenbo Holdings Ltd", "cik": "0001957001", "assigned-sic": "3634", "organization-name": "04 Manufacturing", "irs-number": "000000000", "state-of-incorporation": "E9", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-41873", "film-number": "24886416"}, "business-address": {"street1": "UNIT J, 19/F, WORLD TECH CENTRE", "street2": "95 HOW MING ROAD", "city": "KWUN TONG, KOWLOON", "state": "K3", "zip": "0000", "phone": "852-2343-3328"}, "mail-address": {"street1": "UNIT J, 19/F, WORLD TECH CENTRE", "street2": "95 HOW MING ROAD", "city": "KWUN TONG, KOWLOON", "state": "K3", "zip": "0000"}}
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
Commission
File Number:
001-41873
FENBO
HOLDINGS LIMITED
(Exact
name of Registrant as specified in its charter)
Cayman
Islands
(Jurisdiction
of incorporation or organization)
Unit
J, 19/F, World Tech Centre
95
How Ming Street
Kwun
Tong
Kowloon
,
Hong Kong
(Address
of principal executive offices)
Li
Siu Lun Allan
, Chief Executive Officer and Chairman of the Board of Directors
Telephone:
+
(852)
2343-3328
Email:
allanli@fenbo.com
At
the address of the Company set forth above
(Name,
Telephone, email and/or fax 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, par value US$0.0001
FEBO
The
Nasdaq
Capital Market LLC
Securities
registered pursuant to Section 12(g) of the Act:
None
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
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.
11,000,000
Ordinary Shares, $0.0001 par value, at 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 of 1933.
Yes
☐
No
☒
If
the 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 15D 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.
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
Page
PART I
Item
    1.
Identity of Directors, Senior Management and Advisors
4
Item
    2.
Offer Statistics and Expected Timetable
4
Item
    3.
Key Information
4
Item
    4.
Information on the Company
35
Item
    4A.
Unresolved Staff Comments
57
Item
    5.
Operating and Financial Review and Prospects
57
Item
    6.
Directors, Senior Management and Employees
67
Item
    7.
Major Shareholders and Related Party Transactions
76
Item
    8.
Financial Information
78
Item
    9.
The Offer and Listing
79
Item
    10.
Additional Information
79
Item
    11.
Quantitative and Qualitative Disclosures about Market Risk
93
Item
    12.
Description of Securities Other Than Equity Securities
93
PART II
Item
    13.
Defaults, Dividend Arrearages and Delinquencies
94
Item
    14.
Material Modifications to the Rights of Security Holders and Use of Proceeds
94
Item
    15.
Controls and Procedures
94
Item
    16.
Reserved
95
Item
    16A.
Audit Committee Financial Expert
95
Item
    16B.
Code of Ethics
95
Item
    16C.
Principal Accountant Fees and Services
95
Item
    16D.
Exemptions from the Listing Standards for Audit Committees
96
Item
    16E.
Purchases of Equity Securities by the Issuer and Affiliates Purchasers
96
Item
    16F.
Changes in Registrant's Certifying Accountants
96
Item
    16G.
Corporate Governance
96
Item
    16H.
Mine Safety Disclosure
96
Item
    16I.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
96
ITEM
    16J.
Insider Trading Policies
96
ITEM
    16K
Cybersecurity
96
PART III
Item
    17.
Financial Statements
97
Item
    18.
Financial Statements
Item
    19.
Exhibits
98
SIGNATURES
99
2
FORWARD-LOOKING
STATEMENTS
This
Annual Report on Form 20-F contains forward-looking statements. A forward-looking statement is a projection about a future event or result,
and whether the statement comes true is subject to many risks and uncertainties. These statements often can be identified by the use
of terms such as "may," "will," "expect," "believe," "anticipate," "estimate,"
"approximate" or "continue," or the negative thereof. The actual results or activities of the Company will likely
differ from projected results or activities of the Company as described in this Annual Report, and such differences could be material.
Forward-looking
statements involve known and unknown risks, uncertainties and other factors that may cause the actual results and performance of the
Company to be different from any future results, performance and achievements expressed or implied by these statements. In other words,
our performance might be quite different from what the forward-looking statements imply. You should review carefully all information
included in this Annual Report.
You
should rely only on the forward-looking statements that reflect management's view as of the date of this Annual Report. We undertake
no obligation to publicly revise or update these forward-looking statements to reflect subsequent events or circumstances. You should
also carefully review the risk factors described in other documents we file from time to time with the Securities and Exchange Commission
(the "SEC"). The Private Securities Reform Act of 1995 contains a safe harbor for forward-looking statements on which the
Company relies in making such disclosures. In connection with the "safe harbor," we are hereby identifying important factors
that could cause actual results to differ materially from those contained in any forward-looking statements made by us or on our behalf.
Factors that might cause such a difference include, but are not limited to, those discussed in the section entitled "Risk Factors"
under Item 3. - "Key Information."
FINANCIAL
STATEMENTS AND CURRENCY PRESENTATION
Basis
of Presentation
Unless
otherwise indicated, all financial information contained in this Annual Report is prepared and presented in accordance with generally
accepted accounting principles in the United States of America ("U.S. GAAP" or "GAAP").
Certain
amounts, percentages and other figures included in this Annual Report have been subject to rounding adjustments. Accordingly, amounts,
percentages and other figures shown as totals in certain tables or charts may not be the arithmetic aggregation of those that precede
them and amounts, and figures expressed as percentages in the text may not total 100% or, when aggregated, may not be the arithmetic
aggregation of the percentages that precede them.
For
the purpose of undertaking a public offering of our Ordinary Shares, effective November 18, 2022 (the "Public Offering"),
we engaged in a series of re-organizing transactions resulting in 10,000,000 Ordinary Shares held by Luxury Max Investments Limited,
which have been retroactively restated to the beginning of the first period presented herein.
Financial
Information in U.S. Dollars
Our
reporting currency is the Hong Kong dollar. For the purpose of presenting these financial statements of our Operating Subsidiary, FPPF,
using RMB as functional currency, the Company's assets and liabilities are expressed in Hong Kong dollars at the exchange rate
on the balance sheet date, which is 0.9126, 0.8866 and 0.8176 as of December 31, 2023, December 31, 2022 and December 31, 2021, respectively;
shareholders' equity accounts are translated at historical rates, and income and expense items are translated at the average exchange
rate during the year, which is 0.9070, 0.8642 and 0.8292 for the financial years ended December 31, 2023, December 31, 2022 and 2021,
respectively.
This
Annual Report also contains translations of Hong Kong dollars into U.S. dollars for the convenience of the reader. Unless otherwise stated,
all translations of Hong Kong dollars into U.S. dollars were made at US$0.12803 to HK$1, the exchange rates set forth in the statistical
releases of the Federal Reserve Board on December 29, 2023. We make no representation that the Hong Kong dollar or U.S. dollar amounts
referred to in this Annual Report could have been or could be converted into U.S. dollars or Hong Kong dollars, as the case may be, at
any particular rate or at all.
3
REFERENCES
In
this Annual Report, "China" refers to all parts of the People's Republic of China, including the Special Administrative
Region of Hong Kong. The terms "we," "our," "us," "the Group" and the "Company"
refer to Fenbo Holdings Limited and, where the context so requires or suggests, our direct and indirect subsidiaries. Our direct and
indirect subsidiaries are: (i) Fenbo Industries Limited ("FIL"), incorporated in Hong Kong; (ii) Able Industries Ltd. ("AIL"),
incorporated in Hong Kong; (iii) Fenbo Plastic Products Factory (Shenzhen) Ltd. ("FPPF"), incorporated in the PRC ("China"
or the "PRC") (collectively, the "Operating Subsidiaries").
"Initial
Public Offering" or "IPO" refers to the closing on December 1, 2023 of our initial public offering of 1,000,000 Ordinary
Shares at a public offering price of $5.00 for total gross proceeds of $5,000,000. On November 30, 2023, we commenced the listing of
our Ordinary Shares on the Nasdaq Capital Market under the ticker symbol "FEBO".
References
to "dollars," "U.S. Dollars" or "US$" are to United States Dollars, "RMB" are to Chinese
Renminbi and "HKD" or "HK$" means Hong Kong dollars, the lawful currency of Hong Kong.
PART
I
ITEM
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS
Not
Applicable
ITEM
2. OFFER STATISTICS AND EXPECTED TIMETABLE
Not
Applicable
ITEM
3. KEY INFORMATION
A.
RESERVED
B.
CAPITALIZATION AND INDEBTEDNESS
Not
applicable
C.
REASONS FOR THE OFFER AND USE OF PROCEEDS.
Not
applicable
D.
RISK FACTORS
An
investment in our Ordinary Shares is highly speculative and involves a significant degree of risk. The risks discussed below could materially
and adversely affect our business, prospects, financial condition, results of operations, cash flows, ability to pay dividends and the
trading price of our Ordinary Shares. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial
may also materially and adversely affect our business, prospects, financial condition, results of operations, cash flows and ability
to pay dividends, and you may lose all or a part of your investment. The realization of any of the risks described below could have a
material adverse effect on our business, results of operations and future prospects.
4
Risks
Related to Our Business and Corporate Structure
We
have continuedly suffered losses from operations, and we may not be able to sustain profitability.
Our
losses from operations for the years ended December 31, 2022 and 2023 were HK$2.5 million and HK$0.4 million respectively. The decrease
in loss from operations of HK$2.1 million during the year ended December 31, 2023 was primarily due to the combined effect of increase
in gross profit of HK$3.3 million, but the revenue for the year ended December 31, 2023 remained the same as the prior year and the increase
in general and administrative expenses of HK$1.2 million during the year ended December 31, 2023. If we fail to generate sufficient revenues
to operate profitably on a consistent basis or if we are unable to fund our continuing losses, you could lose all or part of your investment.
We
will rely on dividends and other distributions on equity paid by our Operating Subsidiaries to fund our cash and financing requirements,
and any limitation on the ability of our Operating Subsidiaries to make payments to us could have a material adverse effect on our ability
to conduct our business.
Our
Company is a holding company, and we will rely on dividends and other distributions on equity paid by our Operating Subsidiaries for
our cash and financing requirements. Within our direct holding structure, the cross-border transfer of funds within our corporate group
is legal and compliant with the laws and regulations of the BVI, PRC, Hong Kong, and the Cayman Islands. Our subsidiaries are permitted
under the respective laws of China and Hong Kong to provide funding to us through dividends without restrictions on the amount of the
funds, other than as limited by the amount of their distributable earnings. However, to the extent cash is in our Hong Kong Operating
Subsidiaries, there is a possibility that the funds may not be available to fund our operations or for other uses outside of Hong Kong
due to interventions or the imposition of restrictions and limitations by the Hong Kong government on the ability to transfer cash
.
If any of our subsidiaries incurs debt on its own behalf in the future, the instruments governing such debt may restrict their ability
to pay dividends to us.
After
investors' funds enter FHL, the funds can be directly transferred to RLHL which will then directly transfer the funds to AIL and
FIL, which then can then transfer the funds to FPPF. If the Company intends to distribute dividends, AIL will transfer the dividends
to FIL in accordance with the laws and regulations of Hong Kong. FIL will then transfer the funds to RLHL which will then transfer the
funds to FHL, which will then distribute the dividends to all of its shareholders respectively in proportion to the Ordinary Shares they
hold in accordance with the laws and regulations of the Cayman Islands, regardless of whether the shareholders are U.S. investors or
investors in other countries or regions.
Under
the laws of Cayman Islands and our Articles of Association, our Company is permitted to provide funding to its subsidiaries through loans
or capital contributions, provided that such funding is in the best interest of our Company. Our Board of Directors has complete discretion
as to whether to distribute dividends. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may
exceed the amount recommended by our Board of Directors. In either case, all dividends are subject to certain restrictions under Cayman
Islands law, namely that the Company may only pay dividends out of profits or share premium and provided that under no circumstances
may a dividend be paid if this would result in the Company being unable to pay its debts as they fall due in the ordinary course of business.
The Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.
Under
the Companies Ordinance of Hong Kong, dividends may only be paid out of distributable profits (that is, accumulated realized profits
less accumulated realized losses) or other distributable reserves. Dividends cannot be paid out of share capital. There are no restrictions
or limitation under the laws of Hong Kong imposed on the conversion of HK dollars into foreign currencies and the remittance of currencies
out of Hong Kong, nor is there any restriction on foreign exchange to transfer cash between our Company and its subsidiaries, across
borders and to U.S investors, nor on distributing earnings from our Operating Subsidiaries' businesses to our Company and U.S.
investors and amounts owed. Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong
in respect of dividends.
Under
PRC laws, rules and regulations, our PRC subsidiaries are required to set aside at least 10% of their after-tax profits each year after
making up for previous years' accumulated losses, if any, to fund certain statutory reserves, until the aggregate amount of such
fund reaches 50% of their registered capital. As of December 31, 2023, these restricted assets totaled approximately HK$2,806,000 (US$359,000).
However, there can be no assurance that the PRC government will not intervene or impose restrictions on our ability to transfer or distribute
cash within our organization or to foreign investors, which could result in an inability or prohibition on making transfers or distributions
outside of China and may adversely affect our business, financial condition, and results of operations.
5
Neither
the Company nor any of its Operating Subsidiaries has paid dividends or made distributions to U.S. investors. No funds have been transferred
by the holding companies to the Operating Subsidiaries for the fiscal years ended December 31, 2023, 2022 or 2021, and through the date
of this Annual Report, to fund their business operations. In the future, any cash proceeds raised from overseas financing activities
may be transferred by us to our Operating Subsidiaries via capital contribution or shareholder loans, as the case may be.
Moreover,
to the extent that cash is in our PRC or Hong Kong Operating Subsidiaries, there is a possibility that the funds may not be available
to fund our operations or for other uses outside of the PRC or Hong Kong due to interventions or the imposition of restrictions and limitations
by the PRC or Hong Kong government on the ability to transfer cash
.
Any limitation on the ability of our Operating Subsidiaries
to pay dividends or make other distributions to us could materially and adversely affect our financial position and the value of our
Ordinary Shares.
Our
corporate structure may involve unique risks and could be disallowed by Chinese regulatory authorities. Any PRC regulations pertaining
to our corporate structure, loans to and investment in PRC entities by offshore holding companies may delay us from making loans or capital
contributions to our Operating Subsidiaries, which could materially and adversely affect their liquidity and their ability to fund and
expand their businesses, which could cause our Ordinary Shares to significantly decline in value or become worthless.
With
regards to our corporate structure, any funds we may transfer to our PRC Operating Subsidiary, either as a loan or as an increase in
registered capital, are subject to approval by or registration with relevant government authorities in China, regardless of the amount
of the transfer. According to the relevant PRC regulations, capital contributions to our PRC Operating Subsidiary are subject to the
submission of reports of changes through the enterprise registration system and registration with a local bank authorized by SAFE. In
addition, any foreign loan procured by our PRC Operating Subsidiaries is required to be registered with SAFE, and such loan is required
to be registered with the NPRC. We may not be able to complete such registrations or obtain necessary approvals on a timely basis with
respect to future capital contributions or foreign loans by us to our PRC Operating Subsidiaries. If we fail to complete such registration
or other procedures, our ability to maintain our corporate structure while capitalizing our PRC Operating Subsidiaries' operations
may be negatively affected, which could adversely affect our liquidity and our ability to fund and expand our business.
If
we fail to implement and maintain an effective system of internal controls, we may be unable to accurately or timely report our results
of operations or prevent fraud, and investor confidence and the market price of our Ordinary Shares may be materially and adversely affected.
Prior
to our IPO, we were a private company with limited accounting personnel. Furthermore, prior to our IPO, our management had not performed
an assessment of the effectiveness of our internal control over financial reporting, and our independent registered public accounting
firm had not conducted an audit of our internal control over financial reporting. Effective internal control over financial reporting
is necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, is designed
to prevent fraud.
Our
failure to implement and maintain effective internal controls over financial reporting could result in errors in our financial statements
that could result in a restatement of our financial statements, cause us to fail to meet our reporting obligations and cause investors
to lose confidence in our reported financial information, which may result in volatility in and a decline in the market price of the
Ordinary Shares.
After
the closing of our IPO, we became a public company in the United States subject to the Sarbanes-Oxley Act of 2002. Section 404 of the
Sarbanes-Oxley Act of 2002, or Section 404, which requires that we include a report of management on our internal control over financial
reporting in this Annual Report on Form 20-F. In addition, if we cease to be an "emerging growth company," as such term is
defined in the JOBS Act, our independent registered public accounting firm must attest to and report on the effectiveness of our internal
control over financial reporting on an annual basis. Our management may conclude that our internal control over financial reporting is
not effective. Moreover, even if our management concludes that our internal control over financial reporting is effective, our independent
registered public accounting firm, after conducting its own independent testing, may issue a report that is qualified if it is not satisfied
with our internal controls or the level at which our controls are documented, designed, operated, or reviewed, or if it interprets the
relevant requirements differently from us. In addition, as a public company, our reporting obligations may place a burden on our management,
operational and financial resources, and systems for the foreseeable future. We may be unable to timely complete our evaluation testing
and any required remediation.
6
During
the course of documenting and testing our internal control procedures, in order to satisfy the requirements of Section 404, we may identify
material weaknesses and deficiencies in our internal control over financial reporting. The Public Company Accounting Oversight Board,
or PCAOB, has defined a material weakness as "a deficiency, or a combination of deficiencies in internal control over financial
reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim statements will not be prevented
or detected on a timely basis."
In
addition, if we fail to maintain the adequacy of our internal control over financial reporting, as these standards are modified, supplemented,
or amended from time to time, we may not be able to conclude on an ongoing basis that we have effective internal control over financial
reporting in accordance with Section 404. Generally speaking, if we fail to achieve and maintain an effective internal control environment,
we could suffer material misstatements in our financial statements and fail to meet our reporting obligations, which would likely cause
investors to lose confidence in our reported financial information. This could in turn limit our access to capital markets, harm our
results of operations and lead to a decline in the trading price of our Ordinary Shares. Additionally, ineffective internal control over
financial reporting could expose us to increased risk of fraud, misuse of corporate assets and legal actions under the United States
securities laws and subject us to potential delisting from the Nasdaq Capital Market to regulatory investigations and to civil or criminal
sanctions.
Risks
Related to Doing Business in the People's Republic of China and Hong Kong
A
downturn in the Hong Kong, China or global economy, or a change in economic and political policies of China, could materially and adversely
affect our Operating Subsidiaries' business and financial condition.
Our
Operating Subsidiaries' business, prospects, financial condition, and results of operations may be influenced to a significant
degree by political, economic, and social conditions in Hong Kong and China generally. The Chinese economy differs from the economies
of most developed countries in many respects, including the amount of government involvement, level of development, growth rate, control
of foreign exchange and allocation of resources. While the Chinese economy has experienced significant growth over the past decades,
growth has been uneven, both geographically and among various sectors of the economy. The Chinese government has implemented various
measures to encourage economic growth and guide the allocation of resources. Some of these measures may benefit the overall Chinese economy
but may have a negative effect on our PRC Operating Subsidiary.
Economic
conditions in Hong Kong and China are sensitive to global economic conditions. Any prolonged slowdown in the global or Chinese economy
may affect our current customers' and potential customers' businesses and have a negative impact on our Operating Subsidiaries'
business, results of operations and financial condition. Additionally, continued turbulence in the international markets may adversely
affect our ability to access the capital markets to meet liquidity needs.
7
Changes
in the policies, regulations and rules, and the enforcement of laws of the PRC government may be implemented quickly with little advance
notice and could have a significant impact upon our Operating Subsidiaries' ability to operate profitably in the PRC. The PRC legal
system also embodies uncertainties, which could limit law enforcement availability. Therefore, our assertions and beliefs of the risk
imposed by the PRC legal and regulatory system cannot be certain.
The
PRC legal system is a civil law system based on written statutes. Unlike common law systems, decided legal cases have little precedence.
In 1979, the PRC government began to promulgate a comprehensive system of laws and regulations governing economic matters in general.
The overall effect of legislation over the past several decades has significantly enhanced the protections afforded to various forms
of foreign investment in China. Our Operating Subsidiaries are subject to PRC laws and regulations. However, these laws and regulations
change frequently, and the interpretation and enforcement thereof involve uncertainties. For instance, we may have to resort to administrative
and court proceedings to enforce the legal protections to which we are entitled to by law or contract. However, since PRC administrative
and court authorities have significant discretion in interpreting statutory and contractual terms, it may be difficult to evaluate the
outcome of administrative court proceedings and the level of law enforcement that we would receive in more developed legal systems. Such
uncertainties, including the inability of our Operating Subsidiaries to enforce their contracts, could affect our business and operation.
In addition, confidentiality protections in China may not be as effective as in the United States or other countries. Accordingly, we
cannot predict the effect of future developments in the PRC legal system, particularly with regard to our business, including the promulgation
of new laws. This may include changes to existing laws or the interpretation or enforcement thereof, or the preemption of local regulations
by national laws. These uncertainties could limit the availability of law enforcement.
The
Chinese government may exercise significant oversight and discretion over the conduct of our Operating Subsidiaries' business and
may intervene in or influence their operations at any time, which could result in a material change in their operations and/or the value
of our Ordinary Shares. Changes in the policies, regulations, rule, and the enforcement of laws of the Chinese government may also be
implemented quickly with little advance notice. Therefore, our assertions and beliefs concerning the risk imposed by the PRC legal and
regulatory system cannot be certain.
Our
Company is a holding company, and we conduct our operation through our Operating Subsidiaries in Hong Kong and the PRC. The PRC government
may choose to exercise significant oversight and discretion, and the regulations to which our Operating Subsidiaries are subject may
change rapidly and with little notice to them or our shareholders. As a result, the application, interpretation and enforcement of new
and existing laws and regulations in China are often uncertain. In addition, these laws and regulations may be interpreted and applied
inconsistently by different agencies or authorities, and inconsistently with our Operating Subsidiaries' current policies and practices.
New laws, regulations and other government directives in China may also be costly to comply with, and such compliance or any associated
inquiries or investigations or any other government actions may:
●
delay
    or impede our Operating Subsidiaries' development;
●
result
    in negative publicity or increase our Operating Subsidiaries' operating costs;
●
require
    significant management time and attention; and
●
subject
    us to remedies, administrative penalties and even criminal liabilities that may harm our Operating Subsidiaries' business,
    including fines assessed for our Operating Subsidiaries current or historical operations, or demands or orders that our Operating
    Subsidiaries modify or even cease their business practices.
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 a variable interest entity ("VIE") structure, adopting new measures
to extend the scope of cybersecurity reviews and expanding the efforts in anti-monopoly enforcement. These regulatory actions and statements
emphasize the need to strengthen the administration over illegal securities activities and the supervision of China-based companies seeking
overseas listings. Additionally, companies are required to undergo a cybersecurity review if they hold large amounts of data related
to issues of national security, economic development, or public interest before carrying out mergers, restructuring or splits that affect
or may affect national security. These statements were recently issued, and their official guidance and interpretation remain unclear
at this time. While we believe that our Operating Subsidiaries' operations are not currently being affected, they may be subject
to additional and stricter compliance requirements in the near term. Compliance with new regulatory requirements or any future implementation
rules may present a range of new challenges which may create uncertainties and increase our Operating Subsidiaries' cost of operations.
The
Chinese government may intervene or influence our Operating Subsidiaries' operations at any time and may exert more control over
offerings conducted overseas and foreign investment in China-based issuers, which may result in a material change in our Operating Subsidiaries'
operations and/or the value of our Ordinary Shares. Any legal or regulatory changes that restrict or otherwise unfavorably impact our
Operating Subsidiaries' ability to conduct their business could decrease demand for their services, reduce revenues, increase costs,
require them to obtain more licenses, permits, approvals or certificates, or subject them to additional liabilities. To the extent that
any new or more stringent measures are implemented, our business, financial condition and results of operations could be adversely affected,
and the value of our Ordinary Shares could decrease or become worthless.
8
Although
we are based in Hong Kong and conduct operations in China and Hong Kong, if we should become subject to the recent scrutiny, criticism
and negative publicity involving U.S.-listed China-based companies, we may have to expend significant resources to investigate and/or
defend the allegations, which could harm our Operating Subsidiaries' business operations and our reputation and could result in
a loss of investment in our Ordinary Shares if such allegations cannot be addressed and resolved favorably.
During
the last several years, U.S. listed public companies that have substantially all of their operations in China have been the subject of
intense scrutiny by investors, financial commentators and regulatory agencies. Much of the scrutiny has centered on financial and accounting
irregularities and mistakes, lack of effective internal controls over financial reporting and, in many cases, allegations of fraud. The
Chinese government also may exercise significant oversight and discretion over the conduct of our business in China and Hong Kong and
may intervene or influence our Operating Subsidiaries' operations at any time, which could result in a material change in their
operations and/or the value of our Ordinary Shares. Moreover, as a result of this scrutiny, the publicly traded stock of many U.S.-listed
Chinese companies that have been the subject of such scrutiny has sharply decreased in value. Many of these companies are now subject
to shareholder lawsuits and/or SEC enforcement actions that are conducting internal and/or external investigations into the allegations.
Although
we are based in Hong Kong, if we should become the subject of any such scrutiny, whether any allegations are true or not, we may have
to expend significant resources to investigate such allegations and/or defend the Company. Such investigations or allegations would be
costly and time-consuming, likely would distract our management from our normal business and could result in our reputation being harmed.
The price of our Ordinary Shares could decline because of such allegations, even if the allegations are false.
There
are political risks associated with conducting business in Hong Kong.
Any
adverse economic, social and/or political conditions, material social unrest, strike, riot, civil disturbance, or disobedience, as well
as significant natural disasters, may affect the market and adversely affect the business operations of the Company. 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, 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 our operation
is based in Hong Kong, any change of such political arrangements may pose immediate threat to the stability of the economy in Hong Kong,
thereby directly and adversely affecting our results of operations and financial positions.
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 developments,
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, at the time 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.
Given
the relatively small geographical size of Hong Kong, any of such incidents may have a widespread effect on our Operating Subsidiaries'
business operations, which could in turn adversely and materially affect our business, 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.
9
Changes
in international trade policies, trade disputes, barriers to trade or the emergence of a trade war may dampen growth in Hong Kong, China,
and other potential markets in which our Operating Subsidiaries' will seek to expand.
Political
events, international trade disputes and other business interruptions could harm or disrupt international commerce and the global economy
and could have a material adverse effect on our Operating Subsidiaries and their customers both current and potential new customers.
International trade disputes could result in tariffs and other protectionist measures, which may materially and adversely affect our
Operating Subsidiaries' business.
Tariffs
could increase the cost of our products which could affect customers' investment decisions. In addition, political uncertainty,
such as the recent invasion by Russia in Ukraine, and surrounding international trade disputes and their potential of escalation to trade
wars and global recession, could have a negative effect on customer confidence, which could materially and adversely affect our Operating
Subsidiaries' business. Our Operating Subsidiaries may also have access to fewer business opportunities, and their operations may
be negatively impacted as a result. In addition, the current and future actions, or escalations by either the United States or China,
including those sanctions imposed by the United States and other countries on Russia, and that affect trade relations may cause global
economic turmoil and potentially have a negative impact on our Operating Subsidiaries' markets, their business, or their results
of operations, as well as the financial condition of their customers. We cannot provide any assurances as to whether such actions will
occur or the form that they may take.
Although
the audit report included in this Annual Report is prepared by U.S. auditors who are currently inspected by the PCAOB, there is no guarantee
that future audit reports will be prepared by auditors inspected by the PCAOB and, as such, in the future, investors may be deprived
of the benefits of such inspection. Furthermore, trading in our securities may be prohibited under the HFCA Act if the SEC subsequently
determines our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely, and as a result, U.S.
national securities exchanges, such as the Nasdaq Capital Market, may determine to delist our securities. Furthermore, on June 22, 2021,
the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which was enacted on December 29, 2022, amending the
HFCA Act and requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not
subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time before the securities may be prohibited
from trading or delisted.
As
an auditor of companies that are registered with the SEC and publicly traded in the United States and a firm registered with the PCAOB,
our auditor is required under the laws of the United States to undergo regular inspections by the PCAOB to assess their compliance with
the laws of the United States and professional standards. The PCAOB is currently unable to conduct inspections without the approval of
the Chinese government authorities. Currently, our U.S. auditor is inspected by the PCAOB, and we have a manufacturing subsidiary operating
in mainland China. If there is significant change to current political arrangements between mainland China and Hong Kong, companies operating
in Hong Kong like us may face similar regulatory risks as those operated in PRC and we cannot assure you that our auditor's work
will continue to be able to be inspected by the PCAOB.
Inspections
of other auditors conducted by the PCAOB outside mainland China have at times identified deficiencies in those auditors' audit
procedures and quality control procedures, which may be addressed as part of the inspection process to improve future audit quality.
The lack of PCAOB inspections of audit work undertaken in mainland China prevents the PCAOB from regularly evaluating auditors'
audits and their quality control procedures. As a result, if there is any component of our auditor's work papers become located
in mainland China in the future, such work papers will not be subject to inspection by the PCAOB. As a result, investors would be deprived
of such PCAOB inspections, which could result in limitations or restrictions to our access of the U.S. capital markets.
10
As
part of a continued regulatory focus in the United States on access to audit and other information currently protected by national law,
in particular mainland China's, in June 2019, a bipartisan group of lawmakers introduced bills in both houses of the U.S. Congress
which, if passed, would require the SEC to maintain a list of issuers for which PCAOB is not able to inspect or investigate the audit
work performed by a foreign public accounting firm completely. The proposed Ensuring Quality Information and Transparency for Abroad-Based
Listings on our Exchanges ("EQUITABLE") Act prescribes increased disclosure requirements for these issuers and, beginning
in 2025, the delisting from U.S. national securities exchanges, such as the Nasdaq Capital Market, of issuers included on the SEC's
list for three consecutive years. It is unclear if this proposed legislation will be enacted. Furthermore, there have been recent deliberations
within the U.S. government regarding potentially limiting or restricting China-based companies from accessing U.S. capital markets.
On
May 20, 2020, the U.S. Senate passed the HFCA Act, which includes requirements for the SEC to identify issuers whose audit work is performed
by auditors that the PCAOB is unable to inspect or investigate completely because of a restriction imposed by a non-U.S. authority in
the auditor's local jurisdiction. The U.S. House of Representatives passed the HFCA Act on December 2, 2020, and the HFCA Act was
signed into law on December 18, 2020. Additionally, in July 2020, the U.S. President's Working Group on Financial Markets issued
recommendations for actions that can be taken by the executive branch, the SEC, the PCAOB or other federal agencies and department with
respect to Chinese companies listed on U.S. stock exchanges and their audit firms, in an effort to protect investors in the United States.
In response, on November 23, 2020, the SEC issued guidance highlighting certain risks (and their implications to U.S. investors) associated
with investments in China-based issuers and summarizing enhanced disclosures the SEC recommends China-based issuers make regarding such
risks.
On
March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements
in the HFCA Act. 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.
We will be required to comply with these rules if the SEC identifies us as having a "non-inspection" year under a process
to be subsequently established by the SEC. The final amendments require any identified registrant to submit documentation to the SEC
establishing that the registrant is not owned or controlled by a government entity in the public accounting firm's foreign jurisdiction,
and also require, among other things, disclosure in the registrant's annual report regarding the audit arrangements of, and government
influence on, such registrants. Under the HFCA Act, our securities may be prohibited from trading on Nasdaq or other U.S. stock exchanges
if our auditor is not inspected by the PCAOB for three consecutive years, and this ultimately could result in our Ordinary Shares being
delisted.
On
June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which was enacted on December 29, 2022,
amending the HFCA Act and requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its
auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time before our Ordinary Shares
may be prohibited from trading or delisted.
On
September 22, 2021, the PCAOB adopted a final rule implementing the HFCA Act, which provides a framework for the PCAOB to use when determining,
as contemplated under the HFCA Act, whether the Board is unable to inspect or investigate completely registered public accounting firms
located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.
On
November 5, 2021, the SEC approved the PCAOB's Rule 6100, Board Determinations Under the Holding Foreign Companies Accountable
Act. Rule 6100 provides a framework for the PCAOB to use when determining, as contemplated under the HFCA Act, whether it is unable to
inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by
one or more authorities in that jurisdiction.
11
On
December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the HFCA Act.
The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public
accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a
position taken by an authority in foreign jurisdictions ("Commission-Identified Issuers"). The final amendments require Commission-Identified
Issuers to submit documentation to the SEC establishing that, if true, it is not owned or controlled by a governmental entity in the
public accounting firm's foreign jurisdiction. The amendments also require that a Commission-Identified Issuer that is a "foreign
issuer," as defined in Exchange Act Rule 3b-4, provide certain additional disclosures in its annual report for itself and any of
its consolidated foreign operating entities. Further, the release provides notice regarding the procedures the SEC has established to
identify issuers and to impose trading prohibitions on the securities of certain Commission-Identified Issuers, as required by the HFCA
Act. The SEC will identify Commission-Identified Issuers for fiscal years beginning after December 18, 2020. A Commission-Identified
Issuer will be required to comply with the submission and disclosure requirements in the annual report for each year in which it was
identified. If a registrant is identified as a Commission-Identified Issuer based on its annual report for the fiscal year ended December
31, 2021, the registrant will be required to comply with the submission or disclosure requirements in its annual report filing covering
the fiscal year ended December 31, 2022. The final amendments became effective on January 10, 2022.
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.
The PCAOB made its determinations pursuant to PCAOB Rule 6100, which provides a framework for how the PCAOB fulfills its responsibilities
under the HFCA Act. The report further listed in its Appendix A and Appendix B, Registered Public Accounting Firms Subject to the Mainland
China Determination and Registered Public Accounting Firms Subject to the Hong Kong Determination, respectively. Our auditor, Centurion
ZD is headquartered in Hong Kong, and appears as part of the report as Appendix B: Registered Public Accounting Firms Subject to the
Hong Kong Determination.
On
August 26, 2022, the China Securities Regulatory Commission (the "CSRC"), the Ministry of Finance of the PRC (the "MOF"),
and the PCAOB signed a Statement of Protocol (the "Protocol") to allow the PCAOB to inspect and investigate completely registered
public accounting firms headquartered in mainland China and Hong Kong, consistent with the HFCA Act, and the PCAOB will be required to
reassess its determinations by the end of 2022. Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB
shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer
information to the SEC.
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 Accelerating Holding Foreign Companies Accountable Act was
enacted, which amended the HFCA Act by decreasing the number of non-inspection years from three years to two, thus reducing the time
period before our common stock may be prohibited from trading or delisted. Notwithstanding the foregoing, in the event it is later determined
that the PCAOB is unable to inspect or investigate completely our auditor, then such lack of inspection could cause our securities to
be delisted from the stock exchange.
The
SEC is assessing how to implement other requirements of the HFCA Act, including the listing and trading prohibition requirements described
above. Future developments in respect of increasing U.S. regulatory access to audit information are uncertain, as the legislative developments
are subject to the legislative process and the regulatory developments are subject to the rule-making process and other administrative
procedures.
While
the CSRC, the SEC and the PCAOB have entered into the SOP Agreements regarding the inspection of PCAOB-registered accounting firms in
mainland China and Hong Kong, there can be no assurance that we will be able to comply with requirements imposed by U.S. regulators if
there is significant change to current political arrangements between mainland China and Hong Kong. Delisting of our Ordinary Shares
would force holders of our Ordinary Shares to sell their Ordinary Shares. The market price of our Ordinary Shares could be adversely
affected as a result of anticipated negative impacts of these executive or legislative actions upon, regardless of whether these executive
or legislative actions are implemented and regardless of our actual operating performance.
12
The
enactment of the Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region (the "Hong Kong
National Security Law") could impact our Hong Kong subsidiaries, including two of 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 offenses — 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 the 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." 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
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 any our Operating Subsidiaries are determined to be in violation of the Hong Kong National Security Law or the HKAA by competent
authorities, our business operations, financial position, and results of operations could be materially and adversely affected.
Our
business depends on our ability to collect, use, maintain and otherwise process data, including personal data, relating to the production
of our products, the engineering and design of new products and product lines, and sales and marketing efforts. Any limitation imposed
on our collection, use, maintenance or other processing of this data could significantly diminish the value of our Company and cause
us to lose revenue. Compliance with Hong Kong's Personal Data (Privacy) Ordinance and any other regulations, legislation or self-regulations
relating to data protection, data privacy, cybersecurity, e-commerce and advertising may entail significant expenses. Uncertainties regarding
the application or interpretation of existing or newly adopted laws and regulations could also threaten our ability to collect, use,
maintain and otherwise process this data which, in turn, could materially harm our business and subject us to significant costs and legal
liability for non-compliance.
Our
Operating Subsidiaries' business and operations in Hong Kong are subject to data privacy related laws and regulations. In particular,
the Personal Data (Privacy) Ordinance (Chapter 486 of the laws of Hong Kong) ("PDPO") imposes a duty on any data user who,
either alone or jointly with other persons, controls the collection, holding, processing or use of any personal data which relates directly
or indirectly to a living individual and can be used to identify that individual. Under the PDPO, data users shall take all practicable
steps to protect the personal data they hold from any unauthorized or accidental access, processing, erasure, loss, or use. Once collected,
such personal data should not be kept longer than necessary for the fulfilment of the purpose for which it is or is to be used and shall
be erased if it is no longer required, unless erasure is prohibited by law or is not in the public interest.
The
PDPO also confers on the Privacy Commissioner for Personal Data ("Privacy Commissioner") power to conduct investigations
and institute prosecutions. The data protection principles (collectively, the "DPP"), which are contained in Schedule 1 to
the PDPO, outline how data users should collect, handle, and use personal data, complemented by other provisions imposing further compliance
requirements. The collective objective of DPPs is to ensure that personal data is collected on a fully informed basis and in a fair manner,
with due consideration towards minimizing the amount of personal data collected. Once collected, the personal data should be processed
in a secure manner and should only be kept for as long as necessary for the fulfillment of the purposes of using the data. Use of the
data should be limited to or related to the original collection purpose. Data subjects are given certain rights, inter alia: (a) the
right to be informed by a data user whether the data user holds personal data of which the individual is the data subject; (b) if the
data user holds such data, to be supplied with a copy of such data; and (c) the right to request correction of any data they consider
to be inaccurate. The Commissioner may carry out criminal investigations and institute prosecution for certain offenses. Depending on
the severity of the cases, the Privacy Commissioner will decide whether to prosecute or refer cases involving suspected commission to
the Department of Justice of Hong Kong. Victims may also seek compensation by civil action from data users for damage caused by a contravention
of the PDPO. The Commissioner may provide legal assistance to the aggrieved data subjects if the Commissioner deems fit to do so.
If
our Operating Subsidiaries conducting business operations in Hong Kong have violated certain provisions of the PDPO, we could face significant
civil penalties and/or criminal prosecution. Based on advice of counsel, we believe we have established the necessary protocols and data
collection standards to ensure compliance with the PDPO.
13
Morever,
the increase in attention to and regulation of data protection, data privacy and cybersecurity across the globe in recent years will
require us to further devote resources and incur additional costs associated with compliance. Although we strive to comply with applicable
laws and regulations regarding data protection and data privacy and to inform our suppliers and customer of our business practices, it
is possible that these laws and regulations may be interpreted and applied in a manner that is inconsistent with our data collection,
use, maintenance and other processing practices or that it may be argued that our practices do not comply with Hong Kong's Personal
Data (Privacy) Ordinance. Due to rapid changes in technology and the inconsistent interpretations of privacy and data collection and
protection laws and regulations, we may be required to materially change the way we do business. The challenges imposed by the ongoing
need to remain compliant with such laws and regulations, as well as the need to implement any changes due to newly introduced laws and
regulations, may slow our growth, and if we are not able to cope with these challenges as effectively as other companies, we will be
competitively disadvantaged.
We
are incorporated under the laws of the Cayman Islands and are subject to its Data Protection Act, which regulates our collection and
processing of personal data of our investors.
We
collect, process, and maintain personal data about investors of the Company pursuant to the Data Protection Act, 2021 Revision, of the
Cayman Islands, as amended from time to time as well as any regulations, codes of practice, or orders promulgated pursuant thereto (the
"DPA"). We are committed to processing personal data in accordance with the DPA. In our use of personal data, we will be
characterized under the DPA as a "data controller." By virtue of your investment in the Company, we and certain of our third-party
service providers may collect, record, store, transfer and otherwise process personal data by which individuals may be directly or indirectly
identified. Your personal data will be processed fairly and for lawful purposes, including: (i) where the processing is necessary for
us to perform a contract to which you are a party or for taking pre-contractual steps at your request; (ii) where the processing is necessary
for compliance with any legal, tax, or regulatory obligations to which we are subject; or (iii) where the processing is for the purposes
of legitimate interests pursued by us or by a service provider to whom the data are disclosed. As a data controller, we will only use
your personal data for the purposes for which we collected it. We anticipate that we will share your personal data with our third-party
service providers for certain purposes. We may also share relevant personal data where it is lawful to do so and necessary to comply
with our contractual obligations or your instructions, or where it is necessary or desirable to do so in connection with any regulatory
reporting obligations. In exceptional circumstances, we will share your personal data with regulatory, prosecuting, and other governmental
agencies or departments, and parties to litigation (whether pending or threatened), in any country or territory, including to any other
person where we have a public or legal duty to do so (e.g., to assist with detecting and preventing fraud, tax evasion, and financial
crime or compliance with a court order).
A
cyberattack, security breach or other unauthorized access or interruption to our information technology systems or those of any third-party
service providers could harm our reputation and subject us to significant liability.
We
are fully aware that cybersecurity threats, privacy breaches, insider threats or other incidents and malicious internet-based activity
continue to increase, evolve in nature, and become more sophisticated. Information security risks for companies such as ours have significantly
increased in recent years in part because of the proliferation of new technologies, the use of internet and telecommunications technologies
to conduct financial transactions, and the increased sophistication and activities of organized crime, hackers, terrorists, and other
external parties, as well as nation-state and nation-state-supported actors. Many companies that provide services similar to ours have
also reported a significant increase in cyberattack activity since the beginning of the Covid-19 pandemic.
On
April 16, 2024, our Board of Directors approved the authorization of an amendment to the Company's Audit Committee Charter (the
"Audit Committee Charter") pursuant to which it adopted a cybersecurity policy (the "Cybersecurity Policy") and
further approving that the Audit Committee will have full authority and powers to implement the Cybersecurity Policy. The Audit Committee
Charter provides the members of the Audit Committee with authorization and authority to conduct continuous analysis of and review for
any potential cybersecurity risks as part of the Company's overall risk management program and to create a cyber-resillient organization,
which will contribute to the value preservation of the Company. The Audit Committee Charter further provides authority and responsibility
to the members of the Audit Committee to: (i) understand the economic drivers and impact of cyber risk, including the financial impact
to our Company; (ii) align cyber-risk management policies with the Company's business needs by integrating cyber-risk analysis
into significant business decisions; (iii) ensure our Company's organizational structure supports cybersecurity goals; and (iv)
incorporate cybersecurity expertise into board governance. See "Item 16J. Cybersecurity".
14
In
addition, because we may utilize a third-party contractor to provide these services to us, including cloud, software, data center and
other critical technology, to collect and maintain personal data on our shareholders, we rely heavily on the data security practices
and policies adopted by these third-party service providers. Our ability to monitor our third-party service providers' data security
is limited. A vulnerability in our or our third-party service providers' software or systems, a failure of our third-party service
providers' safeguards, policies or procedures, or a breach of a software or systems could result in the compromise of the confidentiality,
integrity or availability of the data housed. We cannot guarantee that any similar incidents may not occur again and adversely affect
our shareholders. We and our third-party service providers and partners may be unable to anticipate or prevent techniques used in the
future to obtain unauthorized access or to sabotage systems and we cannot guarantee that applicable recovery systems, security protocols,
network protection mechanisms and other procedures are or will be adequate to prevent network and service interruption, system failure
or data loss. In addition, we may also become liable in the event our or our third-party service providers are subject to security breaches,
privacy breaches or other cybersecurity threats. This could expose us to a risk of litigation, indemnity obligations and damages, cause
us to incur significant liability and financial loss and be subject to regulatory scrutiny, investigations, proceedings and fines and
penalties, and require us to expend significant capital and other resources to alleviate problems caused by any such cybersecurity attack
or other security breach or incident and implement additional security measures.
We
currently do not maintain cybersecurity insurance, and in the event that we were to seek to obtain such insurance coverage, it may not
be available on acceptable terms or may not be available in sufficient amounts to cover one or more large claims in connection with cybersecurity
liabilities. Insurers could also deny coverage as to any future claim.
We
may become subject to a variety of PRC laws and other regulations regarding data security or securities offerings that are conducted
overseas and/or other foreign investment in China-based issuers, and any failure to comply with applicable laws and regulations could
have a material and adverse effect on our business, financial condition and results of operations and may hinder our ability to offer
or continue to offer our Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or be worthless.
On
June 10, 2021, the Standing Committee of the National People's Congress enacted the PRC Data Security Law, which took effect on
September 1, 2021. The law requires data collection to be conducted in a legitimate and proper manner and stipulates that, for the purpose
of data protection, data processing activities must be conducted based on data classification and hierarchical protection system for
data security.
On
July 6, 2021, the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly
issued a document to crack down on certain activities in the securities market and promote the high-quality development of the capital
markets, which, among other things, requires the relevant governmental authorities to strengthen cross-border oversight of law-enforcement
and judicial cooperation, to enhance supervision over China-based companies listed overseas and to establish and improve the system of
extraterritorial application of the PRC securities laws.
On
August 20, 2021, the 30th meeting of the Standing Committee of the 13th National People's Congress voted and passed the "Personal
Information Protection Law of the People's Republic of China", or the "PRC Personal Information Protection Law",
which became effective on November 1, 2021. The PRC Personal Information Protection Law applies to the processing of personal information
of natural persons within the territory of China that is carried out outside of China where (1) such processing is for the purpose of
providing products or services for natural persons within China, (2) such processing is to analyze or evaluate the behavior of natural
persons within China, or (3) there are any other circumstances stipulated by related laws and administrative regulations.
15
On
December 24, 2021, the China Securities Regulatory Commission ("CSRC"), together with other relevant government authorities
in China issued the Provisions of the State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies
(Draft for Comments), and the Measures for the Filing of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments)
("Draft Overseas Listing Regulations"). The Draft Overseas Listing Regulations requires that a PRC domestic enterprise seeking
to issue and list its shares overseas ("Overseas Issuance and Listing") shall complete the filing procedures of and submit
the relevant information to CSRC. The Overseas Issuance and Listing includes direct and indirect issuance and listing. Where an enterprise
whose principal business activities are conducted in the PRC seeks to issue and list its shares in the name of an overseas enterprise
("Overseas Issuer") on the basis of the equity, assets, income or other similar rights and interests of the relevant PRC
domestic enterprise, such activities shall be deemed an indirect overseas issuance and listing ("Indirect Overseas Issuance and
Listing") under the Draft Overseas Listing Regulations.
On
December 28, 2021, the CAC jointly with the relevant authorities formally published Measures for Cybersecurity Review (2021) which took
effect on February 15, 2022 and replace the former Measures for Cybersecurity Review (2020) issued on April 13, 2020. Measures for Cybersecurity
Review (2021) stipulates that operators of critical information infrastructure purchasing network products and services and online platform
operators (together with the operators of critical information infrastructure, the "Operators") carrying out data processing
activities that affect or may affect national security, shall conduct a cybersecurity review, any and online platform operator who controls
more than one million users' personal information must go through a cybersecurity review by the cybersecurity review office if
it seeks to be listed in a foreign country.
Our
Operating Subsidiaries may in the future collect and store certain data (including certain personal information) from our customers,
who may be PRC individuals, in connection with our business and operations and for "Know Your Customers" purposes (to combat
money laundering). Given that: (i) two of our Operating Subsidiaries are incorporated and located in Hong Kong and the other Operating
Subsidiary is incorporated and located in China; (ii) we have an Operating Subsidiary engaged in business operations in mainland China;
and (iii) pursuant to the Basic Law of the Hong Kong Special Administrative Region (the "Basic Law"), which is a national
law of the PRC and the constitutional document for Hong Kong, national laws of the PRC 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 defense and foreign affairs, as well as other matters
outside the autonomy of Hong Kong), we currently may expect the Measures for Cybersecurity Review (2021), the PRC Personal Information
Protection Law and the Draft Overseas Listing Regulations to have an impact on our Operating Subsidiaries.
These
statements and regulatory actions are new, and it is highly uncertain how soon the legislative or administrative regulation making bodies
will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated,
if any. It is also highly uncertain what the potential impact such modified or new laws and regulations will have on the daily business
operations of our Operating Subsidiaries, their respective abilities to accept foreign investments and the listing of our Ordinary Shares
on a U.S. or other foreign exchanges. There remains significant uncertainty in the interpretation and enforcement of relevant PRC cybersecurity
laws and regulations. If the Draft Overseas Listing Regulations are adopted into law in the future and becomes applicable to our Operating
Subsidiaries, if any of our Operating Subsidiaries is deemed to be an "Operator" required to file for cybersecurity review
before listing in the United States or if the Measures for Cybersecurity Review (2021) or the PRC Personal Information Protection Law
becomes applicable to our Operating Subsidiaries, the business operations of our Operating Subsidiaries and the listing of our Ordinary
Shares in the United States could be subject to the CAC's cybersecurity review or CSRC Overseas Issuance and Listing review in
the future. If our Operating Subsidiaries become subject to the CAC or CSRC review, we cannot assure you that our Operating Subsidiaries
will be able to comply with the regulatory requirements in all respects, and the current practice of collecting and processing personal
information may be ordered to be rectified or terminated by regulatory authorities. In the event of a failure to comply, our Operating
Subsidiaries may become subject to fines and other penalties, which may have a material adverse effect on our business, operations, and
financial condition, may hinder our ability to offer or continue to offer Ordinary Shares to investors and cause the value of our Ordinary
Shares to significantly decline or be worthless.
If
the Chinese government chooses to exert more oversight and control over offerings that are conducted overseas and/or foreign investment
in China-based issuers, such action 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. As of the date of this Annual Report,
and based on the advice of our PRC counsel, Sundial Law Firm, we believe that we are in full compliance with the rules and regulations
promulgated by the CAC and CSRC and associated policies as issued to current date.
16
These
recent statements, laws, and regulations by the Chinese government, including the Measures for Cybersecurity Review (2021), the PRC Personal
Information Protection Law and the Draft Overseas Listing Regulations, have indicated an intent to exert greater oversight and control
over offerings that are conducted overseas and/or foreign investments in China-based issuers. It is uncertain whether the Chinese government
will adopt additional requirements or extend the existing requirements to apply to our Operating Subsidiaries located in Hong Kong. We
could be subject to approval or review of Chinese regulatory authorities. 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.
If
the Chinese government were to impose new requirements for approval from the PRC authorities to issue the Company's Ordinary Shares
to foreign investors or list on a foreign exchange, 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 in value or become worthless.
Recently,
the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued
the "Opinions on Severely Cracking Down on Illegal Securities Activities According to Law," or "the Opinions,"
which were made available to the public on July 6, 2021. The Opinions emphasized the need to strengthen the administration over illegal
securities activities and the need to strengthen the supervision over overseas listings by Chinese companies.
Based
on the advice of PRC counsel, Sundial Law Firm, and our understanding of currently applicable PRC laws and regulations, the Company and
its PRC subsidiaries: (i) are not currently required to obtain permissions from any PRC authorities to operate or to issue securities
to foreign investors; (ii) are not subject to permission requirements from the China Securities Regulatory Commission (the "CSRC"),
the Cyberspace Administration of China (the "CAC") or any other entity that is required to approve their operations; and
(iii) have not been denied any permissions by any PRC authorities. In addition, Fenbo Industries Limited, our Hong Kong subsidiary that
owns 100% of the outstanding shares of Fenbo Plastic Products Factory (Shenzhen) Ltd., is afforded the legal protections of national
treatment under the Foreign Investment Law of the People's Republic of China.
If
we have erroneously concluded that these permission requirements do not apply to us, or if applicable laws, regulations, or interpretations
change, and it is determined in the future that the permission requirements become applicable to us, we may be subject to review, may
face challenges in addressing these requirements and may incur substantial costs in complying with these requirements, which could result
in material adverse changes in our business operations and financial position. In addition, if we are not able to fully comply with the
Measures for Cybersecurity Review (2021 version) or if the Opinions come into effect and are determined to be applicable to us, our ability
to offer or to continue to offer securities to investors may be significantly limited or completely hindered, and our securities may
significantly decline in value or become worthless.
Given
the current PRC regulatory environment, it is uncertain whether the Company will be required to obtain permission from the PRC government
to list on U.S. exchanges in the future, and if such permission is required, whether it will be denied or later rescinded. We have been
closely monitoring regulatory developments in China regarding any necessary approvals from the CSRC or other PRC governmental authorities
required for overseas listings. As of the date of this Annual Report, we have not received any inquiry, notice, warning, sanctions, or
regulatory objection to our recent IPO from the CSRC or other PRC governmental authorities. However, there remains significant uncertainty
as to the enactment, interpretation and implementation of regulatory requirements related to overseas securities offerings and other
capital markets activities.
According
to the Administration Provision and the Measures (Draft for Comments), only new offerings and refinancing by existent overseas listed
Chinese companies will be required to go through the filing process with PRC administrations; other existent overseas listed companies
will be allowed sufficient transition period to complete their filing procedure, which means if we complete the offering prior to the
effectiveness of Administration Provisions and Measures, we will certainly go through the filing process in the future, perhaps because
of refinancing or given by sufficient transition period to complete filing procedure as an existent overseas listed Chinese company.
17
On
February 17, 2023, with the approval of the State Council, the CSRC promulgated the Trial Administrative Measures of Overseas Securities
Offering and Listing by Domestic Companies, or the Trial Measures, and five supporting guidelines, which became effective on March 31,
2023. Pursuant to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly,
shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures within three working days following
their submission of initial public offerings or listing applications. If a domestic company fails to complete the required filing procedures
or conceals any material fact or falsifies any major content in its filing documents, such domestic company may be subject to administrative
penalties, such as an order to rectify, warnings and fines, and its controlling shareholders, actual controllers, the person directly
in charge and other directly liable persons may also be subject to administrative penalties, such as warnings and fines; (ii) if the
issuer meets both of the following criteria, the overseas offering and listing conducted by such issuer shall be deemed an indirect overseas
offering and listing by a PRC domestic company: (A) 50% or more of any of the issuer's operating revenue, total profit, total assets
or net assets as documented in its audited consolidated financial statements for the most recent fiscal year were derived from PRC domestic
companies; and (B) the majority of the issuer's business activities are carried out in mainland China, or its main place(s) of
business are located in mainland China, or the majority of its senior management team in charge of its business operations and management
are PRC citizens or have their usual place(s) of residence located in mainland China; and (C) where a PRC domestic company is seeking
an indirect overseas offering and listing in an overseas market, the issuer shall designate a major domestic operating entity responsible
for all filing procedures with the CSRC, and where an issuer makes an application for an initial public offering or listing in an overseas
market, the issuer shall submit filings with the CSRC within three business days after such application is submitted.
If
it is determined in the future that the approval of the CSRC, the CAC or any other regulatory authority is required for IPO future offerings,
we may face sanctions by the CSRC, the CAC or other PRC regulatory agencies. These regulatory agencies may impose fines and penalties
on our operations in China, limit our ability to pay dividends outside of China, limit our operations in China, delay or restrict the
repatriation of the proceeds from our IPO into China or take other actions that could have a material adverse effect on our business,
financial condition, results of operations and prospects, as well as the trading price of our securities. The CSRC, the CAC, or other
PRC regulatory agencies also may take actions requiring us, or making it advisable for us, to halt any future public offerings before
settlement and delivery of our Ordinary Shares to future investors. Consequently, if investors engage in market trading or other activities
in anticipation of and prior to settlement and delivery of our Ordinary Shares, such investors do so at the risk that settlement and
delivery may not occur. In addition, if the CSRC, the CAC or other regulatory PRC agencies later promulgate new rules requiring that
we obtain their approvals for future public offerings, we may be unable to obtain a waiver of such approval requirements, if and when
procedures are established to obtain such a waiver. Any uncertainties and/or negative publicity regarding such an approval requirement
could have a material adverse effect on the trading price of our securities.
Risks
Related to Our Operating Subsidiaries' Business Operations
We
rely on one major customer, and if we fail to retain this customer or attract new customers, our business, financial condition, results
of operations, and growth prospects will be harmed.
We
rely on one key customer who contributed approximately 100% of our total revenues for the fiscal year ended December 31, 2023, 2022 and
2021. We do not have a long-term agreement with our key customer and their purchases are made on an order-by-order basis. Our business
with this customer has been, and we expect it will continue to be, conducted based on the actual orders received from time to time. Our
sole customer is not obligated in any way to continue placing orders with us at the same or increasing levels, or at all. Our customer's
level of demand for our products may fluctuate significantly from period to period. Such fluctuation is attributable mainly to changes
in our customer's business strategies, operational needs, product portfolio as well as consumer trends. The loss of our sole customer,
or if we are unable to attract new customers or if our existing customer decreases their spending on the products we offer, or fails
to make repeat purchases of our products, will harm our business, financial condition, results of operations, and growth prospects.
18
Our
one key customer may take actions that adversely affect our gross profit and operating results
.
We
are dependent upon our one key customer whose bargaining strength is substantial and growing. We may be negatively affected by changes
in their policies, such as price and term demands, special packaging, shorter lead times for the delivery of products, smaller and more
frequent shipments, or other conditions. If we do not effectively respond to these demands, this customer could decrease their purchases
from us and a reduction in the demand for our products or the costs of complying with their business demands could have a material adverse
effect on our business, operating results, and financial condition.
Our
ability to deliver products to our key customer in a timely manner and to satisfy our customer's fulfillment standards are subject
to several factors, some of which are beyond our control
.
Our
key customer places great emphasis on timely delivery of our products for specific selling seasons, especially during our third fiscal
quarter, and on the fulfillment of consumer demand throughout the year. We cannot control all of the various factors that might affect
our product delivery. Production delays, difficulties encountered in shipping from overseas, customs clearance delays, and operational
issues with any of the third-party logistics providers we use are on-going risks of our business. Accordingly, we are subject to risks,
including labor disputes, inclement weather, public health crises (such as pandemics and epidemics), natural disasters, possible acts
of terrorism, port and canal backlogs and blockages, availability of shipping containers, and increased security restrictions associated
with the carriers' ability to provide delivery services to meet our shipping needs. These risks have been exacerbated by surges
in demand and shifts in shopping patterns related to COVID-19, which has resulted in carrier-imposed capacity restrictions, carrier delays,
and longer lead times for our products. Failure to deliver products to our key customer in a timely and effective manner could damage
our reputation and result in the loss of our key customer or reduced orders, which could have a material adverse effect on our business,
operating results, and financial condition.
To
compete successfully in the global marketplace, we must develop and introduce innovative new products to meet changing consumer preferences.
Our
long-term success in the competitive personal care electric appliance industry depends on our ability to develop and commercialize a
continuing stream of innovative new products that meet changing consumer preferences and take advantage of opportunities sooner than
our competition. We face the risk that our competitors will introduce innovative new products that compete with our products. There are
numerous uncertainties inherent in successfully developing and commercializing new products on a continuing basis and new product launches
may not deliver expected growth in sales or operating income. If we are unable to develop and introduce a continuing stream of competitive
new products it may have an adverse effect on our business, operating results, and financial condition.
Our
Operating Subsidiaries may not be able to obtain or maintain all necessary licenses, permits and approvals and to make all necessary
registrations and filings for their business activities in multiple jurisdictions and related to residents.
In
accordance with the relevant laws and regulations in the PRC, our Operating Subsidiaries are required to maintain various approvals,
licenses and permits to operate their businesses, including, but not limited to, business licenses. These approvals, licenses and permits
are obtained upon satisfactory compliance with, among other things, the applicable laws, and regulations.
Our
Operating Subsidiaries may be subject to a large number of regulatory measures imposed by various governmental entities in the PRC as
follows: (i) Regulations Relating to Competition; (ii) Electronical Commerce Law; (iii) Regulations Relating to Intellectual Property:
Copyright, Trademark, Patent and Domain Name; (iv) Regulations on Offshore Parent Holding Companies' Direct Investment in and Loans
to their PRC Subsidiaries; (v) Regulations Relating to Foreign Exchange; (vi) Regulations Relating to Dividend Distributions; (vii) Regulations
Relating to Overseas Listings; (viii) Regulations Relating to Employment; (ix) Regulations Relating to Customer Rights Protection; and
(x) Regulations Relating to Tax: Income Tax, Value-Added Tax. As of the date of this Annual Report, our Operating Subsidiaries have received
all necessary governmental approvals and licenses for operations in the PRC and have not been denied any such licenses or approvals.
19
Moreover,
our Operating Subsidiaries are also subject to laws, regulations and policies relating to the protection of the environment and to workplace
health and safety and may be adversely affected by new and changing laws and regulations. They are required to adopt measures to control
the discharge of polluting matters, toxic substances or hazardous substances and noise at their facilities in accordance with such applicable
laws and regulations and to implement such measures that ensure the safety and health of their employees. Changes to current laws, regulations
or policies or the imposition of new laws, regulations, and policies in the personal care electric appliance industry could impose new
restrictions or prohibitions on their current practices. Our Operating Subsidiaries may incur significant costs and expenses and need
to budget additional resources to comply with any such requirements, which may have a material and adverse effect on their business,
financial condition, results of operations and prospects.
As
of the date of this Annual Report, our Operating Subsidiaries have received all substantial and necessary governmental approvals for
operations in the PRC and Hong Kong. However, in the event that our Operating Subsidiaries fail to renew the relevant licenses or filings,
there is no assurance that our Operating Subsidiaries can find suitable suppliers in a timely manner or on reasonable commercial terms,
or that such suppliers will at all times perform in a satisfactory level. Therefore, our Operating Subsidiaries' business, reputation,
prospects, results of operations and financial condition may be materially and adversely affected. For further discussion, including
the possible consequences for non-compliance, see "Regulatory Environment."
Significant
changes in or our compliance with regulations, interpretations or product certification requirements could adversely impact our operations.
We
are subject to U.S. and foreign regulations, including environmental, health and safety laws, and industry-specific product certifications.
Our products we sell are subject to product safety laws and regulations in various jurisdictions. These laws and regulations specify
product safety testing requirements, and set product identification, labeling and claim requirements.
Significant
new regulations, material changes to existing regulations, or greater oversight, enforcement, or changes in interpretation of existing
regulations, could further delay or interrupt distribution of our products in the U.S. and other countries, result in fines or penalties
or cause our costs of compliance to increase. We cannot guarantee that our products will receive regulatory approval in all countries.
Some of our personal care electronic appliances require various safety certifications, including UL certifications. Significant new certification
requirements or changes to existing certification requirements could further delay or interrupt distribution of our products or make
them more costly to produce.
We
are not able to predict the nature of potential changes to, or enforcement of laws, regulations, product certification requirements,
repeals, or interpretations. Nor are we able to predict the impact that any of these changes would have on our business in the future.
Further, if we were found to be noncompliant with applicable laws and regulations in these or other areas, we could be subject to governmental
or regulatory actions, including fines, import detentions, injunctions, product withdrawals or recalls or asset seizures, any of which
could have a material adverse effect on our business, results of operations and financial condition.
Our
business may be adversely impacted by product defects or other quality issues.
Product
defects or other quality issues can occur throughout the product development, design, and manufacturing processes. Any product defects
or any other failure of our products or substandard product quality could harm our reputation and result in adverse publicity, lost revenues,
delivery delays, product recalls, relationships with our network partners and other business partners, product liability claims, administrative
penalties, harm to our brand and reputation, and significant warranty and other expenses, and could have a material adverse impact on
our business, financial condition, operating results and prospects.
20
Our
Operating Subsidiaries' business and operations may be materially and adversely affected in the event of a re-occurrence or a prolonged
global pandemic outbreak of COVID-19.
The
global pandemic outbreak of COVID-19 announced by the World Health Organization in early 2020 has disrupted our Operating Subsidiaries'
operations and the operations of their customers, suppliers and/or sub-contractors. If the development of the COVID-19 outbreak becomes
more severe or new and more deadly variants occur resulting in more stringent regulatory measures being taken, such as complete lockdowns,
our Operating Subsidiaries may be forced to close down their businesses after any prolonged disruptions to their operations, and our
Operating Subsidiaries may experience a termination of certain of their contracts by their customer. In such event, our Operating Subsidiaries'
operations may be severely disrupted, which may have a material and adverse effect on our business, financial condition, and results
of operations. In addition, if any of our Operating Subsidiaries' employees are suspected of having contracted COVID-19, some or
all of such employees may be quarantined, and our Operating Subsidiaries will be required to disinfect their workplaces and facilities.
In the event that our Operating Subsidiaries' employees are placed under quarantine orders, our Operating Subsidiaries may face
a shortage of labor and their operations may be severely disrupted. Our Operating Subsidiaries' revenue and profitability may also
be materially affected if the COVID-19 outbreak or new outbreaks continue to materially affect the overall economic and market conditions
in Hong Kong or China, as the economic slowdown and/or negative business sentiment could potentially have an adverse impact on our Operating
Subsidiaries' business and operations. We are uncertain as to when any new outbreaks of COVID-19 will be contained, and we cannot
predict if the impact of any such outbreaks or associated lockdown measures will be short-lived or long-lasting. If the outbreaks of
COVID-19 are not effectively controlled within a short period of time, our business, financial condition, results of operations and prospects
may be materially and adversely affected.
The
first cases of the BA.5 variant of COVID-19 in China were detected in the first week of July. In Shanghai, authorities ordered mass testing
for 12 of its 16 districts in response to new infections linked to a karaoke bar. Although the Chinese government lifted a months-long
lockdown in Shanghai in June 2022, Shanghai remains subject to COVID-19 restrictions based on frequent testing. As of the date of this
Annual Report, our Operating Subsidiaries' business operations have not been adversely affected by the BA.5 variant.
Global
climate change and related legal and regulatory developments could negatively affect our business, results of operations, liquidity,
and financial condition.
The
effects of climate change resulting from increased concentrations of carbon dioxide and other greenhouse gases in the atmosphere, such
as
droughts, heat waves, flooding, wildfires, increased storm severity, sea level rise, and power
outages or shortages, particularly in certain regions in which we operate, may materially adversely impact our business. China, where
our manufacturing operations are conducted, is presently undergoing the worst heat wave in 60 years while also contending with a prolonged
drought drying up reservoirs and crippling hydropower stations. This has resulted in power shortages and factories having to cease or
limit their production operations. While the Company has not experienced any disruptions in the operations of its manufacturing operating
subsidiary, any such disruptions could have a material adverse effect on its business, operations, liquidity, and financial condition.
An
economic downturn may adversely affect consumer discretionary spending and demand for our products and services.
Our
products and services may be considered discretionary items for consumers. Factors affecting the level of consumer spending for such
discretionary items include general economic conditions and other factors, such as consumer confidence in future economic conditions,
consumer sentiment, the availability and cost of consumer credit, levels of unemployment, and tax rates. Unfavorable economic conditions
may lead consumers to delay or reduce purchases of our products and services and consumer demand for our products and services may not
grow as we expect. Our sensitivity to economic cycles and any related fluctuation in consumer demand for our products and services may
have an adverse effect on our operating results and financial condition.
The
war in Ukraine and shipping disruptions in the Red Sea could materially and adversely affect our business and results of operations.
The
recent outbreak of war in Ukraine has already affected global economic markets, including a dramatic increase in the price of oil and
gas, and the uncertain resolution of this conflict could result in protracted and/or severe damage to the global economy. Russia's
recent military interventions in Ukraine have led to, and may lead to, additional sanctions being levied by the United States, the European
Union, and other countries against Russia and possibly countries that support, directly or indirectly, Russia's incursion. Russia's
military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the businesses
of our customers, even though we do not have any direct exposure to Russia or the adjoining geographic regions. The extent and duration
of the military action, sanctions and resulting market disruptions are impossible to predict, but could be substantial. Any such disruptions
caused by Russian military action or resulting sanctions may magnify the impact of other risks described herein. We cannot predict the
progress or outcome of the situation in Ukraine, as the conflict and governmental reactions are rapidly developing and beyond their control.
Prolonged unrest intensified military activities or more extensive sanctions impacting the region could have a material adverse effect
on the global economy, and such effect could in turn have a material adverse effect on our business, financial condition, results of
operations and prospects.
21
Recently
there have been shipping disruptions in the Red Sea and surrounding waterways due to attacks on marine vessels by the Houthi movement
which controls part of Yemen. These disruptions may impact our ability to distribute our products to our customers in a cost-effective
and timely manner and to meet our customers' demands, all of which could have an adverse effect on financial condition and results
of operations.
Our
Operating Subsidiaries rely on our management team and employees in their business.
Our
experienced executive directors and senior management team are one of the key factors contributing to our Operating Subsidiaries'
success. Their extensive experience and knowledge of the personal care electric appliance industry help formulate and implement business
strategy and foster growth of our Operating Subsidiaries' business. Particularly, we rely on our Executive Director, Mr. Li Kin
Shing, in the overall management, strategic planning and development and daily operation of our Operating Subsidiaries. The loss of services
of our Executive Director or of senior management members without timely and suitable replacement may cause disruption or loss of our
Operating Subsidiaries' business operation and prospects. Please refer to "Management – Executive Officers and Directors,"
"– Independent Non-Executive Directors" and "– Senior Management/Key Personnel" in this Annual Report
for details about the experience and roles of our Executive Directors, independent non-executive Directors, and senior management.
Aside
from our key management, our Operating Subsidiaries also rely on our employees for their daily operations. Our Operating Subsidiaries'
results of operations and business performance may be materially and adversely affected if we cannot retain the services of our employees
and recruit suitable replacements in a timely manner.
Our
Operating Subsidiaries derive a significant portion of their revenue from international operations and are exposed to foreign exchange
risk
.
Moreover, fluctuations in exchange rates could have a material and adverse effect on our results of operations and
the value of your investment
.
Most
of our Operating Subsidiaries' sales are settled in USD. Our Operating Subsidiaries currently do not have a foreign currency hedging
policy. For the fiscal year ended December 31, 2023, our Operating Subsidiaries recorded a net foreign exchange gain of approximately
HK$213,000. For the fiscal year ended December 31, 2022, our Operating Subsidiaries did not record any foreign exchange gain or loss whereas
for the fiscal year ended December 31, 2021, our Operating Subsidiaries recorded a net foreign exchange gain of approximately HK$459,000.
Significant volatility in foreign exchange rates may negatively affect our results of operations and other comprehensive income.
In
addition, our Operating Subsidiaries' revenues and expenses will also be denominated in Hong Kong dollars. Although the exchange
rate between of the Hong Kong dollar to the U.S. dollar has been pegged since 1983, we cannot assure you that the Hong Kong dollar will
remain pegged to the U.S. dollar. Any significant fluctuations in the exchange rates between Hong Kong dollars and U.S. dollars may have
a material adverse effect on our Operating Subsidiaries' revenue and financial condition. For example, to the extent that we were
required to convert U.S. dollars we received from our IPO into Hong Kong dollars for our Operating Subsidiaries' operations, fluctuations
in the exchange rates of the Hong Kong dollar against the U.S. dollar would have an adverse effect on the amounts we receive from the
conversion. We have not used any forward contracts, futures, swaps, or currency borrowings to hedge our exposure to foreign currency
risk.
Our
Operating Subsidiaries are exposed to the credit risk of their customers
.
The
credit risk exposure of our Operating Subsidiaries mainly arises from trade receivables from our customers. As of December 31, 2023,
2022 and 2021, our Operating Subsidiaries' accounts receivables amounted to approximately HK$31,486,000, HK$32,938,000 and HK$46,395,000,
respectively, which represented approximately 30.6%, 41.2% and 49.3% of total assets, respectively. For the fiscal years ended December
31, 2023, 2022 and 2021, our Operating Subsidiaries did not record any impairment/reversal of accounts receivables. However, our Operating
Subsidiaries are still subject to the credit risk of their customers and their liquidity is dependent on their customers making prompt
payments.
22
Furthermore,
our Operating Subsidiaries' suppliers generally offer them a credit period of 30 days to 60 days, while our Operating Subsidiaries
generally grant their customers a credit period ranging from 30 days to 90 days. The longer credit period granted to our Operating Subsidiaries'
customers compared to that offered by their suppliers indicates a potential risk of a possible cash flow shortage, which may affect the
liquidity of their business. In the event that our Operating Subsidiaries experience a cash flow shortage when their customers do not
make settlements on a timely manner, the financial position, profitability, and cash flow of our Operating Subsidiaries may be adversely
affected.
Our
Operating Subsidiaries may be harmed by negative publicity.
Our
Operating Subsidiaries operate in highly competitive industries, and there are other companies in the market that offer similar products
and services. They derive most of their customers through word of mouth and rely on the positive feedback of their customers. Thus, customer
satisfaction with our Operating Subsidiaries' products is critical to the success of their business. If our Operating Subsidiaries
fail to meet our customer's expectations, there may be negative feedback which may have an adverse impact on our Operating Subsidiaries'
business and reputation. In the event that our Operating Subsidiaries are unable to maintain a high level of customer satisfaction, or
any customer dissatisfaction is inadequately addressed, our Operating Subsidiaries' business, financial condition, results of operations
and prospects may also be adversely affected.
Our
Operating Subsidiaries' reputation may also be adversely affected by negative publicity in reports and publications such as major
newspapers and forums or any other negative publicity or rumors. There is no assurance that our Operating Subsidiaries will not experience
negative publicity in the future or that such negative publicity will not have a material and adverse effect on their reputation or prospects.
This may result in our Operating Subsidiaries' being unable to attract new customers or retain existing customers and may in turn
adversely affect their business and results of operations.
We
may be unable to successfully implement our business strategies and future plans for our Operating Subsidiaries.
As
part of our business strategies and future plans, we intend to expand our Operating Subsidiaries' operations. While we have planned
such expansion based on our outlook regarding our Operating Subsidiaries' business prospects, there is no assurance that such expansion
plans will be commercially successful or that the actual outcome of those expansion plans will match our expectations. The success and
viability of our expansion plans are dependent upon our ability to successfully implement our development projects, hire and retain skilled
employees to carry out our Operating Subsidiaries' product development and new market strategies and future plans and implement
strategic business development and marketing plans effectively and upon an increase in demand for their products by existing and new
customers in the future.
Further,
the implementation of our business strategies and future plans for our Operating Subsidiaries' business operations may require
substantial capital expenditure and additional financial resources and commitments. There is no assurance that these business strategies
and future plans will achieve the expected results or outcome such as an increase in revenue that will be commensurate with our investment
costs or the ability to generate any cost savings, increased operational efficiency and/or productivity improvements to our Operating
Subsidiaries' operations. There is also no assurance that we will be able to obtain financing on terms that are favorable, if at
all. If the results or outcome of our future plans do not meet our expectations, including if our Operating Subsidiaries fail to achieve
a sufficient level of revenue or fail to manage their costs efficiently, we may not be able to recover our investment costs, and our
business, financial condition, results of operations and prospects may be adversely affected.
23
Risks
Related to Our Operating Subsidiaries' Industry
An
economic downturn may adversely affect consumer discretionary spending and demand for our products and services.
Our
personal care electric appliance products may be considered discretionary items for consumers. Factors affecting the level of consumer
spending for such discretionary items include general economic conditions and other factors, such as consumer confidence in future economic
conditions, consumer sentiment, the availability and cost of consumer credit, levels of unemployment, and tax rates. Unfavorable economic
conditions may lead consumers to delay or reduce purchases of our products and consumer demand for our products and services may not
grow as we expect. Our sensitivity to economic cycles and any related fluctuation in consumer demand for our products and services may
have an adverse effect on our operating results and financial condition.
Risks
Related to Our Securities
As
of the date of this Annual Report, we: (i) are not required to obtain permissions from any PRC authorities to operate or issue our Ordinary
Shares to foreign investors; (ii) are not subject to permission requirements from the China Securities Regulatory Commission (the "CSRC"),
the Cyberspace Administration of China (the "CAC") or any other entity that is required to approve of our PRC subsidiaries'
operations; and (iii) have not received or were denied such permissions by any PRC authorities. Given the current PRC regulatory environment,
it is uncertain when and whether we will be required to obtain permission from the PRC government to list on U.S. exchanges in the future,
and even when such permission is obtained, whether it will be denied or rescinded.
As
of the date of this Annual Report, we: (i) are not required to obtain permissions from any PRC authorities to operate or issue our Ordinary
Shares to foreign investors; (ii) are not subject to permission requirements from the China Securities Regulatory Commission (the "CSRC"),
the Cyberspace Administration of China (the "CAC") or any other entity that is required to approve of our PRC subsidiaries'
operations; and (iii) have not received or were denied such permissions by any PRC authorities. We are also currently not required to
obtain any pre-approval from Chinese authorities to list on a U.S. stock exchange, including the NYSE, Nasdaq, or any of the Nasdaq Markets.
Given the current PRC regulatory environment, it is uncertain when and whether we will be required to obtain permission from the PRC
government to list on U.S. exchanges in the future, and even when such permission is obtained, whether it will be denied or rescinded.
As of the date of this Annual Report, we have not received any inquiry, notice, warning, sanctions, or regulatory objection to our recent
IPO from the CSRC or other PRC governmental authorities. However, if we are required to obtain approval in the future and are denied
permission from Chinese authorities to list on U.S. exchanges, we will not be able to list on a U.S. exchange, which would materially
affect the interest of our investors.
In
response to recent data security concerns arising from overseas listings of Chinese internet companies operating in the PRC, on January
4, 2022, the Cyberspace Administration of China (the "CAC") issued revised measures to expand the types of businesses and
circumstances that would require cybersecurity review by the CAC. We believe that we may be directly subject to these regulatory actions
or statements as our Operating Subsidiaries' business involves the collection of user data and may implicate cybersecurity and
involve any other type of restricted industry. Because these statements and regulatory actions are new, however, it is highly uncertain
how soon legislative or administrative regulation making bodies in China will respond to them, or what existing or new laws or regulations
will be modified or promulgated, if any, or what the potential impact any such modified or new laws and regulations will be on our Operating
Subsidiaries' daily business operations or our ability to accept foreign investments and list on a U.S. exchange. For further information,
see "Risks Factors – Risks Related to Doing Business in the People's Republic of China and Hong Kong."
Any
future action by the Chinese government to exert more oversight and control over offerings that are conducted overseas and/or foreign
investment in China-based issuers or expanding the categories of industries and companies whose foreign securities offerings are subject
to government review could significantly limit or completely hinder our ability to offer or continue to offer securities to investors
and cause the value of our securities to significantly decline or the securities to become worthless
.
Recent
statements by the Chinese government have indicated an intent to exert greater oversight and control over offerings that are conducted
overseas and/or over foreign investments in China-based issuers. 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.
24
Additionally,
we could be subject to various government and regulatory interference in the regions in which we operate, which could result in a material
change in our operations and the value of the securities. Pursuant to Article 6 of the Revised Draft, companies holding data of more
than one million users must now apply for cybersecurity approval when seeking overseas listings because of the risk that such data and
personal information could be "affected, controlled, and maliciously exploited by foreign governments." As confirmed by our
PRC counsel, Sundial Law Firm we currently are not subject to cybersecurity review with the CAC to conduct business operations in China,
given that: (i) we are not the "operator of critical information infrastructure" or "online platform operator"
(ii) we do not possess a large amount of personal information in our business operations, and (iii) as of the date of this Annual Report,
we have not been involved in any investigations initiated by the CAC, nor have we received any inquiry, notice, warning or sanction in
such respect.
On
February 17, 2023, with the approval of the State Council, the China Securities Regulatory Commission (the "CSRC") promulgated
the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies ("Trial Measures"), and
five supporting guidelines, which came into effect on March 31, 2023. Pursuant to the
Trial Measures
, domestic companies that
seek to offer or list securities overseas, both directly and indirectly, shall complete filing procedures with the CSRC pursuant to the
requirements of the
Trial Measures
within three working days following their submission of initial public offerings or listing
applications. If a domestic company fails to complete the required filing procedures or conceals any material fact or falsifies any major
content in its filing documents, such domestic company may be subject to administrative penalties, such as an order to rectify, warnings
and fines, and its controlling shareholders, actual controllers, the person directly in charge and other directly liable persons may
also be subject to administrative penalties, such as warnings and fines.
As
of the date of this Annual Report, we have not received any formal inquiry, notice, warning, sanction, or objection from the CSRC with
respect to the listing of our Ordinary Shares, and, in the opinion of our PRC legal counsel, Sundial Law Firm, the filing requirements
under the Trial Measurements do not apply to the Company since: (i) the revenue, total profit, total assets or net assets of FPPF was
less than 50% of that of the Company in total for the fiscal years ended December 31, 2023 and 2022; and (ii) the majority of senior
management are non-PRC citizens and reside in Hong Kong.
However,
there can be no assurance that the relevant PRC governmental authorities, including the CSRC, would reach the same conclusion as us,
or that the CSRC or any other PRC governmental authorities would not promulgate new rules or new interpretation of current rules (with
retrospective effect) to require us to obtain CSRC or other PRC governmental approvals for our recent IPO or future offerings. If we
inadvertently concluded that such approvals were not required, our ability to offer or continue to offer our Ordinary Shares to investors
could be significantly limited or completed hindered, which could cause the value of our Ordinary Shares to significantly decline or
become worthless. We may also face sanctions by the CSRC, the CAC or other PRC regulatory agencies. These regulatory agencies may impose
fines, penalties, limit our operations in China, or take other actions that could have a material adverse effect on our business, financial
condition, results of operations and prospects, as well as the trading price of our securities.
The
promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, may restrict or otherwise unfavorably
impact our ability or way to conduct business and may require us to change certain aspects of our business to ensure compliance, which
could decrease demand for our services, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals or certificates,
or subject us to additional liabilities.
We
may not maintain the listing of our Ordinary Shares on the Nasdaq Capital Market, which could limit investors' ability to make
transactions in our Ordinary Shares and subject us to additional trading restrictions.
Our
Ordinary Shares are listed on the Nasdaq Capital Market. In order to continue listing our shares on the Nasdaq Capital Market, we must
maintain certain financial and share price levels and we may be unable to meet these requirements in the future. We cannot assure you
that our Ordinary Shares will continue to be listed on Nasdaq in the future.
25
If
Nasdaq delists our Ordinary Shares and we are unable to list our shares on another national securities exchange, we expect that our shares
could be quoted on an over-the-counter market in the United States. If this were to occur, we could face significant material adverse
consequences, including:
●
a limited availability
    of market quotations for our Ordinary Shares;
●
reduced liquidity for our
    Ordinary Shares;
●
a determination that our
    Ordinary Shares are "penny stock," which will require brokers trading in our shares to adhere to more stringent rules
    and possibly result in a reduced level of trading activity in the secondary trading market for our Ordinary Shares;
●
a limited amount of news
    and analyst coverage; and
●
a decreased ability to
    issue additional securities or obtain additional financing in the future.
As
long as our Ordinary Shares are listed on Nasdaq, U.S. federal law prevents or preempts states from regulating their sale. However, the
law does allow states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then
states can regulate or bar their sale. Further, if we were no longer listed on Nasdaq, we would be subject to regulations in each state
in which we offer our shares.
Nasdaq
may apply additional and more stringent criteria for our continued listing.
Nasdaq
Listing Rule 5101 provided Nasdaq with broad discretionary authority over our Initial Public Offering and further provides Nasdq with
such discretionary authority over the continued listing of our securities in Nasdaq. In general, Nasdaq may use such discretion to deny
initial listings, apply additional or more stringent criteria for the initial or continued listings of particular securities, or suspend
or delist particular securities based on any event, condition, or circumstance that exists or occurs that makes initial or continued
listing of the securities on Nasdaq inadvisable or unwarranted in the opinion of Nasdaq, even though the securities meet all enumerated
criteria for initial or continued listing on Nasdaq. In addition, Nasdaq has used its discretion to deny initial or continued listings
or to apply additional and more stringent criteria in the instances, including but not limited to where: (i) the company engaged an auditor
that has not been subject to an inspection by PCAOB, an auditor that PCAOB cannot inspect, or an auditor that has not demonstrated sufficient
resources, geographic reach, or experience to adequately perform the company's audit; (ii) where a company planned a small public
offering, which would result in insiders holding a large portion of the company's listed securities; and (iii) where the company
did not demonstrate sufficient nexus to the U.S. capital market, including having no U.S. shareholders, operations, or members of the
board of directors or management. For the any aforementioned concerns, we may be subject to the additional and more stringent criteria
of Nasdaq for our continued listing of our Ordinary Shares.
Our
stock price may be volatile, and the value of our Ordinary Shares may decline.
We
cannot predict the prices at which our Ordinary Shares trade. The IPO price of our Ordinary Shares was determined by negotiations between
us and the underwriters and may not bear any relationship to any other established criteria of the value of our business and prospects.
The market price of our Ordinary Shares may fluctuate substantially in response to various factors, some of which are beyond our control.
These fluctuations could cause an investor to lose all or part of their investment in our Ordinary Shares as they may be unable to sell
their Ordinary Shares.
Moreover,
the stock market has recently experienced extreme price and volume fluctuations. Broad market and industry fluctuations, as well as general
economic, political, regulatory and market conditions, may also negatively impact the market price of our Ordinary Shares. Price volatility
may be greater if the public float and trading volume of shares of our Ordinary Shares is low. Furthermore, in the past, companies that
have experienced volatility in the market price of their securities have been subject to securities class-action litigation following
periods of volatility in the market price of their securities. We may be the target of this type of litigation in the future, which could
result in substantial costs, divert management's attention and resources, and harm our business, financial condition, and results
of operations.
26
Certain
recent initial public offerings of companies with smaller public floats have experienced extreme stock price and volume fluctuations
seemingly unrelated to company performance. Such volatility, if it should occur to us, may make it difficult for prospective investors
to assess the rapidly changing value of our Ordinary Shares.
Certain
recent instances of extreme stock price and volume fluctuations have been seemingly unrelated to company performance following a number
of recent initial public offerings, particularly among companies with relatively smaller public floats, and we expect that such instances
may continue and/or increase in the future. The trading price of our Ordinary Shares is likely to be volatile, and our Ordinary Shares
may be subject to rapid and substantial price volatility. Such volatility, including any stock run-ups, may be unrelated or disproportionate
to our actual or expected operating performance and financial condition or prospects and may distort the market perception of our Ordinary
Shares, price and our Company's financial performance and public image, negatively affect the long-term liquidity of our Ordinary
Shares, regardless of our actual or expected operating performance. If we encounter such volatility, it will likely make it difficult
and confusing for prospective investors to assess the rapidly changing value of our Ordinary Shares and understand the value thereof.
We
also anticipate that our Ordinary Shares are likely to be more sporadically and thinly traded than that of larger, more established companies
with larger public floats. As a consequence of this lack of liquidity, the trade of relatively small quantities of Ordinary Shares by
our stockholders may disproportionately influence the price of those shares in either direction. The price of our Ordinary Shares could,
for example, decline precipitously in the event that a large number of our Ordinary Shares are sold on the market without commensurate
demand as compared to a larger, more established issuer that could better absorb those sales without adverse impact on its stock price.
If
securities or industry analysts do not publish research or publish unfavorable or inaccurate research about our business, the market
price and trading volume of our Ordinary Shares could decline.
The
market price and trading volume of our Ordinary Shares will be heavily influenced by the way analysts interpret our financial information
and other disclosures. We do not have control over these analysts. If few securities analysts commence coverage of us, or if industry
analysts cease coverage of us, our Ordinary Share price could be negatively affected. If securities or industry analysts do not publish
research or reports about our business, downgrade our Ordinary Shares, or publish negative reports about our business, our Ordinary Share
price would likely decline. If one or more of these analysts cease coverage of us or fail to publish reports on us regularly, demand
for our Ordinary Shares could decrease, which might cause our Ordinary Share price to decline and could decrease the trading volume of
our Ordinary Shares.
Because
we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of our Ordinary Shares for a return
on your investment.
We
currently intend to retain all of our available funds and any future earnings to fund the development and growth of our business. As
a result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on an investment in our
Ordinary Shares as a source for any future dividend income. Our Board of Directors has complete discretion as to whether to distribute
dividends, subject to certain requirements of Hong Kong law. Even if our Board of Directors decides to declare and pay dividends, the
timing, amount, and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow,
our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition,
contractual restrictions, and other factors as determined by our Board of Directors. Accordingly, the return on an investment in our
Ordinary Shares will likely depend entirely upon any future price appreciation of our Ordinary Shares. There is no guarantee that our
Ordinary Shares will appreciate in value or even maintain the price at which an investor may have purchased our shares. An investor may
not realize a return on their investment in our Ordinary Shares and may even lose their entire investment.
As
an exempted company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate
governance matters that differ significantly from Nasdaq Capital Market corporate governance listing standards. These practices may afford
less protection to shareholders than they would enjoy if we complied fully with Nasdaq Capital Market corporate governance listing standards.
As
a foreign private issuer whose Ordinary Shares are currently listed on the Nasdaq Capital Market, we rely on a provision in the Nasdaq
Capital Market corporate governance listing standards that allows us to follow Cayman Islands law with regard to certain aspects of corporate
governance. This allows us to follow certain corporate governance practices that differ in significant respects from the corporate governance
requirements applicable to U.S. companies listed on the Nasdaq Capital Market.
27
For
example, we are exempt from Nasdaq Capital Market regulations that require a listed U.S. company to:
●
have
    a majority of the board of directors consist of independent directors;
●
require
    non-management directors to meet on a regular basis without management present;
●
have
    an independent compensation committee;
●
have
    an independent nominating committee; and
●
seek
    shareholder approval for the implementation of certain equity compensation plans and dilutive issuances of Ordinary Shares, such
    as transactions, other than a public offering, involving the sale of 20% or more of our Ordinary Shares for less than the greater
    of the book or market value of the shares.
As
a foreign private issuer, we are permitted to follow home country practice in lieu of the above requirements. Our audit committee is
required to comply with the provisions of Rule 10A-3 of the Exchange Act, which is applicable to U.S. companies listed on the Nasdaq
Capital Market. Therefore, we have a fully independent audit committee in accordance with Rule 10A-3 of the Exchange Act. However, because
we are a foreign private issuer, our audit committee is not subject to additional Nasdaq Capital Market corporate governance requirements
applicable to listed U.S. companies, including the requirements to have a minimum of three members and to affirmatively determine that
all members are "independent," using more stringent criteria than those applicable to us as a foreign private issuer.
Further,
because we are a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations
in the United States that are applicable to U.S. domestic issuers, including:
●
the rules under the Exchange
    Act requiring the filing of quarterly reports on Form 10-Q or current reports on Form 8-K with the SEC;
●
the sections of the Exchange
    Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act;
●
the sections of the Exchange
    Act requiring insiders to file public reports of their share ownership and trading activities and liability for insiders who profit
    from trades made in a short period of time; and
●
the selective disclosure
    rules by issuers of material non-public information under Regulation FD.
We
are required to file this Annual Report and future annual reports on Form 20-F within four months of the end of each fiscal year. In
addition, we intend to publish our financial results on a semi-annual basis through press releases distributed pursuant to the rules
and regulations of the Nasdaq Capital Market. Press releases relating to financial results and material events will also be furnished
to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC will be less extensive and less timely
compared to that required to be filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections
or information that would be made available to you if you were investing in a U.S. domestic issuer.
28
We
may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses to us.
As
discussed above, we are a foreign private issuer and, therefore, we are not required to comply with all of the periodic disclosure and
current reporting requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last Business
Day of an issuer's most recently completed second fiscal quarter, and, accordingly, the next determination will be made with respect
to us on June 30, 2024 In the future, we would lose our foreign private issuer status if: (i) more than 50% of our outstanding voting
securities are owned by U.S. residents; and (ii) a majority of our directors or executive officers are U.S. citizens or residents, or
we fail to meet additional requirements necessary to avoid the loss of foreign private issuer status. If we were to lose our foreign
private issuer status, we would be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer
forms, which are more detailed and extensive than the forms available to a foreign private issuer. We would also have to comply with
U.S. federal proxy requirements, and our officers, directors and 10% shareholders would become subject to the short-swing profit disclosure
and recovery provisions of Section 16 of the Exchange Act. In addition, we would lose our ability to rely upon exemptions from certain
corporate governance requirements under the listing rules of Nasdaq. As a U.S. listed public company that is not a foreign private issuer,
we would incur significant additional legal, accounting, and other expenses that we do not incur as a foreign private issuer.
We
will incur significantly increased costs and devote substantial management time as a result of the listing of our Ordinary Shares on
the Nasdaq Capital Market.
We
incur additional legal, accounting, and other expenses as a public reporting company, particularly after we cease to qualify as an emerging
growth company. For example, we are required to comply with the additional requirements of the rules and regulations of the SEC and Nasdaq
rules, including applicable corporate governance practices. Compliance with these requirements increases our legal and financial compliance
costs and makes some activities more time-consuming and costly. In addition, our management and other personnel will need to divert attention
from operational and other business matters to devote substantial time to these public company requirements. We cannot predict or estimate
the number of additional costs incur as a result of becoming a public company or the timing of such costs.
In
addition, changing laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for
public companies, increasing legal and financial compliance costs, and making some activities more time-consuming. These laws, regulations
and standards are subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application
in practice may evolve over time as new guidelines are provided by regulatory and governing bodies. This could result in continuing uncertainty
regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We intend to
invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative
expenses and a diversion of management's time and attention from revenue-generating activities to compliance activities. If our
efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing bodies due
to ambiguities related to their application and practice, regulatory authorities may also initiate legal proceedings against us, and
our business may be adversely affected.
You
may have more difficulties protecting your interests than you would as a shareholder of a U.S. corporation.
We
are an exempted company incorporated under the laws of the Cayman Islands with limited liability. Our corporate affairs are governed
by our Articles of Association, the Companies Act and the common law of the Cayman Islands. The rights of shareholders to take action
against our directors and us, actions by minority shareholders and the fiduciary duties of our directors to us under Cayman Islands law
are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from
comparatively limited judicial precedent in the Cayman Islands as well as from English common law, the decisions of whose courts are
of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders and the fiduciary duties
of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedent in some
jurisdictions in the United States. In particular, the Cayman Islands has a 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 Cayman Islands.
In addition, Cayman Islands companies may not have the standing to initiate a shareholder derivative action in a federal court of the
United States.
29
Shareholders
of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to obtain copies of the register of members
or corporate records of the company. They will, however, have such rights as may be set out in the company's articles of association.
A Cayman Islands exempted company may maintain its principal register of members and any branch registers in any country or territory,
whether within or outside the Cayman Islands, as the company may determine from time to time. There is no requirement for an exempted
company to make any returns of members to the Registrar of Companies in the Cayman Islands. The names and addresses of the members are,
accordingly, not a matter of public record and are not available for public inspection. However, an exempted company shall make available
at its registered office, in electronic form or any other medium, such register of members, including any branch register of member,
as may be required of it upon service of an order or notice by the Tax Information Authority pursuant to the Tax Information Authority
Act (2013 Revision) of the Cayman Islands. This may make it more difficult for you to obtain the information needed to establish any
facts necessary for a shareholder resolution or to solicit proxies from other shareholders in connection with a proxy contest.
Certain
corporate governance practices in the Cayman Islands, which is our home country, may differ significantly from requirements for companies
incorporated in other jurisdictions such as U.S. states. Currently, we plan to rely on home country practice with respect to any corporate
governance matter. Accordingly, our shareholders may be afforded less protection than they otherwise would under rules and regulations
applicable to U.S. domestic issuers.
As
a result of all of the above, shareholders may have more difficulty in protecting their interests in the face of actions taken by our
management, members of the Board of Directors or controlling shareholders than they would as shareholders of a company incorporated in
a U.S. state.
You
may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in China or Hong Kong
against us or our management named in this Annual Report based on foreign laws.
We
are an exempted company incorporated under the laws of the Cayman Islands, we conduct a substantial amount of operations in China, and
a substantial portion of our assets are located in China and Hong Kong. In addition, certain senior executive officers reside within
China and/or Hong Kong for a significant portion of the time and are either PRC or Hong Kong nationals. As a result, it may be difficult
for our shareholders to effect service of process upon us or those persons inside China or Hong Kong. In addition, neither China nor
Hong Kong has treaties providing for the reciprocal recognition and enforcement of judgments of courts with the Cayman Islands and many
other countries and regions. Therefore, recognition and enforcement in China or Hong Kong of judgments of a court in any of these non-PRC
or Hong Kong jurisdictions in relation to any matter not subject to a binding arbitration provision may be difficult or impossible.
Shareholder
claims that are common in the United States, including securities law class actions and fraud claims, generally are difficult to pursue
as a matter of law or practicality in China or Hong Kong. For example, in China, there are significant legal and other obstacles to obtaining
information needed for shareholder investigations or litigation outside China or otherwise with respect to foreign entities. Although
the local 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 regulatory cooperation with the securities regulatory
authorities in the United States have not been efficient in the absence of mutual and practical cooperation mechanism. According to Article
177 of the PRC Securities Law which took effect in March 2020, no overseas securities regulator is allowed to directly conduct investigation
or evidence collection activities within the territory of the PRC. Accordingly, without the consent of the competent PRC or Hong Kong
securities regulators and relevant authorities, no organization or individual may provide the documents and materials relating to securities
business activities to overseas parties.
Certain
judgments obtained against us by our shareholders may not be enforceable.
We
are a Cayman Islands exempted company and substantially all of our assets are located outside of the United States. In addition, all
of our current directors and officers are nationals and residents of countries other than the United States and substantially all of
the assets of these persons are located outside the United States. As a result, it may be difficult for a shareholder to effect service
of process within the United States upon these persons or to enforce against us or them judgments obtained in United States courts, including
judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.
Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands may render you unable to enforce a judgment
against our assets or the assets of our directors and officers. As a result of all of the above, our shareholders may have more difficulties
in protecting their interests through actions against us or our officers, directors or major shareholders than would shareholders of
a corporation incorporated in a jurisdiction in the United States.
30
Our
Ordinary Shares may be subject to rapid and substantial price volatility unrelated to our performance, which could result in substantial
losses to investors.
Our
Ordinary Shares may be subject to rapid and substantial price volatility and their trading price could fluctuate widely due to factors
beyond our control. We have a relatively small public float due to the relatively small size of our IPO and the concentrated ownership
of our Ordinary Shares among our executive officers and directors. As a result of our small public float, our Ordinary Shares may be
less liquid and have greater stock price volatility than the shares of companies with broader public ownership. This may also happen
because of the broad market and industry factors, like the performance and fluctuation of the market prices of other companies with business
operations located mainly in the PRC or Hong Kong that may have listed their securities in the United States. In addition to market and
industry factors, the price and trading volume for our Ordinary Shares may be highly volatile for factors specific to our Operating Subsidiaries'
operations, including the following:
●
fluctuations
    in our Operating Subsidiaries' revenues, earnings, and cash flow;
●
changes
    in financial estimates by securities analysts;
●
additions
    or departures of key personnel;
●
release
    of lock-up or other transfer restrictions on our outstanding equity securities or sales of additional equity securities; and
●
potential
    litigation or regulatory investigations.
Any
of these factors may result in significant and sudden changes in the volume and price at which our shares will trade.
In
addition, the stock price of a number of companies involved in initial public offerings, particularly among companies with relatively
smaller public floats, has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the
operating performance of these companies. Such rapid and substantial price 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 stock. This volatility may prevent an investor from being able to sell their securities at or above
the price paid for the securities
Furthermore,
in the past, shareholders of public companies have often brought securities class action suits against those companies following periods
of instability in the market price of their securities. If we were involved in a class action suit, it could divert a significant amount
of our management's attention and other resources from our business and operations and require us to incur significant expenses
to defend the suit, which could harm our results of operations. Any such class action suit, whether or not successful, could harm our
reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be
required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.
If
we are classified as a passive foreign investment company, United States taxpayers who own our securities may have adverse United States
federal income tax consequences.
We
are a non-U.S. corporation and, as such, we will be classified as a passive foreign investment company, which is known as a PFIC, for
any taxable year if, for such year, either
●
At
    least 75% of our gross income for the year is passive income; or
●
The
    average percentage of our assets (determined at the end of each quarter) during the taxable year that produce passive income or that
    are held for the production of passive income is at least 50%.
31
Passive
income generally includes dividends, interest, rents, royalties (other than rents or royalties derived from the active conduct of a trade
or business) and gains from the disposition of passive assets.
If
we are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. taxpayer who
holds our securities, the U.S. taxpayer may be subject to increased U.S. federal income tax liability and may be subject to additional
reporting requirements.
It
is possible that for our current taxable year or for any subsequent year more than 50% of our assets may be assets which produce passive
income. We will make this determination following the end of any particular tax year. We treat our affiliated entities as being owned
by us for United States federal income tax purposes, not only because we exercise effective control over the operation of such entities
but also because we are entitled to substantially all of their economic benefits, and, as a result, we consolidate their operating results
in our consolidated financial statements. For purposes of the PFIC analysis, in general, a non-U.S. corporation is deemed to own its
pro rata share of the gross income and assets of any entity in which it is considered to own at least 25% of the equity by value.
We
are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements.
We
are an "emerging growth company," as defined in the JOBS Act, and we may take advantage of certain exemptions from various
requirements applicable to other public companies that are not emerging growth companies including, most significantly, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act for so long as we are an emerging growth
company. As a result, if we elect not to comply with such auditor attestation requirements, our investors may not have access to certain
information they may deem important.
The
JOBS Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards
until such date that a private company is otherwise required to comply with such new or revised accounting standards. In other words,
an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise
apply to private companies. We have elected to take advantage of the extended transition period, although we have early adopted certain
new and revised accounting standards based on transition guidance permitted under such standards. As a result of this election, our future
financial statements may not be comparable to other public companies that comply with the public company effective dates for these new
or revised accounting standards.
Our
Executive Director has substantial influence over the Company. His interests may not be aligned with the interests of our other shareholders,
and it could present or cause a change of control or other transactions.
Mr.
Li Kin Shing, our Executive Director, beneficially owns 72.32%, of our issued and outstanding Ordinary Shares. Accordingly, as our controlling
shareholder he could control the outcome of any corporate transaction or other matter submitted to the shareholders for approval, including
mergers, consolidations, the election of directors and other significant corporate actions, including the power to prevent or cause a
change in control. The interests of our largest shareholder may differ from the interests of our other shareholders. Without the consent
of our controlling shareholder, we may be prevented from entering into transactions that could be beneficial to us or our other shareholders.
The concentration in the ownership of our shares may cause a material decline in the value of our shares. For more information regarding
our principal shareholders and their affiliated entities, see "Principal Shareholder".
If
securities or industry analysts do not publish research or reports about our business and the business of our Operating Subsidiaries,
or if they adversely change their recommendations regarding our Ordinary Shares, the market price for our Ordinary Shares and trading
volume could decline.
The
trading market for our Ordinary Shares will be influenced by research or reports that industry or securities analysts publish about our
business and the business of our Operating Subsidiaries. If one or more analysts downgrade our Ordinary Shares, the market price for
our Ordinary Shares would likely decline. If one or more of these analysts cease to cover us or fail to regularly publish reports on
us, we could lose visibility in the financial markets, which in turn could cause the market price or trading volume for our Ordinary
Shares to decline.
32
The
sale or availability for sale of substantial amounts of our Ordinary Shares could adversely affect their market price.
Sales
of substantial amounts of our Ordinary Shares in the public market or the perception that these sales could occur, could adversely affect
the market price of our Ordinary Shares, and could materially impair our ability to raise capital through equity offerings in the future.
Prior to the sale of our Ordinary Shares in our Initial Public Offering, we had 10,000,000 Ordinary Shares issued and outstanding. The
Ordinary Shares sold in our IPO are freely tradable without restriction or further registration under the Securities Act, and Ordinary
Shares held by our existing shareholders may also be sold in the public market in the future, subject to the restrictions in Rule 144
and Rule 701 under the Securities Act and applicable lock-up agreements. There are 11,000,000 Ordinary Shares outstanding immediately
after our Initial Public Offering. In connection with our Initial Public Offering, our directors and officers named in the section "Management"
and certain shareholders have agreed not to sell any Ordinary Shares until 180 days after November 21, 2023 without the prior written
consent of the representative of the underwriters. These restrictions on sales are subject to certain exceptions, including with respect
to the Ordinary Shares being sold by the Selling Shareholder named in the registration statement. However, the representative of the
underwriters may release these securities from these restrictions at any time. We cannot predict what effect, if any, market sales of
securities held by our controlling shareholder or any other shareholder or the availability of these securities for future sale will
have on the market price of our Ordinary Shares.
Short
selling may drive down the market price of our Ordinary Shares.
Short
selling is the practice of selling shares that the seller does not own but rather has borrowed from a third party with the intention
of buying identical shares back at a later date to return to the lender. The short seller hopes to profit from a decline in the value
of the shares between the sale of the borrowed shares and the purchase of the replacement shares, as the short seller expects to pay
less in that purchase than it received in the sale. As it is in the short seller's interest for the price of the shares to decline,
many short sellers publish, or arrange for the publication of, negative opinions and allegations regarding the relevant issuer and its
business prospects in order to create negative market momentum and generate profits for themselves after selling the shares short. These
short attacks have, in the past, led to the selling of shares in the market. If we were to become the subject of any unfavorable publicity,
whether such allegations are proven to be true or untrue, we could have to expend a significant amount of resources to investigate such
allegations and/or defend ourselves. While we would strongly defend against any such short seller attacks, we may be constrained in the
manner in which we can proceed against the relevant short seller by principles of freedom of speech, applicable state law or issues of
commercial confidentiality.
There
are uncertainties with respect to indirect transfers of assets (including equity interests) of our Operating Subsidiaries in the PRC
.
The
Announcement of the State Administration of Taxation on Issues Relating to Withholding at Source of Income Tax of Non-resident Enterprises
("Announcement No. 37") and the Announcement on Certain Issues Concerning Enterprise Income Tax for Indirect Transfer of
Assets by Non-Resident Enterprises ("Circular 7") issued by The State Administration of Taxation ("SAT"), provide
comprehensive guidelines in relation to, and also heighten the PRC tax authorities scrutiny over, indirect transfers by a non-resident
enterprise of assets (including equity interests) of a PRC resident enterprise ("PRC Taxable Assets").
Announcement
No. 37 and Circular 7 specify that the PRC tax authorities are entitled to reclassify the nature of an indirect transfer of PRC Taxable
Assets when a non-resident enterprise transfers PRC Taxable Assets indirectly by disposing of equity interests in an overseas holding
company directly or indirectly holding such PRC Taxable Assets by disregarding the existence of such overseas holding company and considering
the transaction to be a direct transfer of PRC Taxable Assets if such transfer is deemed to have been conducted for the purposes of avoiding
PRC enterprise income taxes and without any other reasonable commercial purposes. It is unclear whether any exemptions specified under
Circular 7 will be applicable to the transfer of our Shares on a public market by our non-resident enterprise Shareholders or to any
future acquisition by us outside of the PRC involving PRC Taxable Assets. Therefore, the PRC tax authorities may deem any transfer of
our Shares by our Shareholders that are non-resident enterprises, or any future acquisition by us outside of the PRC involving PRC Taxable
Assets to be subject to the foregoing regulations, which may subject our Shareholders or us to additional PRC tax reporting obligations
or tax liabilities.
33
We
may be classified as a PRC resident enterprise for PRC enterprise income tax purposes and be subject to PRC taxation on our worldwide
income, which could result in unfavorable tax consequences to us and our shareholders.
Under
the EIT Law, if an enterprise is established outside of the PRC with a "de facto management body" located within the PRC,
such enterprise will be considered a PRC tax resident enterprise for tax purposes. Under the regulation on the Implementation of the
EIT Rules, the term "de facto management body" is defined as a body that exercises full and substantial control over and
overall management of the business, production, personnel, accounts, and properties of an enterprise, so we may be considered a PRC resident
enterprise by the PRC tax authorities and will normally be subject to the enterprise income tax on our worldwide income at the rate of
25%. Please see "Regulatory Environment" in this Annual Report for further details.
It
is unclear how the PRC tax authorities will determine whether an offshore entity is a non-PRC resident enterprise. There is no assurance
that PRC tax authorities will not consider us as a "resident enterprise." If the PRC tax authorities subsequently determine
that we or our offshore holding companies are deemed to be or should be classified as "resident enterprise(s)," such entity
or entities may be subject to enterprise income tax on their worldwide income at a rate of 25%, which could have a material and adverse
impact on our financial condition and results of operations.
The
statement by the SEC regarding proposed rule changes submitted by Nasdaq and an act passed by the U.S. Senate and the U.S. House of Representatives
all call for additional and more stringent criteria to be applied to emerging market companies. These developments could add uncertainties
to our offering, 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 the scrutiny,
criticism and negative publicity 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 20, 2020, the U.S. Senate passed the Holding Foreign Companies Accountable Act (the "HFCA") requiring a foreign company
to certify it is not owned or controlled by a foreign government if the PCAOB is unable to audit specified reports because the company
uses a foreign auditor not subject to PCAOB inspection. If the PCAOB is unable to inspect the company's auditors for three consecutive
years, the issuer's securities are prohibited to trade on a national exchange. On December 2, 2020, the U.S. House of Representatives
approved the Holding Foreign Companies Accountable Act.
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.
34
As
more stringent criteria may be imposed, including the HFCA, which became law in December 2020, our Ordinary Shares may be prohibited
from trading if our auditor cannot be fully inspected. The PCAOB issued a Determination Report on December 16, 2021 (the "Determination
Report"), which found that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered
in: (1) mainland China of the People's Republic of China because of a position taken by one or more authorities in mainland China;
and (2) Hong Kong, a Special Administrative Region and dependency of the PRC, because of a position taken by one or more authorities
in Hong Kong. In addition, the Determination Report identified the specific registered public accounting firms subject to these determinations
which included our auditor who appears as part of the report and is listed under its Appendix B: Registered Public Accounting Firms Subject
to the Hong Kong Determination.
On
December 15, 2022, the PCAOB announced that it has secured complete access to inspect and investigate registered public accounting firms
headquartered in mainland China and Hong Kong and voted to vacate the previous 2021 Determination Report to the contrary.
The
HFCAA prohibits foreign companies from listing their securities on U.S. exchanges if the company's auditor has been unavailable
for PCAOB inspection or investigation for three consecutive years and, as a result, an exchange may determine to delist our Ordinary
Shares. In June 2021, the Senate passed the AHFCAA which, if signed into law, would reduce the time period for the delisting of foreign
companies under the HFCAA to two consecutive years instead of three years. In the event that the HFCAA is amended to prohibit an issuer's
securities from trading on any U.S. stock exchange and our auditor is not subject to PCAOB inspections for two consecutive years instead
of three, it will reduce the time before our Ordinary Shares may be prohibited from trading or delisted from an exchange.
As
a result of this 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 offering, business, and our Ordinary 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 furthering our growth. If such allegations are not proven to be groundless, we and our business operations
will be severely affected, and you could sustain a significant decline in the value of our Ordinary Shares.
ITEM
4. INFORMATION ON THE COMPANY
History
of the Company
Fenbo
Holdings Limited (the "Company" or "we" or "FHL), is the holding company of our Operating Subsidiaries,
Able Industries Limited ("AIL"), Fenbo Industries Limited ("FIL") and Fenbo Plastic Products Factory (Shenzhen)
Ltd. ("FPPF"). Through our Operating Subsidiaries, we represent over 30 years of experience producing premium personal care
electric appliances (principally electrical hair styling products such as straighteners, curlers, trimmers, etc.) and toys products to
overseas markets.
Our
operating history began in 1993 when FIL was founded in Hong Kong by Mr. Li Kin Shing as a toy manufacturer and distributor. As the toy
market deteriorated, he founded AIL in 2005 in Hong Kong and shifted our operations to the manufacturing and sales of personal care electric
appliances. Our manufacturing subsidiary, FPPF, located in Guangdong, PRC, was formed in the PRC in 2010 and is capable of producing
over three million units per year. We currently act as both an original equipment manufacturer ("OEM") and historically have
also served as an original design manufacturer ("ODM").
Corporate
Structure
Our
Company was incorporated in the Cayman Islands on September 30, 2022 under the Companies Act as an exempted company with limited liability.
Effective November 18, 2022, our Group completed a reorganization to consolidate its business operations in Hong Kong and the PRC into
an offshore corporate holding structure to expand our manufacturing and sales operations and in anticipation of listing on a recognized
securities market (the "Reorganization"). Following the Reorganization, on August 11, 2023, LMIL completed a private placement
of an aggregate of 2,000,000 Ordinary Shares owned by it at a price of $2.50 per share to: Yuk Tong Lam (500,000 Ordinary Shares), Majestic
Dragon Investment Co. Limited (500,000 Ordinary shares), Top Dragon International Limited (300,000 Ordinary Shares), Smart Tech Group
Limited (300,000 Ordinary Shares), and Power Ocean Ventures Limited (400,000 Ordinary Shares). See "Item 7. Major Shareholders
and Related Party Transactions - Major Shareholders," for information on the current shareholdings of our major shareholders.
35
Therefore,
as a result of the Reorganization and the private placement, as of the date of this Annual Report: (i) LMIL which is 100% owned by Mr.
Li Kin Shing, owns 72.32% of our Company, (ii) our Company is a holding company and owns 100% of RLHL, (iii) RLHL owns 100% of FIL and
AIL and (iv) FIL owns 100% of FPPF.
We do not utilize a variable interest entity ("VIE")
structure.
Initial
Public Offering.
On December 1, 2023, we closed on our IPO of 1,000,000 Ordinary Shares at a public offering price of $5.00 for total
gross proceeds of $5,000,000. On November 30, 2023, we commenced the listing of our Ordinary Shares on the Nasdaq Capital Market under
the ticker symbol "FEBO". The primary reason for our IPOand listing on the Nasdaq Capital Market was to allow us to raise
funds to strengthen our market position and to further expand our market share. We are using the proceeds from the IPO for: (i) expansion
of our production capacity and capability; (ii) strengthening engineering, research and development capability; (iii) penetrating and
further expanding into new and existing geographical markets; (iv) general working capital; and (v) payment of an advisory fee, which
$61,146 was paid to ARC Group and $380,000 to GCA Advisors Limited at closing of the IPO.
Organization
Chart
The
following chart sets forth our corporate structure as of the date of this Annual Report:
A
description of our subsidiaries is set out below.
36
AIL
– As the marketing arm for the Group, AIL is responsible for all sales and marketing efforts. As of December 31, 2023, AIL employed
one employee.
FIL
– Is responsible for the overall management of the Operating Subsidiaries. As of December 31, 2023, FIL employed a total of 7 employees.
FPPF
– Is responsible for the production of all of the Company's products, and its engineering and design department conducts
in-house design and research functions for the development of new products and product lines. As of December 31, 2023, FPPF employed
a total of 262 employees.
Industry
and Market Overview
The
following overview is based on an Independent Market Research Report prepared for the Company by Frost & Sullivan.
As
reported by Frost & Sullivan, the global market size of personal care beauty appliance / hair styling tools, which is measured by
retail price, has increased from approximately US$26.9 billion to US$32.4 billion from 2016 to 2021, representing a CAGR of 3.8%. The
burgeoning demand for hair care appliances was attributable to the adverse effects shown by the chemical-based hair styling process.
The popularity of compact, portable, and travel size designs of hair styling tools also contributed to the market growth.
Looking
forward, the increasing awareness of adverse chemical treatment reactions, including a recent study from the National Institute of Health
indicating that women who used chemical hair straightening products were at higher risk for uterine cancer compared to women who did
not report using these products, continues to boost demand for personal care beauty appliances and the adoption of smart styling tools
is on the rise. Furthermore, increased consciousness about personal grooming and aesthetic appeal coupled with rising preference for
easy-to-use and low-cost grooming and beauty devices preference for easy-to-use and low-cost grooming and beauty devices is also likely
to augment the products demand in the future. With the advancements in technologies, personal care beauty appliances have become extremely
handy and offer different features such as better battery life, digital displays, multi-tasking, anti-bacterial, and others. Furthermore,
the overall cost of these products has also decreased due to reduced cost of manufacturing and surged demand from middle-income households.
The
global hair styling tool market is expected to continuously increase at a CAGR of 3.7% in the next five years to reach US39.0 billion
in 2026.
37
Market
Drivers
Fashion
Trend
.
Evolving fashion trends, growing fashion consciousness, growing emphasis of people on self-maintenance and appearance
and changes in consumer preferences have influenced the market and driven the demand for household beauty appliances extensively within
the past few years. Millennials are the prime focus consumers of household beauty appliances. Use of hair styling appliances has been
higher among females. However, with the rising trend of self-grooming and personal hygiene, the use of these appliances has been increasing
among men population as well. The growing number of men spending on hair styling appliances, increasing the use of electric hair care
devices such as hair straighteners, hair dryers, and other appliances continue to influence the growth of the segment globally. The segment
is expected to continue to dominate the household beauty appliances market throughout the forecast period.
Continued
Innovation in Hair Styling Products
.
The rapid technological advancements in electronics, reduction in the size of equipment,
and ease of manufacturing have helped the industry to a great extent. Increased innovations in the tools used for hair styling with the
opinions of salon expert and also individuals push the manufactures to develop new products and thus boosts the growth of the market.
Hair straighteners create beach waves effectively and effortlessly with just a simple bend of the wrist. High quality ceramics plates
have heat balance micro sensors that regulate the temperature and evenly distributes heat. Such products have multifunction features
that attract customers, thus increasing the demand for hair styling tools in the market. Further, advancements in battery technologies
helped in reducing the size of the equipment and increased the portability feature. This resulted in better marketing opportunities for
the companies as people could carry them without any hassle during traveling.
Economic
Consideration
.
Previously, the expenditure on personal grooming was relatively high, as people had to visit professional
salons and beauticians for hairstyling, facials, massages, and others. This was mainly owing to the high cost of grooming equipment that
needed expertise for effective operation. However, the prices for beauty appliances have been reduced significantly due to the small
size of the products and the low cost of manufacturing. Currently major players in the industry have outsourced their production from
countries, such as China, where the cost of raw material and labor is lower than the developed countries. The resulting lower the cost
of the products has attracted sales from middle-income consumers who are eager to keep up with the latest beauty standards. This coincides
with the increase in disposable income of consumers, mainly from the developing nations, which has significantly driven the demand for
household beauty appliances. Countries such as India, South Korea, Vietnam, Brazil, Mexico, Nigeria, Myanmar, and others have witnessed
large-scale economic development in the past few years, resulting in a surge in disposable income. As a result, people are spending more
on self-care and personal grooming products, which in turn propels the growth of the household beauty appliances market.
Rise
in Social Media
.
Consumers are increasingly looking for quality and meaningful interact with different brands throughout
the consumer journey from product trial, word-of-mouth interactions, purchase, after-sales experience. Good experiences and interactions
with the brands bring consumers back for more and attract new consumers through word of mouth and online reviews. With the prevalence
of social media in the world of fashion, makeup, hairstyling, and trendsetting, there is the growing number of promotions and advertisements
for hair styling tools through different media channels. For example, there is rising popularity of social media influencers, DIY hair
styling tutorials, and training videos, which in turn garner the attention of consumers across the world and further promote the use
of hair styling tools.
Surge
in Demand for Personalization
.
The demand for personalization solutions of beauty and fashion has been on the rise for
creating the right fit for every consumer. In the past, consumers generally used the styling services in salons, including hair-cutting,
coloring and styling and other treatments. Along with the development of technology, personalized solutions using electrical hair styling
tools have satisfied consumers' needs and saved consumers' time. Once the technology was launched, consumers began to use
hair styling tools that enable personalization, rather than having treatments in salon.
Growth
in E-Commerce Sales of Personal Care Beauty Appliances
.
Online retail or e-commerce sector has witnessed an exceptional
growth during the past few years, with an exponential rise during 2020, driven by the COVID-19 pandemic. The improvement in ease of buying
through e-commerce platforms is supported by the availability of various products, low costs, marketing strategies and increased dependence
on social media. E-commerce sites and applications have advanced their online platforms to offer a better user experience, thereby attracting
consumers toward buying products online. Consumers can now choose from different brands and products of beauty appliances on online applications
with categorization between quality, features, price, reviews, popularity, and others. As personal appliances have ergonomic designs
and smaller sizes, they can be shipped easily locally as well as internationally. In addition, various private labels and brands have
recently emerged which only offer products online, thereby reducing the expenditure on construction of showrooms or by other distribution
channels.
38
Another
factor driving the importance of online sales platforms is the growing influence of social media, especially within the millennial and
Gen-Z consumer population. YouTube, Instagram, Facebook, Twitter, and other social media platforms are filled with influencers, which
are paid by brands to promote their products to the viewers. This is further backed up by various bloggers and online magazines which
provide fresh (frequently upgraded) lists of best brands or best personal care products to get more consumer attraction. Such trends
have helped in the promotion of recently launched products such as at-home laser hair removal appliances, among many others. For instance,
the online site of the Cosmopolitan Magazine, which is a trusted source for many consumers globally, has a special blog for 19 best at-home
laser hair removal devices. Such marketing strategies and availability of numerous personal care products on online and e-commerce platforms
have driven the growth of the household beauty appliances market.
Impact
of COVID-19 on the Market
.
The post-COVID-19 era has provided a big opportunity for the household beauty appliances industry.
As people are spending more time at home, the overall expenditure on comfort goods and personal care products has grown significantly.
Various countries imposed lockdowns with the outbreak of the first COVID-19 infection wave. The high severity of COVID-19 cases led to
strict impositions of full-scale lockdowns and regulations on movement. As more people were stuck at home and working remotely, the online
sales for consumer products, home improvement goods, and others saw rapid growth during 2020 and 2021. Beauty salons, hair salons, spas,
and other places were closed down as per local government rules and regulations in 2020 due to the risk of infection within the customers.
This
increased the sale of basic personal grooming products such as hair trimmers, epilators, electric razors, and others. In addition, the
demand for hand-held facial and body massagers, electric cleansers also surged during the COVID-19 pandemic. In the long run, this sudden
change in consumer buying habits is likely to stay intact as people are focusing more on personal care and luxury appliances. Thus, the
COVID-19 pandemic has had a positive impact on the household beauty appliance industry and is likely to display the same trend in the
near future.
The
Personal Care Beauty Appliance / Hair Styling Tool OEM Market in the PRC
The
size of personal care beauty appliance / hair styling tool OEM industry by revenue in the PRC measures the revenue generated by hair
styling tool manufacturing plants located in the PRC in the aggregate. The market size has increased from US$2,010.1 million in 2016
to US$3,310.3 billion 2021, representing a CAGR of approximately 10.5%. The increase was largely attributed to the continuous upgrading
of hair styling tool and surge in application in advanced & portable hair styling tools along with the ease and convenience.
The
increase in promotion, including advertisements of hair styling tools in different media channels and rise in awareness for personal
grooming are expected to further support the growth of hair styling tool in the near future.
39
Market
Drivers and Trends
Advanced
Product Design and Growing Demand from Downstream End-customers
.
During 2016 to 2021, the market size in terms of sales
value of hair styling tool has increased at a CAGR of approximately 10.5%. The robust demand for hair styling tool is principally driven
by the growing awareness on needs and consciousness on beauty products, growing disposable income that leads to an elevated living standard
and greater consumption on consumer goods and electrical appliances, as well as the continuously advancing product specifications and
designs. In particular, the compactness and portability of hair styling tools nowadays contributes to growing momentum of demand as they
are convenient to carry along to different occasions and eliminate the need to visit a salon. Adverse impact of chemical-based hair styling
process unveiled in recent years has also contributed to customers in pursing hair styling products as a substitute product. Besides,
digitalization of hair styling product, such as the embedment of LCD screen and smartphone connectivity function has attracted wider
target customers. The burgeoning demand also lies on the heightened reliability and durability of hair styling tool, which in turn serve
as an impetus to the future demand for such product to grow at a CAGR of 9.3% during 2022 to 2026.
Developed
Supply Chain in the PRC
.
Outlined by the PRC Ministry of Industry and National Development and Reform Commission, the
national electronic manufacturing comprehensive development index that measures the industry's scale of development, innovation,
and efficiency, has increased considerably from 100.0 to 175.3 from 2016 to 2021, representing a CAGR of approximately 11.9% during 2016
to 2021. As a major production and export country of electronic products, the supply chain of electronic components in the PRC has been
well developed, where upstream raw material producers and various midstream manufacturers are often located in each other's proximately,
which allows close collaboration and reduced logistics costs. To attain better allocation of resources and considering cost efficiency,
brand owners around the globe have increasingly outsourced the manufacturing of hair styling products to OEMs. In turn, OEMs are expected
to continuously serve as major stakeholders in the supply chain.
Favorable
Policies in the PRC
.
In view of the accelerated downstream demand for various electronic product and subsequently the
production volume, the PRC government has devoted substantial efforts and promulgated development directions underpinning the domestic
manufacturing industry, particularly on electronic products. In terms of monetary policy, the PRC government has set out mitigation plans
to the reduce operational costs of electronics manufacturers, through provisions of tax relief and preferential financing assistance.
Further, the "Information Industry Development Guide" published by the PRC government has placed strong emphasis on research
and development of various types of manufacture red products. As a consequence of the rollout of various technology related proposals
prior to the Fourteenth Five-Year Plan, the PRC Government has taken initiatives in developing innovative technology that accommodates
the dynamic environment. In turn, the demand for hair styling tool OEM services is expected to grow continuously with the support of
the favorable PRC government policies.
Digitalization
in Production and operational Aspects
.
Owing to the advancement of technology and the implementation of "Made in
China 2025" production initiatives, increasing numbers of electronic products manufacturers including manufacturers of hair styling
tool are leveraging computerized machineries and advanced machineries to implement automation with an aim to lowering labor costs, alleviating
operational risk, and enhancing inventory management. Predictive maintenance technology coupled with Enterprise Resources Planning (ERP)
systems are introduced by manufacturers to monitor the state of equipment, inventory level and utilization rate. Further, the rise of
business-to-business online marketplace transactions are expected to lower procurement and logistics costs between upstream suppliers
and downstream brand owners with information transparency. As such, the integration of automation and informalization into the supply
chain is expected to alleviate the cost burden on manual efforts to achieve a greater allocation of manpower resources.
Market
Threats and Risk Analysis
Rising
labor and Raw Material Co
sts.
Labor and raw material are the two major cost components. According to the to the Ministry
of Industry and Information Technology of the PRC, the profitability of enterprises in the electronics industry has declined from 9.1%
in 2018 to 5.9% in 2021. The decline was attributable to the rising labor costs, as well as a surge in price of component such as printed
circuit board, which is expected to put additional cost burden on industry participants.
40
Shortage
of Experienced Labor
.
In view of the advancement in technology and increasing demand for solution customizations, professionals
that are capable of designing, implementing, and overseeing throughout the product development stage, are able to accommodate the demand
are an essential resource. However, there is a lack of domestic training for qualified personnel to participate in high-end design and
development services. As such, the shortage of professionals may hinder the development of the industry.
Impact
and the Outbreak of COVID-19
.
Outlined by leading companies in the components chips industry, the global component shortage
has been prolonging since 2019 during the events of U.S. China trade war, outbreak of the COVID-19 and various severe weather incidents.
The average lead delivery time of chips has increased from 12.7 weeks in January 2020 to 15.0 weeks in January 2021, and subsequently
further escalated to 26.2 weeks in January 2022. The COVID-19 pandemic caused temporary disruption to demand and supply of raw material
of hair styling tool. Temporary suspension of non-essential workplace activities as part of the containment measures for COVID-19 delayed
raw material supply from the upstream, shipment of semi-finished or finished products to overseas customers and increased operational
risk in relation to currencies, logistics costs and delayed scheduling. In the medium-to-long run, the impact of COVID-19 is expected
to be mitigated gradually as supported by systematic normalization of economic and logistics activities and the resumption of normal
manufacturing schedule throughout the supply chain.
Cost
Structure Analysis
Labor
Cost
.
During 2016 to 2021, the labor cost in the manufacturing industry in the PRC increased steadily. In particular,
the average monthly wage of professional technician has increased from RMB6,212.4 to RMB9,800.9 during 2016 to 2021, representing a CAGR
of approximately 9.5%. The increasing labor cost is attributable to increasing demand of skillful labor equipped with skills such as
knowledge on computerized management system, modelling analytical skills and proficiency in foreign languages.
Going
forward, the average monthly wage of employed persons in manufacturing industry, including production and equipment operator, professional
technician and managerial staff are expected to grow at a slower trend at a CAGR of 7.1%, 7.7% and 6.6% respectively, owing to the increasing
amount of labor entrants, resulting in a stable growth of wage.
Raw
Materials
.
The prices of key raw materials and component in hair styling tool manufacturing during 2016 to 2026, which
include integrated circuit, printed circuit board, plastics, lithium battery. In general, majority of materials and components used in
hair styling tool production in the PRC have been sourced domestically. The fast-growing market demand for raw materials worldwide has
resulted in a general increase in prices for such materials. With the sustained development of the electronic product and hair styling
tool manufacturing industry, the raw material prices are expected to grow moderately in the forecasted period.
Competitive
Landscape
Overview
.
The industry is relatively fragmented and is highly competitive and there were approximately 1,000 market participants principally
engaged as hair styling tool OEM service providers in the PRC in 2021. The OEM service providers tend to place their focus on several
specific product categories to gain industry recognition and competitive advantages. Business relationships and track records establish
long- term relationships with customers and suppliers are the key factors of competition among the hair styling tool ODM services providers.
Barriers
to Entry
.
R&D
Capabilities
.
R&D capabilities are the technical abilities to discover, develop, or scale marketable solutions. Strong
R&D capabilities allow existing market participants to have an improved type of business process, lower marginal costs or increase
marginal productivity. In view of the evolving market landscape, regular upgrade and innovation of products is another competition focus.
Fast–changing technical requirements further heighten the needs for R&D capabilities. Therefore, a lack of strong R&D capabilities
will prevent new market entrants from entering this industry.
41
Reputation
and Relationship with Different Stake
holders
In general, current market participants have already established an extensive
business network with their upstream equipment suppliers, distributors, as well as downstream customers. New market entrants without
prior supply and sales network may find it difficult to build a credible relationship with other stakeholders along the value chain,
thus, a stable business relationship between stakeholders act as one of the major challenges that new market entrants may face in the
PRC hair styling tool market.
Capital
Requirements
.
Market participants are required to possess sufficient amount of capital and human resources to sustain
their businesses, particularly product research and development (R&D) process, product pilot tests and daily operation costs. Existing
market participants may have already built up a profound and reliable customer base and supply network, so as to ensure a stable and
smooth business operation and income flow as a comparative advantage over new market entrants. Therefore, new market entrants who would
like to enter the PRC hair styling tool market may have to overcome such high initial capital investment.
Factors
of Competition
Experience
and Knowledge
.
On time deliveries and lead time, response to shifts in demand and strong customized production platform
are highly valued by customers in hair styling tools OEM market. In addition, market participants who have in-depth understanding of
customer's requirements are more capable of developing and offering better solution to address customers' needs and gain
a competitive advantage.
Technological
Capabilities
.
Technological capabilities, including casting and molding, machining, joining, and shearing and forming,
form key factors of competition in the hair styling tool OEM market. Market participants with strong technological capabilities are able
to engage in whole lifecycle of hair styling tool, from product development and prototype production to production, which comes as the
indistinguishable asset among the hair styling tool OEM services providers.
Track
Record and Project Experience
.
Market participants with proven track record and satisfactory project reference are usually
more preferred by customers, and thus receive higher recognition and earn reputation in the market. Such market participants are more
likely to be invited to tender and secure potential projects.
Research
and Development
The
engineering and design department of the Group has been conducting in-house design and research for the purposes of developing new product
lines for the Group. From time to time, the engineering and design department of the Group innovates new product design and features
around the core parameters of creativity, reliability, safety, and commercial viability. Our research and development activities also
include (i) development and standardizations of production techniques and procedures; (ii) working with customer to resolve specific
problems on customer's designs and requirements; and (iii) experiment on project bases for calibration and optimization of production
processes in order to achieve higher yield on production. We believe that successful research process improvement and refinement is critical
to our ability to stay competitive in the industry in which we operate.
Manufacturing
The
Group's production facilities ("SZ Factory") are located in Bao'an District, Shenzhen City, Guangdong Province,
the PRC. The SZ Factory comprises one block of four-story building consisting of approximately 11,000 sq. meters.
Raw
materials
.
The principal raw materials sourced by the Group in its production which constitute the basic core components
of its products include plastics, motors, power cords, switches, heating elements and thermostats.
The
Group sources plastics, motors, power cords, switches, heating elements and thermostats mainly from Hong Kong and PRC. The Group does
not have long term purchase contracts with its suppliers but only purchase via orders. Management bargains purchase price by taking into
account price trends of commodity and quantity volume discount.
42
During
the years ended December 31, 2022 and 2023, certain major raw materials experienced a general upward price trend. The prices of raw materials were, to a
certain extent, volatile over the period. Factors affecting the supply and prices of raw materials include fluctuation of oil price and
commodity price (including metals and plastics) and the variation in global economy as a whole. The Company has business relationships
with its major suppliers for over 17 years. Some of them are public companies or subsidiaries of public companies listed on Shanghai,
Shenzhen or Hong Kong Stock Exchanges and the supplies and availabilities of our raw materials have never been an issue in the past.
Also, all of our primary raw materials are general commercial commodities. Management believes that the Group has maintained good business
relationships with its suppliers and has a stable material supply chain. Other than the Group's existing suppliers, there are alternative
sources of supply available for the raw materials which the Group requires. Therefore, even our existing suppliers may be temporarily
short in inventory, alternative purchase order to other suppliers can be placed without difficulty or price premium.
In
order to ensure a stable supply of raw materials which can meet the ongoing requirements of sales and distribution, the quantity of each
procurement order for raw materials is determined by the Group with reference to (i) the customers' indicative orders prevailing
from time to time; (ii) the inventory levels prevailing from time to time; and (iii) the price trend and fluctuation of raw materials
as predicted by the Group. The Group also implements stock control procedures including up-to-date recording of all incoming and outgoing
items into and out of warehouse and production lines. During the Track Record Period, the Group did not have any material obsolete inventory
written off.
Production
Facility
.
Our manufacturing facilities is operated under our WFOE named FPPF, which is equipped with different types of
machines and is able to produce about three million pieces of electrical hair styling products per annum.
The
principal production components of the Group are injection molding machines, EDM machines, milling machines, grinding machines, lathe,
spraying chambers and ovens, pad printing machines, hot stamping machines, production lines with oven, heater winding machines, bristle
insertion machines, wire forming machines, wire stripping machines, lead cutting machines, spot welding machines, hot plate welding machines,
crimping machines, and ultrasonic welding machines. The majority of the plant and machinery now situated in SZ Factory are owned by the
Group. Safeguarding policies have been set up and maintained by the Group. There are security guards and gates at the entrance, a 24-hour
surveillance system, security scanners for entrance and exit, periodic count of assets, in and out register and insurance coverage.
43
Marketing,
Promotions and Advertising
The
Group carries out its sales and distribution activities through its sales and marketing team. The Group's sales and marketing strategy
secures its overseas orders by establishing confidence and reputation in the Group's products, assurance of quality, reasonable
and competitive pricing and maintaining long-term relationship with overseas customers. In addition, the Group has participated in various
exhibitions in Hong Kong, PRC and overseas to promote the Group's products to overseas customers. Furthermore, business visit,
new product presentation and briefing and video conference have been carried out by the Group to potential overseas customers.
In
order to keep abreast of the market trends of electrical appliances in terms of styles, features, functionalities, colors, textures,
materials and pricing, the Group's sales and marketing department collects market data through participating in local and overseas
trade exhibitions and fairs and market data and surveys provided and/or conducted by customers. In particular, Mr. Gary Chiu, the Group's
marketing consultant, has vast experience in marketing matters and strives to maintain a stable business relationship with its largest
customer, Spectrum Brands, a leading global branded consumer product for more than 15 years.
Pricing
The
Group negotiates with its customer to determine the price each year. The prices of the Group's products are primary determined
with reference to (i) a cost-plus basis approach and (ii) the demand elasticity of a given product (which in turn is affected by (a)
the product features and functionality, (b) the product life cycle and (c) consumer preferences). Our sales and marketing department
is responsible to provide the quotation after considering the requirements from our customer. The actual selling prices of our products
are determined by our senior management by taking into account the estimated costs of each order. In arriving at the final price, the
Group also takes into account other ancillary factors such as the actual size and time frame of the order, the industry standing of the
customer and the relationship with the customer. Our pricing policy is reviewed quarterly by our senior management.
Seasonality
With
the exception of lower sales in February of each calendar year correlated with the closure of factories in the PRC during the Chinese
New Year holidays, our Operating Subsidiaries' sales are not subject to any material seasonal fluctuations and remained steady
throughout the year.
Customer
Our
sole customer is Spectrum Brands ("Spectrum Brands") for whom we manufacture hair care electric appliance styling products
under the Remington brand which is owned by Spectrum Brands. The Company has provided OEM services to Spectrum Brands since 2006. It
does not have a formal written contract with Spectrum Brands and relies on its long-term relationship to continue to provide such services
in the future. For each individual transaction, the Group generally negotiates and confirms the terms of sales with its customer based
on the quantity and quality of the products being ordered and enters into a purchase order with the customer. Although the Group has
not entered into any long-term sales contract with Spectrum Brands, the Directors consider that the Group has good business relationship
with Spectrum Brands. The Group has maintained business relationships with Spectrum Brands since 2006.
With
respect to products distributed to overseas customers, the Group exports its finished products on a Free Carrier ("FCA")
basis, which means the Group is responsible for the delivery of products to a destination specified by the customers. The customer is
responsible for all costs after the goods are delivered to the container terminal warehouse designated by the customer. Management estimates
that the lead time from placing a purchase order by an overseas customer to the delivery of the first batch of finished product by the
Group takes approximately 55 to 65 days (subject to the size and the type of the order, the location of the customer and the availability
of raw materials).
The
Group generally allows a credit period of 120 days for the trade receivables with terms that are common within the industry. Credit terms
offered to the customer by the Group vary depending on the Group's assessment of the reputation of the customer, the length of
business relationship established with the Group and the actual size of order placed by the customer.
44
Competition
The
industry is highly fragmented and competitive. In 2023, there were approximately 1,000 market participants principally engaged as hair
styling tool OEM service providers in the PRC. However, the Group considers that Zheijang Jindelie Electrical Appliance Co. Ltd. and
Hang Shun Hing Co. Ltd. are two direct competitors to the Group.
Competitive
Strengths
Renowned
customer base with stable relationship.
The Group has built up a solid and stable business relationship with Spectrum Brands
since 2006, as its OEM manufacturer for a variety of hair styling products under the popular worldwide personal care brand "Remington.
The established customer relationships provide a concrete foundation for the Group to further expand its business and to achieve economies
of scale.
Designs
for a diversified product range.
Endowed with over a decade of industry experience and market awareness, the engineering and
design department of the Group has been keeping itself abreast of market changes and has a track record for designing, researching, and
developing an innovative and trendy array of products on a proactive basis. The Group also offers a diversified range of products with
different value-added features or functionalities to meet the demands of customers of different demographical origins or consumer preferences.
Stringent
quality control.
As a consumer product manufacturer, the Group has a strong commitment to quality control. From the very beginning
of raw material procurement to the packaging of finished products, the Group imposes intensive quality checks and controls along the
whole production line of the Group's manufacturing processes. The quality checks and controls include incoming checks, online checks,
random checks, and technical checks, which are strictly carried out by the operation department of the Group, as well as the representatives
of the Group's customers as the case may be. The Group considers that continual adherence to stringent quality control procedures
is one of the most vital elements in maintaining long-term business relationships with its multinational customer.
Decade
of operating history and established presence in the industry
The
Group has been engaged in the design, manufacture, and sale of small electrical appliances under the management of Mr. Li Kin Shing and
Mr. Li Siu Lun, Allan. With over a decade of operating history and industry experience under the management of Mr. Li Kin Shing and Mr.
Li Siu Lun, Allan, the Group has established its presence in the market for providing quality electrical appliances to customers.
The
Group also retained suitable talents with different specializations in senior management team for the business development of the Group.
In particular, Mr. Gary Chiu, the Group's marketing consultant, has joined the Group since 2005 and has vast experience in marketing
matters. In particular, through the continuous marketing efforts by Mr. Gary Chiu, the Group enjoys a stable business relationship with
its sole customer, Spectrum Brands, for more than 15 years.
Business
Strategies
Our
principal business objective is to strengthen our Operating Subsidiaries' market position and further expand their market share.
We intend to achieve such business objectives by:
Expansion
of production capacity and capability.
In line with the Group's business expansion plan, the Group plans to upgrade and
expand its existing production facilities for further growth and development. In particular, the Group plans to purchase and install
new equipment in the SZ Factory so as to increase its overall production capacity.
With
a view to achieving greater economies of scale and thereby enhancing the competitiveness of its products in the marketplace, the Group
will also devise effective management control over or re-engineer its production processes in order to optimize its production efficiency
and to improve the quality of its existing products, after commissioning the new production equipment.
45
Furthermore,
with a view to leveraging on the product development capability of the Group's engineering, research, and development team, and
for the purpose of enhancing the long-term growth potential of the Group, it is the Directors' intention to actively develop and
pursue its OBM business, pursuant to which the Group intend to develop, manufacture, and sell the products under its own brand name.
Strengthening
the engineering, research, and development capability.
The Group plans to reinforce its product development capability by way
of recruiting more engineers. With a stronger engineering, research and development team, the Group will be better positioned to expand
the range of product models and lines available for its potential ODM and OBM customers.
Penetration
and further expansion into new and existing geographical markets.
Leveraging on the existing multinational customer base of the
Group, the Group plans to establish business relationship with more overseas customers with a view to broadening the Group's customer
base and the market coverage of the Group's products, such as the market in United States.
For
the purpose of penetration into the Group's new or developing markets such as the United States, the Group intends to strengthen
its sales force by way of recruiting new sales and marketing staff to solicit potential customers for the Group. We also intend to set
up our new subsidiary or representative office in the United States to enhance sales and service support for our sole customer and for
future expansion in marketing and internet sales of potential self-branded products.
Licenses,
Permits and Approvals
Our
Operating Subsidiaries are required to obtain and maintain certain licenses and permits for our Operating Subsidiaries' business
operations.
The
following table sets forth the licenses and/or approvals our Operating Subsidiaries obtained in respect of our Operating Subsidiaries'
operations in the PRC as of the date of this Annual Report.
Group
    member
Licenses/records
Expiry
    date
Fenbo
    Plastic Products Factory (Shenzhen) Ltd.,
Business
    License
October
    26, 2060
Fenbo
    Plastic Products Factory (Shenzhen) Ltd.,
Sewage
    Discharge Permission
June
    9, 2028
Our
PRC Legal Advisers have confirmed that, as of the date of this Annual Report, our Operating Subsidiaries have obtained and renewed all
substantial and necessary licenses and approvals, which are material for their business operations in the PRC from the relevant authorities
of the PRC governments.
Some
of our Operating Subsidiaries' licenses and permits are subject to renewal. Our Operating Subsidiaries intend to renew all existing
licenses and permits accordingly before their respective expiry dates. Our Operating Subsidiaries have not experienced any refusal of
renewal of the licenses and permits necessary for their operation during the fiscal years ended December 31, 2023, 2022 and 2021.
Insurance
Management
exercises prudent risk management control through the maintenance of various insurance plans for the purposes of covering against different
aspects of risks, including:
1.
Product liability insurance - product liability insurance for most kinds of its products against possible claims (relating to personal
injury or damage to property arising from the product manufactured by it).
2.
Property all risk insurance - covers its assets such as plant and machinery, raw materials and finished goods against accidental, physical
loss, destruction, or damage of property.
46
3.
Public liability insurance - third party insurance against possible third-party personal injury and property damage claims relating to
its factory premises and office located in the PRC and Hong Kong.
4.
The Company maintains director and officer liability and Company reimbursement insurance.
Our
Operating Subsidiaries and Services
As
an OEM electrical hair styling product manufacturer for a renowned multinational client, the Group has been focusing on the high-end
segment of the personal care electrical appliance market. To this end, the Group has launched high-end professional electrical hair styling
products which were once more commonly used in salons for the mass household markets (particularly in Europe and United States).
The
Group offers a wide array of fashionable electrical hair styling products with different styles, features, functionalities, colors, textures,
materials. It is the Group's emphasis on the innovation of the design and styling of electrical hair styling products that appeal
to the demands of different customers.
The
basic components of hair styling products are casings, motors, heating elements, thermostats, power cords, and switches.
Since
2006, the Company has served as an OEM for Spectrum Brands, a global home essential company, and its sole customer, producing electrical
hair styling products, under the "Remington" brand which Spectrum Brands has the right of the use of, and which are currently
sold to mainly Europe, United States and Latin America.
Products
– Personal Care Beauty Appliances / Hair Styling Tools
The
Group's electrical hair styling products can be divided into three sub-categories, namely,
(i)
Curling Wands and Irons;
(ii)
Flat Irons and Hair Straighteners;
(iii) Hair
irons, which are tools used to alter the structure of hair of which there are three types: (a) crimpers, which are used to create little
crimps in the hair; (b) straighteners, also known as flat irons, which are used to straighten the hair; and (c) curling tongs, which
are used to make the hair curly;
(iv) Hair dryers, which are hand-held electric blower that can blow cool or warm air onto the hair
that are wet or damped; in order to accelerate and control the evaporation of water particles and formation of the hair shape and dry
the hair and ultimately used for styling hair; and
(v)
others, which includes trimmer, nail polish, pet shampoo brush, eyebrow pluckers, etc.
Typically,
the irons embedded in the hair iron devices are made of heat-conductive metal with ceramic layers protecting the ironing surfaces. The
handle is made of thermal-resistant plastic. Advanced hair irons consist of components such as timer, temperature control system, and
automatic shutdown system in order to prevent fire damage.
47
Product
    type:
Example
    features:
Curling Irons
-
    120 to 240V worldwide voltage
-
    150°C to 230°C variable heat
-
    reaching 100°C in 30 seconds
-
    ceramic coated on barrel and clip for a smooth surface for hair to glide on
Curling Wands
-
    120 to 240V worldwide voltage
-
    150°C to 230°C variable heat
-
    reaching 100°C in 30 seconds
-
    ceramic coated on barrel and clip for a smooth surface for hair to glide on
-
    LCD display
Hair Straighteners
-
    120 to 240V worldwide voltage
-
    150°C to 230°C variable heat
-
    reaching 100°C in 30 seconds
-
    ceramic coated on heating plates for a smooth surface for hair to glide on
-
    LCD display
Trimmer
-
    17mm and 5mm blade
-
operate with AAA battery
48
Manufacturers
The
two typical categories of beauty appliance manufacturers are;
Original
equipment manufacturer ("OEM") refers to a manufacturer that undertakes the manufacture and assembly of hair styling tool
based on designs and specifications provided by brand owners. OEM typically provides two types of offering (i) a finished end product
labelled with the brand name of the brand owner that are ready-to-sell to the end customers; (ii) the semi-finished subassemblies produced
by OEMs are subject to further assembly by the brand owner to be part of the final products sold under the brand names of such brand
owners.
Original
design manufacturers ("ODM") are manufacturers that provide both product design and development and manufacturing services
for brand owners. Circumstances in which the manufacturer and brand owner collaborate to jointly develop, design, and manufacture a new
product, are referred as joint development ("JD"). The business model, i.e., OEM, ODM and JD, utilized by a particular product
manufacturer may vary across its product lines.
Health,
Work Safety, Social and Environmental Matters
Due
to the nature of our Operating Subsidiaries' business, our Operating Subsidiaries' operational activities are subject to
environmental obligations, and they did not directly incur any cost of compliance with applicable environmental protection rules and
regulations during the fiscal years ended December 31, 2023, 2022 and 2021. Our directors expect that our Operating Subsidiaries will
not directly incur significant costs for compliance with applicable environmental protection rules and regulations in the future. As
of the date of this Annual Report, our Operating Subsidiaries were not in any material non-compliance issues in respect of any applicable
laws and regulations on environmental protection, health, and work safety.
Human
capital is one of the key elements of our Operating Subsidiaries' success. Our Operating Subsidiaries have taken out employees'
compensation insurance for their staff's safety. Our Operating Subsidiaries also have adopted a safety and health policy for its
employees to follow and provide safety education and trainings to raise employees' awareness of safety issues. During the fiscal
years ended December 31, 2023, 2022 and 2021, our Operating Subsidiaries did not experience any significant incidents or accidents in
relation to employees' safety or any non-compliance with the applicable laws and regulations relevant to the health and work safety
issues.
Employees
The
following table sets forth a breakdown of our employees by functions and geographical locations as of December 31, 2023:
Function
Hong Kong
China
Total
AIL
FIL
FPPF
Management
-
3
1
4
Sales and Marketing
1
1
5
7
Operation
-
2
236
238
Warehouse
-
-
12
12
Accounting and Administration
-
2
8
10
Total
1
8
262
271
Recruitment
and remuneration
Our
Operating Subsidiaries' success is highly dependent on their employees. Our Operating Subsidiaries recruit employees taking into
account their industry experience and interpersonal skills. Our Operating Subsidiaries hire employees through internal recruitment or
from the open market through online advertisement or by referrals. Our Operating Subsidiaries endeavor to offer competitive wages and
benefits. Our Operating Subsidiaries conduct annual review of the performance of their employees for determining the level of bonus,
salary adjustment and promotion of employees.
49
Training
Our
Operating Subsidiaries offer their employees training both internally and externally to enhance their skills and knowledge in the in
the personal care electric appliance industry. The regular training for our factory employees includes (i) new employee orientation;
(ii) post-promotion training; and (iii) general annual training. We believe training will help our employees improve their work performance,
which will eventually increase their loyalty to the Company. Therefore, the Company has developed a series of training programs targeting
the needs and requirements of the work and tailored in line with their roles and responsibilities. Most training is undertaken by our
internal staff, but if necessary for the effectiveness of the training, outside professionals are also hired to conduct trainings as
well.
Labor
unions, labor, and safety incidents
Our
Operating Subsidiaries have not set up labor union for employees in Hong Kong or in the PRC. Our Operating Subsidiaries strive to
maintain good relationships with their employees and provide them with a safe working environment. During the fiscal years ended
December 31, 2023 and 2022 and through the date of this prospectus, our Operating Subsidiaries did not experience any form
of industrial action of their employees or any work safety related incidents that led to material disruption of operations or claims
against our Operating Subsidiaries.
Welfare
or mandatory contribution
In
Hong Kong, our Operating Subsidiaries operate a defined contribution mandatory provident fund retirement benefits scheme under the Mandatory
Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong) for all of their employees in Hong Kong who are eligible to participate
in the scheme. Under the relevant PRC laws and regulations, our Operating Subsidiaries are required to participate in the social welfare
schemes, which provide pension insurance, medical insurance, work injury insurance, maternity insurance, and unemployment insurance as
well as the coverage of housing provident funds for our Operating Subsidiaries' employees in the PRC.
Intellectual
Property
Our
Operating Subsidiaries regard their trademarks, trade secrets, domain names, copyrights, know-how, proprietary technologies, and similar
intellectual property as critical to their business. As of the date of this prospectus, we have 1 trademark, the Company's logo,
as registered with the Trade Marks Registry Intellectual Property Department of Hong Kong, and one domain name.
Our
Properties
Our
headquarter and sales office in Hong Kong are operating in an approximately 2,858 sq. feet office located in an industrial building.
The office has been owned by FIL since July 1999. FIL entered into an agreement to sell the Hong Kong office to Mr. Li Kin Shing at a
consideration of HK$13,880,000 in November 2022. The sale was completed in December 2022. We have leased the office from Mr. Li Kin Shing
at market rent since January 2023. The term of the lease of the property is for a fixed term of two (2) years commencing from January
1, 2023 at a monthly rent of HK$50,000 (approximately US$6,400). The rent paid to Mr. Li Kin Shing was determined according to the market
value of similar property quotes from the Hong Kong property market.
FPPF
has leased our factory and staff quarters in the PRC for a term of 10 years from an independent third party since 2014, with initial
annual rent of approximately RMB3.5 million and rental increment of 10% for every three years.
Legal
Proceedings
As
of the date of this Annual Report, neither we nor our Operating Subsidiaries are a party to, and we nor our Operating Subsidiaries are
aware of any threat of, any legal proceeding that, in the opinion of management, is likely to have a material adverse effect on our business,
financial condition or operations.
50
From
time to time, our Operating Subsidiaries may become involved in legal proceedings arising in the ordinary course of business. Neither
we nor our Operating Subsidiaries are involved in any litigation, arbitration or claim of material importance, nor any material impact
non-compliance incidents or systemic non-compliance incidents in respect of applicable laws and regulations.
Impact
of COVID-19 on our Operating Subsidiaries' business and operations
The
continuous emergence of new series of COVID-19 variants during the years, the variation in vaccination rollout globally and a new series
of travel and transportation restrictions had contributed consequential impact to the differences in the economic recovery and the increase
in material lead time and transportation time. In addition, there were high demand in various raw materials which caused the breakdown
of a number of supply chains and led to rising costs of certain raw material (e.g., plastic) and global inflationary pressures. Energy
crises and international political dynamics had further hampered the pace of the recovery of the world economy. As of the date of this
prospectus, except for a temporary impact on the supply chain resulting from COVID-19, we have not experienced significant inflationary
pressures on material or labor costs negatively affecting our ongoing business since the national consumer price index increased by only
0.9 percent in 2021 over the previous year, according to the National Bureau of Statistics of China. Although we have not been materially
affected by inflation in the past, we may be affected if China experiences higher rates of inflation in the future. If there is any surge
in the inflation rate, in order to mitigate the inflationary pressures, we plan to (i) monitor our labor costs carefully in our day-to-day
operations; (ii) outsource or contract certain nonessential employees, to reduce labor-related administrative costs; and (iii) establish
a supplier management system and selectively cooperated with key suppliers.
After
more than three years since the outbreak of COVID-19, the pandemic has impacted the global business environment and the livelihood of
people and caused a widespread global supply chain disruption. The Group's revenue had been adversely affected due to severe supply
chain shortage as well as constraint on manpower resources and our export sales volume was therefore affected. During our fiscal year
ended December 31, 2021, a temporary supply chain disruption led to the decrease in our Group's gross profit margin to approximately
16.5% for FY2021 (FY2020: 18.9%). Nevertheless, recently some countries had been gradually reopening borders with caution due to high
vaccination rate. The Directors believe that the impact of the COVID-19 pandemic is only temporary and would not result in a material
or long-term disruption to the Group's business operations. The Group's gross profit margin for the years ended December
31, 2023 and 2022, remained relatively stable at approximately 18.6% and 15.7%, respectively. The overall market and the business operation
of the Group is expected to gradually recover and improve when the adverse impacts of the pandemic to wane as economic activities resume
to normal. For instant, on December 9, 2022, China announced that China's dynamic zero-COVID policy, which had been adhered to
for nearly 3 years, has officially moved towards reopening. The travel restrictions of China and Hong Kong were lifted gradually. Our
Group will closely monitor the development of the COVID-19 pandemic and will continuously assess its potential impact on our supply chain.
If there is any further disruption in our supply chain, we will response swiftly such as, within our capital constraints, increase our
raw material inventories in order to manage and mitigate such risk. Our Group's gross profit margin increased from 15.7% for the
year ended December 31, 2022 to 18.6% for the fiscal year ended December 31, 2023. The increase in gross profit margin was primarily
due to the continuing diminishing effect of the COVID 19.
Impact
in the U.S. of the Uyghur Forced Labor Prevention Act (the "UFLPA") and the War in Ukraine on our Operating Subsidiaries'
business and operations.
The
UFLPA prohibits on the importation of goods into the United States manufactured wholly or in part with forced labor in the PRC, especially
from the Xinjiang Uyghur Autonomous Region ("Xinjiang"). It establishes a rebuttable presumption that the importation of
any goods, wares, articles, and merchandise mined, produced, or manufactured wholly or in part in Xinjiang are not entitled to entry
to the U.S. and requires the importer of record to comply with specified conditions and, by clear and convincing evidence, that the goods,
wares, articles, or merchandise were not produced using forced labor.
While
our manufacturing facilities are located in the PRC, they are not located in Xinjiang and are staffed by our own employees with no raw
materials being sourced from Xinjiang. We are confident that our supply chain management system will rebut the presumption that our products
are tainted with forced or prison labor and therefore we do not anticipate any material or adverse effect our business operations, financial
position, and results of operations.
51
The
recent outbreak of war in Ukraine has already affected global economic markets, including a dramatic increase in the price of oil and
gas, and the uncertain resolution of this conflict could result in protracted and/or severe damage to the global economy. Russia's
recent military interventions in Ukraine have led to, and may lead to, additional sanctions being levied by the United States, European
Union, and other countries against Russia and countries supporting Russia. Russia's military incursion and the resulting sanctions
could adversely affect global energy and financial markets and thus could affect our businesses and the businesses of our customer, even
though we do not have any direct exposure to Russia or the adjoining geographic regions. The extent and duration of the military action,
sanctions and resulting market disruptions are impossible to predict, but could be substantial. Any such disruptions caused by Russian
military action or resulting sanctions may magnify the impact of other risks described herein. We cannot predict the progress or outcome
of the situation in Ukraine, as the conflict and governmental reactions are rapidly developing and beyond their control. Prolonged unrest
intensified military activities or more extensive sanctions impacting the region could have a material adverse effect on the global economy.
However, we do not anticipate that such activities will have a disproportionate material adverse effect on our operations, results of
operations, financial condition, liquidity, and business outlook since:
●
we
    have multiple sources for raw materials and parts and are able to stockpile inventories in the event that we anticipate shortages
●
we
    do not anticipate challenges sourcing raw materials as none are sourced from Russia, Belarus, Ukraine or Western China
●
we
    have adequate sources of labor and do not anticipate labor shortages
●
we
    are able to adjust our production capacity to meet surges or declines in consumer demand
Regulatory
Environments
PRC
Laws and Regulations
A
summary of the laws and regulations which are material to our Operating Subsidiaries' operations in the personal care electric
appliance industry in the PRC are as follows: Laws and Regulations Relating to Foreign Investment The establishment, operation, and management
of corporate entities in the PRC are governed by the Company Law of the PRC (the "PRC Company Law"). The PRC Company Law
generally governs two types of companies: limited liability companies and joint stock limited companies. Both types of companies have
the status of legal persons, and the liability of shareholders of a limited liability company and a joint stock limited company is limited
to the amount of registered capital they have contributed. The PRC Company Law shall also apply to foreign-invested companies. Where
laws on foreign investment have other stipulations, such stipulations shall apply.
Laws
and Regulations Relating to Foreign Investment
The
establishment procedures, approval procedures, registered capital requirements, foreign exchange matters, accounting practices, taxation,
and labor matters of FPPF are regulated by the Foreign-invested Enterprise Law of the PRC (the "FIE Law") and the Regulations
for the Implementation of the Foreign-invested Enterprise Law of the PRC. Investment in the PRC conducted by foreign investors and foreign-owned
enterprises shall comply with the Special Management Measures (Negative List) for the Access of Foreign Investment (the "Negative
List"). The Negative List contains specific provisions guiding market access of foreign capital, stipulating in detail the areas
of entry pertaining to the categories of encouraged foreign-invested industries, restricted foreign-invested industries and prohibited
foreign investment. Any industry not listed in the Negative List is a permitted industry.
Laws
and Regulations Relating to Labor
Protection
Labor Contract.
Pursuant to the Labor Law of the PRC, employers should enter into labor contracts with their employees. Wages
are to be paid according to the level of performance, and the policy of equal pay for equal work. Lowest wage protection and special
labor protection for female workers and juvenile workers shall be implemented. Employers are also required to pay for their employees'
social insurance premiums and housing provident funds. These payments are made to local administrative authorities, and an employer who
fails to contribute may be fined and be ordered to make up for the outstanding contributions.
52
The
Labor Contract Law of the PRC and the Implementation Rule of the Labor Contract Law of the PRC set out specific provisions in relation
to the execution, terms and the termination of an employment contract and the rights and obligations of the employees and employers.
At the time of hiring, an employer shall truthfully inform the employee as to the scope of work, working conditions, working place, occupational
hazards, work safety, salary and other matters about which the employee requests to be informed about.
Social
Insurance
Employers
in the PRC are required to contribute, on behalf of their employees, to a number of social insurance funds, including funds for basic
pension insurance, for unemployment insurance, basic medical insurance, work-related injury insurance and maternity insurance. If an
employer does not pay the full amount of social insurance premiums as scheduled, the social insurance premium collection institution
shall order it to make the payment or make up the difference within the stipulated time period and impose a daily fine equivalent to
0.05% of the overdue payment from the date on which the payment is overdue. If the payment is not made within the stipulated period,
the relevant administration department shall impose a fine ranging from one to three times of the overdue payment.
The
various laws and regulations that govern employers' obligation to contribute to the social security funds include the Social Insurance
Laws of the PRC, the Interim Regulation on the Collection and Payment of Social Insurance Premiums, the Decision of the State Council
on Establishing a Unified System of the Basic Pension Insurance for Enterprise Employees, the Circular on Relevant Issues concerning
the Improvement of the Basic Pension Insurance Policy for Urban Employees, the Regulation on Work-related Injury Insurance, the Regulation
on Unemployment Insurance, the Decision of the State Council on Establishing the Basic Medical Insurance System for Urban Employees,
the Circular on the Issuance of Provisions on the Administration of Basic Medical Insurance for Urban Employees, and the Trial Measures
on Maternity Insurance for Enterprise Employees.
Laws
and Regulations Relating to Intellectual Property Rights
Pursuant
to the Trademark Law of the PRC (the "Trademark Law"), the right to exclusive use of a registered trademark shall be limited
to trademarks which have been registered and to goods for which the use of trademark has been permitted. The period of validity of a
registered trademark shall be ten years, counted from the day the registration is made. According to the Trademark Law, (i) using a trademark
that is identical to a registered trademark on the same goods without the authorization of the owner of the registered trademark; (ii)
using a trademark that is similar to a registered trademark on the same goods or (iii) using a trademark that is identical with or similar
to a registered trademark on similar goods without the authorization of the owner of the registered trademark, which is likely to cause
confusion, shall be deemed to constitute an infringement of the exclusive right to use a registered trademark. The infringer shall, in
accordance with the regulations, undertake to cease the infringement, take remedial action, and pay damages.
Laws
and Regulations Relating to Foreign Exchange
Foreign
Currency Exchange
.
The principal regulation governing foreign currency exchange in the PRC is the Regulation of the PRC
for the Control of Foreign Exchange (the "Foreign Exchange Regulation"). Under the regulation, RMB are freely convertible
for payments of current account items, such as trade and service-related foreign exchange transactions and dividend payments, but are
not freely convertible for capital expenditure, such as direct investment, loans, or investments in securities, outside the PRC unless
the approval of the State Administration of Foreign Exchange (the "SAFE") or its local counterpart is obtained in advance.
According
to the Notice on Further Improving and Adjusting Management Policies on Foreign Exchange of Direct Investment, in relation to direct
foreign investments in the PRC, foreign investors are no longer required to obtain approval from the SAFE to re-invest in the PRC by
using income legally generated from the PRC. No approval from the SAFE is required for opening the foreign exchange accounts, payment
into certain accounts, settlement of the foreign exchange and for the purchase and external payment of foreign exchange. Also, the transfer
of foreign exchange in the PRC under a direct investment account is no longer subject to approval by the SAFE. In addition, the foreign-invested
enterprises are permitted to remit funds to their offshore parent companies.
53
According
to the Notice on Further Simplifying and Improving the Policies of Foreign Exchange Administration Applicable to Direct Investment, verification,
and approval of foreign exchange registration under domestic direct investment is abolished. The banks shall, in accordance with relevant
guidance, directly examine and handle foreign exchange registration under domestic direct investment. Relevant entities may, at their
discretion, choose the banks in their respective places of registration to go through foreign exchange registration of direct investment,
and may handle subsequent formalities for opening relevant accounts, fund exchange and other services (including the outflow or inflow
of profits and dividends) under direct investment only after foreign exchange registration of direct investment is completed.
Dividend
Distribution
The
principal laws and regulations governing dividend distribution of foreign holding companies include the PRC Company Law, the FIE Law
and their implementation rules. Under these laws and regulations, foreign-invested enterprises in the PRC may pay dividends only out
of their after-tax profits, if any, determined in accordance with PRC accounting standards and regulations. In addition, wholly foreign-owned
enterprises in the PRC must allocate at least 10% of their accumulated profits after tax each year, if any, to fund certain reserve funds
unless these accumulated reserves have reached 50% of their registered capital. These reserves are not distributable as cash dividends.
Laws
and Regulations Relating to Taxation in the PRC
Enterprise
Income Tax
.
Pursuant to the Enterprise Income Tax Law of the PRC (the "EIT Law"), the income tax rate for
both resident enterprises and foreign-invested enterprises is 25% commencing from January 1, 2008 (with certain exceptions for qualified
foreign-invested enterprises). In order to clarify certain provisions in the EIT Law, the State Council promulgated the Implementation
Rules of the Enterprise Income Tax Law of the PRC (the "EIT Implementation Rules"). Pursuant to the EIT Law and the EIT Implementation
Rules, non-resident enterprises which have not established agencies or offices in the PRC, or which have established agencies or offices
in the PRC but whose income has no association with such agencies or offices, shall pay enterprise income tax on their income earned
from inside the PRC, and such income of nonresident enterprises for which the payer thereof shall be the withholding agent, shall be
taxed at the reduced rate of 10% and shall be withheld at the source.
Withholding
income tax and international tax treaties.
Pursuant to the EIT Law and the EIT Law Implementation Rules, dividends generated
after January 1, 2008, and payable by a foreign-invested enterprise in PRC to its foreign investors are subject to a 10% withholding
tax, unless any such foreign investor's jurisdiction of registration and incorporation has entered into a tax agreement with PRC
which provides a different withholding tax arrangement.
Pursuant
to the Arrangement between Mainland China and the Hong Kong Special Administrative Region for Avoidance of Double Taxation and Prevention
of Tax Evasion, the applicable withholding income tax rate for any dividends declared by a Chinese company is 5% for a shareholder being
a Hong Kong resident holding at least 25% interest in its registered capital, or 10% for a shareholder being a Hong Kong resident holding
less than 25% interest in its registered capital.
According
to the Administrative Measures for Tax Convention Treatment for Non-resident Taxpayers, any non-resident taxpayer meeting conditions
for enjoying the convention treatment may be entitled to the convention treatment when filing a tax return or making a withholding declaration
through a withholding agent, subject to the subsequent administration by the tax authorities. The term "non-resident taxpayers"
refers to the taxpayers other than the PRC tax residents under the Provisions of domestic tax laws or conventions on the avoidance of
double taxation signed by the government of the People's Republic of China with foreign countries (including the tax arrangements
signed with the Hong Kong Special Administrative Region and the Macau Special Administrative Region (hereinafter collectively referred
to as the "Tax Conventions") (including non-resident enterprises and non-resident individuals). The convention treatment
means the deduction of or exemption from the enterprise income tax or individual income tax obligations required by the provisions of
PRC tax laws, under the tax conventions or tax clauses of conventions on aviation, sea transportation, and automobile transportation,
as well as the agreements or exchanges of letters on the mutual-exemption from tax on income from international transportation, signed
by the People's Republic of China with foreign countries, including the Arrangement between Mainland China and the Hong Kong Special
Administrative Region for Avoidance of Double Taxation and Prevention of Tax Evasion.
54
According
to the Notice on Certain Issues with Respect to the Enforcement of Dividend Provisions in Tax Treaties, if the relevant PRC tax authorities
determine, in their discretion, that a company benefits from such reduced income tax rate due to a structure or arrangement that is primarily
tax-driven, such PRC tax authorities may adjust the preferential tax treatment. Pursuant to the Announcement of the State Administration
of Taxation on Issues Relating to Withholding at Source of Income Tax of Non-resident Enterprises, when the withholding agent enters
into a business contract with a non-resident enterprise in relation to income derived from or accruing in the PRC, where the non-resident
enterprise has no office or premises established in the PRC or the income derived or accrued has no de facto relationship with the office
or premises established, if the contract stipulates that the withholding agent shall bear the tax payable amount, the tax-exclusive income
amount derived by the non-resident enterprise shall be converted to a tax-inclusive income amount and the tax withheld shall be turned
over. Where the income subject to withholding at source derived by a non-resident enterprise is equity investment income such as dividends
and bonuses, the date of occurrence of withholding obligation for the relevant tax payable amount shall be the date of actual payment
of equity investment income such as dividends and bonuses.
Hong
Kong Laws and Regulations
Hong
Kong Regulations Related to Services Providers
Business
registration requirement.
The Business Registration Ordinance (Chapter 310 of the Laws of Hong Kong) 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.
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.
As
of the date of this Annual Report, AIL and FIL hold valid business registration certificates.
Regulations
related to employment and labor protection
Employment
Ordinance (Chapter 57 of the Laws of Hong Kong). T
he Employment Ordinance (Chapter 57 of the Laws of Hong Kong), 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.
As
of the date of this Annual Report, AIL and FIL have complied with the provisions under the EO.
Employees'
Compensation Ordinance (Chapter 282 of the Laws of Hong Kong).
The Employees' Compensation Ordinance (Chapter 282 of the
Laws of Hong Kong), 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. 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 HKD100,000,000 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.
As
of the date of this Annual Report, employee compensation insurance has been obtained for all employees of AIL and FIL.
55
Mandatory
Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong).
The Mandatory Provident Fund Schemes Ordinance (Chapter
485 of the Laws of Hong Kong), 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. 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. Any employer who contravenes this requirement commits a criminal offence and is liable on conviction
to a fine and imprisonment.
As
of the date of this Annual Report, the Company believes it has made all contributions required under the MPFSO.
Regulations
related to Personal Data
Personal
Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong).
The Personal Data (Privacy) Ordinance (Chapter 486 of the Laws
of Hong Kong), 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.
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.
As
of the date of this Annual Report, AIL and FIL are in compliance with the provisions of the PDPO.
56
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 related notes included elsewhere in this Annual Report. This discussion and analysis and other parts of this
Annual Report contain forward-looking statements based upon current beliefs, plans and expectations that involve risks, uncertainties,
and assumptions. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking
statements as a result of several factors, including those set forth under "Risk Factors" and elsewhere in this Annual Report.
You should carefully read the "Risk Factors" section of this Annual Report in Item ____ to gain an understanding of the important
factors that could cause actual results to differ materially from our forward-looking statements.
Overview
Fenbo
Holdings Limited is a holding company incorporated on September 30, 2022 under the laws of the Cayman Islands. The Company has no substantial
operations other than holding all of the outstanding share capital of Rich Legend Holdings Limited ("RLHL") which was incorporated
under the laws of the BVI on October 21, 2022. RLHL is the holding company holding of all the equity interest of (i) Fenbo Industries
Ltd., ("FIL") a Hong Kong company incorporated on June 17, 1993; and (ii) Able Industries Ltd., ("AIL") a Hong
Kong company incorporated on November 7, 2005. FIL is the holding company holding of all the equity interest of Fenbo Plastic Products
Factory (Shenzhen) Ltd., ("FPPF") a company incorporated on October 19, 2010, under the laws of the PRC, which is one of
our Operating Subsidiaries conducting business operations in the PRC. The Company, through FIL, AIL and FPPF, has served as an OEM for
Spectrum Brands, a global home essential company, and its sole customer, producing electrical hair styling products, under the "Remington"
brand which Spectrum Brands has the right of the use of, and which are currently sold to Europe, United States and Latin America. The
Company's headquarters is located in Hong Kong, China. The "Company" in the foregoing discussion titled "Operating
and Financial Review and Prospects" refers to the Group and its subsidiaries reflecting the applicable information on a consolidated
basis, unless the context otherwise indicates. The Group includes the following entities:
Name
Background
Ownership
Principal
    activities
Fenbo
    Holdings Limited
●
A
    Cayman Islands company
-
Investment
    holding
("FHL")
●
Incorporated
    on September 30, 2022
Rich
    Legend Holdings
●
A
    BVI company
100%
    owned by FHL
Intermediate
    holding company
Limited
    ("RLHL")
●
Incorporated
    on October 21, 2022
Fenbo
    Industries Ltd.
●
A
    Hong Kong company
100%
    owned by RLHL
Intermediate
    holding company
("FIL")
●
Incorporated
    on June 17, 1993
and
    trading of electronic appliance
Able
    Industries Ltd
●
A
    Hong Kong company
100%
    owned by RLHL
Marketing
("AIL")
●
Incorporated
    on November 7, 2005
Fenbo
    Plastic Products
●
A
    PRC
100%
    owned by FIL
Manufacturing
    and production of electronic
Factory
    (Shenzhen) Ltd. ("FPPF")
●
Incorporated
    on October 19, 2010
Appliance
57
The
following table shows our Statement of Operations data for the financial years ended December 31, 2021, 2022 and 2023 in HK$ and for
2023 in USD. For further information regarding the results of our operations, see our consolidated financial statements appearing elsewhere
in this Annual Report.
For the years ended December 31,
2021
2022
2023
HK$'000
% of
Revenue
HK$'000
% of
Revenue
HK$'000
USD'000
% of
Revenue
Revenues
140,685
100.0
%
119,728
100.0
%
119,110
15,249
100.0
%
Cost of sales
(117,474
)
83.5
%
(100,892
)
84.3
%
(97,004
)
(12,419
)
81.4
%
Gross profit
23,211
16.5
%
18,836
15.7
%
22,106
2,830
18.6
%
Selling and marketing expense
(3,011
)
2.1
%
(2,057
)
1.7
%
(1,961
)
(251
)
1.7
%
General and administrative expense
(16,883
)
12.0
%
(19,239
)
16.1
%
(20,535
)
(2,629
)
17.2
%
Income (loss) from operations
3,317
2.4
%
(2,460
)
2.1
%
(390
)
(50
)
0.3
%
Other income (expense), net
1,906
1.4
%
13,006
10.9
%
767
98
0.6
%
Interest expense
(1,577
)
1.1
%
(1,581
)
1.3
%
(1,708
)
(219
)
1.4
%
Income (loss) before tax expense
3,646
2.6
%
8,965
7.5
%
(1,331
)
(171
)
1.1
%
Income tax expense
(2,822
)
2.0
%
(312
)
0.3
%
(131
)
(17
)
0.1
%
Net income (loss)
824
0.6
%
8,653
7.2
%
(1,462
)
(188
)
1.2
%
Other comprehensive income
Foreign currency translation gain (loss), net
1,001
0.7
%
(2,575
)
2.2
%
(809
)
(104
)
0.7
%
Total comprehensive income (loss)
1,825
1.3
%
6,078
5.1
%
(2,271
)
(292
)
1.9
%
58
Key
Factors that Affect Results of Operations
For
the financial years ended December 31, 2021, 2022 and 2023, our revenue amounted to approximately HK$140.7 million, HK$119.7 million
and HK$119.1 million, respectively. Our net income amounted to approximately HK$0.8 million, HK$8.7 million and a net loss of HK$1.5
million for the financial years ended December 31, 2021, 2022 and 2023, respectively.
The
Company believes the key factors affecting its financial condition and results of operations include the following:
Demand
from our one key customer group
We
rely on one key customer and if we fail to retain this customer or attract new customers, our business, financial condition, results
of operations and growth prospects will be harmed. Our aggregate sales generated from this one customer contributed all of our revenue
for the financial years ended December 31, 2021, 2022 and 2023. Accordingly, our sales would be significantly affected by the demands
of our key customer group, as well as certain inherent risks, among others, changes and development in the local political, regulatory
and business conditions, that may affect their purchases from us, many of which are beyond our control. These uncertainties could have
a material adverse effect on our business, results of operations and financial conditions, and affect our ability to remain profitable
and achieve business growth.
Fluctuations
in the cost of our materials
Raw
materials, such as electrical components, packaging materials, metal materials, plastic particles, and painting materials, are the largest
component of our cost of revenues. As our contract price is fixed once our customer confirms an order for a electrical hair styling,
it is difficult for us to manage the pricing of our electrical hair styling to pass on any increase in costs to our customer. Any fluctuations
in the cost of raw materials would affect our profitability.
The
prices at which we purchase such raw materials are determined principally by market forces such as the relevant supply and demand of
such raw materials, as well as our bargaining power with our suppliers. During the financial years ended December 31, 2021, 2022 and
2023, the majority of our raw materials were commonly available from the market and their prices have been are affected by the market
forces. We monitor supply and cost trends of these raw materials and take appropriate actions to obtain the materials we need for production.
We expect fluctuations in the cost of key materials to continue to affect our margins.
Results
of Operations
The
following table sets forth a summary of the consolidated results of operations of the Company for the years indicated, both in absolute
amount and as a percentage of its total revenues.
Revenues
For
the fiscal years ended December 31, 2021, 2022 and 2023, the Company generated its revenues by sales of electrical hair styling products
through the Company's wholly-owned operating subsidiaries.
The
following table presented the Company's revenues by product types for the fiscal years ended December 31, 2021, 2022 and 2023:
For the years ended December 31,
2021
2022
2023
2023
Change*
Change*
Revenues
HK$'000
HK$'000
HK$'000
USD'000
HK$'000
%
Curling Wands and Irons
43,191
38,328
32,753
4,193
(5,575
)
(14.5
)
Flat Irons and Hair Straighteners
87,226
78,626
82,817
10,602
4,191
5.3
Others
10,268
2,774
3,540
454
766
27.6
Total revenues
140,685
119,728
119,110
15,249
(618
)
(0.5
)
*Represents
percentage of change from the fiscal year ended December 31, 2022 to 2023.
59
The
following table presented the Company's revenues by geographical areas based on the location of our sole customer for the fiscal
years ended December 31, 2021, 2022 and 2023.
For the years ended December 31,
2021
2022
2023
2023
Change*
Change*
Revenues
HK$'000
HK$'000
HK$'000
USD'000
HK$'000
(%)
Europe
63,736
66,708
65,419
8,375
(1,289
)
(1.9
)
North America
66,768
45,095
48,381
6,194
3,286
7.3
South America
4,122
2,704
-
-
(2,704
)
(100.0
)
Asia and others
6,059
5,221
5,310
680
89
1.7
Total revenues
140,685
119,728
119,110
15,249
(618
)
(0.5
)
*Represents
percentage of change from the fiscal year ended December 31, 2022 to 2023.
Revenue
decreased by HK$0.6 million, or 0.5%, to HK$119.1 million (US$15.2 million) for the fiscal year ended December 31, 2023 compared to HK$119.7
million for the same period in 2022 primarily because of the decrease in revenue for our curling wands and irons products. Revenue decreased
by HK$21.0 million, or 14.9%, to HK$119.7 million for the fiscal year ended December 31, 2022 compared to HK$140.7 million for the same
period in 2021 primarily because of the decrease in revenue for our flat irons and hair straighteners products.
During
our fiscal year ended December 31, 2023, the negative impact of the COVID-19 pandemic had greatly subsided, and industries, including
consumer confidence, returned to normalcy as compared to the continued negative impact of the COVID-19 pandemic on businesses during
2022. The persistence of COVID-19 pandemic during fiscal year 2022, which continued to rampage in the global economy, the lock down measures
of foreign countries and the cancellation of international flight, negatively affected the cross-border delivery, thereby affecting the
Group's sales as compared to fiscal year 2023.
Cost
of sales
Cost
of sales included cost of raw materials (such as costs of electrical components, packaging materials, metal materials, plastic particles,
and painting materials), direct labor (including wages and social security contributions), manufacturing overhead (such as consumables,
depreciation, direct rental expense and utilities) and other taxes. We currently do not hedge our raw materials position, and we monitor
raw material price trends closely to manage our production needs.
For
the fiscal year ended December 31, 2023, cost of sales decreased to HK$97.0 million (US$12.4 million), representing an decrease by HK$3.9
million from HK$100.9 million in the same period in 2022. The fluctuation of cost of sales was in line with the decrease in our revenue
during the same period. For the fiscal year ended December 31, 2022, cost of sales decreased to HK$100.9 million (US$12.9 million), representing
a decrease by HK$16.6 million from HK$117.5 million in the same period in 2021. The fluctuation of cost of sales was in line with that
of the revenue during the same period.
Gross
profit
As
a result of the foregoing, gross profit for the fiscal year ended December 31, 2023, was HK$22.1 million (US$2.8 million), an increase
of HK$3.3 million from HK$18.8 million for the same period in 2022. Gross profit for the fiscal year ended December 31, 2022 was HK$18.8
million, a decrease of HK$4.4 million from HK$23.2 million for the same period in 2021.
60
During
our fiscal year ended December 31, 2023, the COVID-19 Pandemic has been successfully brought under control and the adverse impacts of
the pandemic have been gradually dissipating as economic activities resume to normal. The supply and prices of raw materials became stable
during the year, and thus led to the decrease in the Group's average unit costs and increase in gross profit for the year. During
our fiscal year ended December 31, 2022, various adverse factors related to the COVID-19 pandemic, such as the temporary disruption in
the Group's supply chain leading to tight supply and rising prices of raw materials, the rise of ocean freight charges and shortage
of container supplies, continued to hamper the global economy, and thus led to the increase in the Group's average unit costs.
On December 9, 2022, China announced that China's dynamic zero-COVID policy, which had been adhered to for nearly 3 years, has
officially moved towards reopening. The travel restrictions of China and Hong Kong were lifted gradually.
As
a result of the above, the Group's gross profit margin for the fiscal year ended December 31, 2023 rose to 18.6% as compared
to gross profit margin of 15.7% for the fiscal year ended December 31, 2022. For the fiscal year ended December 31, 2022, our gross
profit margin of 15.7% had dropped from a gross profit margin of 16.5% for the fiscal year ended December 31, 2021.
Our
Group continues to closely monitor the COVID-19 pandemic and other factors affecting our performance, and will assess their respective
potential impact on our supply chain. We believe that we can enhance our gross margin during 2024 as we optimize our product-mix and
quality of products, or, within our capital constraints, increase our raw material inventories.
Selling
and marketing expenses
Major
components of selling and marketing expenses are packaging expenses, transportation costs and custom declarations. For the year ended
December 31, 2023, selling and marketing expenses was HK$2.0 million (US$0.3 million), which decreased by HK$0.1 million from HK$2.1
million in the same period in 2022. For the year ended December 31, 2022, selling and marketing expenses was HK$2.1 million, which decreased
by HK$1.0 million from HK$3.0 million in the same period in 2021. The decrease during the fiscal year ended December 31, 2023 from the
same period in 2022 was due mainly to a decrease in overall level of shipping of products. The decrease during the fiscal year ended
December 31, 2022 from the same period in 2021 was due mainly to a decrease in packaging expenses as a result of the relatively stable
prices of packaging materials during the year.
General
and administrative expenses
General
and administrative expenses consist primarily of staff costs for our accounting and administrative support personnel and executives,
depreciation, office and insurance expenses, motor vehicles and travelling expenses, stamp duty and other taxes, utility expenses, office
rental and management fee, legal and professional fee and auditor's remuneration and others.
The
Company's major general and administrative expenses were comprised of the following items during the years indicated:
For the years ended December 31,
2021
2022
2023
2023
Change
Change
HK$'000
HK$'000
HKD'000
US$'000
HK$'000
(%)
Staff costs, including directors' remuneration
10,358
8,572
10,252
1,313
1,680
19.6
%
Depreciation
1,616
1,691
2,170
278
479
28.3
%
Office and insurance expenses
1,420
1,484
1,569
201
85
5.7
%
Motor vehicles and travelling expenses
740
458
861
110
403
88.0
%
Stamp duty and other taxes
405
534
419
54
(115
)
(21.6
)%
Utility expenses
507
467
476
61
9
1.8
%
Legal and professional fee and auditor's remuneration
185
4,729
2,870
367
(1,859
)
(39.3
)%
Others
1,652
1,304
1,918
245
614
47.1
%
Total
16,883
19,239
20,535
2,629
1,296
6.7
%
61
General
and administrative expenses increased by HK$1.3 million from HK$19.2 million for the fiscal year ended December 31, 2022 to HK$20.5 million
(US$2.6 million) for the fiscal year ended December 31, 2023. This increase was due mainly to the increase in staff costs and motor vehicles
and travelling expenses as the travel restrictions of China and Hong Kong were lifted gradually during the fiscal year ended December
31, 2023.
General
and administrative expenses increased by HK$2.4 million from HK$16.9 million for the fiscal year ended December 31, 2021 to HK$19.2 million
(US$2.5 million) for the fiscal year ended December 31, 2022. This increase was due mainly to additional professional fees for our public
offering.
Income
(loss) from operations
The
loss from operations decreased by HK$2.1 million from the loss from operations of HK$2.5 million for the fiscal year ended December
31, 2022 to HK$0.4 million for the fiscal year ended December 31, 2023. The improvement in the financial performance from operations
during the fiscal year ended December 31, 2023 were primarily due to the combined effects of the increase of gross profit of HK$3.4
million and the decrease of general and administrative expenses of HK$1.3 million during the fiscal year ended December 31,
2023.
The
income from operations decreased by HK$5.8 million from the income from operations of HK$3.3 million for the fiscal year ended
December 31, 2021 to the loss from operation of HK$2.5 million for the fiscal year ended December 31, 2022. The decline of the
financial performance from operations were primarily due to the combined effects of the decrease of gross profit of HK$4.4 million
and the increase of general and administrative expenses of HK$1.4 million during the fiscal year ended December 31, 2022.
Other
income (expense), net
Major
components of other income (expense) are exchange gain and loss, gain on disposal of property, plant and equipment, sundry income, government
grant and bank interest income. For the fiscal year ended December 31, 2023, net income was HK$0.8 million (US$0.1 million), which decreased
by HK$12.2 million from HK$13.0 million in the same period in 2022. The decrease was due mainly to the decrease in gain on disposal of
property, plant and equipment recognized during the fiscal year ended December 31, 2023.
For
the fiscal year ended December 31, 2022, net income was HK$13.0 million (US$1.7 million), which increased by HK$11.1 million from
HK$1.9 million in the same period in 2021. The increase was due mainly to a gain on disposal of property, plant and equipment of
HK$12.5 million recognized during the fiscal year ended December 31, 2022. The gain was mainly attributable to the sales of Hong
Kong office to Mr. Li Kin Shing at a consideration of HK$13,880,000 in December 2022. Only minimal amount of gain on disposal of
property, plant and equipment was recognized in the same period in 2021.
Interest
expense
Interest
expense remained relatively stable at HK$1.7 million (US$0.2), HK$1.6 million and HK$1.6 million for the fiscal years ended December
31, 2023, 2022 and 2021. The increase during the fiscal year ended December 31, 2023 was due mainly to the increase in average interest
for the Group's debt during the fiscal year.
Income
(loss) before tax expense
As
a result of the above, the Company recorded a loss before tax expense of HK$1.3 million (US$0.2 million) for the fiscal year ended December
31, 2023, a decrease of HK$10.3 million from HK$9.0 million for the fiscal year ended December 31, 2022. The decrease was mainly due
to the decrease in gain on disposal of property, plant and equipment recognized during the fiscal year ended December 31, 2023. The Company
recorded an income before tax expense of HK$9.0 million (US$1.2 million) for the year ended December 31, 2022, an increase of HK$5.4
million from HK$3.6 million for the year ended December 31, 2021.
62
Income
tax expense
For
the fiscal year ended December 31, 2023, income tax expense was HK$0.1 million (US$17,000), which decreased by HK$0.2 million from HK$0.3
million for the year ended December 31, 2022. The decrease was mainly due to a decrease in taxable income generated from operations during
the fiscal year ended December 31, 2023.
For
the fiscal year ended December 31, 2022, income tax expense was HK$0.3 million (US$40,000), which decreased by HK$2.5 million from HK$2.8
million for the fiscal year ended December 31, 2021. The decrease was mainly due to an increase in non-taxable gain on disposals of property,
plant and equipment of HK$12.4 million and a decrease in taxable income generated from operations during the year ended December 31,
2022.
Net
income
The
net income decreased by HK$10.1 million from a net income of HK$8.6 million for the year ended December 31, 2022 to a net loss of HK$1.5
million (US$0.2 million) for the fiscal year ended December 31, 2023. The decrease in the net income during the year ended December 31,
2023 was mainly attributable to the cumulative effect of the reasons set out above.
The
net income increased by HK$7.8 million from HK$0.8 million for the year ended December 31, 2021 to HK$8.6 million (US$1.1 million) for
the year ended December 31, 2022. The improvement in the net income during the year ended December 31, 2022 was mainly attributable to
the cumulative effect of the reasons set out above.
Liquidity
and Capital Resources
For
the Fiscal Year Ended December 31, 2023 and 2022
The
Company financed its daily operations and business development through cash generated from the operations of AIL, FIL, and FPPF. As of
December 31, 2023 and 2022, its cash balance was HK$46.3 million (US$5.9 million) and HK$13.9 million, respectively.
The
following table sets forth a summary of its cash flows for the periods indicated:
For the years ended December 31,
2022
2023
2023
HK$'000
HK$'000
US$'000
Net cash provided by operating activities
5,695
9,728
1,244
Net cash used in investing activities
(554
)
(284
)
(36
)
Net cash used in financing activities
5,034
23,299
2,983
Cash
provided by operating activities:
For
the fiscal years ended December 31, 2023, net cash provided by operating activities of HK$9.7 million (US$1.2 million) was primarily
the result of the net loss of HK$1.5 million (US$0.2 million) as adjusted for non-cash items and change in operating activities. Adjustments
for non-cash items consisted of depreciation of property and equipment of HK$0.5 million (US$65,000), amortization of right to use assets
of HK$5.4 million (US$0.7 million) and interest on lease liabilities of HK$0.3 million (US$40,000). Change in operating activities mainly
included increase in account payables of HK$5.1 million (US$0.6 million), increase in other payables and accrued liabilities of HK$1.4
million (US$0.2 million), decrease in inventories of HK$1.4 million (US$0.2 million), decrease in prepaid expenses and other current
assets of HK$2.5 million (US$0.3 million) and partially offset by an increase in accounts receivable of HK$0.8 million (US$0.1 million)
and payment on lease of HK$6.3 million (US$0.8 million).
For
the fiscal year ended December 31, 2022, net cash provided by operating activities of HK$5.7 million (US$0.7 million) was primarily the
result of the net income of HK$8.7 million (US$1.1 million) as adjusted for non-cash items and change in operating activities. Adjustments
for non-cash items consisted of depreciation of property and equipment of HK$0.7 million (US$90,000), amortization of right to use assets
of HK$4.9 million (US$0.6 million), interest on lease liabilities of HK$0.5 million (US$60,000) and gain on disposal of property, plant,
and equipment of HK$12.5 million (US$1.6 million). Change in operating activities mainly included decrease in accounts receivable of
HK$10.2 million (US$1.3 million), increase in other payables and accrued liabilities of HK$0.3 million (US$34,000), decrease in inventories
of HK$4.2 million (US$0.5 million) and partially offset by a decrease in prepaid expenses and other current assets of HK$3.0 million
(US$0.4 million), a decrease in account payables of HK$2.3 million (US$0.3 million) and payment on lease of HK$6.0 million (US$0.8 million).
63
Cash
used in investing activities:
For
the fiscal year ended December 31, 2023, net cash used in investing activities was HK$0.3 million (US$36,000) for the purchase of property,
plant, and equipment.
For
the fiscal year ended December 31, 2022, net cash used in investing activities was HK$0.6 million (US$71,000) for the purchase of property,
plant, and equipment.
Cash
used in financing activities:
For
the fiscal year ended December 31, 2023, net cash from financing activities of HK$23.3 million (US$3.0 million) was mainly due to the
proceeds from issuance of ordinary shares of HK$26.0 million (US$3.3 million and partially offset by the advances to related parties
of HK$2.7 milion (US$0.3 million).
For
the fiscal year ended December 31, 2022, net cash from financing activities of HK$5.0 million (US$0.6 million) represented the advance
from related parties.
The
following table sets forth a summary of the Company's working capital as of December 31, 2023 and 2022:
As of December 31,
2022
2023
2023
HK$'000
HK$'000
US$'000
Current assets
71,321
97,933
12,538
Current liabilities
41,340
43,004
5,507
Working capital
29,981
54,929
7,031
Current
assets as of December 31, 2023, was HK$97.9 million (US$12.5 million). Out of this balance, the Company had cash of HK$46.3 million (US$6.0
million) of which approximately HK$39.3 million was denominated in Hong Kong Dollar, approximately HK$2.6 million was denominated in
USD and approximately HK$4.4 million was denominated in RMB. The current asset balance mainly included accounts receivable, net of HK$31.5
million (US$4.0 million), prepaid expenses and other current assets of HK$6.0 million (US$0.8 million) and inventories of HK$14.1 million
(US$1.8 million).
Current
liabilities as of December 31, 2023, was HK$43.0 million (US$5.5 million). This amount was composed of accounts payables of HK$18.5 million
(US$2.4 million), other payables and accrued liabilities of HK$7.0 million (US$0.9 million), amounts due to related parties of HK$2.4
million (US$0.3 million), current portion of lease liabilities of HK$4.1 million (US$0.5 million) and bank loan of HK$11.0 million (US$1.4
million).
Current
assets as of December 31, 2022, was HK$71.3 million. Out of this balance, the Company had cash of HK$13.9 million of which approximately
HK$5.6 million was denominated in Hong Kong Dollar and approximately HK$8.3 million was denominated in RMB. The current asset balance
mainly included accounts receivable, net of HK$32.9 million, prepaid expenses and other current assets of HK$6.8 million, inventories
of HK$15.9 million and deferred IPO cost of HK$1.9 million.
64
Current
liabilities as of December 31, 2022, was HK$41.3 million. This amount was composed of accounts payables of HK$13.8 million, other payables
and accrued liabilities of HK$5.8 million, amounts due to related parties of HK$5.1 million, current portion of lease liabilities of
HK$5.6 million and bank loan of HK$11.0 million.
Off-Balance
Sheet Arrangements
As
of December 31, 2023, the Company had no off-balance sheet arrangements, including arrangements that would affect its liquidity, capital
resources, market risk support, and credit risk support or other benefits.
Future
Financings
The
Company may sell its Ordinary Shares in order to fund its business growth. Issuances of additional shares will result in dilution to
existing shareholders. There is no assurance that the Company will achieve sales of its equity securities or arrange for debt or other
financing to fund its growth in case it is necessary, or if the Company is able to do so, there is no guarantee that existing shareholders
will not be substantially diluted.
Critical
Accounting Policies, Judgments and Estimates
Basis
of Presentation
The
consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States
of America ("USGAAP"). Accordingly, these statements should be read in conjunction with the Company's financial statements
and note thereto as of and for the fiscal years ended December 31, 2023, 2022 and 2021.
Principle
of consolidation
The
consolidated financial statements include the financial statements of the Company and its subsidiaries. All inter- company transactions,
if any, and balances due to, due from, long-term investment subsidiary, and registered paid in capital have been eliminated upon consolidation.
Business
combinations and noncontrolling interests
The
Company accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standards Codification
("ASC") 805 "Business Combinations." The cost of an acquisition is measured as the aggregate of the acquisition
date fair value of the assets transferred to the sellers, liabilities incurred by the Company and equity instruments issued by the Company.
Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities assumed
are measured separately at their fair values as of the acquisition date, irrespective of the extent of any noncontrolling interests.
The excess of (i) the total costs of acquisition, fair value of the noncontrolling interests and acquisition date fair value of any previously
held equity interest in the acquiree over (ii) the acquisition date amounts of the identifiable net assets of the acquiree is recorded
as goodwill. If the cost of acquisition is less than the acquisition date amounts of the net assets of the subsidiary acquired, the difference
is recognized directly in the consolidated income statements. During the measurement period, which can be up to one year from the acquisition
date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Subsequent
to the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever
comes first, any further adjustments are recorded in the consolidated income statements.
For
the Company's non-wholly owned subsidiaries, a noncontrolling interest is recognized to reflect the portion of equity that is not
attributable, directly, or indirectly, to the Company.
65
Use
of Estimates and Assumptions
The
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated
financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates
reflected in the Company's consolidated financial statements include the useful lives of property and equipment, the imputed interest
rate of leases, impairment of long-lived assets, allowance for doubtful accounts, provision for contingent liabilities, revenue recognition,
deferred taxes and uncertain tax position. Actual results could differ from these estimates.
Revenue
Recognition
The
Company elected to adopt Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606), effective
as of October 1, 2019. Accordingly, the consolidated financial statements for the years ended
December 31, 2023, and 2022 are presented under ASC 606. The core principle of the guidance is that an entity should recognize revenue
to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects
to be entitled in exchange for those goods or services. The Company's revenues are generated from the production and sales of premium
personal care electric appliances (principally electrical hair styling products such as straighteners, curlers, trimmers, etc.) and toy
products. This performance obligation is satisfied at a point of time and recognized in revenue upon the transfer of control of the goods
to the customers. Interest income from banks is recognized when received.
Cost
of Revenues
The
cost of revenue primarily consists of the cost of raw materials, direct labor costs and factory overhead.
Value
Added Taxes
The
Hong Kong operations are not subject to the value added tax. For the PRC operations, the PRC export revenue is not subject to VAT. VAT
are charged for purchase of materials at 17% of which 13% is refundable. Revenues are presented net of applicable VAT.
Income
Taxes
The
Company accounts for income taxes in accordance with the laws of the relevant tax authorities. The charge for taxation is based on the
results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have
been enacted or substantively enacted by the balance sheet date.
Deferred
taxes are accounted for using the asset and liability method in respect of temporary differences arising from differences between the
carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation
of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets
are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences
can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized, or the
liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged
directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance
when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.
Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.
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, with a tax examination being presumed to occur. 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. No penalties and interest incurred related to underpayment of income tax are classified as income tax expense
in the period incurred.
Recent
Accounting Pronouncements
See
the discussion of the recent accounting pronouncements contained in Note 2 to the consolidated financial statements, "Summary of
Significant Accounting Policies".
66
Item
6. Directors, Senior Management and Key Employees
Our
Board of Directors is the primary decision-making body of our Company, setting fundamental business strategies and policies for the management
and operation of our Operating Subsidiaries' business and monitoring their implementation.
Our
Board of Directors currently consists of five directors, comprising two Executive Directors and three independent non-executive Directors.
The following table sets forth the names, ages, and titles of our directors, executive officers, and senior management/key personnel:
Name
Age
Title
Executive
    Officers and Directors:
Li
    Siu Lun Allan
49
Chairman,
    Executive Director, and Chief Executive Officer
Li
    Kin Shing
72
Executive
    Director
Fu
    Wai Yip (Freddy)
52
Chief
    Financial Officer
Independent
    Non-executive Directors:
Lai
    King Yan (Anthony)
51
Independent
    Non-executive Director
Tong
    Ching Ho (Tony)
53
Independent
    Non-executive Director
Wong
                                            Siu Keung (Sony)
Derong
    Meng
48
49
Independent
                                            Non-executive Director
Independent
    Non-executive Director and Co-Chairman
No
arrangement or understanding exists between any such director or officer and any other persons pursuant to which any director or executive
officer was elected as a director or executive officer. Our directors are elected annually and serve until their successors take office
or until their death, resignation, or removal. The executive officers serve at the pleasure of the Board of Directors.
Executive
Officers and Directors:
Mr.
Li Siu Lun Allan ("Mr. Allan Li")
has served as FHL's Chairman, Executive Director, and Chief Executive Officer
since September 30, 2022. Since September 1998, he has served as a Director of FIL and since June 2021 as a Director of AIL. He has over
20 years of marketing, administration, and operating experience at FIL. Mr. Allan Li attended the Faculty of Applied Sciences at Simon
Fraser University, B.C. Canada, from September 1994 until December 1996. Mr. Allan Li is the son of Mr. Li Kin Shing, founder of the
Group.
Mr.
Li Kin Shing ("Mr. Li")
has served as FHL's Executive Director since September 30, 2022. Mr. Li founded FIL in
June 1993 and has served as a director since then. Mr. Li has served as the Legal Representative of FPPF since October 1993 and the Director
of AIL since November 2005. Mr. Li received a Certificate in Mechanical Engineer in June 1996 and a Certificate in Workshop Instructor
Training from the Morrison Hill Technical Institute, Hong Kong, in 1974.
Mr.
Fu Wai Yip (Freddy)
has served as FHL's Chief Financial Officer since December 6, 2022. Since December 2011, he has served
as the Financial Controller of The Well Leatherware Manufactory Ltd. He attended the University of Bolton, UK from 2000 to 2002 where
he received a Bachelor of Arts degree in Accountancy. Mr. Fu is a Fellow Member of the Association of International Accounts, UK., The
Institute of Public Accountants - Australia, and the Institute of Financial Accountants.
Independent
Non-executive Directors
Mr.
Lai King Yan (Anthony)
was appointed as an Independent Director effective upon the closing of the IPO. Since October 2021, Mr. Lai
has served as a Director of Advent Corporate Finance Limited since October 2021. From April 2019 to May 2021, he served as a Director
of Changjiang Corporate Finance (HK) Limited and from January 2013 until February 2019, he served as the Managing Director of CLC International
Limited, Mr. Lai attended Bond University in Australia from 1994 until 1996 where he received a Bachelor of Commerce degree.
67
Mr.
Tong Ching Ho (Tony)
was appointed as an Independent Director effective upon the closing of the IPO. Mr. Tong served as a Sourcing
Specialist for NBC Hong Kong Merchants Ltd. since July 2015. He attended the University of Victoria, B.C. Canada from 1993 until1996
where he received his Bachelor of Arts in Economics degree.
Mr.
Wong Siu Keung (Sony)
was appointed as an Independent Director effective upon the closing of the IPO. Mr. Wong served as the Responsible
Officer and Risk Manager for Ocean Assets Management HK Limited since May 2021. From October 2019 to March 2021, he served as the Responsible
Officer and Executive Director for Boxin Jiayuan Ltd, and from October 2017 to September 2019 as the Senior VP and Responsible Officer
for ZQ Capital HK Ltd. Mr. Wong attended the Simon Fraser University, Vancouver, Canada from 1994 until 2000, where he received a Bachelor's
degree in business administration in 1998 and a Master's degree in business administration in 2000. Mr. Wong was admitted as a
certified public accountant of the Delaware State Board of Accountancy in October 2004 and became a chartered financial analyst of the
Association for Investment Management and Research in August 2003.
Mr.
Derong Meng
was appointed as the Co-Chairman and an Independent Director effective January 1, 2024. Since April 2019, Mr. Meng has
served as the Executive President of Dijiu (Shenzhen) Supply Chain Group Co. Ltd., a firm focused on the development, implementation,
and management of supply chain logistics from traditional sales channels to e-commerce platforms with an emphasis on agricultural products.
From June 2017 until March 2019, he served as the CEO, Business Development Department, of Shenzhen Eternal Asia Supply Chain Co. Ltd.
Mr. Meng received a Bachelor's Degree in Economics and Management from Yancheng Institute of Technology in July 1996.
Key
Personnel / Consultants
Our
senior management comprises the following personnel:
Mr.
Chiu Yat Chung (Gary) ("Mr. Chiu")
has served as the AIL's Marketing Consultant since April 2021 and from November
2005 until March 2021, he served as a Director of AIL. Mr. Chiu received a Bachelor's degree in Industrial Engineering from the
University of Hong Kong in 1999 and Master's degree in Manufacturing Engineering from the Polytechnic University, Hong Kong in
2003.
Committees
of the Board of Directors
Our
Board of Directors has established an audit committee, a compensation committee, and a nomination committee, each of which will operate
pursuant to a charter adopted by our Board of Directors that will be effective upon the effectiveness of the registration statement of
which this prospectus is a part. The Board of Directors may also establish other committees from time to time to assist our Company and
the Board of Directors. Upon the effectiveness of the registration statement of which this prospectus is a part, the composition and
functioning of all of our committees will comply with all applicable requirements of the Sarbanes-Oxley Act of 2002, Nasdaq and SEC rules
and regulations, if applicable. Upon our listing on Nasdaq, each committee's charter will be available on our website at http://www
http://www.fenbo.com
. The reference to our website address does not constitute incorporation by reference of the information contained
at or available through our website, and you should not consider it to be part of this Annual Report.
Audit
committee
Wong
Siu Keung (Sony) Tong Ching Ho (Tony), and Lai King Yan (Anthony), all of whom are our independent non-executive Directors, will serve
on the audit committee, which will be chaired by Wong Siu Keung (Sony). Our Board of Directors has determined that each are "independent"
for audit committee purposes as that term is defined by the rules of the SEC and Nasdaq, and that each has sufficient knowledge in financial
and auditing matters to serve on the audit committee. Our Board of Directors has designated Mr. Wong Siu Keung (Sony) as an "audit
committee financial expert," as defined under the applicable rules of the SEC. The audit committee's responsibilities include:
●
appointing,
    approving the compensation of, and assessing the independence of our independent registered public accounting firm;
68
●
pre-approving
    auditing and permissible non-audit services, and the terms of such services, to be provided by our independent registered public
    accounting firm;
●
reviewing
    the overall audit plan with our independent registered public accounting firm and members of management responsible for preparing
    our financial statements;
●
reviewing
    and discussing with management and our independent registered public accounting firm our annual and quarterly financial statements
    and related disclosures as well as critical accounting policies and practices used by us;
●
coordinating
    the oversight and reviewing the adequacy of our internal control over financial reporting;
●
establishing
    policies and procedures for the receipt and retention of accounting-related complaints and concerns; recommending, based upon the
    audit committee's review and discussions with management and our independent registered public accounting firm, whether our
    audited financial statements shall be included in our Annual Report on Form 20-F;
●
monitoring
    the integrity of our financial statements and our compliance with legal and regulatory requirements as they relate to our financial
    statements and accounting matters;
●
preparing
    the audit committee report required by SEC rules to be included in our annual proxy statement;
●
reviewing
all related person transactions for potential conflict of interest situations and approving all such transactions;
●
Continuously engage in the analysis of and review for an potential cybersecurity risks as part of the Company's overall risk
    management program; and
●
reviewing
    earnings releases.
Audit
committee charter.
On April 16, 2024, our Board of Directors authorized and approved an amendment to the Audit Committee Charter
(the "Audit Committee Charter"). pursuant to which it adopted a cybersecurity policy (the "Cybersecurity Policy")
and further approved that the Audit Committee will have full authority and powers to implement the Cybersecurity Policy. The Audit Committee
Charter provides the members of the Audit Committee with authorization and authority to conduct continuous analysis of and review for
any potential cybersecurity risks as part of the Company's overall risk management program and to create a cyber-resillient organization,
which will contribute to the value preservation of the Company. The Audit Committee Charter further provides authority and responsibility
to the members of the Audit Committee to: (i) understand the economic drivers and impact of cyber risk, including the financial impact
to our Company; (ii) align cyber-risk management policies with our business needs by integrating cyber-risk analysis into significant
business decisions; (iii) ensure our organizational structure supports cybersecurity goals; and (iv) incorporate cybersecurity expertise
into board governance.
For
additional information regarding our Cybersecurity Policy, please refer to Exhibit 16J included in this Annual Report on Form 20-F for
the year ended December 31, 2023.
Compensation
committee
Lai
King Yan (Anthony), Wong Siu Keung (Sony), and Tong Ching Ho (Tony) all of whom are our independent non-executive Directors, will serve
on the compensation committee, which will be chaired by Lai King Yan (Anthony). Our Board of Directors has determined that each such
member satisfies the "independence" requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq Stock Market. The
compensation committee's responsibilities include:
●
evaluating
    the performance of our Chief Executive Officer in light of our Company's corporate goals and objectives and based on such evaluation:
    (i) recommending to the Board of Directors the cash compensation of our Chief Executive Officer, and (ii) reviewing and approving
    grants and awards to our Chief Executive Officer under equity-based plans;
69
●
reviewing
    and recommending to the Board of Directors the cash compensation of our other executive officers;
●
reviewing
    and establishing our overall management compensation, philosophy, and policy;
●
overseeing
    and administering our compensation and similar plans;
●
reviewing
    and approving the retention or termination of any consulting firm or outside advisor to assist in the evaluation of compensation
    matters and evaluating and assessing potential and current compensation advisors in accordance with the independence standards identified
    in the applicable Nasdaq rules;
●
retaining
    and approving the compensation of any compensation advisors;
●
reviewing
    and approving our policies and procedures for the grant of equity-based awards;
●
reviewing
and recommending to the Board of Directors the compensation of our directors;
●
Reviewing and determining the necessity for recovery of certain incentive compensation previously paid to the Company's officers
    and directors in the event of a restatement of the Company's financial statements for any fiscal year; and
●
preparing
    the compensation committee report required by SEC rules, if and when required.
Compensation
committee charter.
On April 16, 2024, our Board of Directors authorized and approved an amendment to the Compensation Committee Charter
(the "Compensation Committee Charter"). pursuant to which it adopted a compensation recovery policy (the "Compensation
Recovery Policy") and further approved that the Compensation Committee will have full authority and powers to implement the Compensation
Recovery Policy. The Compensation Committee Charter provides the members of the Compensation Committee with authorization and authority
to carry out such duties and responsibilities associated with the Compensation Recovery Policy. The Compensation Committee shall, in
the event of a restatement of the Company's financial statements, have the authority and power to: (i) determine such executive
officers who served at any time during the performance period for the incentive-based compensation; (ii) determine the relevant recovery
period; (iii) determine the amount of incentive-based compensation that must be subject to the Company's Compensation Recovery
Policy and establish procedures for recovery; (iv) maintain documentation of the above-referenced determinations; and (v) prepare and
have filed all disclosures with respect to the Compensation Recovery Policy in accordance with Federal securities laws, including the
disclosure required by the applicable Securities and Commission filings.
For
additional information regarding our Compensation Recovery Policy, please refer to Exhibit 97.1 included in this Annual Report on Form
20-F for the year ended December 31, 2023.
Nomination
committee
Tong
Ching Ho (Tony), Wong Siu Keung (Sony) and Lai King Yan (Anthony), all of whom are our independent non-executive Directors, will serve
on the nomination committee, which will be chaired by Tong Ching Ho (Tony). Our Board of Directors has determined that each member of
the nomination committee is "independent" as defined in applicable Nasdaq rules. The nomination committee's responsibilities
include:
●
developing
    and recommending to the Board of Directors criteria for board and committee membership;
●
establishing
    procedures for identifying and evaluating director candidates, including nominees recommended by stockholders; and
●
reviewing
    the composition of the Board of Directors to ensure that it is composed of members containing the appropriate skills and expertise
    to advise us.
While
we do not have a formal policy regarding board diversity, our nomination committee and Board of Directors will consider a broad range
of factors relating to the qualifications and background of nominees, which may include diversity (not limited to race, gender, or national
origin). Our nomination committee's and Board of Directors' priority in selecting board members is identification of persons
who will further the interests of our shareholders through their established record of professional accomplishment, the ability to contribute
positively to the collaborative culture among board members, knowledge of our business, understanding of the competitive landscape and
professional and personal experience and expertise relevant to our growth strategy.
70
Foreign
Private Issuer Status
The
Nasdaq listing rules include certain accommodations in the corporate governance requirements that allow foreign private issuers, such
as us, to follow "home country" corporate governance practices in lieu of the otherwise applicable corporate governance standards
of Nasdaq Markets. The application of such exceptions requires that we disclose each Nasdaq Markets corporate governance standard that
we do not follow and describe the Cayman Islands corporate governance practices we do follow in lieu of the relevant Nasdaq Markets corporate
governance standard. However, we currently follow the Nasdaq Markets corporate governance standards listed below with the exception of
the independent directors regularly scheduling meetings with only the independent directors present:
●
the
    majority independent director requirement under Section 5605(b)(1) of the Nasdaq Marketplace Listing rules;
●
the
    requirement under Section 5605(d) of the Nasdaq Marketplace Listing Rules that a compensation committee comprised solely of independent
    directors governed by a compensation committee charter oversee executive compensation;
●
the
    requirement under Section 5605(e) of the Nasdaq Marketplace Listing Rules that director nominees be selected or recommended for selection
    by either a majority of the independent directors or a nominations committee comprised solely of independent directors;
●
the
    Shareholder Approval Requirements under Section 5635 of the Nasdaq Marketplace Listing Rules; and
●
the
    requirement under Section 5605(b)(2) of the Nasdaq Marketplace Listing Rules that the independent directors have regularly scheduled
    meetings with only the independent directors present.
Code
of Conduct and Code of Ethics
As
of this Annual Report, we have adopted a written code of business conduct and ethics that applies to our directors, officers, and employees,
including our chief executive officer, chief financial officer, principal accounting officer or controller or persons performing similar
functions. Following the effectiveness of the registration statement of which this prospectus is a part, a current copy of this code
will be posted on the Corporate Governance section of our website, which is located at http://www.eglhkg.com. The information on our
website is deemed not to be incorporated in this prospectus or to be a part of this prospectus. We intend to disclose any amendments
to the code of ethics, and any waivers of the code of ethics or the code of conduct for our directors, executive officers, and senior
finance executives, on our website to the extent required by applicable U.S. federal securities laws and the Nasdaq corporate governance
rules.
Compensation
of Directors and Senior Management/Executive Personnel
Our
directors and members of our senior management receive compensation in the form of salaries, allowances, bonuses, and other benefits-in-kind,
including our contribution to the pension scheme. Our compensation committee determines the salaries of our directors and members of
our senior management based on their qualifications, positions, and seniority.
Notwithstanding
the below compensation table: (i) no remuneration was paid to our directors or the five highest paid individuals as an inducement to
join, or upon joining, our Group; (ii) no compensation was paid to, or receivable by, our directors or past directors or the five highest
paid individuals during the fiscal years ended December 31, 2023, 2022 and 2021 for the loss of office as director of any member of our
Group or of any other office in connection with the management of the affairs of any member of our Group; and (iii) none of our directors
waived any emoluments during the same period. Notwithstanding the below compensation table, no director has been paid in cash or shares
or otherwise by any person either to induce him to become, or to qualify him as a director, or otherwise for service rendered by him
in connection with the promotion or formation of us.
The
following table summarizes all compensation received by our directors, our executive officers and our key employees during the fiscal
years ended December 31, 2021, 2022 and 2023.
71
Summary
Compensation Table
Compensation Paid
Name and Principal Position
Year
Salary
(HK'000)
Bonus
(HK'000)
Other
Compensation
(4)
(HK'000)
Li Siu Lun Allan, CEO,
2021
1,040
Nil
18
Chairman and Executive Director
(1)
2022
1,040
Nil
18
2023
1,063
300
18
Li Kin Shing,
2021
1,080
Nil
Nil
Executive Director
(2)
2022
1,080
Nil
Nil
2023
1,658
Nil
Nil
Fu Wai Yip (Freddy),
2021
Nil
Nil
Nil
CFO
(3)
2022
Nil
Nil
Nil
2023
23
Nil
Nil
Lai King Yan (Anthony),
2021
Nil
Nil
Nil
Independent Non-Executive Director
(4)
2022
Nil
Nil
Nil
2023
20
Nil
Nil
Tong Ching Ho (Tony),
2021
Nil
Nil
Nil
Independent Non-Executive Director
(4)
2022
Nil
Nil
Nil
2023
20
Nil
Nil
Wong Siu Keung (Sony),
2021
Nil
Nil
Nil
Independent Non-Executive Director
(4)
2022
Nil
Nil
Nil
2023
20
Nil
Nil
(1)
Compensation for Li Siu Lun Allan was paid by FIL, a wholly owned subsidiary of FHL for the years ended December 31, 2021 and 2022
whereas for the year ended December 31, 2023 was paid by FIL and FHL together.
(2)
Compensation for Li Kin Shing was paid by FIL and AIL, wholly owned subsidiaries of FHL for the years ended December 31, 2021 and
2022 whereas for the year ended December 31, 2023 was paid by FIL, AIL and FHL altogether.
(3)
Fu Wai Yip (Freddy) was appointed as CFO of FHL on December 6, 2022.
(4)
Lai King Yan (Anthony), Tong Ching Ho (Tony), and Wong Siu Keung (Sony) were appointed as independent non-executive directors effective
with the closing of the IPO.
(5)
Other compensation includes sales commission, allowances, and any employer's contribution social security.
72
Compensation
Recovery Policy
As
required pursuant to the listing standards of the Nasdaq Listing Rules, Rule 10D under the Exchange Act, and Rule 10D-1 under the Exchange
Act, the Compensation Committee of the Board of Directors has adopted a compensation recovery policy, also known as a clawback policy
(the "Compensation Recovery Policy"), effective December 1, 2023. The Compensation Recover Policy requires the Company to
recover the incremental portion of the incentive-based compensation received by such officer that was in excess of the amount they would
have received had their incentive compensation been determined based on the restated financial statements. Such events requiring a restatement
of financial statements would be due to the material noncompliance of the Company with any financial reporting requirements under the
securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is
material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in
the current period or left uncorrected in the current period.
For
additional information regarding our Compensation Recovery Policy, please refer to Exhibit 97.1 included in the Company's Annual
Report on Form 20-F for the year ended December 31, 2023.
Mandatory
Provident Fund
The
Mandatory Provident Fund (the "MPF") is a compulsory saving scheme (pension fund) for the retirement of residents in Hong
Kong. Most employees and their employers are required to contribute monthly to mandatory provident fund schemes provided by approved
private organizations, according to their salaries and the period of employment. The Mandatory Provident Fund was implemented in December
2000 following the enactment of the Mandatory Provident Fund Schemes Ordinance on July 27, 1995. The MPF Schemes Authority (MPFA) is
charged with supervising the provision of MPF schemes – it registers schemes and ensures that approved trustees administer schemes
prudently, ensuring compliance including inspections, audits, and investigations.
The
MPF system is mandatory for all employees in Hong Kong who have an employment contract of 60 days or more and also applies also to self-employed
persons. Under the MPF, the choice of the scheme is the responsibility of the employer (for which the legislation defines three types):
(i) master trust scheme; (ii) employer sponsored scheme; or (iii) industry scheme. The scheme operates on the principle of fully funded
defined contributions into a privately managed plan fund contributed by employers and employees managed as a trust, which compartmentalizes
fund assets from those of the manager. Investment decisions are delegated to a trustee in the private sector.
FIL,
our Operating Subsidiary in Hong Kong, implemented a MPF with a major international assurance company to provide retirement benefits
for its employees. All permanent full-time are eligible to join the MPF. Eligible employees of the MPF and the employer's contributions
to the MPF are both at 5% of the eligible employee's monthly salary and are subject to a maximum mandatory contribution of HKD1,500
(US$192) monthly.
Pursuant
to the relevant PRC regulations, the Group is required to make contributions for each employee, at rates based upon the employee's
standard salary base as determined by the local social security bureau, to a defined contribution retirement scheme organized by the
local social security bureau in respect of the retirement benefits for FPPF's employees in the PRC.
The
contributions to the MPF are recognized as employee benefit expense when they are due and are charged to the consolidated statement
of income (loss). The total contributions to the MPF of our Operating Subsidiaries in Hong Kong for the fiscal years ended December
31, 2023, and 2022 amounted to approximately HKD61,000 and HKD79,000, respectively. FIL has no other obligation to
make payments in respect of retirement benefits of the employees.
73
Directors'
Agreements
Each
of our directors has entered into a Director's Agreement with the Company dated as of the effective date of its registration statement
as filed with the SEC, which was November 27, 2023 (the "Effective Date"). Our newly appointed director, Mr. Derong Meng,
entered into a Director's Agreement dated April 16, 2024. The terms and conditions of each such Director's Agreement are
similar in all material aspects. Each Director's Agreement is for an initial term of one year and will continue until the director's
successor is duly elected and qualified. Each director will be up for re-election each year at the annual shareholders' meeting
and, upon re-election, the terms, and provisions of his or her Director's Agreement will remain in full force and effect. Any Director's
Agreement may be terminated for any or no reason by the director or at a meeting called expressly for that purpose by a vote of the shareholders
holding more than 50% of the Company's issued and outstanding Ordinary Shares entitled to vote.
Under
the Directors' Agreements, the initial annual salary that is payable to each of our directors is as follows:
Lai King Yan (Anthony)
US$
30,000
Tong Ching Ho (Tony)
US$
30,000
Wong Siu Keung (Sony)
US$
30,000
Derong
Meng
US$
12,000
Other
than as disclosed above, none of our directors has entered into a service agreement with our Company or any of our subsidiaries that
provides for benefits upon termination of employment.
Employment
Letters
On
December 6, 2022, FGH entered into a letter agreement with Mr. Li Siu Lun Allan, pursuant to which Mr. Li will serve as the Chairman,
Executive Director and Chief Executive Officer of the Company in accordance with the following terms and provisions: (i) payment of a
monthly salary of US$3,000 payable at the end of each month, which commenced upon the closing of the IPO ; (ii) a discretionary performance
bonus determined by the compensation committee and/or the board at the end of the fiscal year; and (ii) either party shall have the right
to terminate the agreement by giving to the other party not less than six months' notice in writing.
On
December 6, 2022, FGH entered into a letter agreement with Mr. Li Kin Shing, pursuant to which Mr. Li Kin Shing will serve as an Executive
Director of the Company in accordance with the following terms and provisions: (i) payment of a monthly salary of US$3,000 payable at
the end of each month, which commenced upon the closing of the IPO; and (ii) a discretionary performance bonus determined by the compensation
committee and/or the board at the end of the fiscal year; and (ii) either party shall have the right to terminate the agreement by giving
to the other party not less than six months' notice in writing.
On
December 6, 2022, FGH entered into an employment agreement with Mr. Fu Wai Yip (Freddy), pursuant to which Mr. Fu is designated as the
Chief Financial Officer of the Company in accordance with the following terms and provisions: (i) a fixed initial salary of US$3,000
for the period from December 6, 2022 to the date of the closing of the IPO (the "Initial Period") (ii) after the Initial
Period, payment of a monthly salary of US$3,000, subject to the adjustment determined by the compensation committee and/or the board,
payable at the end of each month; (iii) a discretionary performance bonus determined by the compensation committee and/or the board at
the end of the fiscal year and (iv) either party shall have the right to terminate the agreement by giving to the other party not less
than six months' notice in writing.
Indemnification
Agreements
We
have entered into indemnification agreements with each of our directors and executive officers, including our newly appointed director,
Mr. Derong Meng. Under these agreements, we agree to indemnify our directors and executive officers against certain liabilities and expenses
incurred by such persons in connection with claims made by reason of their being a director or officer of our Company.
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling
us under the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy
as expressed in the Securities Act and is therefore unenforceable.
74
Employees
The
following table sets forth a breakdown of our employees by functions and geographical locations as of December 31, 2023:
Function
Hong Kong
China
Total
AIL
FIL
FPPF
Management
-
3
1
4
Sales and Marketing
1
1
5
7
Operation
-
2
236
238
Warehouse
-
-
12
12
Accounting and Administration
-
2
8
10
Total
1
8
262
271
Recruitment
and remuneration
Our
Operating Subsidiaries' success is highly dependent on their employees. Our Operating Subsidiaries recruit employees taking into
account their industry experience and interpersonal skills. Our Operating Subsidiaries hire employees through internal recruitment or
from the open market through online advertisement or by referrals. Our Operating Subsidiaries endeavor to offer competitive wages and
benefits. Our Operating Subsidiaries conduct annual review of the performance of their employees for determining the level of bonus,
salary adjustment and promotion of employees.
Training
Our
Operating Subsidiaries offer their employees training both internally and externally to enhance their skills and knowledge in the in
the personal care electric appliance industry. The regular training for our factory employees includes (i) new employee orientation;
(ii) post-promotion training; and (iii) general annual training. We believe training will help our employees improve their work performance,
which will eventually increase their loyalty to the Company. Therefore, the Company has developed a series of training programs targeting
the needs and requirements of the work and tailored in line with their roles and responsibilities. Most training is undertaken by our
internal staff, but if necessary for the effectiveness of the training, outside professionals are also hired to conduct trainings as
well.
Labor
unions, labor, and safety incidents
Our
Operating Subsidiaries have not set up labor union for employees in Hong Kong or in the PRC. Our Operating Subsidiaries strive to maintain
good relationships with their employees and provide them with a safe working environment. During the fiscal years ended December 31, 2023, and 2022 and through the date of this prospectus, our Operating Subsidiaries did not experience
any form of industrial action of their employees or any work safety related incidents that led to material disruption of operations or
claims against our Operating Subsidiaries.
Welfare
or mandatory contribution
In
Hong Kong, our Operating Subsidiaries operate a defined contribution mandatory provident fund retirement benefits scheme under the Mandatory
Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong) for all of their employees in Hong Kong who are eligible to participate
in the scheme. Under the relevant PRC laws and regulations, our Operating Subsidiaries are required to participate in the social welfare
schemes, which provide pension insurance, medical insurance, work injury insurance, maternity insurance, and unemployment insurance as
well as the coverage of housing provident funds for our Operating Subsidiaries' employees in the PRC.
75
Item
7. Major Shareholders and Related Party Transactions
The
information presented below regarding beneficial ownership of our voting securities has been presented in accordance with the rules of
the SEC and is not necessarily indicative of ownership for any other purpose. Under these rules, a person is deemed to be a "beneficial
owner" of a security if that person has or shares the power to vote or direct the voting of the security or the power to dispose
or direct the disposition of the security. A person is deemed to own beneficially any security as to which such person has the right
to acquire sole or shared voting or investment power within sixty (60) days through the conversion or exercise of any convertible security,
warrant, option, or other right. More than one (1) person may be deemed to be a beneficial owner of the same securities. The percentage
of beneficial ownership by any person as of a particular date is calculated by dividing the number of shares beneficially owned by such
person, which includes the number of shares as to which such person has the right to acquire voting or investment power within sixty
(60) days, by the sum of the number of shares outstanding as of such date, plus the number of shares as to which such person has the
right to acquire voting or investment power within sixty (60) days. Consequently, the denominator used for calculating such percentage
may be different for each beneficial owner. Except as otherwise indicated below and under applicable community property laws, we believe
that the beneficial owners of our shares listed below have sole voting and investment power with respect to the shares shown. Unless
otherwise noted below, the address of each person listed on the table is Flat J, 19/F., World Tech Centre, 95 How Ming Street, Kwun Tong,
Kowloon, Hong Kong.
As
of the date of this Annual Report, the following table sets forth information regarding beneficial ownership of our share capital by:
●
each
    person, or group of affiliated persons, known by us to beneficially own more than 5% of our shares;
●
each
    of our named executive officers;
●
each
    of our directors; and
●
all
    of our current executive officers, directors as a group.
Name of Beneficial Owner
Ordinary Shares
Beneficially Owned
Percent
of Class
(1)
Named Executive Officers and Directors and Director Nominee:
Li Siu Lun Allan
0
0.00
%
Li Kin Shing
(2)
8,000,000
72.32
%
Fu Wai Yip (Freddy)
0
0.00
%
Lai King Yan (Anthony)
0
0.00
%
Tong Ching Hi (Tony)
0
0.00
%
Wong Siu Keung (Sony)
0
0.00
%
Meng Derong
0
0.00
%
All executive officers and Directors as a group (6 persons)
8,000,000
72.32
%
5% Shareholders:
Luxury Max Investments Limited
(2)
8,000,000
72.32
%
(1)
Based
    on 11,062,500 Ordinary Shares issued and outstanding, including the 62,500 Ordinary Shares issued to the underwriters on January
    11, 2024 pursuant to their exercise of the over-allotment option.
(2)
Luxury
    Max Investments Limited is owned 100% of record by Li Kin Shing, our director, who is also its sole director
Related
Party Transactions
Related
Parties
We
have adopted an audit committee charter, which was amended on April 16, 2024, which requires the committee to review all related-party
transactions on an ongoing basis and all such transactions be approved by the committee.
76
During
the fiscal years ended December 31, 2023, 2022 and 2021, we, including the Operating Subsidiaries, entered into the following transactions
with our related parties:
Sale
/ Lease of Office
In
December 2022, FIL sold its headquarter and sales office in Hong Kong to Mr. Li Kin Shing, the Company's Executive Director, and
sole shareholder, at a consideration of HK$13,880,000. The carrying net book value of the office as of the transaction date was HK$1,349,000,
and thus, one-off gain on disposal of the property of HK$12,531,000 was recognized in the income statements of the Group for the year
ended December 31, 2022. This gain on disposal of the property was regarded as capital gain and classified as a non-taxable income under
the tax rule of Hong Kong. The consideration of HK$13,880,000 receivable from Mr. Li Kin Shing was offset against the amount due to Mr.
Li Kin Shing, and the dividend declared of HK$10,000,000 for the year ended December 31, 2022.
After
the disposal of the office, FIL will continue to occupy the office and entered into a lease agreement with Mr. Li Kin Shing to lease
this office for an initial term of two (2) years, which commenced January 1, 2023, for a monthly rental of HK$50,000. As the lease term
commenced after the year end date (i.e., January 1, 2023), saved for the disclosure requirement for this subsequent event, the lease
does not have any effect on the financial statements of the Group for the year ended December 31, 2022, and has been accounted for on
the financial statements for the year ended December 31, 2023.
Guarantees
Certain
related parties provided guarantees to the Company in connection with its bank borrowings of the Group. The bank loans of the Group consisted
of the following:
Bank Name
Nature of
Loan
As at
December 31,
2020
As at
December 31,
2021
As at
December 30,
2022
As at
December 31,
2023
HK$'000
HK$'000
HK$'000
HK$'000
Bank of China (Hong Kong)
Revolving loan
(1)
11,000
11,000
11,000
11,000
Bank of China (Hong Kong)
Term loan
(2)
355
-
-
-
Bank of China (Hong Kong)
Bank overdraft
(3)
2,717
-
-
-
(1)
This
    loan is a revolving loan up to HK$11,000,000, carries an interest of 2.25% below Hong Kong prime rate and is secured by the Company's
    office premise located in Hong Kong; a Hong Kong residential property jointly owned by Li Kin Shing and his spouse and a personal
    guarantee from Li Kin Shing. This loan was first drawn down on October 22, 2018 and has been rolled over for every six-month period.
    The Company recognized this loan as short-term bank borrowing in its consolidated financial statements. The security charged over
    the Company's office premise located in Hong Kong was released since September 29, 2022.
(2)
This
    loan was a one-year term loan of HK$10,000,000, carried an interest of 2.25% below Hong Kong prime rate and was secured by a Hong
    Kong residential property jointly owned by Li Kin Shing and his spouse and personal guarantees from Li Kin Shing and Chiu Yat Chung
    Gary. This term loan was drawn down on January 2, 2019 and wholly repaid on January 2, 2021. The Company recognized this loan as
    short-term bank borrowing in its consolidated financial statements.
(3)
It
    was a bank overdraft up to HK$5,000,000 that carried an interest at Hong Kong prime rate and was secured by the Company's office
    premise located in Hong Kong; a Hong Kong residential property jointly owned by Li Kin Shing and his spouse and a personal guarantee
    from Li Kin Shing. This bank overdraft was first utilized on November 20, 2020. As of December 31, 2020, the Company utilized HKD
    2,717,000 and subsequently repaid the entire amount during the year ended December 31, 2021. The Company recognized this bank overdraft
    as short-term bank borrowing in its consolidated financial statements.
Transactions
with related parties were conducted in the normal course of business and at prices and terms no less than those charged to and contracted
with other independent third parties.
77
Leases
During
the fiscal years ended December 31, 2023, 2022 and 2021, our Operating Subsidiaries entered into a lease agreement with a related party
for a director quarter located in Hong Kong as follows:
Premise
Relationship with t
he lessor
Rental
payment for
the year
ended
December 31,
2021
(HK$'000)
Rental
payment for
the year
ended
December 31, 2022
(HK$'000)
Rental
payment for
the year
ended
December 31,
2023
(HK$'000)
Director quarter
Lessor is a company owned by Mr. Li Kin Shing and his spouse
600
600
600
Hong Kong office
Lesser is Mr. Li Kin Shing
-
-
600
The
related party transaction is determined on an arm-length basis by reference to the market price of the comparable residential premise.
Related
party balances
The
related party balances consisted of the following:
Name
Relationship
Nature
Classification
December 31,
2021
December 31,
2022
December 31,
2023
(HK$'000)
(HK$'000)
(HK$'000)
Mr. Li Siu Lun Allan
Executive director
Advance to a director
Amount due from a related party
20
-
-
Mr. Li Kin Shing
Sole shareholder and executive director
Advance from a shareholder
Amounts due to related parties
4,213
2,855
151
Mr. Chiu Yat Chung Gary
Senior management
Advance from a senior management
Amounts due to related parties
2,262
2,262
2,262
The
above amounts were unsecured, non-interest bearing and repayable on demand.
Interests
of Experts and Counsel
Not
Applicable
Legal
Proceedings
Not
Applicable
Item
8. Financial Information
Financial
Statements
Our
Consolidated Financial Statements are set forth under Item 18. - "Financial Statements."
78
Item
9. The Offer and Listing
Offer
and Listing Details
Our
Ordinary Shares commenced trading on the Nasdaq Capital Market on November 30, 2023 under the symbol "FEBO." Our CUSIP number
for our Ordinary Shares is G3413G 102.
Transfer
Agent
The
transfer agent and registrar for the ordinary shares of the Company is V Stock Transfer, LLC, 18 Lafayette Place, Woodmere, New York
11598; telephone: 212-828-8436, toll-free: 855-9VSTOCK; Facsimile: 646-536-3179.
Item
10. Additional Information
Share
Capital
We
are an exempted company incorporated with limited liability in the Cayman Islands and our affairs will be governed by our Memorandum
and Articles of Association, the Companies Act and the common law of the Cayman Islands.
As
of the date of this Annual Report, our authorized share capital is US$30,300 divided into 300,000,000 ordinary shares of par value of
US$0.0001 each, and 3,000,000 preference shares of a par value of US$0.0001 each.
The
following are summaries of certain material provisions of our Memorandum and Articles of Association and the Companies Act insofar as
they relate to the material terms of our Ordinary Shares.
Ordinary
Shares
General
All
of our outstanding Ordinary Shares are fully paid and non-assessable. Certificates representing the Ordinary Shares are issued in registered
form. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their Ordinary Shares. We may not issue shares
to bearer.
Dividends
Subject
to the Companies Act and our Articles of Association, our Company in general meeting may declare dividends in any currency to be paid
to the members but no dividend shall be declared in excess of the amount recommended by our Board of Directors.
Except
in so far as the rights attaching to, or the terms of issue of, any share may otherwise provide:
(i)
all
    dividends shall be declared and paid according to the amounts paid-up on the shares in respect of which the dividend is paid, although
    no amount paid-up on a share in advance of calls shall for this purpose be treated as paid-up on the share;
(ii)
all
    dividends shall be apportioned and paid pro rata in accordance with the amount paid-up on the shares during any portion(s) of the
    period in respect of which the dividend is paid; and
(iii)
our
    Board of Directors may deduct from any dividend or other monies payable to any member all sums of money (if any) presently payable
    by him to our Company on account of calls, installments or otherwise.
79
Where
our Board of Directors or our Company in general meeting has resolved that a dividend should be paid or declared, our Board of Directors
may resolve:
(aa)
that
    such dividend be satisfied wholly or in part in the form of an allotment of shares credited as fully paid-up, provided that the members
    entitled to such dividend will be entitled to elect to receive such dividend (or part thereof) in cash in lieu of such allotment;
    or
(bb)
that
    the members entitled to such dividend will be entitled to elect to receive an allotment of shares credited as fully paid-up in lieu
    of the whole or such part of the dividend as our Board of Directors may think fit.
Upon
the recommendation of our Board of Directors, our Company may by ordinary resolution in respect of any one particular dividend of our
Company determine that it may be satisfied wholly in the form of an allotment of shares credited as fully paid-up without offering any
right to members to elect to receive such dividend in cash in lieu of such allotment.
Any
dividend, bonus, or other sum payable in cash to the holder of shares may be paid by cheque or warrant sent through the post. Every such
cheque or warrant shall be made payable to the order of the person to whom it is sent and shall be sent at the holder's or joint
holders' risk and payment of the cheque or warrant by the bank on which it is drawn shall constitute a good discharge to our Company.
Any one of two or more joint holders may give effectual receipts for any dividends or other monies payable or property distributable
in respect of the shares held by such joint holders.
Whenever
our Board of Directors or our Company in general meeting has resolved that a dividend be paid or declared, our Board of Directors may
further resolve that such dividend be satisfied wholly or in part by the distribution of specific assets of any kind.
Our
Board of Directors may, if it thinks fit, receive from any member willing to advance the same, and either in money or money's worth,
all or any part of the money uncalled and unpaid or installments payable upon any shares held by him/her/it, and in respect of all or
any of the monies so advanced may pay interest at such rate (if any) not exceeding 20% per annum, as our Board of Directors may decide,
but a payment in advance of a call shall not entitle the member to receive any dividend or to exercise any other rights or privileges
as a member in respect of the share or the due portion of the shares upon which payment has been advanced by such member before it is
called up.
All
dividends, bonuses, or other distributions unclaimed for one year after having been declared may be invested or otherwise used by our
Board of Directors for the benefit of our Company until claimed and our Company shall not be constituted a trustee in respect thereof.
All dividends, bonuses, or other distributions unclaimed for six years after having been declared may be forfeited by our board of directors
and, upon such forfeiture, shall revert to our Company.
No
dividend or other monies payable by our Company on or in respect of any share shall bear interest against our Company.
Our
Company may exercise the power to cease sending checks for dividend entitlements or dividend warrants by post if such checks or warrants
remain uncashed on two consecutive occasions or after the first occasion on which such a check or warrant is returned undelivered.
Voting
Rights
Subject
to any special rights, restrictions or privileges as to voting for the time being attached to any class or classes of shares at any general
meeting: (a) on a poll every member present in person or by proxy or, in the case of a member being a corporation, by our duly authorized
representative shall have one vote for every share which is fully paid or credited as fully paid registered in his name in the register
of members of our Company but so that no amount paid-up or credited as paid-up on a share in advance of calls or instalments is treated
for this purpose as paid-up on the share; and (b) on a show of hands every member who is present in person (or, in the case of a member
being a corporation, by our duly authorized representative) or by proxy shall have one vote. Where more than one proxy is appointed by
a member which is a Clearing House (as defined in the Articles) (or its nominee(s)) or a central depository house (or its nominee(s)),
each such proxy shall have one vote on a show of hands. On a poll, a member entitled to more than one vote need not use all his votes
or cast all the votes he does use in the same way.
80
Transfer
of Ordinary Shares
Subject
to the Companies Act and our Articles of Association, all transfers of shares shall be effected by an instrument of transfer in the usual
or common form or in such other form as our Board of Directors may approve and may be under hand or, if the transferor or transferee
is a Clearing House (as defined in the Articles) (or its nominee(s)) or a central depository house (or its nominee(s)), under hand or
by machine imprinted signature, or by such other manner of execution as our Board of Directors may approve from time to time.
Execution
of the instrument of transfer shall be by or on behalf of the transferor and the transferee, provided that our Board of Directors may
dispense with the execution of the instrument of transfer by the transferor or transferee or accept mechanically executed transfers.
The transferor shall be deemed to remain the holder of a share until the name of the transferee is entered in the register of members
of our Company in respect of that share.
Our
Board of Directors may, in our absolute discretion, at any time and from time to time remove any share on the principal register to any
branch register or any share on any branch register to the principal register or any other branch register. Unless our Board of Directors
otherwise agrees, no shares on the principal register shall be removed to any branch register nor shall shares on any branch register
be removed to the principal register or any other branch register. All removals and other documents of title shall be lodged for registration
and registered, in the case of shares on any branch register, at the registered office and, in the case of shares on the principal register,
at the place at which the principal register is located.
Our
Board of Directors may, in our absolute discretion, decline to register a transfer of any share (not being a fully paid-up share) to
a person of whom it does not approve or on which our Company has a lien. It may also decline to register a transfer of any share issued
under any share option scheme upon which a restriction on transfer subsists or a transfer of any share to more than four joint holders.
Our Board of Directors may decline to recognize any instrument of transfer unless a certain fee, up to such maximum sum as Nasdaq may
determine to be payable, is paid to our Company, the instrument of transfer is properly stamped (if applicable), is in respect of only
one class of share and is lodged at our registered office or the place at which the principal register is located accompanied by the
relevant share certificate(s) and such other evidence as our Board of Directors may reasonably require is provided to show the right
of the transferor to make the transfer (and if the instrument of transfer is executed by some other person on his behalf, the authority
of that person so to do).
The
registration of transfers of shares or of any class of shares may, after compliance with any notice requirement of Nasdaq, be suspended
at such times and for such periods (not exceeding in the whole thirty days in any year) as our Board of Directors may determine.
Fully
paid shares shall be free from any restriction on transfer (except when permitted by Nasdaq) and shall also be free from all liens.
Procedures
on liquidation
A
resolution that our Company be wound up by the court or be wound up voluntarily shall be a special resolution of our shareholders.
Subject
to any special rights, privileges, or restrictions as to the distribution of available surplus assets on liquidation for the time being
attached to any class or classes of shares:
(i)
if
    our Company is wound up, the surplus assets remaining after payment to all creditors shall be divided among the members in proportion
    to the capital paid-up on the shares held by them respectively; and
(ii)
if
    our Company is wound up and the surplus assets available for distribution among the members are insufficient to repay the whole of
    the paid-up capital, such assets shall be distributed, subject to the rights of any shares which may be issued on special terms and
    conditions, so that, as nearly as may be, the losses shall be borne by the members in proportion to the capital paid-up on the shares
    held by them, respectively.
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If
our Company is wound up (whether the liquidation is voluntary or compelled by the court), the liquidator may, with the sanction of a
special resolution and any other sanction required by the Companies Act, divide among the members in specie or kind the whole or any
part of the assets of our Company, whether the assets consist of property of one kind or different kinds, and the liquidator may, for
such purpose, set such value as he deems fair upon any one or more class or classes of property to be so divided and may determine how
such division shall be carried out as between the members or different classes of members and the members within each class. The liquidator
may, with the like sanction, vest any part of the assets in trustees upon such trusts for the benefit of members as the liquidator thinks
fit, but so that no member shall be compelled to accept any shares or other property upon which there is a liability.
Calls
on Ordinary Shares and Forfeiture of Ordinary Shares
Subject
to these Articles and to the terms of allotment, our Board of Directors may, from time to time, make such calls as it thinks fit upon
the members in respect of any monies unpaid on the shares held by them respectively (whether on account of the nominal value of the shares
or by way of premium) and not by the conditions of allotment of such shares made payable at fixed times. A call may be made payable either
in one sum or by instalments. If the sum payable in respect of any call or instalment is not paid on or before the day appointed for
payment thereof, the person or persons from whom the sum is due shall pay interest on the same at such rate not exceeding 20% per annum
as our Board of Directors shall fix from the day appointed for payment to the time of actual payment, but our Board of Directors may
waive payment of such interest wholly or in part. Our Board of Directors may, if it thinks fit, receive from any member willing to advance
the same, either in money or money's worth, all or any part of the money uncalled and unpaid or instalments payable upon any shares
held by him, and in respect of all or any of the monies so advanced our Company may pay interest at such rate (if any) not exceeding
20% per annum as our Board of Directors may decide.
If
a member fails to pay any call or installment of a call on the day appointed for payment, our Board of Directors may, for so long as
any part of the call or instalment remains unpaid, serve not less than 14 days' notice on the member requiring payment of so much
of the call or instalment as is unpaid, together with any interest which may have accrued and which may still accrue up to the date of
actual payment. The notice shall name a further day (not earlier than the expiration of 14 days from the date of the notice) on or before
which the payment required by the notice is to be made and shall also name the place where payment is to be made. The notice shall also
state that, in the event of non-payment at or before the appointed time, the shares in respect of which the call was made will be liable
to be forfeited.
If
the requirements of any such notice are not complied with, any share in respect of which the notice has been given may at any time thereafter,
before the payment required by the notice has been made, be forfeited by a resolution of our Board of Directors to that effect. Such
forfeiture will include all dividends and bonuses declared in respect of the forfeited share and not actually paid before the forfeiture.
A
person whose shares have been forfeited shall cease to be a member in respect of the forfeited shares but shall, nevertheless, remain
liable to pay to our Company all monies which, at the date of forfeiture, were payable by him to our Company in respect of the shares
together with (if our Board of Directors shall in our discretion so require) interest thereon from the date of forfeiture until payment
at such rate not exceeding 20% per annum as our Board of Directors may prescribe.
Redemption
of Ordinary Shares
Subject
to the Companies Act, our Articles of Association, and, where applicable, the Nasdaq listing rules or any other law or so far as not
prohibited by any law and subject to any rights conferred on the holders of any class of Shares, any power of our Company to purchase
or otherwise acquire all or any of its own Shares (which expression as used in this Article includes redeemable Shares) be exercisable
by our Board of Directors in such manner, upon such terms and subject to such conditions as it thinks fit.
Subject
to the Companies Act, our Articles of Association, and to any special rights conferred on the holders of any Shares or attaching to any
class of Shares, Shares may be issued on the terms that they may, at the option of our Company or the holders thereof, be liable to be
redeemed on such terms and in such manner, including out of capital, as our Board of Directors may deem fit.
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Variations
of Rights of Shares
Subject
to the Companies Act and without prejudice to our Articles of Association, if at any time the share capital of our Company is divided
into different classes of shares, all or any of the special rights attached to any class of shares may (unless otherwise provided for
by the terms of issue of the shares of that class) be varied, modified, or abrogated with the sanction of a special resolution passed
at a separate general meeting of the holders of the shares of that class. The provisions of the Articles relating to general meetings
shall mutatis mutandis apply to every such separate general meeting, but so that the necessary quorum (whether at a separate general
meeting or at its adjourned meeting) shall be not less than a person or persons together holding (or, in the case of a member being a
corporation, by our duly authorized representative) or representing by proxy not less than one-third in nominal value of the issued shares
of that class. Every holder of shares of the class shall be entitled on a poll to one vote for every such share held by him, and any
holder of shares of the class present in person or by proxy may demand a poll.
Any
special rights conferred upon the holders of any shares or class of shares shall not, unless otherwise expressly provided in the rights
attaching to the terms of issue of such shares, be deemed to be varied by the creation or issue of further shares ranking
pari passu
therewith.
General
Meetings of Shareholders
Our
Company must hold an annual general meeting each fiscal year other than the fiscal year of our Company's adoption of our Articles
of Association.
Extraordinary
general meetings may be convened on the requisition of one or more members holding, at the date of deposit of the requisition, not
less than one tenth of the paid-up capital of our Company having the right of voting at general meetings. Such requisition shall be
made in writing to our Board of Directors or the secretary of our Company for the purpose of requiring an extraordinary general
meeting to be called by our Board of Directors for the transaction of any business specified in such requisition. Such meeting shall
be held within two months after the deposit of such requisition. If within 21 days of such deposit, our Board of Directors fails to
proceed to convene such meeting, the requisitionist (s) himself (themselves) may do so in the same manner, and all reasonable
expenses incurred by the requisitionist (s) as a result of the failure of our Board of Directors shall be reimbursed to the
requisitionist (s) by our Company.
Every
general meeting of our Company shall be called by at least 10 clear days' notice in writing. The notice shall be exclusive of the
day on which it is served or deemed to be served and of the day for which it is given, and must specify the time, place and agenda of
the meeting and particulars of the resolution(s) to be considered at that meeting and the general nature of that business.
Although
a meeting of our Company may be called by shorter notice than as specified above, such meeting may be deemed to have been duly called
if it is so agreed:
(i)
in
    the case of an annual general meeting, by all members of our Company entitled to attend and vote thereat; and
(ii)
in
    the case of any other meeting, by a majority in number of the members having a right to attend and vote at the meeting holding not
    less than 95% of the total voting rights at the meetings of all our shareholders.
All
business transacted at an extraordinary general meeting shall be deemed special business. All business shall also be deemed special business
where it is transacted at an annual general meeting, with the exception of the election of directors, which shall be deemed ordinary
business.
No
business other than the appointment of a chairman of a meeting shall be transacted at any general meeting unless a quorum is present
when the meeting proceeds to business and continues to be present until the conclusion of the meeting.
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The
quorum for a general meeting shall be two members entitled to vote and present in person (or, in the case of a member being a corporation,
by our duly authorized representative) or by proxy representing not less than one-third (1/3) in nominal value of the total issued voting
shares in our Company throughout the meeting.
Inspection
of Books and Records
Our
shareholders have no general right to inspect or obtain copies of the register of members or corporate records of our company. They will,
however, have such rights as may be set out in our Articles of Association.
Changes
in Capital
Subject
to the Companies Act, our shareholders may, by ordinary resolution:
(a)
increase
    our share capital by new shares of the amount fixed by that ordinary resolution and with the attached rights, priorities and privileges
    set out in that ordinary resolution;
(b)
consolidate
    and divide all or any of our share capital into shares of a larger amount than our existing shares;
(c)
sub-divide
    our shares or any of them into our shares of a smaller amount than is fixed by our Company's Memorandum of Association, so,
    however, that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced our shares
    shall be the same as it was in case of the share from which the reduced our shares is derived;
(d)
cancel
    any shares which, at the date of the passing of that ordinary resolution, have not been taken or agreed to be taken by any person
    and diminish the amount of our share capital by the amount of the shares so cancelled; and
(e)
convert
    all or any of our paid-up shares into stock and reconvert that stock into paid-up shares of any denomination.
Subject
to the Companies Act and to any rights for the time being conferred on the shareholders holding a particular class of shares, our shareholders
may, by special resolution, reduce our share capital or any capital redemption reserve in any way.
Memorandum
and Articles of Incorporation
We
are an exempted company with limited liability under the Companies Act of the Cayman Islands. The Companies Act in the Cayman Islands
distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts
business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company
are essentially the same as for an ordinary company except for the exemptions and privileges listed below:
●
an
    exempted company does not have to file an annual return of its shareholders with the Registrar of Companies;
●
an
    exempted company's register of members is not open to inspection;
●
an
    exempted company does not have to hold an annual general meeting;
●
an
    exempted company may issue no par value, negotiable or bearer shares;
●
an
    exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for
    20 years in the first instance);
●
an
    exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;
●
an
    exempted company may register as a limited duration company; and
●
an
    exempted company may register as a segregated portfolio company.
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"Limited
liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the
company. At the closing of the Initial Public Offering, we became subject to reporting and other informational requirements of the Exchange
Act, as applicable to foreign private issuers. As of the date of this Annual Report, we intend to comply with the Nasdaq Rules in lieu
of following home country practice. The Nasdaq Rules require that every company listed on the Nasdaq hold an annual general meeting of
shareholders. In addition, our Articles of Association allow directors to call special meeting of shareholders pursuant to the procedures
set forth in our articles.
Mergers
and Similar Arrangements
A
merger of two or more constituent companies under Cayman Islands law requires a plan of merger or consolidation to be approved by the
directors of each constituent company and authorization by (a) a majority in number representing seventy-five percent (75%) in value
of the shareholders voting together as one class and (b) if the shares to be issued to each shareholder in the surviving company are
to have the same rights and economic value as the shares held in the constituent company, a special resolution of the shareholders voting
together as one class.
A
merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders.
For this purpose a subsidiary is a company of which at least ninety percent (90%) of the issued shares entitled to vote are owned by
the parent company.
The
consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived
by a court in the Cayman Islands.
Save
in certain circumstances, a dissentient shareholder of a Cayman constituent company is entitled to payment of the fair value of his shares
upon dissenting to a merger or consolidation. The exercise of appraisal rights will preclude the exercise of any other rights save for
the right to seek relief on the grounds that the merger or consolidation is void or unlawful.
In
addition, there are statutory provisions that facilitate the reconstruction and amalgamation of companies, provided that the arrangement
is approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made, and who must,
in addition, represent three-fourths in value of each such class of shareholders or creditors, as the case may be, that are present and
voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently
the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express
to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines
that:
●
the
    statutory provisions as to the required majority vote have been met;
●
the
    shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion
    of the minority to promote interests adverse to those of the class;
●
the
    arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest;
    and
●
the
    arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.
When
a takeover offer is made and accepted within four months by holders of 90% of the shares that are the subject of the offer, the offeror
may, within a two-month period commencing on the expiration of such four month period, require the holders of the remaining shares to
transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely
to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.
85
If
an arrangement and reconstruction is thus approved, the dissenting shareholder would have no rights comparable to appraisal rights, which
would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash
for the judicially determined value of the shares.
Shareholders'
Suits
In
principle, we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder.
However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, there are exceptions
to the foregoing principle, including when:
●
a
    company acts or proposes to act illegally or ultra vires;
●
the
    act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has
    not been obtained; and
●
those
    who control the company are perpetrating a "fraud on the minority".
Indemnification
of Directors and Executive Officers and Limitation of Liability
Cayman
Islands law does not limit the extent to which a company's articles of association may provide for indemnification of officers
and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such
as to provide indemnification against civil fraud or the consequences of committing a crime. Our Articles of Association permit indemnification
of officers and directors for losses, damages, costs and expenses incurred in their capacities as such unless such losses or damages
arise from dishonesty or fraud which may attach to such directors or officers. This standard of conduct is generally the same as permitted
under the Delaware General Corporation Act for a Delaware corporation. In addition, we intend to enter into indemnification agreements
with our directors and senior executive officers that will provide such persons with additional indemnification beyond that provided
in our Articles of Association.
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling
us under the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy
as expressed in the Securities Act and is therefore unenforceable.
Anti-Takeover
Provisions in the Memorandum and Articles of Association
Some
provisions of our Amended Memorandum and Articles of Association may discourage, delay or prevent a change in control of our company
or management that shareholders may consider favorable, including provisions that authorize our board of directors to issue preference
shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such preference shares without
any further vote or action by our shareholders.
However,
under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our Amended Memorandum and Articles
of Association, as amended and restated from time to time, for what they believe in good faith to be in the best interests of our Company.
Directors'
Fiduciary Duties
Under
Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty
has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care
that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and
disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires
that a director act in a manner he or she reasonably believes to be in the best interests of the corporation. He or she must not use
his or her corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best
interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder
and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis,
in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption
may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by
a director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.
86
As
a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company
and therefore it is considered that he owes the following duties to the company - a duty to act bona fide in the best interests of the
company, a duty not to make a profit based on his or her position as director (unless the company permits him to do so) and a duty not
to put himself in a position where the interests of the company conflict with his or her personal interest or his or her duty to a third
party. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that
a director need not exhibit in the performance of his or her duties a greater degree of skill than may reasonably be expected from a
person of his or her knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with
regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.
Shareholder
Action by Written Consent
Under
the Delaware General Corporation Act, a corporation may eliminate the right of shareholders to act by written consent by amendment to
its certificate of incorporation. Our Articles of Association provide that any action required or permitted to be taken at general meetings
of the Company may only be taken upon the vote of shareholders at general meeting and shareholders may not approve corporate matters
by way of a unanimous written resolution without a meeting being held.
Shareholder
Proposals
Neither
Cayman Islands law nor our Articles of Association allow our shareholders to requisition a shareholders' meeting. As an exempted
Cayman Islands company, we are not obliged by law to call shareholders' annual general meetings. However, our Articles of Association
require us to call such meetings every year.
Cumulative
Voting
Cumulative
voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder
to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power
with respect to electing such director. As permitted under Cayman Islands law, our Articles of Association do not provide for cumulative
voting.
Removal
of Directors
Under
our Articles of Association, directors may be removed by ordinary resolution.
Transactions
with Interested Shareholders
The
Delaware General Corporation Act contains a business combination statute applicable to Delaware corporations whereby, unless the corporation
has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging
in certain business combinations with an "interested shareholder" for three years following the date that such person becomes
an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's
outstanding voting stock within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered
bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to
the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination
or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware
corporation to negotiate the terms of any acquisition transaction with the target's board of directors.
87
Cayman
Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business
combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders,
it does provide that such transactions must be entered into bona fide in the best interests of the company and for a proper corporate
purpose and not with the effect of constituting a fraud on the minority shareholders.
Dissolution;
Winding Up
Under
the Delaware General Corporation Act, unless the board of directors approves the proposal to dissolve, dissolution must be approved by
shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors
may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to
include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.
Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution
of its members or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its members. The court has
authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable
to do so.
Under
the Companies Act of the Cayman Islands and our Articles of Association, our company may be dissolved, liquidated or wound up by the
vote of holders of two-thirds of our shares voting at a meeting.
Variation
of Rights of Shares
Under
the Delaware General Corporation Act, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding
shares of such class, unless the certificate of incorporation provides otherwise. Under Cayman Islands law and our Articles of Association,
if our share capital is divided into more than one class of shares, we may vary the rights attached to any class only with the sanction
of a special resolution passed at a general meeting of the holders of the shares of that class.
Amendment
of Governing Documents
Under
the Delaware General Corporation Act, a corporation's governing documents may be amended with the approval of a majority of the
outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. As permitted by Cayman Islands law,
our Amended Memorandum and Articles of Association may only be amended by special resolution.
Rights
of Non-Resident or Foreign Shareholders
There
are no limitations imposed by our Amended Memorandum and Articles of Association on the rights of non-resident or foreign shareholders
to hold or exercise voting rights on our shares. In addition, there are no provisions in our Amended Memorandum and Articles of Association
governing the ownership threshold above which shareholder ownership must be disclosed.
Directors'
Power to Issue Shares
Subject
to applicable law, our board of directors is empowered to issue or allot shares or grant options and warrants with or without preferred,
deferred, qualified or other special rights or restrictions.
Material
Contracts
Our
material contracts, other than those entered into in the ordinary course of business, are described in Item 4, Item 6 and Item 7 or elsewhere
in this Annual Report.
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Dividends
and Dividend Policy
No
dividends have been declared or paid by the companies comprising our Group for the financial year ended December 31, 2023.
We
have adopted a dividend policy, according to which our board of directors shall take into account, among other things, the following
factors when deciding whether to propose a dividend and in determining the dividend amount: (a) operating and financial results; (b)
cash flow situation; (c) business conditions and strategies; (d) future operations and earnings; (e) taxation considerations; (f) interim
dividend paid, if any; (g) capital requirement and expenditure plans; (h) interests of shareholders; (i) statutory and regulatory restrictions;
(j) any restrictions on payment of dividends; and (k) any other factors that our board may consider relevant. The payment of dividends,
in certain circumstances is also subject to the approval of our Shareholders, the Cayman Islands Companies Act and our Articles of Association
as well as any other applicable laws. Currently, we do not have any predetermined dividend distribution ratio.
Even
if our board of directors decides to pay dividends, the form, frequency and amount will depend upon our future operations and earnings,
capital requirements and surplus, general financial condition, contractual restrictions and other factors that the board of directors
may deem relevant. In addition, we are a holding company and depend on the receipt of dividends and other distributions from our subsidiaries
to pay dividends on our Ordinary Shares.
Exchange
Controls
There
are no foreign exchange controls or foreign exchange regulations under current applicable laws of the various places of incorporation
of our significant subsidiaries that would affect the payment or remittance of dividends.
Taxation
United
States Federal Income Tax Considerations
The
following discussion is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of
our Ordinary Shares by U.S. Holders (as defined below) who acquired our Ordinary Shares in the IPO and currently hold our Ordinary Shares
as "capital assets" (generally, property held for investment) under the United States Internal Revenue Code of 1986, as amended
(the "Code"). This discussion is based upon existing United States federal income tax law, which is subject to differing
interpretations or change, possibly with retroactive effect. There can be no assurance that the Internal Revenue Service, or the IRS,
or a court will not take a contrary position. This discussion does not address all aspects of United States federal income taxation that
may be relevant to particular investors in light of their specific circumstances, including investors subject to special tax rules (for
example, certain financial institutions (including banks), cooperatives, pension plans, insurance companies, broker-dealers, traders
in securities that have elected the mark-to-market method of accounting for their securities, partnerships and their partners, regulated
investment companies, real estate investment trusts and tax-exempt organizations (including private foundations)), investors who are
not U.S. Holders, investors who own (directly, indirectly, or constructively) 10% or more of our stock (by vote or value), investors
that will hold their Ordinary Shares as part of a straddle, hedge, conversion, constructive sale, or other integrated transaction for
United States federal income tax purposes or U.S. Holders that have a functional currency other than the U.S. dollar, all of whom may
be subject to tax rules that differ significantly from those summarized below. In addition, this discussion does not discuss any non-United
States tax, state or local tax, or non-income tax (such as the U.S. federal gift or estate tax) considerations, or any consequences under
the alternative minimum tax or Medicare tax on net investment income. Each U.S. Holder is urged to consult its tax advisor regarding
the United States federal, state, local, and non-United States income and other tax considerations of an investment in our Ordinary Shares.
General
For
purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Ordinary Shares that is, for United States federal
income tax purposes, (i) an individual who is a citizen or resident of the United States, (ii) a corporation (or other entity treated
as a corporation for United States federal income tax purposes) created in, or organized under the laws of, the United States or any
state thereof or the District of Columbia, (iii) an estate the income of which is includible in gross income for United States federal
income tax purposes regardless of its source, or (iv) a trust (A) the administration of which is subject to the primary supervision of
a United States court and which has one or more United States persons who have the authority to control all substantial decisions of
the trust or (B) that has otherwise validly elected to be treated as a United States person under the Code.
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If
a partnership (or other entity or arrangement treated as a partnership for United States 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
as a U.S. Holder, as described above, and the activities of the partnership. Partnerships holding our Ordinary Shares and partners in
such partnerships are urged to consult their tax advisors as to the particular United States federal income tax consequences of an investment
in our Ordinary Shares.
Dividend
s
The
entire amount of any cash distribution paid with respect to our Ordinary Shares (including the amount of any non-U.S. taxes withheld
therefrom, if any) generally will constitute dividends to the extent such distributions are paid out of our current or accumulated earnings
and profits, as determined under United States federal income tax principles, and generally will be taxed as ordinary income in the year
received by such U.S. Holder. To the extent amounts paid as distributions on the Ordinary Shares exceed our current or accumulated earnings
and profits, such distributions will not be dividends but instead will be treated first as a tax-free return of capital to the extent
of the U.S. Holder's adjusted tax basis, determined for federal income tax purposes, in the Ordinary Shares with respect to which
the distribution is made, and thereafter as capital gain. However, we do not intend to compute (or to provide U.S. Holders with the information
necessary to compute) our earnings and profits under United States federal income tax principles. Accordingly, a U.S. Holder will be
unable to establish that a distribution is not out of earnings and profits and should expect to treat the full amount of each distribution
as a "dividend" for United States federal income tax purposes.
Any
dividends that we pay will generally be treated as income from foreign sources for United States foreign tax credit purposes and will
generally constitute passive category income. Depending on the U.S. Holder's particular facts and circumstances, a U.S. Holder
may be eligible, subject to a number of complex limitations, to claim a foreign tax credit in respect of any foreign withholding taxes
imposed (at a rate not exceeding any applicable treaty rate) on dividends received on our Ordinary Shares. A U.S. Holder who does not
elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for United States federal income tax purposes,
in respect of such withholdings, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes.
The rules governing the foreign tax credit are complex. U.S. Holders are advised to consult their tax advisors regarding the availability
of the foreign tax credit under their particular circumstances.
Dividends
paid in non-U.S. currency will be included in the gross income of a U.S. Holder in a U.S. dollar amount calculated by reference to a
spot market exchange rate in effect on the date that the dividends are received by the U.S. Holder, regardless of whether such foreign
currency is in fact converted into U.S. dollars on such date. Such U.S. Holder will have a tax basis for United States federal income
tax purposes in the foreign currency received equal to that U.S. dollar value. If such dividends are converted into U.S. dollars on the
date of receipt, a U.S. Holder generally should not be required to recognize foreign currency gain or loss in respect thereof. If the
foreign currency so received is not converted into U.S. dollars on the date of receipt, such U.S. Holder will have a basis in the foreign
currency equal to its U.S. dollar value on the date of receipt. Any gain or loss on a subsequent conversion or other disposition of the
foreign currency generally will be treated as ordinary income or loss to such U.S. Holder and generally will be income or loss from sources
within the United States for foreign tax credit limitation purposes. U.S. Holders should consult their own tax advisors regarding the
treatment of foreign currency gain or loss, if any, on any foreign currency received by a U.S. Holder that is converted into U.S. dollars
on a date subsequent to receipt.
Sale
or Other Disposition of Ordinary Shares
A
U.S. Holder will generally recognize capital gain or loss upon a sale or other disposition of Ordinary Shares, in an amount equal to
the difference between the amount realized and the U.S. Holder's adjusted tax basis, determined for federal income tax purposes,
in such Ordinary Shares, each amount determined in U.S. dollars. Any capital gain or loss will be long-term capital gain or loss if the
Ordinary Shares have been held for more than one year and will generally be United States source gain or loss for United States foreign
tax credit purposes. The deductibility of a capital loss may be subject to limitations, particularly with regard to shareholders who
are individuals. Each U.S. Holder is advised to consult its tax advisor regarding the tax consequences if a foreign tax is imposed on
a disposition of our Ordinary Shares, including the availability of the foreign tax credit under its particular circumstances.
90
A
U.S. Holder that receives a currency other than U.S. dollars on the disposition of our Ordinary Shares will realize an amount equal to
the U.S. dollar value of the non-U.S. currency received at the spot rate on the date of sale (or, if the Ordinary Shares are traded on
a recognized exchange and in the case of cash basis and electing accrual basis U.S. Holders, the settlement date). An accrual basis U.S.
Holder that does not elect to determine the amount realized using the spot rate on the settlement date will recognize foreign currency
gain or loss equal to the difference between the U.S. dollar value of the amount received based on the spot market exchange rates in
effect on the date of sale or other disposition and the settlement date. A U.S. Holder will have a tax basis in the currency received
equal to the U.S. dollar value of the currency received on the settlement date. Any gain or loss on a subsequent disposition or conversion
of the currency will be United States source ordinary income or loss.
Passive
Foreign Investment Company Considerations
For
United States federal income tax purposes, a non-United States corporation, such as our Company, will be treated as a "passive
foreign investment company," or "PFIC" if, in the case of any particular taxable year, either (a) 75% or more of our
gross income for such year consists of certain types of "passive" income or (b) 50% or more of the value of our assets (generally
determined on the basis of a quarterly average) during such year produce or are held for the production of passive income. Based upon
our current and expected income and assets (including goodwill and taking into account the proceeds raised from the IPO) and the expected
market price of our Ordinary Shares following the IPO, we do not expect to be a PFIC for the current taxable year or the foreseeable
future.
However,
while we do not expect to be or become a PFIC, no assurance can be given in this regard because the determination of whether we are or
will become a PFIC for any taxable year is a fact-intensive inquiry made annually that depends, in part, upon the composition and classification
of our income and assets. Fluctuations in the market price of our Ordinary Shares may cause us to be or become a PFIC for the current
or subsequent taxable years because the value of our assets for the purpose of the asset test, including the value of our goodwill and
other unbooked intangibles, may be determined by reference to the market price of our Ordinary Shares (which may be volatile). 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. It is
also possible that the Internal Revenue Service may challenge our classification of certain income or assets for purposes of the analysis
set forth in subparagraphs (a) and (b), above or the valuation of our goodwill and other unbooked intangibles, which may result in our
company being or becoming a PFIC for the current or future taxable years.
If
we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, and unless the U.S. Holder makes
a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules on (i) any excess distribution
that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than
125% of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period
for the Ordinary Shares); and (ii) any gain realized on the sale or other disposition, including, under certain circumstances, a pledge,
of Ordinary Shares. Under the PFIC rules:
●
such
    excess distribution and/or gain will be allocated ratably over the U.S. Holder's holding period for the Ordinary Shares;
●
such
    amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable
    year in which we are a PFIC, each a pre-PFIC year, will be taxable as ordinary income;
●
such
    amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect
    applicable to the U.S. Holder for that year; and
●
an
    interest charge generally applicable to underpayments of tax will be imposed on the tax attributable to each prior taxable year,
    other than a pre-PFIC year.
91
If
we are a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, and we own any equity in a non-United States
entity that is also a PFIC, or a lower-tier PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the
shares of the lower-tier PFIC for purposes of the application of these rules. U.S. Holders are advised to consult their tax advisors
regarding the application of the PFIC rules to any of the entities in which we may own equity.
As
an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with
respect to such stock, provided that certain requirements are met. The mark-to-market election is available only for stock that is regularly
traded on a national securities exchange that is registered with the SEC, or on a foreign exchange or market that the IRS determines
is a qualified exchange that has rules sufficient to ensure that the market price represents a legitimate and sound fair market value.
Although we intend to apply for the listing of our Ordinary Shares on Nasdaq, we cannot guarantee that our listing will be approved.
Furthermore, we cannot guarantee that, once listed, our Ordinary Shares will continue to be listed and regularly traded on such exchange.
U.S. Holders are advised to consult their tax advisors as to whether the Ordinary Shares are considered marketable for these purposes.
If
an effective mark-to-market election is made with respect to our Ordinary Shares, the U.S. Holder will generally (i) include as ordinary
income for each taxable year that we are a PFIC the excess, if any, of the fair market value of Ordinary Shares held at the end of the
taxable year over its adjusted tax basis of such Ordinary Shares; and (ii) deduct as an ordinary loss the excess, if any, of its adjusted
tax basis of the Ordinary Shares held at the end of the taxable year over the fair market value of such Ordinary Shares held at the end
of the taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election.
The U.S. Holder's adjusted tax basis in the Ordinary Shares would be adjusted to reflect any income or loss resulting from the
mark-to-market election. If a U.S. Holder makes an effective mark-to-market election, in each year that we are a PFIC, any gain recognized
upon the sale or other disposition of the Ordinary Shares will be treated as ordinary income and loss will be treated as ordinary loss,
but only to the extent of the net amount previously included in income as a result of the mark-to-market election.
If
a U.S. Holder makes a mark-to-market election in respect of a PFIC, and such corporation ceases to be a PFIC, the U.S. Holder will not
be required to take into account the mark-to-market gain or loss described above during any period that such corporation is not a PFIC.
Because
a mark-to-market election generally cannot be made for any lower-tier PFICs that a PFIC may own, a U.S. Holder who makes a mark-to-market
election with respect to our Ordinary Shares may continue to be subject to the general PFIC rules with respect to such U.S. Holder's
indirect interest in any of our non-United States subsidiaries if any of them is a PFIC.
If
a U.S. Holder owns our Ordinary Shares during any taxable year that we are a PFIC, such holder would generally be required to file an
annual IRS Form 8621. Each U.S. Holder is advised to consult its tax advisor regarding the potential tax consequences to such holder
if we are or become a PFIC, including the possibility of making a mark-to-market election.
Hong
Kong Profits Tax Considerations
Our
subsidiaries incorporated in Hong Kong were subject to Hong Kong profits tax at a rate of 8.25% for assessable profits on the first HK$2,000,000
and 16.5% on their remaining assessable profits generated from operations arising in or derived from Hong Kong for the year of assessment
of 2020/2021 and 2019/2020. As from year of assessment of 2018/2019 onwards, Hong Kong profits 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. Under Hong Kong tax laws, our Hong Kong subsidiaries
are exempted from Hong Kong income profits tax on its foreign-derived income profits. In addition, payments of dividends from our Hong
Kong subsidiaries to us are not subject to any tax withholding in Hong Kong.
92
Taxation
of Dividends
Under
the current practices of the Hong Kong Inland Revenue Department, no tax is payable in Hong Kong in connection with dividends paid by
us, either by withholding or otherwise, unless such dividends are attributable to a trade, profession or business carried on in Hong
Kong.
Profits
No
tax is imposed in Hong Kong in respect of capital gains from the sale of the Ordinary Shares. Trading gains from the sale of Ordinary
Shares by persons carrying on a trade, profession, or business in Hong Kong, where such gains are derived from or arise in Hong Kong
from such trade, profession or business will be chargeable to Hong Kong profits tax which is imposed at the rates of 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 on corporations and at the rates of 7.5% on
assessable profits up to HK$2,000,000 and 15.0% on any part of assessable profits over HK$2,000,000 on unincorporated businesses from
the year of assessment commencing on or after April 1, 2018. Liability for Hong Kong profits tax would thus arise in respect of trading
gains from sales of Ordinary Shares realized by persons carrying on a business of trading or dealing in securities in Hong Kong.
THE
DISCUSSION ABOVE IS A GENERAL SUMMARY. IT DOES NOT COVER ALL TAX MATTERS THAT MAY BE OF IMPORTANCE TO A PARTICULAR INVESTOR. EACH PROSPECTIVE
INVESTOR IN OUR ORDINARY SHARES IS URGED TO CONSULT ITS OWN TAX ADVISER ABOUT THE TAX CONSEQUENCES TO IT OF OWNING AND DISPOSING OF OUR
ORDINARY SHARES IN LIGHT OF SUCH PROSPECTIVE INVESTOR'S OWN CIRCUMSTANCES.
Documents
on Display
You
may read and copy documents referred to in this Annual Report on Form 20-F that have been filed with the SEC at the SEC's Public
Reference Room, 450 Fifth Street, N.W., Washington, D.C. You may obtain information on the operation of the Public Reference Room by
calling the SEC at 1-800-SEC-0330. You can also obtain copies of our SEC filings by going to the SEC's website at http://www.sec.gov.
The
SEC allows us to "incorporate by reference" the information we file with the SEC. This means that we can disclose important
information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is considered
to be part of this Annual Report on Form 20-F.
Item
11. Quantitative and Qualitative Disclosures About Market Risk
Interest
Rate Risk
The
Company is currently not subject to significant interest rate risk due to its lack of outstanding loans or large deposit accounts.
Foreign
Currency Exchange Rates
Our
business is exposed to certain foreign currency exchange risks as our reporting currency is the Hong Kong dollar and our overseas sales
and procurement were denominated in United States dollars during the financial years ended December 31, 2022, 2022 and 2023. To the extent
that our Group's sales and purchases and operating costs are not denominated in the same currency and to the extent that there
are timing differences between invoicing and payment from our customers and to our suppliers, we may be exposed to foreign currency exchange
gains or losses arising from transactions in currencies other than our reporting currency.
Item
12. Description of Securities Other Than Equity Securities
Not
applicable
93
PART
II
Item
13. Defaults, Dividend Arrearages and Delinquencies
None.
Item
14. Material Modifications to the Rights of Security Holders and Use of Proceeds
None.
Item
15. Controls and Procedures
Our
management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e)
and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by the Company in the reports
that the Company files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified
in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed
to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated
and communicated to the issuer's management, including its principal executive officer or officers and principal financial officer
or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
As
of the end of the period covered by this Annual Report, our Chief Executive Officer and Principal Accounting Officer (the "Certifying
Officer"), conducted an evaluation of our disclosure controls and procedures. Based on this evaluation, the Certifying Officer
has concluded that our disclosure controls and procedures were effective to ensure that material information is recorded, processed,
summarized and reported by our management on a timely basis in order to comply with our disclosure obligations under the Exchange Act
and the rules and regulations promulgated thereunder.
Management's
Report on Internal Control over Financial Reporting
Management
is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)).
The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally
accepted in the United States of America. Because of its inherent limitations, internal control over financial reporting may not prevent
or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls
may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the
Company conducted an evaluation of the effectiveness of the Company's internal control over financial reporting as of December
31, 2023 using the criteria established in "Internal Control - Integrated Framework" issued by the Committee of Sponsoring
Organizations of the Treadway Commission ("COSO").
A
material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a
reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented
or detected on a timely basis. In its assessment of the effectiveness of internal control over financial reporting as of December 31,
2023, the Company determined that there were no control deficiencies that constituted material weaknesses.
Changes
in Internal Control over Financial Reporting
During
the period ended December 31, 2023, there was no change in the Company's internal control over financial reporting period covered
by this Annual Report that has materially affected, or is reasonably likely to materially affect, the Company's internal control
over financial reporting.
94
Item
16. Reserved
Item
16A. Audit Committee Financial Expert
Our
Board of Directors has determined that the Company has at least one audit committee financial expert serving on its audit committee.
Our board of directors has determined that each member of our audit committee is "independent" for audit committee purposes
as that term is defined by the rules of the SEC and Nasdaq, and that each has sufficient knowledge in financial and auditing matters
to serve on the audit committee. Our board of directors has designated Mr. Wong Siu Keung (Sony) as an "audit committee financial
expert," as defined under the applicable rules of the SEC.
Item
16B. Code of Ethics
Our
Board of Directors has adopted a written code of business conduct and ethics that applies to our directors, officers and employees, including
our chief executive officer, chief financial officer, principal accounting officer or controller or persons performing similar functions.
A current copy of this code is posted on the Corporate Governance section of our website, which is located at http://www.jecleantech.sg.
The information on our website is deemed not to be incorporated in or to be a part of this Annual Report. We intend to disclose any amendments
to the code of ethics, and any waivers of the code of ethics or the code of conduct for our directors, executive officers and senior
finance executives, on our website to the extent required by applicable U.S. federal securities laws and the corporate governance rules
of Nasdaq.
Item
16C. Principal Accountant Fees and Services
Audit
Fees
The
following are the fees billed to us by our auditors during the financial years ended December 31, 2022 and 2023:
Financial Year
Ended
December 31, 2022
Financial Year
Ended
December 31, 2023
Audit Fees
$
100,000
$
160,000
Audit Related Fees
-
-
Tax Fees
-
-
All Other Fees
-
-
Total
$
100,000
$
160,000
Audit
Fees
consist of the aggregate fees billed for professional services rendered for the audit of our annual financial statements and
the reviews of the financial statements included in our Forms 6-K and for any other services that were normally provided by our independent
auditor in connection with our statutory and regulatory filings or engagements.
Audit
Related Fees
consist of the aggregate fees billed for professional services rendered for assurance and related services that were
reasonably related to the performance of the audit or review of our financial statements and were not otherwise included in Audit Fees.
Tax
Fees
consist of the aggregate fees billed for professional services rendered for tax compliance, tax advice and tax planning. Included
in such Tax Fees are fees for preparation of our tax returns and consultancy and advice on other tax planning matters.
All
Other
Fees
consist of the aggregate fees billed for products and services provided by our independent auditor and not otherwise
included in Audit Fees, Audit Related Fees or Tax Fees. Included in such Other Fees would be fees for services rendered by our independent
auditor in connection with any private and public offerings conducted during such periods.
95
Item
16D. Exemptions from the Listing Standards for Audit Committees
As
a company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance
matters that differ significantly from Nasdaq corporate governance listing standards. However, our audit committee is required to comply
with the provisions of Rule 10A-3 of the Exchange Act, which is applicable to U.S. companies listed on Nasdaq. Therefore, we have a fully
independent audit committee in accordance with Rule 10A-3 of the Exchange Act. However, because we are a foreign private issuer, our
audit committee is not subject to additional Nasdaq corporate governance requirements applicable to listed U.S. companies, including
the requirements to have a minimum of three members and to affirmatively determine that all members are "independent," using
more stringent criteria than those applicable to us as a foreign private issuer.
Item
16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers
None
Item
16F. Changes in Registrant's Certifying Accountants.
Not
applicable
Item
16G. Corporate Governance.
Not
applicable
Item
16H. Mine Safety Disclosure.
Not
applicable
Item
16I.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not
Applicable
Item
16J. Insider Trading Policies
The
Company has adopted an Insider Trading Policy governing the purchase, sale and other dispositions of its securities by directors, senior
management, and employees that is reasonably designed to promote compliance with applicable insider trading laws, rules and regulations
and the listing standards of the Nasdaq Capital Market.
Item
16K. Cybersecurity
The
Company has adopted a Cybersecurity Policy governing the establishment and application of certain procedures and safeguards to identify
potential cybersecurity risks and, in the event of a cybersecurity breach, the protocol for disclosing to the Securities and Exchange
Commission, including possible remedies. We review cybersecurity risk as part of our overall risk-management program. This ensures that
cybersecurity risk management remains a meaningful priority in our business strategy and operations. Our risk management strategy for
cybersecurity generally includes:
1.
Identification
:
    We aim to proactively identify the manners in which our business could be materially impacted by cybersecurity risks including:
1.
Cybersecurity
    Incidents – an unauthorized occurrence on or conducted through its information system that jeopardizes the confidentiality,
    integrity, or availability of its information systems or any information residing therein
2.
Cybersecurity
    Threats – any potential occurrence that may result in an unauthorized effort to adversely affect the confidentiality, integrity,
    or availability of its information systems or any information residing therein.
96
2.
Assessment
:
    We periodically assess our risks relating to cybersecurity threats, including risks relating to our reliance on third parties. In
    so doing, we consider the likelihood and impact that could result from the manifesting of such risks, together with the sufficiency
    of existing policies, procedures, systems, and safeguards in place to manage such risks, together with the sufficiency of existing
    policies, procedures, systems, and safeguards in place to manage such risks, including evaluating and if available obtaining cyber
    liability insurance, and aligning such cyber-risk management policies with the Company's business needs by integrating cyber-risk
    analysis into significant business decisions.
3.
Management
:
    If deemed appropriate, we design and implement reasonable safeguards to address any identified gaps in our existing processes and
    procedures, including annual cybersecurity awareness training emphasizing the use of strong passwords on all systems and aligning
    cyber-risk management policies with the Company's needs by integrating cyber-risk analysis into significant business decisions
    and ensuring that the Company's organization structure supports such cybersecurity goals.
4.
Evaluation
:
    If a cybersecurity breach occurs, the Audit Committee will determine whether the Incident or Threat is "material" (.i.e.
    is there a substantial likelihood that a reasonable shareholder would consider it important in making an investment decision or if
    it would have significantly altered the "total mix" of information made available?), assessing among other factors potential
    or actual financial impacts, reputational damage, and operational disruptions.
5.
Report
:
    Establish and monitor an incident response approach requiring our Chief Financial officer to report to us, the full Board of Directors
    and legal counsel any cybersecurity concerns or events.
6.
Disclosure
:
    To ensure compliance with SEC requirements and maintain overall stakeholder confidence in the Company, all material and known facts
    regarding the cybersecurity breach will be recorded, including their nature, scope, and financial implications; and a Form 6-K will
    be prepared and filed within four (4) business days after the determination that a "material" cybersecurity incident
    has occurred.
We
presently do not engage third parties to assist with evaluating the effectiveness of our risk-management and cybersecurity practices.
The Company did not have any material cybersecurity breaches during the year ended December 31, 2023.
The
Audit Committee of our Board of Directors is the governance body involved in, and ultimately responsible for, cybersecurity oversight.
They will generally coordinate with our Chief Financial Officer in this regard. If needed, the full Board would be updated on cybersecurity
risks and incidents. None of our directors on the Audit Committee nor our Chief Financial Officer have particular experience in cybersecurity
matters.
PART
III
Item
17. Financial Statements
Not
applicable
97
Item
18. Financial Statements
The
following Financial Statements are filed as part of this Annual Report:
Contents
Pages
Report
    of Independent Registered Public Accounting Firm
F-2
Consolidated
    Balance Sheets as of December 31, 2023 and 2022
F-3
Consolidated Statements of Operations and Comprehensive Income for the years ended December 31, 2023 and 2022
F-4
Consolidated Statements of Changes in Shareholders' Equity for the years ended December 31, 2023 and 2022
F-5
Consolidated Statements of Cash Flows for the years ended December 31, 2023 and 2022
F-6
Notes to Consolidated Financial Statements
F-7
F-
1
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Board of Directors and Shareholders of
Fenbo
Holdings Limited:
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheets of Fenbo Holdings Limited and its Subsidiaries (collectively, the "Company")
as of December 31, 2023 and 2022, and the related consolidated statements of operations 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 consolidated financial position of the Company as of December 31, 2023 and 2022, and the consolidated results
of its operations and its cash flows for each of the two years in the period ended December 31, 2023, in conformity with accounting principles
generally accepted in the United States of America.
Basis
for Opinion
These
consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion
on the Company's consolidated financial statements based on our 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.
I believe that my audits provide a reasonable basis for our opinion.
Critical
audit matters
The
critical audit matters communicated below are matters arising from the current audit period of the consolidated financial statements
that were communicated or required to be communicated to the audit committee and that (1) related to accounts or disclosures that are
material to the consolidated financial statements and (2) involved especially challenging, subjective or complex judgments. The communication
of the critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we
are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts
or disclosures to which it related.
We
have determined that there are no critical audit matters.
/s/
Centurion ZD CPA & Co
Centurion
ZD CPA & Co
.
Hong
Kong
April 29, 2024
We
have served as the Company's auditor since 2023.
PCAOB
ID #
2769
F-
2
FENBO
HOLDINGS LIMITED
CONSOLIDATED
BALANCE SHEETS
(Amount
in thousands, except for share and per share data, or otherwise noted)
As of December 31,
Note
2022
2023
2023
HK$'000
HK$'000
US$'000
(Note)
Assets
Current assets:
Cash
13,853
46,342
5,933
Accounts receivable, net
3
32,938
31,486
4,031
Deferred initial public offering cost
1,903
-
-
Inventories
4
15,860
14,088
1,804
Prepaid expenses and other current assets
5
6,767
6,017
770
Total current assets
71,321
97,933
12,538
Property, plant and equipment, net
6
1,498
1,244
159
Right-of-use assets
7
7,117
3,801
487
Total non-current assets
8,615
5,045
646
TOTAL ASSETS
79,936
102,978
13,184
Liabilities
Current liabilities
Bank loan – current
9
11,000
11,000
1,408
Accounts payable
13,798
18,482
2,366
Other payables and accrued liabilities
8
5,799
7,049
904
Lease liabilities – current
7
5,626
4,060
520
Amounts due to related parties
10
5,117
2,413
309
Total current liabilities
41,340
43,004
5,507
Non-current liabilities
Lease liabilities – non-current
7
2,552
198
25
TOTAL LIABILITIES
43,892
43,202
5,532
Commitments and contingencies
-
-
-
Shareholders' equity
Preference shares US$
0.0001
par value per share;
3,000,000
authorized capital;
nil
shares issued and outstanding
-
-
-
Ordinary shares US$
0.0001
par value per share;
300,000,000
authorized capital;
11,000,000
shares issued and outstanding (2022:
10,000,000
shares issued and outstanding)
13
8
9
1
Additional paid-in capital
2,492
28,494
3,648
Statutory reserve
13
2,806
2,806
359
Retained earnings
30,183
28,721
3,677
Accumulated other comprehensive income
555
(
254
)
(
33
)
Total shareholders' equity
36,044
59,776
7,652
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
79,936
102,978
13,184
The
accompanying notes are an integral part of these consolidated financial statements.
F-
3
FENBO
HOLDINGS LIMITED
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Amount
in thousands, except for share and per share data, or otherwise noted)
For the year ended December 31,
Note
2022
2023
2023
HK$'000
HK$'000
US$'000
(Note)
Revenues
119,728
119,110
15,249
Cost of sales
(
100,892
)
(
97,004
)
(
12,419
)
Gross profit
18,836
22,106
2,830
Operating expenses:
Selling and marketing expenses
(
2,057
)
(
1,961
)
(
251
)
General and administrative expenses
(
19,239
)
(
20,535
)
(
2,629
)
Total operating expenses
(
21,296
)
(
22,496
)
(
2,880
)
Income from operations
(
2,460
)
(
390
)
(
50
)
Other (expense) income:
Exchange (loss) gain, net
-
213
27
Gain (loss) on disposal of property, plant and equipment
12,458
(
1
)
-
Interest income
20
84
11
Interest expense
(
1,581
)
(
1,708
)
(
219
)
Government grant
-
205
26
Other income, net
528
266
34
Total other (expense) income
11,425
(
941
)
(
121
)
Income (expense) before tax expense
8,965
(
1,331
)
(
171
)
Income tax expense
12
(
312
)
(
131
)
(
17
)
Net income (loss)
8,653
(
1,462
)
(
188
)
Other comprehensive income
Foreign currency translation loss, net of taxes
(
2,575
)
(
809
)
(
104
)
Total comprehensive income (loss)
6,078
(
2,271
)
(
292
)
Net income (loss) per share attributable to ordinary shareholders
Basic and diluted (cents)
13, 14
86.53
(
14.50
)
(
1.86
)
Weighted average number of ordinary shares used in computing net income (loss) per share
Basic and diluted
13, 14
10,000,000
10,084,932
10,084,932
The
accompanying notes are an integral part of these consolidated financial statements.
F-
4
FENBO
HOLDINGS LIMITED
CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Amount
in thousands, except for share and per share data, or otherwise noted)
Shares
*
Amount
Additional paid-in capital
Statutory reserve
Accumulated other comprehensive income
Retained earnings
Total equity
HK$'000
HK$'000
HK$'000
HK$'000
HK$'000
HK$'000
As of January 1, 2022
10,000,000
8
-
2,806
3,130
31,530
37,474
Net income for the year
-
-
-
-
-
8,653
8,653
Dividend declared
-
-
-
-
-
(
10,000
)
(
10,000
)
Foreign currency translation
-
-
-
-
(
2,575
)
-
(
2,575
)
Reorganization
-
-
2,492
-
-
-
2,492
As of December 31, 2022
10,000,000
8
2,492
2,806
555
30,183
36,044
Net loss for the year
-
-
-
-
-
(
1,462
)
(
1,462
)
Dividend declared
-
-
-
-
-
-
-
Foreign currency translation
-
-
-
-
(
809
)
-
(
809
)
Issuance of ordinary
Shares, net of issuance costs
1,000,000
1
26,002
-
-
-
26,003
As of December 31, 2023
11,000,000
9
28,494
2,806
(
254
)
28,721
59,776
US$'000
US$'000
US$'000
US$'000
US$'000
US$'000
As of December 31, 2023
11,000,000
1
3,648
359
(
33
)
3,677
7,652
*
In connection with
the undertaking of a public offering of the Company's ordinary shares, the Company has performed a series of re-organizing transactions
resulting in
10,000,000
shares of ordinary shares outstanding effected on November 18, 2022 that have been retroactively restated to
the beginning of the first period presented. On December 1, 2023 the Company closed the IPO. The offering was conducted pursuant to the
Company's registration statement and
1,000,000
shares of ordinary shares were issued at the IPO price of $
5.00
per share after
the offering. The Shares were approved for listing on The Nasdaq Capital Market and commenced trading under the ticker symbol "FEBO."
On January 11, 2024, the representative of the underwriters partially exercised the over-allotment option and on January 16, 2024 purchased
62,500
ordinary shares at the IPO price of $
5.00
per share.
The
accompanying notes are an integral part of these consolidated financial statements.
F-
5
FENBO
HOLDINGS LIMITED
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Amount
in thousands, except for share and per share data, or otherwise noted)
For the year ended December 31,
2022
2023
2023
HK$'000
HK$'000
US$'000
(Note)
Operating activities
Net income (loss)
8,653
(
1,462
)
(
188
)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation
702
506
65
Amortization of right to use assets
4,862
5,410
693
Interest on lease liabilities
469
313
40
(Gain) loss on disposal of property, plant and equipment
(
12,458
)
1
-
Change in operating assets and liabilities:
Change in accounts receivable
10,228
789
101
Change in inventories
4,217
1,475
189
Change in prepaid expenses and other current assets
(
2,977
)
2,526
323
Change in accounts payable
(
2,253
)
5,073
649
Change in other payables and accrued liabilities
267
1,398
179
Payments on lease
(
6,015
)
(
6,301
)
(
807
)
Net cash provided by operating activities
5,695
9,728
1,244
Investing activities
Purchase of property, plant and equipment
(
554
)
(
284
)
(
36
)
Net cash used in investing activities
(
554
)
(
284
)
(
36
)
Financing activities
Proceeds from issuance of ordinary shares
-
26,003
3,329
Advances (to) from related parties
5,034
(
2,704
)
(
346
)
Net cash provided by financing activities
5,034
23,299
2,983
Net increase in cash
10,175
32,744
4,191
Effect on exchange rate change on cash
(
318
)
(
255
)
(
34
)
Cash as of beginning of the year
3,996
13,853
1,776
Cash as of the end of the year
13,853
46,342
5,933
Supplementary Cash Flows Information
Cash paid for interest
1,581
1,708
219
Cash paid (refund) for taxes
3,492
(
196
)
(
25
)
Supplemental schedule of non-cash investing and financing activities:
Dividend made by addition to the amount due to related parties
(
10,000
)
-
-
Consideration for the sale of property to the shareholder settled by deduction from the amount due to the related parties
13,880
-
-
The
accompanying notes are an integral part of these consolidated financial statements.
F-
6
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note
1
Nature of business and organization
Fenbo
Holdings Limited (the "Company") was incorporated in the Cayman Islands on September 30, 2022 as an exempted company with
limited liability. The Company conducts its primary operations of manufacture and production of premium personal care electronic appliance
(such as electrical hair styling products such as hair dryers, straighteners, curlers, trimmers, etc.) through its indirectly held wholly
owned subsidiaries.
Details
of the Company and its subsidiaries (together the "Company" or the "Group") are set out in the table as follows:
Name
Date
    of incorporation
Place
    of incorporation
Principal
    activities
Fenbo
    Holdings Limited
September
    30, 2022
Cayman
    Islands
Investment
    holding
Rich
    Legend Holdings Limited ("RLHL")
October
    21, 2022
The
    British Virgin Islands
Intermediate
    holding company
Fenbo
    Industries Limited ("Fenbo Industries")
June
    17, 1993
Hong
    Kong
Intermediate
    holding company and trading of electronic appliance
Fenbo
    Plastic Products Factory (Shenzhen) Limited ("Fenbo SZ")
October
    19, 2010
People's
    Republic of China ("PRC")
Manufacture
    and production of electronic appliance
Able
    Industries Limited ("Able Industries")
November
    7, 2005
Hong
    Kong
Marketing
Reorganization
Immediately
before a series of transactions ("Reorganization") as detailed below, the capital structure of the Group was as follows:
Number of ordinary shares
Shareholder
The Company
RLHL
Fenbo Industries
Fenbo SZ
Able Industries
Mr. Kin Shing Li ("Mr. Li)
10,000
1
1,999,999
-
500,000
Mr. Allan Li
-
-
1
-
-
Fenbo Industries
-
-
-
5,000,000
-
Total
10,000
1
2,000,000
5,000,000
500,000
On
November 17, 2022, RLHL entered into agreements to acquire
1,999,999
ordinary shares in Fenbo Industries and
500,000
ordinary shares
in Able Industries, respectively from Mr. Li in consideration of the issuance and allotment of a total of
9
shares, credited as fully
paid, to Mr. Li.
On
November 17, 2022, RLHL entered into an agreement to acquire
1
ordinary share in Fenbo Industries from Mr. Allan Li for a cash consideration
of HK$
100
.
On
November 18, 2022, the Company entered into an agreement to acquire
10
ordinary shares representing
100
% of the issued share capital
of RLHL from Mr. Li in consideration of the issuance and allotment of
9,990,000
ordinary shares of the Company, credited as fully paid,
to Luxury Max Investments Limited ("LMIL"), a company incorporated in the British Virgin Islands on October 21, 2022 and
wholly owned by Mr. Li. In connection with this acquisition, Mr. Li transferred
10,000
ordinary shares of the Company from Mr. Li to
RLHL.
F-
7
Following
the above transactions, Fenbo Industries, Fenbo SZ and Able Industries have become indirectly wholly-owned subsidiaries of the Company,
whereas their former majority shareholder, namely Mr. Li, has had 100% interest of the Company, through his wholly-owned investment holding
company, LMIL. Upon completion of the Reorganization, the capital structure of the Group was as follows:
Number of ordinary shares
Shareholder
The Company
RLHL
Fenbo Industries
Fenbo SZ
Able Industries
LMIL
10,000,000
-
-
-
-
The Company
-
10
-
-
-
RLHL
-
2,000,000
-
500,000
Fenbo Industries
-
-
-
5,000,000
-
Total
10,000,000
10
2,000,000
5,000,000
500,000
The
Reorganization has been accounted for as a reverse acquisition whereby Fenbo Industries and Able Industries are deemed to be the accounting
acquirers (legal acquirees) and the Company to be the accounting acquiree (legal acquirer). The financial statements before the Reorganization
are those of Fenbo Industries and Able Industries on a combined basis with the results of the Company being consolidated from the closing
date of the Reorganization. The equity section and earnings per share of the Company have been retroactively restated to reflect the
reverse acquisition and no goodwill has been recorded.
On
December 1, 2023 the Company closed the IPO. The offering was conducted pursuant to the Company's registration statement and
1,000,000
shares of ordinary shares were issued at the IPO price of $
5.00
per share after the offering. The Shares were approved for listing on
The Nasdaq Capital Market and commenced trading under the ticker symbol "FEBO." On January 11, 2024, the representative of
the underwriters partially exercised the over-allotment option and on January 16, 2024 purchased
62,500
ordinary shares at the IPO price
of $
5.00
per share.
The
accompanying financial statements are presented assuming that the existing group structure was an existence at the beginning of the first
period presented.
Note
2
Summary of significant accounting policies
Basis
of presentation
The
consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States
of America ("USGAAP").
Consolidation
The
consolidated financial statements include the financial statements of the Company and its subsidiaries. All inter-company transactions,
if any, and balances due to, due from, long-term investment subsidiary, and registered paid in capital have been eliminated upon consolidation.
Business
combinations and non-controlling interests
The
Company accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standards Codification
("ASC") 805 "Business Combinations." The cost of an acquisition is measured as the aggregate of the acquisition
date fair value of the assets transferred to the sellers, liabilities incurred by the Company and equity instruments issued by the Company.
Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities assumed
are measured separately at their fair values as of the acquisition date, irrespective of the extent of any noncontrolling interests.
The excess of (i) the total costs of acquisition, fair value of the noncontrolling interests and acquisition date fair value of any previously
held equity interest in the acquiree over (ii) the acquisition date amounts of the identifiable net assets of the acquiree is recorded
as goodwill. If the cost of acquisition is less than the acquisition date amounts of the net assets of the subsidiary acquired, the difference
is recognized directly in the consolidated income statements. During the measurement period, which can be up to one year from the acquisition
date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Subsequent
to the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever
comes first, any further adjustments are recorded in the consolidated income statements.
F-
8
For
the Company's non-wholly owned subsidiaries, a noncontrolling interest is recognized to reflect the portion of equity that is not
attributable, directly, or indirectly, to the Company.
Use
of estimates and assumptions
The
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated
financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates
reflected in the Company's consolidated financial statements include the useful lives of property and equipment, the imputed interest
rate of leases, impairment of long-lived assets, allowance for doubtful accounts, provision for contingent liabilities, revenue recognition,
deferred taxes and uncertain tax position. Actual results could differ from these estimates.
Foreign
currency translation and transaction
The
functional currencies of the Company are the local currency of the country in which the subsidiaries operate. The reporting currency
of the Company is the Hong Kong Dollars ("HKD"). The results of operations and the consolidated statements of cash flows
denominated in foreign currencies are translated at the average rates of exchange during the reporting period. Assets and liabilities
denominated in foreign currencies at the balance sheet date are translated at the applicable rates of exchange in effect at that date.
The equity denominated in the functional currencies is translated at the historical rates of exchange at the time of capital contributions.
Because cash flows are translated based on the average translation rates, amounts related to assets and liabilities reported on the consolidated
statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Translation
adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated
other comprehensive income included in consolidated statements of changes in shareholders' equity. Transaction gains and losses
that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency in the consolidated
statement of income and comprehensive income.
The
functional currency of RLHL, Fenbo Industries and Able Industries are HKD. The functional currency of Fenbo SZ is Renminbi ("RMB").
An entity's functional currency is the currency of the primary economic environment in which it operates, normally that is the
currency of the environment in which the entity primarily generates and expends cash. Management's judgment is essential to determine
the functional currency by assessing various indicators, such as cash flows, sales price and market, expenses, financing and inter-company
transactions and arrangements.
For
the purpose of presenting these financial statements of subsidiary using RMB as functional currency, the Company's assets and liabilities
are expressed in HKD at the exchange rate on the balance sheet date, which is
0.9126
and
0.8866
as of December 31, 2023 and 2022, respectively;
shareholders' equity accounts are translated at historical rates, and income and expense items are translated at the average exchange
rate during the period, which is
0.9070
and
0.8642
for the years ended December 31, 2023 and 2022, respectively.
The
value of foreign currencies including the US Dollar may fluctuate against the Hong Kong Dollar. Any significant variations of the foreign
currencies relative to the Hong Kong Dollar may materially affect the Company's financial condition in terms of reporting in HK$.
Translations
of the consolidated balance sheets, consolidated statements of comprehensive income and consolidated statements of cash flows from HK$
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 rate
of US$
0.12803
= HK$
1
. No representation is made that the HK$ amounts could have been, or could be, converted, realized or settled into
US$ at that rate on December 31, 2023, or at any other rate.
Cash
Cash
comprises of cash at banks and on hand. Cash held in accounts at financial institutions located in the PRC is not freely convertible
into foreign currencies. In addition, these balances are not covered by insurance. While management believes that these financial institutions
are of high credit quality, it also continually monitors their creditworthiness. The Company and its subsidiaries have not experienced
any losses in such accounts and do not believe the cash is exposed to any significant risk.
F-
9
Accounts
receivable, net
Accounts
receivable, net are stated at the original amount less an allowance for expected credit loss on such receivables. The allowance for expected
credit loss is estimated based upon the Company's assessment of various factors including historical experience, the age of the
accounts receivable balances, current general economic conditions, future expectations and customer specific quantitative and qualitative
factors that may affect the Company's customers' ability to pay. An allowance is also made when there is objective evidence
for the Company to reasonably estimate the amount of probable loss.
Inventories
Inventories
are stated at the lower of cost or net realizable value. Cost of inventories is determined using the first-in first-out cost method.
Adjustments are recorded to write down the cost of inventories to the estimated net realizable value due to slow-moving, damaged and
lost goods, which is dependent upon factors such as historical and forecasted demand and prevailing market conditions. Write-downs are
recorded in cost of revenues on the consolidated statements of income and comprehensive income.
Prepayments
and deposits
Prepayments
are cash deposited or advanced to suppliers for purchasing goods or services that have not been received or provided and deposits made
to the Company's customers and landlord. This amount is refundable and bears no interest. Prepayment and deposit are classified
as either current or non-current based on the terms of the respective agreements. These advances are unsecured and are reviewed periodically
to determine whether their carrying value has become impaired.
Other
receivables
Other
receivables primarily include rental deposit, VAT refundable, prepayment and income tax refundable. Management regularly reviews the
aging of receivables and changes in payment trends and records allowances when management believes collection of amounts due are at risk.
Accounts considered uncollectable are written off against allowances after exhaustive efforts at collection are made.
Property,
plants and equipment, net
Property,
plants and equipment are stated at cost net of accumulated depreciation and impairment. Depreciation is provided over the estimated useful
lives of the assets using the straight-line method from the time the assets are placed in service. Estimated useful lives are as follows:
Classification:
Estimated
    useful life
Machinery
    & equipment
3
-
10
years
Electronic
    equipment
5
years
Office
    equipment
3
-
5
years
Motor
    vehicles
3
-
4
years
Computer
    and software
3
years
The
cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is
included in the consolidated statements of income and comprehensive income. Expenditures for maintenance and repairs, which do not materially
extend the useful lives of the assets, are charged to earnings as incurred, while additions, renewals and betterments, which are expected
to extend the useful life of assets, are capitalized.
F-
10
Leases
Leases
that transfer substantially all of the benefits and risks incidental to the ownership of assets are accounted for as finance leases as
if there was an acquisition of an asset and incurrence of an obligation at the inception of the lease. All other leases are accounted
for as operating leases. The Company has no finance leases.
Under
ASC 842, the Company determines if an arrangement is a lease at inception. Operating lease right-of-use assets and operating lease liabilities
are initially recognized based on the present value of future lease payments at lease commencement. The operating lease right-of-use
asset also includes any lease payments made prior to lease commencement and the initial direct costs incurred by the lessee and is recorded
net of any lease incentives received. As the interest rates implicit in most of the leases are not readily determinable, the Company
uses the incremental borrowing rates based on the information available at lease commencement to determine the present value of the future
lease payments. Operating lease expenses are recognized on a straight-line basis over the term of the lease.
Bank
loans
Bank
loans are recognized initially at fair value, net of incidental fees. Incidental fees are recorded as a reduction of the proceeds received
and the related accretion is recorded as interest expense in the consolidated income statements over the estimated term of the facilities
using the effective interest method.
Commitments
and 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. The Company may consider many factors in making these assessments including historical and the specific facts and circumstances
of each matter.
Certain
conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company, but
which will only be resolved when one or more future events occur or fail to occur. The Company assesses these contingent liabilities,
which inherently involves judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company
or unasserted claims that may result in legal proceedings, the Company, in consultation with its legal counsel, evaluates the perceived
merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be
sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount
of the liability can be estimated, the estimated liability would be accrued in the consolidated financial statements. If the assessment
indicates that a potentially material loss contingency is not probable, or is probable but cannot be estimated, the nature of the contingent
liability, together with an estimate of the range of the reasonably 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.
Impairment
of long-lived assets
Long-lived
assets, including property, plants and equipment are reviewed for impairment whenever events or changes in circumstances (such as a significant
adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not
be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected
to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset
plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is
identified, the Company will reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach
or, when available and appropriate, to comparable market values. For the years ended December 31, 2023 and 2022, no impairment of long-lived
assets was recognized.
F-
11
Fair
Value Measurement
The
accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and
requires disclosure of the fair value of financial instruments held by the Company. The accounting standards define fair value, establish
a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures.
The three levels of the fair value hierarchy are as follows:
●
Level
    1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
●
Level
    2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that
    are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.
●
Level
    3 inputs to the valuation methodology are unobservable and significant to the fair value.
Financial
instruments included in current assets and current liabilities are reported in the consolidated balance sheets at face value or cost,
which approximate fair value because of the short period of time between the origination of such instruments and their expected realization
and their current market rates of interest.
Interest
rates that are currently available to the Company for issuance of long-term debt and capital lease with similar terms and remaining maturities
are used to estimate the fair value of the Company's long-term debt. The fair value of the Company's long-term debt approximated
the carrying value at December 31, 2023, and 2022, as the weighted average interest rate on these long-term debt approximates the market
rate for similar debt.
Revenue
Recognition
The
Company elected to adopt Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606), effective
as of October 1, 2019. Accordingly, the consolidated financial statements for the year ended December 31, 2023 and 2022 are presented
under ASC 606. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods
or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those
goods or services. The Company's revenues are generated from the production and sales of premium personal care electric appliances
(principally electrical hair styling products such as straighteners, curlers, trimmers, etc.) and toy products. This performance obligation
is satisfied at a point of time and recognized in revenue upon the transfer of control of the goods to the customers
Interest
income from banks is recognized when received.
Cost
of revenue
The
cost of revenue primarily consists of the cost of raw materials, direct labor costs and factory overhead.
Employee
benefit
The
full-time employees of the Company are entitled to staff welfare benefits including medical care, housing fund, pension benefits, unemployment
insurance and other welfare, which are government mandated defined contribution plans. The Company is required to accrue for these benefits
based on certain percentages of the employees' respective salaries, subject to certain ceilings, in accordance with the relevant
PRC regulations, and make cash contributions to the state-sponsored plans out of the amounts accrued. Total expenses for the plans were
HKD
1,342,000
and HKD
1,342,000
for the years ended December 31, 2023 and 2022, respectively.
Value
added taxes
The
Hong Kong operations are not subject to the value added tax.
For
the PRC operations, the PRC export revenue is not subject to VAT. VAT are charged for purchase of materials at
17
% of which
13
% is refundable.
Revenues
are presented net of applicable VAT.
F-
12
Income
taxes
The
Company accounts for income taxes in accordance with the laws of the relevant tax authorities. The charge for taxation is based on the
results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have
been enacted or substantively enacted by the balance sheet date.
Deferred
taxes are accounted for using the asset and liability method in respect of temporary differences arising from differences between the
carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation
of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets
are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences
can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized, or the
liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged
directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance
when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.
Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.
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, with a tax examination being presumed to occur. 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. No penalties and interest incurred related to underpayment of income tax are classified as income tax expense
in the period incurred.
Comprehensive
income (loss)
Comprehensive
income (loss) 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 GAAP are recorded as an element of shareholders' equity but are excluded
from net income. Other comprehensive income (loss) consists of a foreign currency translation adjustment resulting from the Company not
using HKD as its functional currencies.
Earnings
per share
The
Company computes earnings per share ("EPS") in accordance with ASC 260, "Earnings per Share". ASC 260 requires
companies to present basic and diluted EPS. Basic EPS is measured as net income attributable to the owners of the Company divided by
the weighted average ordinary shares outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of the
potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the
periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase
income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the years ended December 31, 2023
and 2022, there were no dilutive shares.
Statutory
Reserves
Pursuant
to the laws applicable to the PRC, PRC entities must make appropriations from after-tax profit to the non-distributable "statutory
surplus reserve fund". Subject to certain cumulative limits, the "statutory surplus reserve fund" requires annual appropriations
of 10% of after-tax profit until the aggregated appropriations reach 50% of the registered capital (as determined under accounting principles
generally accepted in the PRC ("PRC GAAP") at each year-end). For foreign invested enterprises and joint ventures in the
PRC, annual appropriations should be made to the "reserve fund". For foreign invested enterprises, the annual appropriation
for the "reserve fund" cannot be less than 10% of after-tax profits until the aggregated appropriations reach 50% of the
registered capital (as determined under PRC GAAP at each year-end). If the Company has accumulated loss from prior periods, the Company
is able to use the current period net income after tax to offset against the accumulate loss.
F-
13
Recent
Accounting Pronouncements
The
Company is an "emerging growth company" (an "EGC") as defined in the Jumpstart Our Business Startups Act of 2012
(the "JOBS Act"). Under the JOBS Act, an EGC can delay adopting new or revised accounting standards issued subsequent to
the enactment of the JOBS Act until such time as those standards apply to private companies.
In
December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes", which
simplifies various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in
ASC 740 and also clarifies and amends existing guidance to improve consistent application. The new guidance is effective for the Company
for the year ending September 30, 2022. The Company does not expect that the adoption of this guidance will have a material impact on
the financial position, results of operations and cash flows.
In
January 2020, the FASB issued ASU 2020-01, "Investments — Equity Securities (Topic 321), Investments — Equity Method
and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) — Clarifying the Interactions between Topic 321, Topic
323, and Topic 815 (a consensus of the FASB Emerging Issues Task Force)", which clarifies the interactions of the accounting for
certain equity securities under ASC 321, investments accounted for under the equity method of accounting in ASC 323, and the accounting
for certain forward contracts and purchased options accounted for under ASC 815. ASU 2020-01 could change how an entity accounts for
(i) an equity security under the measurement alternative and (ii) a forward contract or purchased option to purchase securities that,
upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting
or the fair value option in accordance with ASC 825 "Financial Instruments". These amendments improve current U.S. GAAP by
reducing diversity in practice and increasing comparability of the accounting for these interactions. The new guidance is effective prospectively
for the Company for the year ending September 30, 2022. The Company does not expect that the adoption of this guidance will have a material
impact on the financial position, results of operations and cash flows.
In
March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform
on Financial Reporting" and issued a subsequent amendment which refines the scope of the ASU and clarifies some of its guidance
as part of the FASB's monitoring of global reference rate reform activities in January 2021 within ASU 2021-01 (collectively, including
ASU 2020-04, "ASC 848"). ASC 848 provides optional expedients and exceptions for applying U.S. GAAP on contract modifications
and hedge accounting to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected
to be discontinued because of reference rate reform, if certain criteria are met. The Company does not expect that the adoption of this
guidance will have a material impact on the financial position, results of operations and cash flows.
In
August 2020, the FASB issued ASU 2020-06, "Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging
— Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's
Own Equity", which simplifies an issuer's accounting for certain convertible instruments and the application of derivatives
scope exception for contracts in an entity's own equity. This guidance also addresses how convertible instruments are accounted
for in the diluted earnings per share calculation and required enhanced disclosures about the terms of convertible instruments and contracts
in an entity's own equity. The new guidance is required to be applied either retrospectively to financial instruments outstanding
as of the beginning of the first comparable reporting period for each prior reporting period presented or retrospectively with the cumulative
effect of the change to be recognized as an adjustment to the opening balance of retained earnings at the date of adoption. This guidance
is effective for the Company for the year ending September 30, 2023. Early adoption is permitted. The Company does not expect that the
adoption of this guidance will have a material impact on the financial position, results of operations and cash flows.
F-
14
Except
for the above-mentioned pronouncements, there are no new recent issued accounting standards that will have material impact on the consolidated
financial position, statements of operations and cash flows.
Concentrations
of Risks
(a)
Foreign currency risk
A
majority of the Group's revenue and expense transactions are denominated in the functional currency of its subsidiaries.
For
the Hong Kong operation, as the HK dollar is pegged to the USD since 1983, and since May 2005, the USD 1 is within the range of HKD 7.75
to HKD 7.85. The management considered that the foreign currency risk for Hong Kong dollar is limited under the pegging arrangement.
For
the PRC operations, the RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions are
required by law to be transacted only by authorized financial institutions at exchange rates set by the People's Bank of China
("PBOC"). It is difficult to predict how market forces or PRC government policy may impact the exchange rate between the
RMB and HKD in the future. The change in the value of the RMB relative to the HKD may affect the Company's financial results reported
in HKD without giving effect to any underlying changes in the Company's business or results of operations. Remittances in currencies
other than RMB by the Company in China must be processed through the PBOC or other China foreign exchange regulatory bodies which require
certain supporting documentation in order to affect the remittance.
As
a result, the Company is exposed to foreign exchange risk as revenues and results of operations may be affected by fluctuations in the
exchange rate between the HKD and RMB. If the RMB depreciates against the HKD, the value of RMB revenues, earnings and assets as expressed
in HKD financial statements will decline. The Company has not entered into any hedging transactions in an effort to reduce its exposure
to foreign exchange risk.
(b)
Credit risk
Financial
instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and accounts
receivable. As of December 31, 2023 and 2022 substantially all of the Company's cash was held by major financial institutions located
in Hong Kong and the PRC, which management believes are of high credit quality.
For
the credit risk related to accounts receivable, the Company performs ongoing credit evaluations of its customers. The Company establishes
an allowance for doubtful accounts based upon estimates, factors surrounding the credit risk of specific customers and other information.
The allowance amounts were immaterial for all periods presented.
(c)
Customer concentration risk
The
Company has a high concentration risk. For the year ended December 31, 2023 and 2022, one customer accounted for the Group's total
revenue and the total balance of account receivables for the year ended December 31, 2023 and 2022
(d)
Vendor concentration risk
For
the year ended December 31, 2023, the five and ten largest vendors accounted for
59
% and
79
% of the Company's total purchases respectively.
For the year ended December 31, 2022, the five and ten largest vendors accounted for
58
% and
77
% of the Company's total purchases
respectively.
F-
15
Note
3
Accounts receivable, net
Accounts
receivable, net consist of the following:
December 31, 2022
December 31, 2023
December 31, 2023
HK$'000
HK$'000
US$'000
Accounts receivable
32,938
31,486
4,031
Allowance for doubtful accounts
-
-
-
Total accounts receivable, net
32,938
31,486
4,031
Note
4
Inventories
Inventories
consist of the following:
December 31, 2022
December 31, 2023
December 31, 2023
HK$'000
HK$'000
US$'000
Raw materials
5,182
6,171
790
Work in progress
2,715
2,070
265
Finished goods
7,963
5,847
749
Total inventories
15,860
14,088
1,804
Note
5
Prepayment, deposit and other receivables
Prepayment,
deposit and other receivables consist of the following:
December 31, 2022
December 31, 2023
December 31, 2023
HK$'000
HK$'000
US$'000
Non-current portions:
Rental deposit
-
-
-
Current portions:
Rental deposit
932
1,089
139
VAT refundable
762
961
123
Prepayment
2,813
1,747
224
Income tax refundable
1,459
1,147
147
Other receivables
801
1,073
137
6,767
6,017
770
Note
6
Property, plants and equipment, net
December 31, 2022
December 31, 2023
December 31, 2023
HK$'000
HK$'000
US$'000
Machinery & equipment
2,914
2,831
362
Electronic equipment
27
33
4
Office equipment
2,279
2,193
281
Computer software
-
109
14
Motor vehicles
2,474
2,471
316
Total cost
7,694
7,637
978
Less: Accumulated depreciation
(
6,196
)
(
6,394
)
(
819
)
Net book value
1,498
1,244
159
Depreciation
expenses recognized for the year ended December 31, 2023 and 2022 were HKD
506,000
and HKD
702,000
, respectively.
F-
16
Note
7
Right-of-use assets and operating lease liabilities
As
of December 31, 2023, the Company had the following non-cancellable lease contracts:
Description of lease
Term
Imputed
interest rate
Director's quarter, Kowloon, Hong Kong
24
months from May 1, 2023 to April 30, 2025
5.6
%
Office, Kowloon, Hong Kong
24
months from January 1, 2023 to December 31, 2024
5.6
%
Production plant and administration facility, Shenzhen, PRC
10
years from July 16, 2014 to July 15, 2024
4.3
%
The
following amounts were recognized in the consolidated balance sheet:
December 31, 2022
December 31, 2023
December 31, 2023
HK$'000
HK$'000
US$'000
Right-of-use assets
7,117
3,801
487
Operating lease liabilities
Current
5,626
4,060
520
Non-current
2,552
198
25
8,178
4,258
545
A
summary of lease costs recognized in the Company's consolidated statement of income and supplemental cash flow information relating
to the operating leases is as follows:
For the year ended December 31
2022
2023
2023
HKD'000
HKD'000
US$'000
Amortization charge of right-of use assets
4,862
5,410
693
Right-of-use assets obtained in exchange for operating
lease liabilities
-
-
-
Interest on lease liabilities
469
313
40
Cash paid for operating leases
6,015
6,301
807
Future
lease payments as of December 31, 2023 are as follows:
Year ending December 31
HK$'000
US$'000
2024
4,154
531
2025
200
26
Future minimum operating lease payments
4,354
557
Less: Imputed interest
(
96
)
(
12
)
Total operating lease liabilities
4,258
545
F-
17
Note
8
Other payables and accrued liabilities
Prepayment,
deposit, and other receivables consisted of the following:
December 31, 2022
December 31, 2023
HK$'000
HK$'000
US$'000
Accrued salary
4,650
4,561
585
Income tax payable
-
17
2
Other payables
1,149
2,471
317
5,799
7,049
904
*The
amounts due to non-controlling interest were unsecured, non-interest bearing and repayable on demand.
Note
9
Credit facilities
As
of December 31, 2023 and 2022, bank loan consisted of the following:
December 31
Bank Name
Nature of Loan
2022
2023
HK$'000
HK$'000
Bank of China (Hong Kong)
Revolving loan
(1)
11,000
11,000
Total
11,000
11,000
(1)
This
    loan is a revolving loan up to HK$
11,000,000
, carries an interest of
2.25
%
below Hong Kong prime rate and is secured by the Company's
    office premise located in Hong Kong; a Hong Kong property jointly owned by Mr. Li and his spouse and a personal guarantee from Mr.
    Li. This loan was first drawn down on October 22, 2018 and has been rolled over for every six-month period. The Company recognized
    this loan as short-term bank borrowing in its consolidated financial statements. The security charged over the Company's office
    premise located in Hong Kong was released since September 29, 2022.
Interest
expenses incurred from bank borrowings were HKD
396,000
and HKD
313,000
for the year ended December 31, 2023 and 2022, respectively. The
interest expense represented the weighted average interest rate of
3.6
%
and
2.8
%
for the year ended December 31, 2023 and 2022, respectively.
Note
10
Related party balances and transactions
Related
party balances
The
related party balances consisted of the following:
Name
Relationship
Nature
Classification
December 31, 2022
(HK$'000)
December 31, 2023
(HK$'000)
December 31, 2023
(US$'000)
Mr. Li
Shareholder and director
Advance from
a shareholder
Amounts due to related parties
2,855
151
19
Chiu Yat Chung Gary
Senior management
Advance from a senior management
Amount due to related parties
2,262
2,262
290
Total amount due to related parties
5,117
2,413
309
The
above amounts are unsecured, non-interest bearing and repayable on demand.
F-
18
Related
party transactions (Guarantees)
The
related parties made guarantees to the Company in relation to all the bank borrowings of the Group. Please refer to the Note 9 for details
of each guarantee made by the related parties in relation to all the bank borrowings of the Group as of December 31, 2023 and 2022.
Related
party transactions (Sale / lease of properties)
The
Company entered into the following rental agreement with a related party for a director quarter situated in Hong Kong:
Premise
Relationship with the lessor
Rental payment for
the year ended
December 31, 2022
(HK$'000)
Rental payment for
the year ended
December 31, 2023
(HK$'000)
Rental payment for
the year ended
December 31, 2023
(US$'000)
Director quarter
Lessor is a company owned by Mr. Li and his spouse
600
600
77
Hong Kong office
Lessor is Mr. Li
-
600
77
In
December 2022, FIL sold its headquarter and sales office in Hong Kong to Mr. Li, the Company's Executive Director and sole shareholder,
at a consideration of HK$
13,880,000
. The carrying net book value of the office as of the transaction date was HK$
1,349,000
, and one-off
gain on disposal of the property of HK$
12,531,000
was recognized in the income statements of the Group for the year ended December 31,
2022. This gain on disposal of property was regarded as capital gain and classified as a non-taxable income under the tax rule of Hong
Kong. The sale consideration of HK$
13,880,000
receivable from Mr. Li was offset against the amount due to Mr. Li, and the dividend declared
of HK$
10,000,000
for the year ended December 31, 2022.
After
the disposal of the office, FIL will continue to occupy the office and entered into a lease agreement with Mr. Li to lease this office
for an initial term of two (
2
) years, commencing January 1, 2023, for a monthly rental of HK$
50,000
.
The
related party transactions are determined on an arm-length basis by reference to the market price of the comparable premises.
Note
11
Employee benefits government plan
The
Company participates in a government-mandated multi-employer defined contribution plan pursuant to which certain retirement, medical
and other welfare benefits are provided to employees. PRC labor regulations require the Company to pay to the local labor bureau a monthly
contribution calculated at a stated contribution rate based on the basic monthly compensation of qualified employees. The relevant local
labor bureau is responsible for meeting all retirement benefit obligations; the Company has no further commitments beyond its monthly
contribution.
Note
12
Income taxes
The
provision for income taxes consists of the following:
For the year ended December 31
2022
2023
2023
HK$'000
HK$'000
US$'000
Current tax
- Hong Kong
274
-
-
- Other countries
38
131
17
312
131
17
F-
19
Reconciliations
between the provision for income taxes computed by applying the Hong Kong profits tax to income before income tax expense are as follows:
For the year ended December 31
2022
2023
2023
HK$'000
HK$'000
US$'000
Income (loss) before income tax
8,965
(
1,331
)
(
171
)
Provision for income taxes at Hong Kong profits tax rates of 16.5%
1,479
-
-
Effect of different tax rates available to different jurisdictions
(
355
)
131
17
Non-deductible expenses and non-taxable income, net
(
812
)
-
-
Income tax expense
312
131
17
Cayman
Islands
The
Company was incorporated in the Cayman Islands and is not subject to tax on income or capital gains under the laws of Cayman Islands.
Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.
British
Virgin Islands
RLHL
is incorporated in the British Virgin Islands and not subject to tax on income or capital gains under current British Virgin Islands
law. In addition, upon payments of dividends by these entities to their shareholders, no British Virgin Islands withholding tax will
be imposed.
Hong
Kong
Fenbo
Industries and Able Industries are incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income as reported
in its statutory financial statements adjusted in accordance with relevant Hong Kong tax laws.
The applicable tax rate in Hong Kong is
8.25% for the first HK$ 2 million assessable profits and 16.5% for the assessable profits over the first HK$ 2 million.
PRC
Fenbo
SZ is governed by the income tax laws of the PRC and the income tax provision in respect to operations in the PRC is calculated at the
applicable tax rates on the taxable income for the periods based on existing legislation, interpretations and practices in respect thereof.
Under the Enterprise Income Tax Laws of the PRC (the "EIT Laws"), Chinese enterprises are subject to income tax at a rate
of
25
% after appropriate tax adjustments.
Note
13
Shareholders' equity
Ordinary
shares
The
Company was established under the laws of Cayman Islands on September 30, 2022. The authorized number of ordinary shares was
300,000,000
shares with a par value of USD
0.0001
per ordinary share.
For
the purpose of undertaking a public offering of the Company's ordinary shares, the Company performed a series of re-organizing
transactions resulting in
10,000,000
shares of ordinary shares outstanding effected on November 18, 2022. On December 1, 2023 the Company
closed the IPO. The offering was conducted pursuant to the Company's registration statement and
1,000,000
shares of ordinary shares
were issued at the IPO price of $
5.00
per share after the offering. The Shares were approved for listing on The Nasdaq Capital Market
and commenced trading under the ticker symbol "FEBO."
F-
20
The
Company believes it is appropriate to reflect the above transactions as re-denomination and nominal issuance of shares on a retroactive
basis similar to stock split or dividend pursuant to ASC 260. According to the above transactions, the Company has retroactively adjusted
the shares and per share data for all periods presented.
Statutory
reserves
In
accordance with the relevant PRC laws and regulations, the Group's subsidiaries in the PRC are required to provide for certain
statutory reserves, which are appropriated from net profit as reported in accordance with PRC accounting standards. The Group's
subsidiaries in the PRC are required to allocate at least 10% of their after-tax profits to the general reserve until such reserve has
reached 50% of their respective registered capital. Appropriations to other types of reserves in accordance with relevant PRC laws and
regulations are to be made at the discretion of the board of directors of each of the Group's subsidiaries in the PRC. The statutory
reserves are restricted from being distributed as dividends under PRC laws and regulations.
On
January 11, 2024, the representative of the underwriters partially exercised the over-allotment option and on January 16, 2024 purchased
62,500
ordinary shares at the IPO price of $
5.00
per share.
Note
14
Net Income (Loss) Per Share
The
following table sets forth the computation of basic and diluted loss per share for the years indicated:
For the year ended December 31
2022
2023
2023
HKD'000
HKD'000
US$'000
Basic and diluted loss per share
Numerator:
Net income (loss) for the year attributable to the Company's ordinary shareholders
8,653
(
1,462
)
(
188
)
Denominator:
Weighted average number of basic and diluted ordinary shares outstanding
10,000,000
10,084,932
10,084,932
Weighted average number of basic and diluted ordinary shares used in calculating loss per share
10,000,000
10,084,932
10,084,932
Basic and diluted net income (loss) per share (cents)
86.53
(
14.50
)
(
1.86
)
Note
15
Commitments and Contingencies
Lease
Commitments
The
Company entered into leases for production plant in PRC and director's quarter. Please refer to the Note 7 for the details.
Note
16
Restricted net assets
PRC
laws and regulations permit payments of dividends by the Company's subsidiaries incorporated in the PRC only out of their retained
earnings, if any, as determined in accordance with PRC accounting standards and regulations. In addition, the Company's subsidiaries
incorporated in the PRC are required to annually appropriate 10% of their net income to the statutory reserve prior to payment of any
dividends, unless the reserve has reached 50% of their respective registered capital. Furthermore, registered share capital and capital
reserve accounts are also restricted from distribution. As a result of the restrictions described above and elsewhere under PRC laws
and regulations, the Company's subsidiaries incorporated in the PRC are restricted in their ability to transfer a portion of their
net assets to the Company in the form of dividends. Except for the above or disclosed elsewhere, there is no other restriction on the
use of proceeds generated by the Company's subsidiaries to satisfy any obligations of the Company.
Note
17
Subsequent Event
Save
for that on January 11, 2024, the representative of the underwriters partially exercised the over-allotment option and on January 16,
2024 purchased
62,500
ordinary shares at the IPO price of US$
5.00
per share, the Company evaluated all events and transactions that occurred
after December 31, 2023, up through the date that these consolidated financial statements are available to be issued, there were no other
material subsequent events that require disclosure in these consolidated financial statements.
F-
21
Item
19. Exhibits
1.1
Memorandum and Articles of Association of the Registrant dated September 30, 2022 (incorporated by reference to Exhibit 3.1 to the Company's Registration Statement on Form F-1 filed with the SEC on November 21, 2023).
2.1*
Specimen Ordinary share certificate
2.2*
Description of Registered Securities
4.1
Form (incorporated by reference to Exhibit 10.1 to the Company's Registration Statement on Form F-1 filed with the SEC on November 21, 2023).
4.2
Form of Indemnification Agreement incorporated by reference to Exhibit 10.2 to the Company's Registration Statement on Form F-1 filed with the SEC on November 21, 2023).
4.3
Audit Committee Charter (incorporated by reference to Exhibit 10.3 to the Company's Registration Statement on Form F-1 filed with the SEC on November 21, 2023).
4.4*
Amended Audit Committee Charter
4.5
Nomination Committee Charter (incorporated by reference to Exhibit 10.4 to the Company's Registration Statement on Form F-1 filed with the SEC on November 21, 2023).
4.6
Compensation Committee Charter (incorporated by reference to Exhibit 10.5 to the Company's Registration Statement on Form F-1 filed with the SEC on November 21, 2023).
4.7*
Amended Compensation Committee Charter
4.8
Lease Agreement (incorporated by reference to Exhibit 10.6 to the Company's Registration Statement on Form F-1 filed with the SEC on November 21, 2023).
4.9
Employment Letter Agreement with Mr. Li Siu Lun Allan (incorporated by reference to Exhibit 10.7 to the Company's Registration Statement on Form F-1 filed with the SEC on November 21, 2023).
4.10
Employment Letter Agreement with Mr. Li Kin Shing (incorporated by reference to Exhibit 10.8 to the Company's Registration Statement on Form F-1 filed with the SEC on November 21, 2023).
4.11
Employment Letter Agreement with Mr. Fu Wai Yip (Freddy) (incorporated by reference to Exhibit 10.9 to the Company's Registration Statement on Form F-1 filed with the SEC on November 21, 2023).
4.12
Bank Facility Letter dated September 29, 2022 between Fenbo Industries Limited and Bank of China (Hong Kong) (incorporated by reference to Exhibit 10.10 to the Company's Registration Statement on Form F-1 filed with the SEC on November 21, 2023).
4.13
Lease Agreement for Factory and Dormitory (incorporated by reference to Exhibit 10.11 to the Company's Registration Statement on Form F-1 filed with the SEC on November 21, 2023).
4.14
Headquarter Purchase Agreement (incorporated by reference to Exhibit 10.12 to the Company's Registration Statement on Form F-1 filed with the SEC on November 21, 2023).
8.1
List of Subsidiaries of Fenbo Holdings Limited (incorporated by reference to Exhibit 21.1 to the Company's Registration Statement on Form F-1 filed with the SEC on November 21, 2023).
11.1
Code of Ethics of Business Conduct and Ethics of the Company (incorporated by reference to Exhibit 14.1 to the Company's Registration Statement on Form F-1 filed with the SEC on November 21, 2023).
11.2*
Insider Trading Policy of the Fenbo Holdings Limited
12.1*
Certification of Principal Executive Officer Pursuant to Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12.2*
Certification of Principal Financial Officer Pursuant to Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
13.1**
Certification of Principal Executive Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
13.2**
Certification of Principal Financial Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
97.1*
Compensation Recovery Policy relating to recovery of erroneously awarded compensation as required by Nasdaq Capital Markets listing standard pursuant to 17 CFR 240.10D-1.
101.
INS
Inline XBRL Instance Document
101.
SCH
Inline XBRL Taxonomy Extension Schema Document
101.
CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.
DEF
Inline XBRL Taxonomy Definition Linkbase Document
101.
LAM
Inline XBRL Taxonomy Extension Label Linkbase
101.
PRE
XBRL Taxonomy Extension Label Linkbase
104
Cover
    Page Interactive Data File (the cover page iXBRL tags are embedded within the Inline XBRL
*Filed
herewith.
**
Furnished herewith.
98
SIGNATURE
The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this Annual Report on its behalf.
Dated
    April 29, 2024
/s/
    Li Siu Lun Allan
Li
    Siu Lun Allan, Chief Executive Officer (Principal Executive Officer) and Executive Director
Dated
    April 29, 2024
/s/
    Li Kin Shing
Li
    Kin Shing, Executive Director
Dated
    April 29, 2024
/s/
    Fu Wai Yip (Freddy)
Fu
    Wai Yip (Freddy), Chief Financial Officer (Principal Financial and Accounting Officer)
99