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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">TRANSITION
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_edei--DocumentShellCompanyReport_c20230101__20231231_zi82HlAq2zPk"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000021" name="dei:DocumentShellCompanyReport">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHELL
    COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</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; text-align: justify; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
of event requiring this shell company report:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the transition period from __________ to ____________</span></p>

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

<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">Commission
file number: <span id="xdx_905_edei--EntityFileNumber_c20230101__20231231_zPlUK417T3Pi"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000022" name="dei:EntityFileNumber">001-41467</ix:nonNumeric></span></span></p>

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

<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><span id="xdx_908_edei--EntityRegistrantName_c20230101__20231231_zK8A159XTZS3"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000023" name="dei:EntityRegistrantName">Magic
Empire Global Limited</ix:nonNumeric></span></b></span></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; 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 id="xdx_907_edei--EntityIncorporationStateCountryCode_c20230101__20231231_zp9wYwZY0qw7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:edgarprovcountryen" id="Fact000024" name="dei:EntityIncorporationStateCountryCode">British
Virgin Islands</ix:nonNumeric></span></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_edei--EntityAddressAddressLine1_c20230101__20231231_zbrgj32jgaGf"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000025" name="dei:EntityAddressAddressLine1">3/F</ix:nonNumeric></span>,
<span id="xdx_90D_edei--EntityAddressAddressLine2_c20230101__20231231_ziWSRvPaYfF7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000026" name="dei:EntityAddressAddressLine2">8 Wyndham Street</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_edei--EntityAddressCityOrTown_c20230101__20231231_zKgtBowGin13"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000027" name="dei:EntityAddressCityOrTown">Central</ix:nonNumeric></span>,
<span id="xdx_904_edei--EntityAddressCountry_c20230101__20231231_zy3DEo42yo92"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:countrynameen" id="Fact000028" name="dei:EntityAddressCountry">Hong Kong</ix:nonNumeric></span></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_edei--ContactPersonnelName_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zcL6BdnYsHri"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000029" name="dei:ContactPersonnelName">Ms.
Vivien Tai</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel:
<span id="xdx_900_edei--CityAreaCode_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zgV70YVG3Im6"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000030" name="dei:CityAreaCode">(852)</ix:nonNumeric></span> <span id="xdx_902_edei--LocalPhoneNumber_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z8VoDQhXRDP3"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000031" name="dei:LocalPhoneNumber">3577 8770</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
<span id="xdx_906_edei--ContactPersonnelEmailAddress_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z6A9Ya9Z2L4j"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000032" name="dei:ContactPersonnelEmailAddress">meglir@giraffecap.com</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_edei--EntityAddressAddressLine1_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zisSbTw9RJfa"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000033" name="dei:EntityAddressAddressLine1">3/F</ix:nonNumeric></span>,
<span id="xdx_907_edei--EntityAddressAddressLine2_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zrNwZoOcn6v1"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000034" name="dei:EntityAddressAddressLine2">8 Wyndham Street</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_edei--EntityAddressCityOrTown_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z85w6OrARIv1"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000035" name="dei:EntityAddressCityOrTown">Central</ix:nonNumeric></span>,
<span id="xdx_90B_edei--EntityAddressCountry_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zCv9F6IRK5Ne"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" format="ixt-sec:countrynameen" id="Fact000036" name="dei:EntityAddressCountry">Hong
Kong</ix:nonNumeric></span></span></p>

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

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

<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">Securities
registered or to be registered pursuant to Section 12(b) of the Act:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 36%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title
    of each class</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
    symbol(s)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 42%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
    of each exchange on which registered</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_edei--Security12bTitle_c20230101__20231231_zVaDXeWoJ6oa"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000037" name="dei:Security12bTitle">Ordinary
    shares, par value $0.0001 per share</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_edei--TradingSymbol_c20230101__20231231_zpdKtIIT4Evj"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000038" name="dei:TradingSymbol">MEGL</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    <span id="xdx_901_edei--SecurityExchangeName_c20230101__20231231_z6BMG0PypZtk"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:exchnameen" id="Fact000039" name="dei:SecurityExchangeName">Nasdaq</ix:nonNumeric></span> Capital Market, LLC</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Warrants,
each to purchase one ordinary share</span></span></p>

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

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

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

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

<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">The
registrant had <span id="xdx_90B_edei--EntityCommonStockSharesOutstanding_iI_c20231231_zN2g2fXA66Dg"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-12-31" id="Fact000040" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,256,099</ix:nonFraction></span> ordinary shares issued and outstanding as of December 31, 2023.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
Yes &#9746; <span id="xdx_90D_edei--EntityWellKnownSeasonedIssuer_c20230101__20231231_zoN7KCsMSuu4"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000041" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#9744;
Yes &#9746; <span id="xdx_90C_edei--EntityVoluntaryFilers_c20230101__20231231_zAQzReKOecta"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000042" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;
<span id="xdx_90B_edei--EntityCurrentReportingStatus_c20230101__20231231_zbYHq6iT9DE5"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000043" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span> &#9744; No</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;
<span id="xdx_90D_edei--EntityInteractiveDataCurrent_c20230101__20231231_zWHNsikYbKti"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000044" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span> &#9744; No</span></p>

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
    Large Accelerated filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
    Accelerated filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;
    <span id="xdx_905_edei--EntityFilerCategory_c20230101__20231231_zImxYnWdY2Di"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:entityfilercategoryen" id="Fact000045" name="dei:EntityFilerCategory">Non-accelerated filer</ix:nonNumeric></span></span></td></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">&#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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_edei--EntityEmergingGrowthCompany_c20230101__20231231_zbZ3NzWEEW5f"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleantrue" id="Fact000046" name="dei:EntityEmergingGrowthCompany">&#9746;</ix:nonNumeric></span>
    Emerging growth 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>

<p style="font: 10pt Times 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&#8224; provided
pursuant to Section 13(a) of the Exchange Act. <span id="xdx_906_edei--EntityExTransitionPeriod_c20230101__20231231_zjvXyCqoJBw4"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000047" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. &#9744;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><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_907_edei--DocumentFinStmtErrorCorrectionFlag_c20230101__20231231_zRF8L0A9phFk"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000048" name="dei:DocumentFinStmtErrorCorrectionFlag">&#9744;</ix:nonNumeric></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b). &#9744;</span></p>

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;
    <span id="xdx_902_edei--DocumentAccountingStandard_c20230101__20231231_zFtzcYYzPFg2"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000049" name="dei:DocumentAccountingStandard">U.S. GAAP</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%"><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">&#9744;
                                            International 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">Standards
    as issued by the International</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">Accounting
    Standards Board</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
    Other</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
Yes &#9746; <span id="xdx_903_edei--EntityShellCompany_c20230101__20231231_zjHi6RRSY3fc"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000050" name="dei:EntityShellCompany">No</ix:nonNumeric></span></span></p>

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

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

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


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

<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"></p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <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="#am_001">FORWARD-LOOKING
    STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; 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; 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: #CCEEFF">
    <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="#am_002">DEFINITIONS</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">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: #CCEEFF">
    <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="#am_003">PART
    I</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">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; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_004">ITEM
    1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_005">ITEM
    2. OFFER STATISTICS AND EXPECTED TIMETABLE</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">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; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_006">ITEM
    3. KEY 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">6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_007">B.
    Capitalization and Indebtedness.</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">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; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_008">C.
    Reason for the Offer and Use of Proceeds.</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_009">D.
    Risk Factors.</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">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; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_010">ITEM
    4. INFORMATION ON THE COMPANY</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">29</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_011">A.
    History and Development of the Company.</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">29</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; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_017">B.
    Business overview.</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">30</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_018">C.
    Organizational structure.</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">44</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; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_012">D.
    Property, plant and equipment.</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">45</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_013">ITEM
    4A. 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">45</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; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_014">ITEM
    5. 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">45</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_015">A.
    Operating results.</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">45</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; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_016">B.
    Liquidity and capital resources.</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">52</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_001">C.
    Research and development, patents and licenses, etc.</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</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; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_002">D.
    Trend 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">56</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_003">E.
    Critical accounting estimates</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">56</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; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_004">ITEM
    6. 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">57</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_005">A.
    Directors and senior management.</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; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_006">B.
    Compensation.</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">58</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_007">C.
    Board Practices.</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">59</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; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_008">D.
    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">62</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_009">E.
    Share Ownership.</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">62</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_010">F.
    Disclosure of a registrant&#8217;s action to recover erroneously awarded compensation.</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">62</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_011">ITEM
    7. 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">63</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_012">A.
    Major Shareholders.</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">63</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_013">B.
    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">63</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_014">C.
    Interests of Experts and Counsel</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">63</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_015">ITEM
    8. 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">63</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_016">A.
    Consolidated Statements and Other 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">63</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_017">B.
    Significant Changes.</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">64</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; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_018">ITEM
    9. 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">64</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_019">A.
    Offer and Listing Details.</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">64</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; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_020">B.
    Plan of Distribution.</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">64</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_021">C.
    Markets.</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">64</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; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_022">D.
    Selling Shareholders.</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">64</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_023">E.
    Dilution.</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">65</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; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_024">F.
    Expenses of the Issue.</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">65</span></td></tr>
  </table>
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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"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_025">ITEM
    10. ADDITIONAL INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: center"><span style="font-family: Times New Roman, Times, Serif">65</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; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_026">A.
    Share Capital.</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">65</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; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_027">B.
    Memorandum and Articles of Association.</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">65</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; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_028">C.
    Material Contracts.</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">68</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; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_029">D.
    Exchange controls.</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">68</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; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_030">E.
    Taxation.</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">68</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; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_031">F.
    Dividends and paying agents.</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">73</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_032">G.
    Statement by experts.</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">73</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_033">H.
    Documents on display.</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">74</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_034">I.
    Subsidiary 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">74</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; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_035">ITEM
    11. QUANTITATIVE AND QUALITATIVE DISCLOSURE 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">74</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_036">ITEM
    12. 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">74</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="#nn_037">PART
    II</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">75</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; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_038">ITEM
    13. 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">75</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; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_039">ITEM
    14. 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"><span style="font-family: Times New Roman, Times, Serif">75</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; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_040">ITEM
    15. CONTROLS AND PROCEDURES</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">75</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; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_041">ITEM
    16A. 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">76</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; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_042">ITEM
    16B. CODE OF ETHICS</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">76</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; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_043">ITEM
    16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</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">76</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; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_044">ITEM
    16D. 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">77</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; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_045">ITEM
    16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</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">77</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; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_046">ITEM
    16F. CHANGES IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</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">77</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; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_047">ITEM
    16G. CORPORATE GOVERNANCE</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">77</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; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_048">ITEM
    16H. MINE SAFETY DISCLOSURE</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">77</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="#nn_049">PART
    III</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">78</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; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_050">ITEM
    17. 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">78</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; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_051">ITEM
    18. 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">78</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; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nn_052">ITEM
    19. 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">78</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; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#fn_001">REPORTS
    OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS</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">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; padding-left: 10pt"><a href="#fin_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSOLIDATED BALANCE SHEETS</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">F-4</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; padding-left: 10pt"><a href="#fin_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSOLIDATED STATEMENTS OF OPERATIONS</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">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; padding-left: 10pt"><a href="#fin_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSOLIDATED STATEMENTS OF SHAREHOLDERS&#8217; EQUITY</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">F-6</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; padding-left: 10pt"><a href="#fin_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSOLIDATED STATEMENTS OF CASH FLOWS</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">F-7</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; padding-left: 10pt"><a href="#fin_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</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">F-8</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_001"></span>FORWARD-LOOKING
STATEMENTS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Annual Report contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements
are made under the &#8220;safe harbor&#8221; provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases,
you can identify forward-looking statements by the words &#8220;may,&#8221; &#8220;might,&#8221; &#8220;will,&#8221; &#8220;could,&#8221;
&#8220;would,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;goal,&#8221; &#8220;objective,&#8221;
&#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;predict,&#8221; &#8220;potential,&#8221; &#8220;continue&#8221;
and &#8220;ongoing,&#8221; or the negative of these terms, or other comparable terminology intended to identify statements about the
future. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results,
levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking
statements. The forward-looking statements and opinions contained in this Annual Report are based upon information available to us as
of the date of this Annual Report and, while we believe such information forms a reasonable basis for such statements, such information
may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or
review of, all potentially available relevant information.</span></p>

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">timing
    of the development of future business;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">capabilities
    of our business operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expected
    future economic performance;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">competition
    in our market;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">continued
    market acceptance of our services and products;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">protection
    of our intellectual property rights;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in the laws that affect our operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inflation
    and fluctuations in foreign currency exchange rates;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to obtain and maintain all necessary government certifications, approvals, and/or licenses to conduct our business;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">continued
    development of a public trading market for our securities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    cost of complying with current and future governmental regulations and the impact of any changes in the regulations on our operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">managing
    our growth effectively;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">projections
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuations
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">dependence
    on our senior management and key employees; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    impact of widespread health developments, including the COVID-19 pandemic, and the responses thereto (such as voluntary and in some
    cases, mandatory quarantines as well as shut downs and other restrictions on travel and commercial, social and other activities,
    and the availability of effective vaccines or treatments) and the impact of economies reopening further to the COVID-19 pandemic.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"></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">These
statements are subjective. Therefore, they involve known and unknown risks.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">They
are based largely on our current expectations and projections about future events and financial trends, uncertainties and other important
factors that could cause our actual results, performance or achievements, or industry results to differ materially from any future results,
performance or achievements described in or implied by such statements. Actual results may differ materially from expected results described
in our forward-looking statements, for reasons connected with measuring future developments, including:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    correct measurement and identification of factors affecting our business;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    extent of their likely impact; and/or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    accuracy and completeness of the publicly available information regarding the factors upon which our business strategy is based.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward-looking
statements should not be read as a guarantee of future performance or results. They will not necessarily be accurate indications of whether,
or the times by which, our performance or results may be achieved. Forward-looking statements are based on information available at the
time those statements are made and management&#8217;s belief as of that time regarding future events. Consequently, they are subject
to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by
the forward-looking statements.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Important
factors that could cause actual performance or results to differ materially from those contained in forward-looking statements include,
but are not limited to, those factors discussed under Item 3.D. &#8220;Risk Factors,&#8221; that may cause our actual results, performance
or achievements to be materially different from those expressed or implied by the forward-looking statements.</span></p>

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

<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><span id="am_002"></span>DEFINITIONS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise indicated and except where the context otherwise requires, the following definitions are used in this Annual Report:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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;Company,&#8221;
&#8220;Group,&#8221; &#8220;we,&#8221; &#8220;us&#8221; and &#8220;our&#8221; refer to Magic Empire Global Limited and its subsidiaries.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;GCL&#8221;
refers to Giraffe Capital Limited.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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;GEM
Listing Rules&#8221; refers to the Rules Governing the Listing of Securities on GEM, as amended, supplemented or otherwise modified from
time to time.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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;GCSL&#8221;
refers to Giraffe Corporate Services Limited.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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;GFHL&#8221;
refers to Giraffe Financial Holdings Limited.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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;GIL&#8221;
refers to Giraffe Investment Limited.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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;HKD&#8221;
or &#8220;HK$&#8221; refers to the legal currency of Hong Kong.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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;Listing
Rules&#8221; refers to the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong, as amended, supplemented or
otherwise modified from time to time.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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;MEGL&#8221;
refers to Magic Empire Global Limited.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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;MEIL&#8221;
refers to Magic Empire Investment Limited.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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;Ordinary
Shares&#8221; refers our ordinary shares, par value $0.0001 per share.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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;PRC&#8221;
or &#8220;China&#8221; refers to the People&#8217;s Republic of China, including, for the purpose of this Annual Report, Taiwan, Hong
Kong and Macau.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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;SFC&#8221;
refers to Securities and Futures Commission of Hong Kong.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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;Stock
Exchange&#8221; refers to the Stock Exchange of Hong Kong Limited.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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;U.S.
dollars&#8221; or &#8220;$&#8221; refers to the legal currency of the 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>


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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"></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"><b><span id="am_003"></span>PART
I</b></span></p>

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

<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"><b><span id="am_004"></span>ITEM
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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">Not
applicable.</span></p>

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

<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"><b><span id="am_005"></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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">Not
applicable.</span></p>

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

<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"><b><span id="am_006"></span>ITEM
3. KEY INFORMATION</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_007"></span>B.
Capitalization and Indebtedness.</b></span></p>

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

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

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

<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><span id="am_008"></span>C.
Reason for the Offer and Use of Proceeds.</b></span></p>

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

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

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

<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><span id="am_009"></span>D.
Risk Factors.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>You
should carefully consider all the information in this Annual Report, including various changing regulatory, competitive, economic, political
and social risks and conditions described below, before making an investment in our ordinary shares. One or more of a combination of
these risks could materially impact our business, results of operations and financial condition. In any such case, the market price of
our ordinary shares could decline, and you may lose all or part of your investments.</i></span></p>

<p style="font: 10pt Times New Roman, Times, 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"></p>

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

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

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</span></td>
    <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
    business performance is highly influenced by the market condition in Hong Kong. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    operate in a heavily regulated industry, and are subject to extensive and evolving regulatory requirements in the jurisdictions in
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</span></td>
    <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
    future financial performance and ability to succeed may be difficult to predict given that our operating history in the corporate
    finance services industry in Hong Kong is relatively short.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9632;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">We may record impairment loss for our long term investment or we may not
be able to recover the cost of our investment.</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    face fierce competition in the corporate finance services industry in Hong Kong and may lose our competitive edge to our competitors.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</span></td>
    <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 affected by the rules and regulations governing listed companies on the Stock Exchange.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure
    to comply with regulatory capital requirements set by local regulatory authorities could materially and negatively affect our business
    operation and overall performance.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</span></td>
    <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
    revenue  is non-recurring in nature and our profitability is
    highly unpredictable.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may be unable to receive mandated payments in a timely manner or in full if milestone events stipulated in our mandates  are not achieved as stipulated or if client withdraws from or terminates the transaction.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</span></td>
    <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
    rely on our key management and professional staff, the loss of whom may affect our operations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</span></td>
    <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
    sustained outbreak of the COVID-19 pandemic could have a material adverse impact on our business, operating results and financial
    condition.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</span></td>
    <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
    our operations are in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese
    government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our
    operations at any time, which could result in a material change in our operations and/or the value of our Ordinary Shares. Changes
    in the policies, regulations, rules, and the enforcement of laws of the Chinese government may also be quick with little advance
    notice and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the Chinese government chooses to exert more oversight and control over offerings that are conducted overseas and/or foreign investment
    in China based issuers, such action 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.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</span></td>
    <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
    PCAOB may be unable to inspect or fully investigate our auditors as required under the Holding Foreign Companies Accountable Act,
    or the HFCA Act, as amended. If the PCAOB is unable to conduct such inspections for two consecutive years, the SEC will prohibit
    the trading of our shares. The delisting of our shares, or the threat of their being delisted, may materially and adversely affect
    the value of your investment. Additionally, the inability of the PCAOB to conduct inspections of our auditors would deprive our investors
    of the benefits of such inspections.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</span></td>
    <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
    recent joint statement by the SEC, 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.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may become subject to a variety of laws and other obligations regarding data protection, and any failure to comply with applicable
    laws and obligations could have a material and adverse effect on our business, financial condition and results of operations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</span></td>
    <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
    enactment of Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region (the &#8220;Hong Kong
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><b>Risks
Related to our Ordinary Shares</b></span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    market price of our Ordinary Shares may be subject to rapid and substantial volatility regardless of our operating performance, and
    such volatility may make it difficult for prospective investors to assess the rapidly changing value of our Ordinary Shares.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility
    in our Ordinary Shares price may subject us to securities litigation.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</span></td>
    <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
    directors, officers and principal shareholders have significant voting power and may take actions that may not be in the best interests
    of our other shareholders.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</span></td>
    <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 intend to pay dividends for the foreseeable future.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
    analysts may not publish favorable research or reports about our business or may publish no information at all, which could cause
    our share price or trading volume to decline.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors
    may have difficulty enforcing judgments against us, our directors and management. Investors may incur additional costs and procedural
    obstacles in effecting service of legal process, enforcing foreign judgments or bringing actions in BVI or Hong Kong against us or
    our management named in the Annual Report based on BVI or Hong Kong laws.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
    may have more difficulty protecting your interests than you would as a shareholder of a U.S. corporation.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times 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 performance is highly influenced by the market condition of Hong Kong.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
our business operations were concentrated in Hong Kong. Any material deterioration in the financial and economic conditions of Hong Kong
could materially and adversely affect our business and prospects. The Hong Kong corporate finance market is susceptible to changes in
the global as well as domestic economic, social and political conditions including, without limitation, interest rate fluctuations, volatility
of foreign currency exchange rates, monetary policy changes, outcome of the Sino-US trade dispute, the U.S. interest rate outlook, social
unrest in Hong Kong and legal and regulatory changes. When there are unfavorable changes to the global or local market conditions, the
capital market in Hong Kong may experience negative fluctuations in its performance. It may directly affect the demand for our services,
our pricing strategies, the level of our business activities and consequently our revenue derived therefrom. This may materially and
adversely affect our financial condition and results of operations.</span></p>

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

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

<p style="font: 10pt Times 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
operate in a heavily regulated industry, and are subject to extensive and evolving regulatory requirements in the jurisdictions in which
we operate.</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
corporate finance services industry in which we operate is highly regulated and any material changes to the laws and regulations applicable
to us could significantly affect our operations. We cannot assure you that the business model and operations we currently have in place
would be in compliance with any changes or updates to the regulatory requirements. Costs of compliance could increase and our fee structure
may have to be adjusted. For instance, we may need to increase our headcounts if requirements over sponsor work become more stringent
or obtain more licenses if the licensing requirements change. The sanctions imposed by the SFC against large sponsor firms for substandard
due diligence in several recent widely-publicized cases demonstrate that the SFC expects high standards of sponsor&#8217;s conduct and
we will need to continue to enhance our internal controls and systems in respect of our sponsor work in accordance with new regulatory
requirements or guidance. If capital ratio requirements increase and certain products or activities are subject to limitations, the range
of services we offer could be restricted, and revenue growth and profitability could be materially and adversely impacted. Moreover,
our licensed entity is under the supervision and monitoring of the SFC and the Stock Exchange and must remain fit and proper to the satisfaction
of the regulators in order to retain its license(s). The SFC may also conduct regulatory inspections and investigations on our business
activities from time to time. Any non-compliance with applicable laws, regulations, guidance or codes or any negative findings made by
the regulators may result in (i) fines, deterrent penalties, disciplinary actions against us, our Responsible Officers, Licensed Representatives
or any of our personnel; or (ii) suspension or revocation of some or all of (a) our registrations or licenses for carrying on our business
activities; or (b) the approvals or licenses granted to our personnel enabling them to carry out their responsibilities in our Group.
For instance, conditions may be imposed on our licenses restricting us to carry on our business or our Responsible Officers or Licensed
Representatives may be banned from the industry, for a specific period of time. Accordingly, our business operation, reputation, financial
condition and results of operations might 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
future financial performance and ability to succeed may be difficult to predict given that our operating history in the corporate finance
services industry in Hong Kong is relatively short.</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
future revenues and cash flows may fluctuate significantly given that our operating history in the corporate finance services industry
in Hong Kong is relatively short, rendering it difficult to predict our results of operations and prospects. We started to provide corporate
finance advisory services in February, 2017. We only have a limited operating history with regards to such business upon which an evaluation
of our prospects can be based. Such prospects must be considered in light of the risks, expenses and difficulties encountered by any
new company. Such risks include our continued market acceptance as a reliable and attentive corporate finance service provider, ability
to develop our business scale, and potential competition from our competitors. There is no assurance that we will sustain profitability
or positive cash flow from our existing operations or from any expanded or new operations, nor that we will be able, upon the completion
of the offering, to expand operations beyond our current level.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i>We may record impairment loss for our long term
investment or we may not be able to recover the cost of our investment</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">As of December
31, 2022 and 2023, we had long term investment, net of provision, of HK$14,500,000 and HK$38,647,738 (approximately US$4,947,924), respectively. Our long
term investment consisted of equity investments in private companies and in an investment fund.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">For equity investments
without readily determinable fair value, and over which we do not have the ability to exercise significant influence and do not
qualify for the NAV practical expedient of the investment, we use the measurement alternative to measure those investments at cost,
less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar
investments of the same issuer, if any. Significant judgments are required to determine (i) whether observable price changes are
orderly transactions and identical or similar to an investment held by us, and (ii) the selection of appropriate valuation
methodologies and underlying assumptions, including expected volatility and the probability of exit events as it relates to
liquidation and redemption features used to measure the price adjustments for the difference in rights and obligations between
instruments. We may record impairment loss for our long term investment if there are any changes to these assumptions or if there
are any sign of impairment. In addition, we may not be able to recover the cost of our investment if the actual amount we recovered
from the disposal of our long term investment are lower than the cost of investment, in which case we may record a loss from
disposal in our income statement. During the year ended December 31, 2023, we recorded loss due to mark-to-market of a derivative
asset of HK$1,963,000 (US$251,315). Any impairment loss or actual loss on investment arising from
disposal will materially and adversely affect our financial condition, results of operations and liquidity position.</p>
<p style="font: 10pt Times New Roman, Times, Serif; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times 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
face fierce competition in the corporate finance services industry in Hong Kong and may lose our competitive edge to our competitors.</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">There
is a significant number of existing market participants in the corporate finance services industry in Hong Kong providing services similar
to ours. Our larger competitors may have advantages over us such as having better brand recognition and reputation in the market, wider
range of value-adding services, stronger human and financial resources, longer operating histories, and operational presence in more
geographic locations. We also face competition from local medium and small-sized sponsors which offer similar range of services. New
participants may enter into the market insofar as they have engaged appropriate qualified professionals and obtained the requisite regulatory
licenses and permits. Given the keen competition, we cannot assure that we will be able to maintain our competitive edge in response
to the fast-changing business environment. In addition, competition creates an unfavorable pricing environment in the market in which
we operate. Intensified competition may cause us to reduce our service fees or commission rates in order to compete with other market
players, which could place significant pressure on our ability to maintain gross margins and is particularly acute during market slowdowns,
and will in turn materially and adversely affect our market share, 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>


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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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are affected by the rules and regulations governing listed companies on the Stock Exchange.</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
provide corporate finance advisory services to clients who are listing applicants or listed companies or their shareholders or investors
on the Stock Exchange. These clients are required to comply with the Listing Rules, the GEM Listing Rules, the Takeovers Code and other
rules and regulations where applicable. Any changes to such rules and regulations, particularly those affecting the appointment and the
role of sponsor in listing applications and the appointment and the role of financial adviser in specific transactions, may affect the
demand for and the scope of our corporate finance advisory services which may in turn materially and adversely affect our 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>Failure
to comply with regulatory capital requirements set by local regulatory authorities could materially and negatively affect our business
operation and overall performance.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
regulated operating subsidiary is subject to various regulatory capital requirements, including minimum capital requirements, established
by competent authorities in their respective jurisdiction. Failure to meet minimum capital requirements can initiate certain mandatory,
and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our business
and financial position. For example, our SFC licensed operating subsidiary, GCL, is required under the Securities and Future Ordinance
(Cap.571) (&#8220;SFO&#8221;) of Hong Kong and Securities and Futures (Financial Resources) Rules (Chapter 571N of the Laws of Hong Kong)
(the &#8220;FRR&#8221;) of Hong Kong to maintain certain level of liquid capital. See &#8220;Regulations&#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">As
of the date of this Annual Report, GCL was in compliance with the respective regulatory capital requirements. However, if we fail to
remain well-capitalized for regulatory purposes, SFC may take actions against us and our business operation, and we may face penalties,
including limitations and prohibitions on our business activities or suspension or revocation of our licenses and trading rights. This
could affect client confidence, our ability to grow, our costs of funds and professional insurance costs, our ability to pay dividends
on Ordinary Shares, our ability to make acquisitions, and in turn, 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b><i>Our revenue  is non-recurring in nature and our profitability is highly unpredictable.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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
performance of our corporate finance services depends, to a large extent, on our ability to leverage our business network and relationships
to source and retain clients. Since our mandates were negotiated on a project-by-project basis with our clients, revenue generated from
our services may fluctuate from time to time and may not recur. The number of projects undertaken by us, the total revenue derived from
our businesses and the revenue generated from each client are affected by numerous factors such as market condition, the terms of each
engagement, project duration, complexity and completion timeline of each project, resulting in uncertainties in relation to the sustainability
of our financial performance. There is no assurance that the clients which have previously sought our services will continue to retain
us for future businesses. Further, service fees for our corporate finance advisory projects are payable by instalments according to different
milestones stipulated in our mandates and underwriting commissions are payable upon successful completion of the relevant IPO or fund
raising exercise. We may not receive the mandated payments in full for services provided or after we have expended substantial effort
and time as scheduled or at all. Therefore, the revenue generated from each client or engagement differs and we cannot assure that our
future engagement fee rates will be comparable to those accepted by our clients in the past.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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 demand for our corporate finance advisory and underwriting services are heavily dependent on the market conditions. Any adverse market
condition or market sentiment will affect clients&#8217; decision on the scale, timing and stock market choices in respect of their fundraising
needs, which may lead to lower demand for, delay to or termination of fundraising activities and our services and in turn affect the
financial performance of our financial advisory and underwriting services. If we are unable to continuously secure new sizable mandates,
or if the market conditions become unfavorable, our business and results of operations may be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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
these circumstances, our revenue and profitability may fluctuate from year to year and our financial performance is highly unpredictable.</span></p>

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

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


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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 be unable to receive mandated payments in a timely manner or in full if milestone events stipulated in our mandates are not achieved as stipulated or if client withdraws from or terminates the transaction.</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
business was heavily premised on the provision of IPO sponsorship and financial advisory services, which constituted a substantial portion
of our corporate finance advisory business. The payment terms of our mandates for these services normally involve an initial retainer
fee and progress payments based on milestones achieved, and not necessarily based on the time or costs we have incurred for the project.
Underwriting commission is payable to us upon successful completion of an IPO or the fundraising exercise where we act as an underwriter.
If a milestone is not achieved or if a transaction is terminated before completion, our clients may delay in settling our invoices which
are presented to them when due, or not settle them at all. In the case of default payments, if we have already incurred significant amount
of costs and expenditures for the project and the initial retainer fee or any progress payments received do not cover our total costs
incurred, our results of operations may be materially and adversely affected. Failures or delays in receiving payments from our clients
may adversely affect our cash flow position and our ability to meet the working capital requirement. The grant of approvals by the regulators
such as the Stock Exchange and the SFC will usually affect the project timeline. Failure in obtaining the necessary approvals as stipulated
or at all could result in the delay or abortion of the transactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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
are subject to market and financial risks arising from our underwriting business if the securities underwritten by us are undersubscribed.</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
generally underwrite IPOs on a fully-underwritten basis. If the securities underwritten by us are undersubscribed and we fail to procure
subscriptions to such securities, we would be bound to purchase the undersubscribed portion on our own account up to our maximum underwriting
commitment, which would materially and adversely affect our liquidity. If we fail to sell the securities we have underwritten, we would
incur expenditure, expose ourselves to market risk and capital available to us would be reduced, which may in turn materially and adversely
affect our results of operations and financial conditions. In the event that such securities purchased by us become illiquid and/or their
market value drops, our liquidity and financial position would also be adversely affected. Under the FRR, the value of the open position
of any underwriting commitment or the market value of the securities purchased by us to fulfil our underwriting obligations would have
an impact on our liquid capital. If our liquid capital falls below the minimum requirement under the FRR, we will be in breach of the
FRR resulting in SFC suspending our license or imposing conditions in relation to our regulated activities. Further, our underwriting
commission income is directly related to the number of underwriting exercises secured and completed by us, the total fundraising size
of the underwriting projects, our underwriting commitment and the expected commission rates. Such factors are susceptible to market conditions
which are beyond our control.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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
rely on our key management and professional staff, the loss of whom may affect 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">Our
Group has a team of experienced and competent management who is responsible for directing and managing daily operations, monitoring and
supervising compliance and risk management, overseeing financial condition and performance, allocating and budgeting human resources
and formulating business strategies. Leveraging on their experience and network in the industry, we have been successfully expanding
our client base and source of deals and transactions. However, we cannot assure you that we can retain the services of our key management
and find suitable replacement if any of them terminate their engagement with us given the competition for experienced and competent personnel
in the industry is intense.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than our senior management, we also rely on our professional staff in different business operations to implement our business strategies,
provide quality services to clients, manage our compliance and risks, identify and capture business opportunities, maintain relationship
with clients and procure new clients. Loss of our professional staff and failure to recruit replacement will materially and adversely
affect our business 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
recorded net operating cash outflow for the year ended December 31, 2022</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">For
the year ended December 31, 2022, we recorded net operating cash outflow of HK$910,364 and for the year ended December 31, 2023, we recorded net operating cash inflow
of HK$94,940 (US$12,097). We cannot assure you that we will not
record net cash outflow in the future. If we are unable to obtain sufficient funds to finance our business, our liquidity, results
of operations and financial condition may be materially and adversely affected. If we need to resort to other financing activities
to generate additional cash, we may incur additional financing costs, and we cannot assure you that we will be able to obtain the
required financing on terms acceptable to us, or at all, at the material time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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 encounter potential conflicts of interest from time to time, and the failure to identify and address such conflicts of interest could
adversely affect 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">We
face the possibility of actual, potential, or perceived conflicts of interest in the ordinary course of our business operations. Conflicts
of interest may exist between (i) our different businesses; (ii) us and our clients; (iii) our clients; (iv) us and our employees; and
(v) our clients and our employees. As we expand the scope of our business and client base, it is critical for us to be able to timely
address potential conflicts of interest, including situations where two or more interests within our businesses naturally exist but are
in competition or conflict. We have put in place internal control and risk management procedures that are designed to identify and address
conflicts of interest. However, appropriately identifying and managing actual, potential, or perceived conflicts of interest is complex
and difficult, and our reputation and our clients&#8217; confidence in us could be damaged if we fail, or appears to fail, to deals appropriately
with one or more actual, potential, or perceived conflicts of interest. It is possible that actual, potential, or perceived conflicts
of interest could also give rise to client dissatisfaction, litigation, or regulatory enforcement actions. Regulatory scrutiny of, or
litigation in connection with, conflicts of interest could have a material adverse effect on our reputation, which could materially and
adversely affect our business in a number of ways, including a reluctance of some potential clients and counter-parties to do business
with us. Any of the foregoing could materially and adversely affect our reputation, business, 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
corporate finance advisory business may be subject to professional liabilities.</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
provide professional advices when providing corporate finance advisory services to our clients. Our clients relying on our professional
advice may suffer loss as a result of our negligence in providing such advice and may claim compensation against us. We are therefore
exposed to the risks arising from, among others, possible claims or lawsuits in respect of professional negligence and employee infidelity.
Although we have adopted relevant internal control measures, there is no assurance that the measures can completely eliminate all future
possible professional negligence and/or employee infidelity. Should we experience any event of professional liabilities, such as claims
or lawsuits, our prospects, financial condition and reputation 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be subject to litigation, arbitration or other legal proceeding risk.</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
may be subject to arbitration claims and lawsuits in the ordinary course of our business. As of the date of this Annual Report, we are
not a party to, and are not aware of any threat of, any legal proceeding that, in the opinion of our management, is likely to have a
material adverse effect on our business, financial condition or operations. Actions brought against us may result in settlements, awards,
injunctions, fines, penalties and other results adverse to us. A substantial judgment, settlement, fine or penalty could be material
to our operating results or cash flows for a particular period, depending on our results for that period, or could cause us significant
reputational harm, which could harm our business prospects.</span></p>

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


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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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to various risks due to violation of obligations and standards that we are subject to, illegal or improper activities committed
by and misconduct of our personnel or third parties.</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 a number of obligations and standards arising from our business. The violation of these obligations and standards by any
of our directors, officers, employees, agents, clients, or other third parties could materially and adversely affect us and our investors.
For example, we are required to properly handle confidential information. If our directors, officers, employees, agents, clients, or
other third parties were to improperly use or disclose confidential information, we could suffer serious harm to our reputation, financial
position, and existing and future business relationships. We are also subject to the risk of fraud, illegal act, misconduct or other
improper activities committed by our directors, employees, agents, clients or other third parties, such as entering into unauthorized
transactions, improperly using or divulging inside information, recommending transactions not suitable for our clients, engaging in fraudulent
activities, or engaging in improper or illegal. We cannot assure that our procedures and policies would fully prevent or detect illegal
or improper activities in our business operations. If illegal or improper activities transpire and we fail to identify them in a timely
manner, or at all, we will be in breach of the legal and regulatory requirements in Hong Kong and may be subject to regulatory sanction
resulting in financial loss and reputational harm, which would adversely affect our reputation 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is not always possible to identify and deter fraud, misconduct or errors by directors, officers, employees, agents or external service
providers, and the precautions we take to detect and prevent this activity may not be effective in controlling unknown or unmanaged risks
or losses. Fraud or misconduct by any of these persons or entities may cause us to suffer significant reputational harm and financial
loss or result in regulatory disciplinary actions. The potential harm to our reputation and to our business caused by such fraud or misconduct
is impossible to quantify.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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
and our directors and officers may from time to time become subject to or involved in various claims, controversies, lawsuits, and legal
proceedings. Claims, lawsuits, and litigations are subject to inherent uncertainties, and we are uncertain whether the foregoing claim
would develop into a lawsuit. Lawsuits and litigations may cause us to incur defense costs, utilize a significant portion of our resources
and divert management&#8217;s attention from our day-to-day operations, any of which could harm our business. Any settlements or judgments
against us could have a material adverse impact on our financial condition, results of operations and cash flows. In addition, negative
publicity regarding claims or judgments made against us may damage our reputation and may result in a material adverse impact on us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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
reputation may be damaged due to negative events about 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
reputation is susceptible to damage in case of any negative events in relation to our operations, including, without limitation, negative
publicity or media coverage, development of scandals, litigation and disputes, and regulatory enquiries or enforcement actions taken
against us or our employees. We cannot assure that such negative events will not happen in the future. If they materialize, it may have
a material adverse impact on our reputation and in turn our business activities 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 or implement in full our future business plans.</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
success is dependent on, among other things, our proper and timely execution of our future business plans. Our future business plans
may be hindered by factors beyond our control, such as competition within the industry we operate, our ability to cope with high exposure
to financial risk, operational risk, market risk and credit risk as our business and client base expands and our ability to provide,
maintain and improve the level of human and other resources in servicing our clients. As such, we cannot assure that our future business
plans will materialize, or that our objectives will be accomplished fully or partially, or our business strategies will generate the
intended benefits to us as initially contemplated. If we fail to implement our business development strategies successfully, our business
performance, financial condition and future prospects and growth 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may in the future pursue acquisitions and joint ventures as part of our growth strategy. Any future acquisition or joint venture may
result in exposure to potential liabilities of the acquired companies, significant transaction costs and present new risks associated
with entering additional markets or offering new products and integrating the acquired companies or newly established joint ventures.
Moreover, we may not have sufficient management, financial and other resources to integrate companies we acquire or to successfully operate
joint ventures and we may be unable to profitably operate our expanded company structure. Additionally, any new business that we may
acquire or joint ventures we may form, once integrated with our existing operations, may not produce expected or intended results.</span></p>

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


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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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
internal control system may become ineffective or inadequate.</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 our internal control system to ensure effective business operations. We have established, maintained and relied on an internal
control system comprising a series of policies and procedures to record and process data in an accurate and timely manner, identify any
reporting errors, identify money-laundering and terrorist-financing activities, and ensure compliance with licensing and regulatory requirements.
There is no assurance that the internal control system in place will prove at all times adequate and effective to deal with all the possible
risks given the fast changing financial and regulatory environment in which we operate. We cannot assure that our internal control system
has no deficiencies or inherent limitations, or that it can fully prevent us from our employee misconduct. Such deficiencies or inherent
limitations may result in fines or disciplinary actions against us imposed by regulators, and may adversely affect 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>A
sustained outbreak of the COVID-19 pandemic could have a material adverse impact on our business, operating results 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
COVID-19 outbreak has led governments across the globe to impose a series of measures intended to contain its spread, including border
closures, travel bans, quarantine measures, social distancing, and restrictions on business operations and large gatherings. According
to WHO, the COVID-19 pandemic &#8220;has been on a downward trend&#8221; with immunity increasing due to increasing administration of
vaccines globally. Whilst there are remaining uncertainties posted by the potential evolution of COVID-19, the WHO Director-General announced
on 5 May 2023 that COVID-19 no longer constitutes a PHEIC and is now an established and ongoing health issue, concurring with the advice
of the IHR Emergency Committee of the WHO. Notwithstanding such announcement, disruptions like general slowdown in economic conditions
globally and volatility in the capital markets posed by COVID-19 are far-reaching and prevalent. The extent to which COVID-19 impacts
our business in the future will depend on future developments, which are highly uncertain and cannot be predicted, including new information
which may emerge concerning the severity of COVID-19 and the actions to contain COVID-19 or treat its impact, among others. If the disruptions
posed by COVID-19 or other matters of global concern continue for an extended period of time, our operating subsidiary&#8217;s ability
to pursue its business objectives may be materially adversely affected. We will continue to closely monitor the situation throughout
2024 and beyond.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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
face risks related to natural disasters, health epidemics and other outbreaks, which could significantly disrupt 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 vulnerable to natural disasters and other calamities. Fire, floods, typhoons, earthquakes, power loss, telecommunications failures,
break-ins, war, riots, terrorist attacks or similar events may give rise to server interruptions, breakdowns, system failures, technology
platform failures or Internet failures, which could cause the loss or corruption of data or malfunctions of software or hardware as well
as adversely affect our ability to operate, including communicating with clients and the relevant listing authorities. Moreover, besides
COVID-19, our business and ability to operate could also be adversely affected by Ebola virus disease, Zika virus disease, H1N1 flu,
H7N9 flu, avian flu, SARS or other epidemics.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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
headquarters are located in Hong Kong, where our directors and management and a majority of our employees currently reside. In addition,
our system hardware and back-up systems are hosted in leased facilities located in Hong Kong. Consequently, we are highly susceptible
to factors adversely affecting Hong Kong. If any of the abovementioned natural disasters, health epidemics or other outbreaks were to
occur in Hong Kong, our operation may experience material disruptions, such as temporary closure of our offices and suspension of services,
which may materially and adversely affect our business, financial condition and results of operations.</span></p>

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

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


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

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

<p style="font: 10pt Times 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 become directly subject to the recent scrutiny, criticism and negative publicity involving U.S.-listed Chinese companies, we may have
to expend significant resources to investigate and resolve the matter which could harm our business operations, price of Ordinary Share
and reputation and could result in a loss of your investment in our stock, especially if such matter 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">Recently,
U.S. public companies that have substantially all of their operations in China, 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 around 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. As a result of the scrutiny, criticism and negative publicity, the publicly traded stock of many U.S. listed Chinese companies
has 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 our Company, our business and price of our Ordinary Shares.
Although substantially all of our operations are based in Hong Kong, we do have a few corporate clients who are based in mainland China.
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 growing our Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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
rely on dividends and other distributions on equity paid by our subsidiaries to fund any cash and financing requirements we may have,
and any limitation on the ability of our 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">MEGL
is a holding company, and we rely on dividends and other distributions on equity paid by our subsidiaries for our cash and financing
requirements, including the funds necessary to pay dividends and other cash distributions to our shareholders and service any debt we
may incur. If any of our subsidiaries incurs debt on its own behalf in the future, the instruments governing the debt may restrict its
ability to pay dividends or make other distributions to us.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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 current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect of dividends paid by us.
Any limitation on the ability of our Hong Kong subsidiaries to pay dividends or make other distributions to us could materially and adversely
limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends, or otherwise fund
and conduct our business.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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
February 2022, the Russian Federation commenced a military invasion of Ukraine, and Russian actions with respect to Ukraine have resulted
in certain broad sanctions being imposed by the United States, the European Union, the United Kingdom and other international authorities.
We cannot predict the impact of Russian actions in Ukraine or the reaction to such actions by the United States, the European Union,
the United Kingdom or other international authorities. In connection with the aforesaid military invasion, cybersecurity experts anticipate
a meaningful increase in cyberattack and cybercrime activity in connection with the Russian invasion of Ukraine around the globe. However,
as at the date of this Annual Report, we believe there is no new or heightened risk of potential cyberattacks by state actors or others
since Russia&#8217;s invasion of Ukraine on our Company.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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
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 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. Russia&#8217;s military incursion and the resulting sanctions could adversely affect global energy and financial
markets and thus could affect the global markets, our customers&#8217; businesses and potentially our business. As at the date of this
Annual Report, to the best knowledge of the Company, we (i) do not have any direct business or contracts with any Russian or Ukraine
entity as a supplier or customer, (ii) do not have any knowledge whether any our customers or suppliers have any direct business or contracts
with any Russian entity, (iii) our business segments, lines of service, projects, or operations are not materially impacted by supply
chain disruptions by the war in Ukraine, and (iv) have not been financially affected by the war in Ukraine. 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 in this section. 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 Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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
light of the war in Ukraine, our board of directors will continue to monitor any potential risk that might arise due to the war in Ukraine
which are specific to the Company, including but not limited to risks related to cybersecurity, sanctions, and supply chain, suppliers,
or service providers in affected regions as well as risks connected with ongoing or halted operations or investments in affected 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Doing Business in Jurisdictions We Operate</b></span></p>

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

<p style="font: 10pt Times 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>All
our operations are in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government
may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at
any time, which could result in a material change in our operations and/or the value of our Ordinary Shares. Changes in the policies,
regulations, rules, and the enforcement of laws of the Chinese government may also be quick with little advance notice and our assertions
and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MEGL
is a holding company and we conduct our operation through our operating subsidiaries in Hong Kong. Our operations are primarily located
in Hong Kong and a few of our clients are PRC corporates. As at the date of this Annual Report, we are not materially affected by recent
statements by the Chinese Government indicating an extent to exert more oversight and control over offerings that are conducted overseas
and/or foreign investment in China-based issuers. However, due to long arm provisions under the current PRC laws and regulations, there
remains regulatory uncertainty with respect to the implementation and interpretation of laws in China. The PRC government may choose
to exercise significant oversight and discretion, and the policies, regulations, rules, and the enforcement of laws of the Chinese government
to which we are subject may change rapidly and with little advance notice to us or our shareholders. As a result, the application, interpretation,
and enforcement of new and existing laws and regulations in the PRC and our assertions and beliefs of the risk imposed by the PRC legal
and regulatory system are often uncertain. In addition, these laws and regulations may be interpreted and applied inconsistently by different
agencies or authorities, and inconsistently with our current policies and practices. New laws, regulations, and other government directives
in the PRC may also be costly to comply with, and such compliance or any associated inquiries or investigations or any other government
actions may:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">delay
    or impede our 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt 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">&#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">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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 48pt; text-align: justify; text-indent: -24pt"><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 48pt; text-align: justify; text-indent: -24pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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 variable interest entity structure, adopting new measures to extend the
scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. Since these statements and regulatory actions
are new, it is highly uncertain how soon 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, and the potential impact
such modified or new laws and regulations will have on our daily business operation, the ability to accept foreign investments and list
on an U.S. or other foreign 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">Chinese
government may intervene or influence our operations at any time or may exert more control over offerings conducted overseas and foreign
investment in China-based issuers, which may result in a material change in our operations and/or the value of our Ordinary Shares. The
promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case that restrict or otherwise
unfavorably impact the ability or way we conduct our business and could 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. To the extent any new or more stringent measures are required to
be implemented, our business, financial condition and results of operations could be adversely affected as well as materially decrease
the value of our Ordinary Shares, potentially rendering it 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
the Chinese government chooses to exert more oversight and control over offerings that are conducted overseas and/or foreign investment
in China based issuers, such action may significantly limit or completely hinder our ability to offer or continue to offer Ordinary Shares
to investors and cause the value of our Ordinary Shares to significantly decline or be worthless. </i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; 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 more oversight and control over offerings that are conducted overseas
and/or foreign investments in China-based issuers. The PRC has recently proposed new rules that would require companies collecting or
holding large amounts of data to undergo a cybersecurity review prior to listing in foreign countries, a move that would significantly
tighten oversight over China based internet giants. Pursuant to Article 6 of the Measures for Cybersecurity Review (Draft for Comments),
companies holding data on more than 1 million users must now apply for cybersecurity approval when seeking listings in other nations
due to the risk that such data and personal information could be &#8220;affected, controlled, and maliciously exploited by foreign governments.&#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">Our
operations are primarily located in Hong Kong through our operating subsidiaries in Hong Kong and a few of our clients are PRC corporates.
GCL may collect and store certain data (including certain personal information) from our clients for &#8220;Know Your Customers&#8221;
purpose, who may be PRC individuals. As of date of this Annual Report, GCL has collected and stored personal information of fewer than
100 PRC individual clients. The draft amendment of Measures for Cybersecurity Review remains unclear whether a Hong Kong company which
collects personal information from PRC individuals shall be subject to the draft amendment. As a result, the likelihood of us being subject
to the review of the CAC is remote.</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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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 relevant PRC government authorities issued Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance
with the Law. These opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision
on overseas listings by China-based companies and proposed to take effective measures, such as promoting the construction of relevant
regulatory systems to deal with the risks and incidents faced by China-based overseas-listed companies. As a follow-up, on December 24,
2021, the State Council issued a draft of the Provisions of the State Council on the Administration of Overseas Securities Offering and
Listing by Domestic Companies, and the CSRC issued a draft of Administration Measures for the Filing of Overseas Securities Offering
and Listing by Domestic Companies for public comments, collectively with the above draft of the Provisions, the draft Provisions and
Measures. These draft Provisions and Measures propose to establish a new filing-based regime to regulate overseas offerings and listings
by domestic companies. Specifically, an overseas offering and listing by a PRC company, whether directly or indirectly, an initial or
follow-on offering, must be filed with the CSRC. The examination and determination of an indirect offering and listing will be conducted
on a substance-over-form basis, and an offering and listing shall be deemed as a PRC company&#8217;s indirect overseas offering and listing
if the issuer meets the following conditions: (i) any of the operating income, gross profit, total assets, or net assets of the PRC enterprise
in the most recent fiscal year was more than 50% of the relevant line item in the issuer&#8217;s audited consolidated financial statement
for that year; and (ii) senior management personnel responsible for business operations and management are mostly PRC citizens or are
ordinarily resident in the PRC, and the principal place of business is in the PRC or carried out in the PRC. The issuer or its affiliated
PRC entity, as the case may be, shall file with the CSRC for its initial public offering, follow-on offering and other equivalent offering
activities. Particularly, the issuer shall submit the filing with respect to its initial public offering and listing within three business
days after its initial filing of the listing application, and submit the filing with respect to its follow-on offering within three business
days after the completion of the follow-on offering. Failure to comply with the filing requirements may result in fines to the relevant
PRC companies, suspension of their businesses, revocation of their business licenses and operation permits and fines on the controlling
shareholder and other responsible persons. These draft Provisions and Measures also set forth certain regulatory red lines for overseas
offerings and listings by PRC enterprises.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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, the CSRC issued the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Enterprises,
or the Trial Measures, which will become effective on March 31, 2023. On the same date of the issuance of the Trial Measures, the CSRC
circulated No.1 to No.5 Supporting Guidance Rules, the Notes on the Trial Measures, the Notice on Administration Arrangements for the
Filing of Overseas Listings by Domestic Enterprises and the relevant CSRC Answers to Reporter Questions on the official website of the
CSRC, or collectively, the Guidance Rules and Notice. The Trial Measures, together with the Guidance Rules and Notice, reiterate the
basic supervision principles as reflected in the draft Provisions and Measures by providing substantially the same requirements for filings
of overseas offering and listing by domestic companies, yet made the following updates compared to the draft Provisions and Measures:
(a) further clarification of the circumstances prohibiting overseas issuance and listing; (b) further clarification of the standard of
indirect overseas listing under the principle of substance over form, and (c) adding more details of filing procedures and requirements
by setting different filing requirements for different types of overseas offering and listing. Under the Trial Measures and the Guidance
Rules and Notice, domestic companies conducting overseas securities offering and listing activities, either in direct or indirect form,
shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures within three working days following
its submission of initial public offerings or listing application. The companies that have already been listed on overseas stock exchanges
or have obtained the approval from overseas supervision administrations or stock exchanges for its offering and listing and will complete
their overseas offering and listing prior to September 30, 2023 are not required to make immediate filings for its listing yet need to
make filings for subsequent offerings in accordance with the Trial Measures. The companies that have already submitted an application
for an initial public offering to overseas supervision administrations prior to the effective date of the Trial Measures but have not
yet obtained the approval from overseas supervision administrations or stock exchanges for the offering and listing may arrange for the
filing within a reasonable time period and should complete the filing procedure before such companies&#8217; overseas issuance and listing.</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
the event that (i) the PRC government expanded the categories of industries and companies whose foreign securities offerings are subject
to review by the CSRC or the CAC that we are required to obtain such permissions or approvals; or (ii) we inadvertently concluded that
relevant permissions or approvals were not required or that we did not receive or maintain relevant permissions or approvals required,
any action taken by the PRC government could significantly limit or completely hinder our operations in Hong Kong and our ability and
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>

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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
PCAOB may be unable to inspect or fully investigate our auditors as required under the Holding Foreign Companies Accountable Act, or
the HFCA Act, as amended. If the PCAOB is unable to conduct such inspections for two consecutive years, the SEC will prohibit the trading
of our shares. The delisting of our shares, or the threat of their being delisted, may materially and adversely affect the value of your
investment. Additionally, the inability of the PCAOB to conduct inspections of our auditors would deprive our investors of the benefits
of such inspections.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Holding Foreign Companies Accountable Act, or the HFCA Act, was signed into law on December 18, 2020. The HFCA Act states if the SEC
determines that we have filed audit reports issued by a registered public accounting firm that has not been subject to inspection for
the PCAOB for three consecutive years beginning in 2021, the SEC shall prohibit our shares from being traded on a national securities
exchange or in the over-the-counter trading market in the United States.</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">On
June 22, 2021, the U.S. Senate passed a bill which would reduce the number of consecutive non-inspection years required for triggering
the prohibitions under the HFCA Act from three years to two. On February 4, 2022, the U.S. House of Representatives passed a bill which
contained, among other things, an identical provision. If this provision is enacted into law and the number of consecutive non-inspection
years required for triggering the prohibitions under the HFCA Act is reduced from three years to two, then our shares and shares could
be prohibited from trading in the United States in 2023.</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">On
December 2, 2021, the SEC adopted final amendments implementing the disclosure and submission requirements under the HFCA Act, pursuant
to which the SEC will identify a &#8220;Commission-Identified Issuer&#8221; if an issuer has filed an annual report containing an audit
report issued by a registered public accounting firm that the PCAOB has determined it is unable to inspect or investigate completely
because of a position taken by an authority in the foreign jurisdiction, and will then impose a trading prohibition on an issuer after
it is identified as a Commission-Identified Issuer for three consecutive years.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 16, 2021, the PCAOB issued a report to notify the SEC of its determination that the PCAOB is unable to inspect or investigate
completely registered public accounting firms headquartered in mainland China and Hong Kong.</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">The
lack of access to the PCAOB inspection or investigation of auditors, including but not limited to inspection of auditors&#8217; audit
working papers related to their clients, in China prevents the PCAOB from fully evaluating audits and quality control procedures of the
auditors based in China. As a result, the investors may be deprived of the benefits of such PCAOB inspections. The inability of the PCAOB
to conduct inspections or investigations of auditors, including but not limited to inspection of auditors&#8217; audit working papers
related to their clients, in China makes it more difficult to evaluate the effectiveness of these accounting firms&#8217; audit procedures
or quality control procedures as compared to auditors outside of China that are subject to the PCAOB inspections and investigations,
which could cause existing and potential investors in our stock to lose confidence in our audit procedures and reported financial information
and the quality of our financial statements.</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">On
August 26, 2022, the China Securities Regulatory Commission, or CSRC, the Ministry of Finance of the PRC, and the PCAOB signed a Statement
of Protocol, or the Protocol, governing inspections and investigations of audit firms based in China and Hong Kong. The Protocol remains
unpublished and is subject to further explanation and implementation. 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; 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">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. 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>

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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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 23, 2022, the Accelerating Holding Foreign Companies Accountable Act was enacted, which amended the HFCA by requiring the SEC
to prohibit an issuer&#8217;s securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections
for two consecutive years instead of three, and thus, reduced the time before our Ordinary Shares may be prohibited from trading or delisted.
The delisting of our Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
predecessor auditor, Friedman LLP and our current auditor, Marcum Asia CPAs LLP, the independent registered public accounting firms that
issues the audit reports included elsewhere in this Annual Report, as auditors of companies that are traded publicly in the United States
and firms registered with the Public Company Accounting Oversight Board (United States), or the PCAOB, are subject to laws in the United
States pursuant to which the PCAOB conducts regular inspections to assess their compliance with the applicable professional standards.
Friedman LLP and Marcum Asia CPAs LLP are headquartered in New York, New York, and, as of the date of this Annual Report, were not included
in the list of PCAOB Identified Firms in the PCAOB Determination Report issued in December 2021.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to retain an auditor subject to PCAOB inspection and investigation, including but not limited to inspection of the audit working
papers related to us, may depend on the relevant positions of U.S. and Chinese regulators. With respect to audits of companies with operations
in China, such as the Company, there are uncertainties about the ability of our auditor to fully cooperate with a request by the PCAOB
for audit working papers in China without the approval of Chinese authorities.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whether
the PCAOB will be able to conduct inspections of our auditor, including but not limited to inspection of the audit working papers related
to us, in the future is subject to substantial uncertainty and depends on a number of factors out of our, and our auditor&#8217;s, control.
If our shares and shares are prohibited from trading in the United States, there is no certainty that we will be able to list on a non-U.S.
exchange or that a market for our shares will develop outside of the United States. Such a prohibition would substantially impair your
ability to sell or purchase our shares when you wish to do so, and the risk and uncertainty associated with delisting would have a negative
impact on the price of our shares. Also, such a prohibition would significantly affect our ability to raise capital on terms acceptable
to us, or at all, which would have a material adverse impact on our business, financial condition, and prospects.</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
recent joint statement by the SEC, 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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 HFCA Act requiring a foreign company to certify it is not owned or controlled by a foreign government
if the PCAOB is unable to audit specified reports because the company uses a foreign auditor not subject to PCAOB inspection. If the
PCAOB is unable to inspect the company&#8217;s auditors for three consecutive years, the issuer&#8217;s securities are prohibited to
trade on a national exchange. On December 2, 2020, the U.S. House of Representatives approved the Holding Foreign Companies Accountable
Act.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; 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 these 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 share price. If we become
the subject of any unfavorable allegations, whether such allegations are proven to be true or untrue, we will have to expend significant
resources to investigate such allegations and/or defend our company. This situation will be costly and time consuming and distract our
management from developing our growth. If such allegations are not proven to be groundless, we and our business operations will be severely
affected and you could sustain a significant decline in the value of our share.</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>Failure
to comply with the Individual Foreign Exchange Rules relating to the overseas direct investment or the engagement in the issuance or
trading of securities overseas by our Chinese resident stockholders may subject such stockholders to fines or other liabilities.</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">Other
than Circular 37, our ability to conduct foreign exchange activities in China may be subject to the interpretation and enforcement of
the Implementation Rules of the Administrative Measures for Individual Foreign Exchange promulgated by SAFE on January 5, 2007 (as amended
and supplemented, the &#8220;Individual Foreign Exchange Rules&#8221;) and the Foreign Exchange Administration Regulations of the PRC,
which was promulgated by the State Council on January 29, 1996, became effective on April 1, 1996 and last amended on August 1, 2008
(which became effective on August 5, 2008). Under the Individual Foreign Exchange Rules and the Foreign Exchange Administration Regulations,
any Chinese individual seeking to make a direct investment overseas or engage in the issuance or trading of negotiable securities or
derivatives overseas must make the appropriate registrations in accordance with SAFE provisions. Chinese individuals who fail to make
such registrations may be subject to warnings, fines or other liabilities.</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">We
may not be fully informed of the identities of all our beneficial owners who are Chinese residents. For example, because the investment
in or trading of our Ordinary Shares will happen in an overseas public or secondary market where shares are often held with brokers in
brokerage accounts, it is unlikely that we will know the identity of all of our beneficial owners who are Chinese residents. Furthermore,
we have no control over any of our future beneficial owners and we cannot assure you that such Chinese residents will be able to complete
the necessary approval and registration procedures required by the Individual Foreign Exchange Rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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 uncertain how the Individual Foreign Exchange Rules will be interpreted or enforced and whether such interpretation or enforcement
will affect our ability to conduct foreign exchange transactions. Because of this uncertainty, we cannot be sure whether the failure
by any of our Chinese resident stockholders to make the required registration will subject our subsidiaries to fines or legal sanctions
on their operations, delay or restriction on repatriation of proceeds of this offering into the China, restriction on remittance of dividends
or other punitive actions that would have a material adverse effect on our business, results of operations and financial condition.</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 laws and other obligations regarding data protection, and any failure to comply with applicable laws
and obligations could have a material and adverse effect on our business, financial condition and results of operations.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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
operations are primarily located in Hong Kong through our operating subsidiaries in Hong Kong and a few of our clients are PRC corporates.
As such we may become subject to PRC laws relating to the collection, use, sharing, retention, security, and transfer of confidential
and private information, such as personal information and other data. These laws apply not only to third-party transactions, but also
other parties with which we have commercial relations. These laws continue to develop, and the PRC government may adopt other rules and
restrictions in the future. Non-compliance could result in penalties or other significant legal liabilities.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; 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
PRC Data Security Law, which was promulgated by the Standing Committee of the National People&#8217;s Congress on June 10, 2021 and will
take effect on September 1, 2021, requires data collection to be conducted in a legitimate and proper manner, and stipulates that, for
the purpose of data protection, data processing activities must be conducted based on data classification and hierarchical protection
system for data security. As the Data Security Law was recently promulgated and has not yet taken effect, we may be required to make
further adjustments to our business practices to comply with this law. After the Data Security Law takes effect, if our data processing
activities were found to be not in compliance with this law, we could be ordered to make corrections, and under certain serious circumstances,
such as severe data divulgence, we could be subject to penalties, including the revocation of our business licenses or other permits.
Furthermore, the recently issued Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with the Law require
(i) speeding up the revision of the provisions on strengthening the confidentiality and archives management relating to overseas issuance
and listing of securities and (ii) improving the laws and regulations relating to data security, cross-border data flow, and management
of confidential information. As there remain uncertainties regarding the further interpretation and implementation of those laws and
regulations, we cannot assure you that we will be compliant such new regulations in all respects, and we may be ordered to rectify and
terminate any actions that are deemed illegal by the regulatory authorities and become subject to fines and other sanctions. As a result,
we may be required to suspend our relevant businesses or face other penalties, which may materially and adversely affect our business,
financial condition, 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
enactment of Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region (the &#8220;Hong Kong National
Security Law&#8221;) could impact our Hong Kong subsidiaries.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; 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 offences &#8212; secession, subversion, terrorist activities, and collusion with a foreign country or external
elements to endanger national security &#8212; and their corresponding penalties. On July 14, 2020, the former U.S. President Donald
Trump signed the Hong Kong Autonomy Act, or HKAA, into law, authorizing the U.S. administration to impose blocking sanctions against
individuals and entities who are determined to have materially contributed to the erosion of Hong Kong&#8217;s autonomy. On August
7, 2020 the U.S. government imposed HKAA-authorized sanctions on eleven individuals, including HKSAR chief executive Carrie Lam. On
October14, 2020, the U.S. State Department submitted to relevant committees of Congress the report required under HKAA, identifying
persons materially contributing to &#8220;the failure of the Government of China to meet its obligations under the Joint Declaration
or the Basic Law.&#8221; The HKAA further authorizes secondary sanctions, including the imposition of blocking sanctions, against
foreign financial institutions that knowingly conduct a significant transaction with foreign persons sanctioned under this
authority. The imposition of sanctions may directly affect the foreign financial institutions as well as any third parties or
customers dealing with any foreign financial institution that is targeted. On March 19, 2024, the Legislative Council of Hong Kong
passed the Safeguarding National Security bill. The Safeguarding National Security Ordinance (effective on March 23, 2024) was
enacted according to the Article 23 of the Basic Law of the Hong Kong Special Administrative Region which stipulates that Hong Kong
shall enact laws on its own to prohibit any act of treason, secession, sedition, subversion against the central people&#8217;s
government, or theft of state secrets. The Safeguarding National Security Ordinance mainly covers five types of offences: treason,
insurrection, offences in connection with state secrets and espionage, sabotage endangering national security and related
activities, and external interference and organizations engaging in activities endangering national security. It is difficult to
predict the full impact of the Hong Kong National Security Law and HKAA and the Safeguarding National Security Ordinance on Hong
Kong and companies located in Hong Kong. If our Hong Kong subsidiaries are determined to be in violation of the Hong Kong National
Security Law or the HKAA or the Safeguarding National Security Ordinance, by competent authorities, our business operations,
financial position and results of operations could be materially and adversely affected.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A
downturn in the Hong Kong, China or global economy, and economic and political policies of China could materially and adversely affect
our business and financial condition.</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
operations are located in Hong Kong and a substantial portion of our clients are located in China. Accordingly, our 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 and by continued economic growth in Hong Kong and China as a whole. 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 us.</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">Economic
conditions in Hong Kong and China are sensitive to global economic conditions. Any prolonged slowdown in the global or Chinese economy
may affect potential clients&#8217; confidence in financial market as a whole and have a negative impact on our 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>

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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
Hong Kong legal system embodies uncertainties which could limit the legal protections available to the Company.</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">Hong
Kong is a Special Administrative Region of the PRC and enjoys a high degree of autonomy under the &#8220;one country, two systems&#8221;
principle. The Hong Kong Special Administrative Region&#8217;s constitutional document, the Basic Law, ensures that the current political
situation will remain in effect for 50 years. Hong Kong has enjoyed the freedom to function in a high degree of autonomy for its affairs,
including currencies, immigration and custom, independent judiciary system and parliamentary system. However, we are not in any position
to guarantee the implementation of the &#8220;one country, two systems&#8221; principle and the level of autonomy as currently in place
at the moment. Any changes in the state of political environment in Hong Kong may materially and adversely affect our business and operation.
Additionally, intellectual property rights and confidentiality protections in Hong Kong may not be as effective as in the United States
or other countries. These uncertainties could limit the legal protections available to us, including our ability to enforce our agreements
with our clients.</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>Hong
Kong regulatory requirement of prior approval for transfer of shares in excess of certain threshold may restrict future takeovers and
other transactions.</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">Section
132 of SFO requires prior approval from the SFC for any company or individual to become a substantial shareholder of a SFC licensed company
in Hong Kong. Under the SFO, a person will be a &#8220;substantial shareholder&#8221; of a licensed company if he, either alone or with
associates, has an interest in or is entitled to control the exercise of the voting power of more than 10% of the total number of issued
shares of the licensed company, or exercises control of 35% or more of the voting power of a company that controls more than 10% of the
voting power of the licensed company. This regulatory requirement may discourage, delay or prevent a change in control of the Company,
which could deprive our shareholders the opportunity to receive a premium for their shares as part of a future sale and may reduce the
price of our shares upon the consummation of a future proposed business combination.</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>Changes
in international trade policies, trade disputes, barriers to trade, or the emergence of a trade war may dampen growth in China and other
markets where the majority of our clients reside.</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">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 us and our customers, service providers, and other partners. International trade disputes
could result in tariffs and other protectionist measures which may materially and adversely affect 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">Tariffs
could increase the cost of the goods and products which could affect customers&#8217; investment decisions. In addition, political uncertainty
surrounding international trade disputes and the potential of the escalation to trade war and global recession could have a negative
effect on customer confidence, which could materially and adversely affect our business. We may have also access to fewer business opportunities,
and our operations may be negatively impacted as a result. In addition, the current and future actions or escalations by either the United
States or China that affect trade relations may cause global economic turmoil and potentially have a negative impact on our markets,
our business, or our results of operations, as well as the financial condition of our clients. and we cannot provide any assurances as
to whether such actions will occur or the form that they may take.</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">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. However, based on recent political
development, the U.S. State Department has indicated that the United States no longer considers Hong Kong to have significant autonomy
from China. The Hong Kong&#8217;s preferential trade status was removed by the United States government and 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>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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
revenues and expenses will be denominated predominantly in Hong Kong dollars. Although the exchange rate between the Hong Kong dollar
to the U.S. dollar has been pegged since 1983, we cannot assure you that the Hong Kong dollar will remain pegged to the U.S. dollar.
Any significant fluctuations in the exchange rates between Hong Kong dollars to U.S. dollars may have a material adverse effect on our
revenue and financial condition. For example, to the extent that we are required to convert U.S. dollars we receive from this offering
into Hong Kong dollars for our operations, fluctuations in the exchange rates between Hong Kong dollars against the U.S. dollar would
have an adverse effect on the amounts we receive from the conversion. We have not used any forward contracts, futures, swaps or currency
borrowings to hedge our exposure to foreign currency risk.</span></p>

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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
will incur increased costs after we cease to qualify as an &#8220;emerging growth company.&#8221;</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; 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 will remain an emerging growth company until the earlier
of (1) the last day of the fiscal year (a)following the fifth anniversary of the completion of this offering, (b) in which we have total
annual gross revenue of at least $1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market
value of our Ordinary Shares that is held by non-affiliates exceeds $700 million as of the prior June 30<sup>th</sup>, and (2) the date
on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period. An emerging growth company
may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies.
These provisions include exemption from the auditor attestation requirement under Section 404 in the assessment of the emerging growth
company&#8217;s internal control over financial reporting and permission to delay adopting new or revised accounting standards until
such time as those standards apply to private companies.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance
with these rules and regulations increases our legal and financial compliance costs and makes some corporate activities more time-consuming
and costly. After we are no longer an &#8220;emerging growth company,&#8221; or until five years following the completion of our initial
public offering, whichever is earlier, we expect to incur significant expenses and devote substantial management effort toward ensuring
compliance with the requirements of Section 404 and the other rules and regulations of the SEC. For example, as a public company, we
have been required to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls
and procedures. We have incurred additional costs in obtaining director and officer liability insurance. In addition, we incur additional
costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve
on our board of directors or as executive officers. We are currently evaluating and monitoring developments with respect to these rules
and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing
of such costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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; 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"></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"><b>Risks
Related to our Ordinary Shares</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
market price of our Ordinary Shares may be subject to rapid and substantial volatility regardless of our operating performance, and such
volatility 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market price of our Ordinary Shares may fluctuate significantly in response to numerous factors, many of which are beyond our control,
including:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual
    or anticipated fluctuations in our revenue and other operating results;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    financial projections we may provide to the public, any changes in these projections or our failure to meet these projections;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">actions
    of securities analysts who initiate or maintain coverage of us, changes in financial estimates by any securities analysts who follow
    our company, or our failure to meet these estimates or the expectations of investors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements
    by us or our competitors of significant services or features, technical innovations, acquisitions, strategic partnerships, joint
    ventures, or capital commitments;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">price
    and volume fluctuations in the overall stock market, including as a result of trends in the economy as a whole;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">lawsuits
    threatened or filed against us; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
    events or factors, including those resulting from war or incidents of terrorism, or responses to these events</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 ordinary shares may be subject to rapid and substantial price volatility. Such volatility, including any stock-run up,
may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective
investors to assess the rapidly changing value of our ordinary shares. Recently, companies with comparably small public floats and initial
public offering sizes have experienced instances of extreme stock price run-ups followed by rapid price declines, and such stock price
volatility was seemingly unrelated to the respective company&#8217;s actual or expected operating performance and financial condition
or prospects. Although the specific cause of such volatility is unclear, our anticipated public float may amplify the impact the actions
taken by a few shareholders have on the price of our ordinary shares, which may cause our share price to deviate, potentially significantly,
from a price that better reflects the underlying performance of our business. As a relatively small-capitalization company with relatively
small public float, our ordinary shares may experience greater stock price volatility, extreme price run-ups and declines that may be
unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors
to assess the rapidly changing value of our ordinary shares. Further, investors in our ordinary shares may experience losses, which may
be material, if the price of our ordinary shares declines after this offering or if such investors purchase our ordinary shares prior
to any price decline. Moreover, in the past, shareholders have filed securities class action litigation following periods of market volatility.
If we were to become involved in securities litigation, it could subject us to substantial costs, divert resources and the attention
of management from our business, and adversely affect our business.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Volatility
in our Ordinary Shares price may subject us to securities litigation.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market for our Ordinary Shares may have, when compared to seasoned issuers, significant price volatility and we expect that our Ordinary
Share price may continue to be more volatile than that of a seasoned issuer for the indefinite future. In the past, plaintiffs have often
initiated securities class action litigation against a company following periods of volatility in the market price of its securities.
We may, in the future, be the target of similar litigation. Securities litigation could result in substantial costs and liabilities and
could divert management&#8217;s attention and resources.</span></p>

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

<p style="font: 10pt Times 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
directors, officers and principal shareholders have significant voting power and may take actions that may not be in the best interests
of our other 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">As
of the date of this Annual Report, our directors, officers and principal shareholders held in aggregate approximately 52.4% of our shares.
We are not considered a &#8220;controlled company&#8221; under Nasdaq corporate governance rules as we do not currently expect that more
than 50% of our voting power will be held by an individual, a group or another company, these shareholders, however, if they act together,
will be able to control the management and affairs of our Company and most matters requiring shareholder approval, including the election
of directors and approval of significant corporate transactions. The interests of these shareholders may not be the same as or may even
conflict with your interests. For example, these shareholders could attempt to delay or prevent a change in control of us, even if such
change in control would benefit our other shareholders, which could deprive our shareholders of an opportunity to receive a premium for
their Ordinary Shares as part of a sale of us or our assets, and might affect the prevailing market price of our Ordinary Shares due
to investors&#8217; perceptions that conflicts of interest may exist or arise. As a result, this concentration of ownership may not be
in the best interests of our other 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>


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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"></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently intend to retain any future earnings to finance the operation and expansion of our business, and we do not expect to declare
or pay any dividends in the foreseeable future. As a result, you may only receive a return on your investment in our Ordinary Shares
if the market price of our Ordinary Shares increases. Under BVI law, we may only pay dividends if we are solvent before and after the
dividend payment in the sense that we will be able to satisfy our liabilities as they become due in the ordinary course of business;
and the value of assets of our Company will not be less than the sum of our total 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>Securities
analysts may not publish favorable research or reports about our business or may publish no information at all, which could cause our
share price or trading volume to 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
trading market will be influenced to some extent by the research and reports that industry or financial analysts publish about us and
our business. We do not control these analysts. We may be slow to attract research coverage and the analysts who publish information
about our ordinary shares will have had relatively little experience with us or our industry, which could affect their ability to accurately
forecast our results and could make it more likely that we fail to meet their estimates. In the event we obtain securities or industry
analyst coverage, if any of the analysts who cover us provide inaccurate or unfavorable research or issue an adverse opinion regarding
our share price, our share price could decline. If one or more of these analysts cease coverage of us or fail to publish reports covering
us regularly, we could lose visibility in the market, which in turn could cause our share price or trading volume to decline and result
in the loss of all or a part of your investment in 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investors
may have difficulty enforcing judgments against us, our directors and management. Investors may incur additional costs and procedural
obstacles in effecting service of legal process, enforcing foreign judgments or bringing actions in BVI or Hong Kong against us or our
management named in the Annual Report based on BVI or Hong Kong laws.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are incorporated under the laws of the BVI and all of our directors and officers reside outside of the United States in Hong Kong. Moreover,
all of these persons do not have significant assets in the U.S. As a result, it may be difficult or impossible to effect service of process
within the U.S. upon these persons, or to recover against us or them on judgments of U.S. courts, including judgments predicated upon
the civil liability provisions of the U.S. federal securities laws. Even if you are successful in bringing an action of this kind, the
laws of the BVI or Hong Kong could render you unable to enforce a judgment against our assets or the assets of our directors and officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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">There
is uncertainty as to whether the courts of the BVI would (i) recognize or enforce judgments of U.S. courts obtained against us or our
directors or officers predicated upon the civil liability provisions of the securities laws of the U.S. or any state in the U.S. or (ii)
entertain original actions brought in the BVI against us or our directors or officers predicated upon the securities laws of the U.S.
or any state in the U.S.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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
U.S. and the BVI do not have a treating providing for reciprocal recognition and enforcement of judgments of courts of the U.S. in civil
and commercial matters and that a final judgment for the payment of money rendered by any general or state court in the U.S. based on
civil liability, whether or not predicated solely upon the U.S. federal securities laws would not be enforceable in the BVI. A final
and conclusive judgment obtained in U.S. federal or state courts under which a sum of money is payable as compensatory damages (i.e.,
not being a sum claimed by a revenue authority for taxes or other charges of a similar nature by a governmental authority, or in respect
of a fine or penalty or multiple or punitive damages) may be the subject of an action on a debt in the court of the BVI under the common
law doctrine of obligation. Furthermore, it is uncertain that BVI courts would: (1) recognize or enforce judgments of U.S. courts obtained
in actions against us or our directors or officers predicated upon the civil liability provisions of the U.S. federal securities laws;
or (2) entertain original actions brought against us or other persons predicated upon the Securities 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>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is also uncertainty as to whether the courts of Hong Kong would (i) recognize or enforce judgments of the U.S. courts obtained against
us or our directors or officers predicated upon the civil liability provisions of the securities laws of the U.S. or any state in the
U.S. or (ii) entertain original actions brought in Hong Kong against us or our directors or officers predicated upon the securities laws
of the U.S. or any state in the U.S.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">A
judgment of a court in the U.S. predicated upon U.S. federal or state securities laws may be enforced in Hong Kong at common law by bringing
an action in a Hong Kong court on that judgment for the amount due thereunder, and then seeking summary judgment on the strength of the
foreign judgment, provided that the foreign judgment, among other things, is (1) for a debt or a definite sum of money (not being taxes
or similar charges to a foreign government taxing authority or a fine or other penalty) and (2) final and conclusive on the merits of
the claim, but not otherwise. Such a judgment may not, in any event, be so enforced in Hong Kong if (a) it was obtained by fraud; (b)
the proceedings in which the judgment was obtained were opposed to natural justice; (c) its enforcement or recognition would be contrary
to the public policy of Hong Kong; (d) the court of the U.S. was not jurisdictionally competent; or (e) the judgment was in conflict
with a prior Hong Kong judgment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">Hong
Kong has no arrangement for the reciprocal enforcement of judgments with the U.S. As a result, there is uncertainty as to the enforceability
in Hong Kong, in original actions or in actions for enforcement, of judgments of the U.S. courts of civil liabilities predicated solely
upon the federal securities laws of the U.S. or the securities laws of any State or territory within the U.S. You may incur additional
costs and procedural obstacles in effecting service of legal process, enforcing foreign judgments or bringing actions in Hong Kong against
us or our management named in the Annual Report, as judgments entered in the U.S. can be enforced in Hong Kong only at common law. For
more information regarding the relevant laws of the BVI and Hong Kong, see &#8220;<i>Enforcement of Liabilities</i>.&#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>You
may have more difficulty 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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
corporate affairs are governed by the provisions of our memorandum and articles of association, as amended and restated from time to
time, and by the provisions of applicable BVI law. The rights of shareholders and the fiduciary responsibilities of our directors and
officers under BVI law are not as clearly established as they would be under statutes or judicial precedents in some jurisdictions in
the U.S., and some states (such as Delaware) have more fully developed and judicially interpreted bodies of corporate law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">These
rights and responsibilities are to a large extent governed by the BVI Business Companies Act, 2004 as amended from time to time (the
&#8220;BVI Act&#8221;) and the common law of the BVI. The common law of the BVI is derived in part from judicial precedent in the BVI
as well as from English common law, which has persuasive, but not binding, authority on a court in the BVI. In addition, BVI law does
not make a distinction between public and private companies and some of the protections and safeguards (such as statutory pre-emption
rights, save to the extent expressly provided for in the memorandum and articles of association) that investors may expect to find in
relation to a public company are not provided for under BVI law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">There
may be less publicly available information about us than is regularly published by or about U.S. issuers. Also, the BVI regulations governing
the securities of BVI companies may not be as extensive as those in effect in the U.S., and the BVI law and regulations regarding corporate
governance matters may not be as protective of minority shareholders as state corporation laws in the U.S. Therefore, you may have more
difficulty protecting your interests in connection with actions taken by our directors and officers or our principal shareholders than
you would as a shareholder of a corporation incorporated in the U.S.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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
laws of BVI provide limited protections for minority shareholders, so minority shareholders will not have the same options as to recourse
in comparison to the U.S if the shareholders are dissatisfied with the conduct of our affairs.</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 laws of the BVI there is limited statutory protection of minority shareholders other than the provisions of the BVI Act dealing with
shareholder remedies. The principal protections under BVI statutory law are derivative actions, actions brought by one or more shareholders
for relief from unfair prejudice, oppression and unfair discrimination and/or to enforce the BVI Act or the memorandum and articles of
association. Shareholders are entitled to have the affairs of the company conducted in accordance with the BVI Act and the memorandum
and articles of association, and are entitled to payment of the fair value of their respective shares upon dissenting from certain enumerated
corporate transactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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; 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">There
are common law rights for the protection of shareholders that may be invoked, largely dependent on English company law, since the common
law of the BVI is limited. Under the general rule pursuant to English company law known as the rule in Foss v. Harbottle, a court will
generally refuse to interfere with the management of a company at the insistence of a minority of its shareholders who express dissatisfaction
with the conduct of the company&#8217;s affairs by the majority or the board of directors. However, every shareholder is entitled to
seek to have the affairs of the company conducted properly according to law and the constitutional documents of the company. As such,
if those who control the company have persistently disregarded the requirements of company law or the provisions of the company&#8217;s
memorandum and articles of association, then the courts may grant relief. Generally, the areas in which the courts will intervene are
the following: (i) an act complained of which is outside the scope of the authorized business or is illegal or not capable of ratification
by the majority; (ii) where the company has not complied with provisions requiring approval of a special or extraordinary majority of
shareholders; (iii) acts that infringe or are about to infringe on the personal rights of the shareholders, such as the right to vote;
or (iv) acts that constitute fraud on the minority where the wrongdoers control the company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">These
rights may be more limited than the rights afforded to minority shareholders under the laws of states in the 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">Other
than as set forth in the BVI Act, shareholders of BVI companies like us have no general rights under BVI law to inspect corporate records
or to obtain copies of lists of shareholders of these companies. Our directors have discretion to determine whether or not, and under
what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available to our shareholders,
other than as set forth in the BVI Act. This may make it more difficult for you to obtain the information needed to establish any facts
necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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, our public 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 public shareholders of a company
incorporated in the United States.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
can be no assurance that we will not be a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for any taxable
year, which could result in adverse U.S. federal income tax consequences to U.S. holders of our Ordinary Shares.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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
non-U.S. corporation will be a PFIC for any taxable year if either (i) at least 75% of its gross income for such year consists of certain
types of &#8220;passive&#8221; income; or (ii) at least 50% of the value of its assets (based on an average of the quarterly values of
the assets) during such year is attributable to assets that produce passive income or are held for the production of passive income,
or the asset test. Based on our current and expected income and assets (taking into account the expected cash proceeds and our anticipated
market capitalization following this offering), we do not presently expect to be a PFIC for the current taxable year or the foreseeable
future. However, no assurance can be given in this regard because the determination of whether we are or will become a PFIC is a fact-intensive
inquiry made on an annual basis that depends, in part, upon the composition of our income and assets. In addition, there can be no assurance
that the Internal Revenue Service, or IRS, will agree with our conclusion or that the IRS would not successfully challenge our position.
Fluctuations in the market price of our Ordinary Shares may cause us to become a PFIC for the current or subsequent taxable years because
the value of our assets for the purpose of the asset test may be determined by reference to the market price of our Ordinary Shares.
The composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in
this offering. If we were to be or become a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, certain adverse
U.S. federal income tax consequences could apply to such U.S. Holder.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"></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"><b><span id="am_010"></span>ITEM
4. INFORMATION ON THE COMPANY</b></span></p>

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

<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"><b><span id="am_011"></span>A.
History and Development of the Company.</b></span></p>

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

<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"><b><i>Historical
Structure </i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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
May 2016, MEGL was incorporated under the laws of the BVI, as a holding company of our businesses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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
June 2016, GFHL was incorporated under the laws of Hong Kong, as an intermediate holding company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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
June 2016, GCL was incorporated under the laws of Hong Kong to engage in corporate finance business. GCL was licensed to undertake Type
6 (Advising on corporate finance) regulated activity and act as sponsor from the SFC in February 2017 and Type 1 (dealing in securities)
regulated activity in April 2018.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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
September 2022, GIL and MEIL were incorporated under the laws of Hong Kong as investment holding 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">In
August 2023, GCSL was incorporated under the laws of Hong Kong to provide corporate services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">See
ITEM 4.C &#8220;Organizational structure&#8221; for our organization structure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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>Increase
in authorized shares and share split</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">MEGL
was established under the laws of BVI on May 10, 2016. The authorized number of Ordinary Shares was 50,000 shares with a par value of
US$1.0.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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
July 14, 2021, the shareholders of the Company resolved and approved an increase in authorized shares and share split at a ratio of 150,000-for-1
to create an additional 300,000,000 of the authorized Ordinary Shares with a par value of US$0.0001 (the &#8220;Increase in Share Capital&#8221;)
as part of the Company&#8217;s recapitalization prior to the listing. Following the Increase in Share Capital, on July 15, 2021, the
Company newly issued 15,000,000 ordinary shares with a par value of US$0.0001 (the &#8220;Shares Issued&#8221;). Following the Shares
Issued, the Company repurchased and cancelled 100 of the outstanding shares with a par value of US$1.0 issued as well as cancelled 50,000
of the authorized shares with a par value of US$1.0.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">All
Ordinary Share and per Ordinary Share amounts used elsewhere in this Annual Report and the consolidated financial statements have been
retroactively restated to reflect the share split.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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>Initial
Public Offering </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
August 4, 2022, MEGL entered into an underwriting agreement with Network 1 Financial Securities, Inc. and Alexander Capital, L.P. as
underwriters named thereof, in connection with its initial public offering (&#8220;IPO&#8221;) of 5,000,000 Ordinary Shares at a price
of $4.00 per share. The Company&#8217;s Registration Statement on Form F-1 (File No. 333-264575) for the IPO, originally filed with the
U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;) on April 29, 2022 (as amended, the &#8220;Registration Statement&#8221;)
was declared effective by the Commission on August 4, 2022. The Company issued Representative&#8217;s Warrants to purchase up to 500,000
Ordinary Shares at $6.00 per share, dated August 9, 2022, to Network 1 Financial Securities, Inc., substantially in the form attached
as Exhibit 2.2 hereto and incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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 10, 2022, MEGL completed its IPO and listed its Ordinary Shares on the Nasdaq Capital Market under the symbol &#8220;MEGL&#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>Representative&#8217;s
Warrants </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
August 12, 2022, the underwriter exercised its Representative&#8217;s Warrants in full and the Company issued a total of 256,099 ordinary
shares with no cash consideration on August 26, 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>


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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"></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"><b><i>Magic
Empire Global Limited&#8217;s Offices</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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 executive office is located at 3/F, 8 Wyndham Street, Central, Hong Kong. Our telephone number is (+852) 3577 8770. Our registered
office in the BVI is located at the office of P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, BVI, or at such other
place as the directors may from time-to-time decide. Our agent for service of process in the U.S. is Cogency Global Inc., 122 East 42nd
Street, 18th Floor New York, NY 10168. Our website is located at <i>www.meglmagic.com</i>.</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><span id="am_017"></span>B.
Business overview</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><i>Our
Business</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a financial services provider in Hong Kong which principally engage in the provision of corporate finance advisory services and underwriting
services. Our service offerings mainly comprise the following:</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>IPO
sponsorship services:</b> We act as sponsors to companies pursuing listing on the Main Board and GEM, advising and guiding them throughout
the listing process in return for sponsor&#8217;s fee.</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>Financial
advisory and independent financial advisory services:</b> We act as (i) financial advisers (a) to our clients advising them on the terms
and structures of the proposed transactions, and the relevant implications and compliance matters under the Hong Kong regulatory framework
for listed companies such as the Listing Rules, the GEM Listing Rules and the Takeovers Code; and (b) to clients pursuing listing on
other stock exchange; and (ii) independent financial advisers giving opinions or recommendations to the independent board committee and
independent shareholders of listed companies, in return for advisory fee.</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>Compliance
advisory services:</b> We act as compliance advisers to listed companies on the Main Board and GEM and advise them on post-listing compliance
matters in return for compliance advisory fee.</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>Underwriting
services:</b> We provide underwriting services by acting as global coordinator, bookrunner, lead manager or underwriter for listing applicants
in IPOs or other fundraising activities, in return for underwriting commission.</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; background-color: white"><b>Corporate
services</b>: We provide corporate services which include accounting and financial reporting advisory, company secretarial services,
internal control enhancement, investor relations advisory and other consulting services.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
the commencement of business of GCL, which was licensed to carry out Type 6 (advising on corporate finance) regulated activities in February
2017, we started to provide corporate finance advisory services, including IPO sponsorship services, financial advisory, independent
financial advisory services and compliance advisory services. GCL was also licensed to carry out Type 1 (dealing in securities) regulated
activities under the SFO in April 2018 and we commenced to provide underwriting services to our clients. In September 2023, we commenced
to provide corporate services through GCSL.</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>Our
Competitive Strengths</b></span></p>

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<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">We
believe that the following strengths distinguish us from our competitors:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are an active financial service providers with a proven track record</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
stand out as a reputable financial services provider specializing in corporate finance in Hong Kong since the commencement of our business.
We believe our active participation in the financial services industry, in particular corporate finance has gradually increased our brand
awareness among investors and our proven track record will continue to build trust with our clients, which together will help us secure
deals in the competitive market.</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 a strong client base</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
serve a diverse and solid base of clients. We believe that market reputation and clients&#8217; confidence in our services are indispensable
to our continuous success. Our major clients are mainly listing applicants and listed companies in Hong Kong, as well as private companies
and investors. Our clients engage in a diverse spectrum of industry sectors including online advertising, property development, property
management services, supply chain management, manufacturing, chemicals, logistics, education, and natural resources and travel. A diversified
client base will mitigate the negative effect to the demand for our services from those industry sectors which have cyclical behavior
and are exposed to unpredictable downturns caused by fluctuations in market conditions.</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
provide comprehensive corporate finance advisory services to our clients</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
provide comprehensive corporate finance advisory services from pre-IPO, IPO to post-IPO stages to our clients to fulfil their varying
needs. For instance, we act as pre-IPO financial advisor to our clients to provide advice to corporate structure, financial management,
corporate governance and assist them to raise pre-IPO funding for expansion. We act as a sponsor in listing applications in Hong Kong
during the IPO stage. We act as financial adviser to listed companies in Hong Kong advising them on transactions involving the Listing
Rules, GEM Listing Rules or Takeovers Code or as an independent financial adviser to independent board committees and independent shareholders
of listed companies in Hong Kong rendering recommendations and opinions. We act as compliance adviser to listed companies in Hong Kong
to ensure their ongoing compliance with the Listing Rules, GEM Listing Rules or Takeovers Code. We also act as financial advisers to
our clients for other corporate finance advisory services and other corporate services. We believe our ability to provide comprehensive
corporate finance advisory services, including IPO sponsorship services, financial advisory, independent financial advisory services
and compliance advisory services to our clients, not only fulfils their varying needs at different stages, but also fosters our long-term
solid relationship with them.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe our proven track record in the provision of corporate finance advisory services will help us retain and attract more clients
which will then enable us to create synergies across different business lines, optimize our client coverage effort, create new business
opportunities and in turn generate diversified sources of revenue and maximize our revenue.</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 experienced and competent management and professional staff</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">Our
Group has a team of experienced and competent management who is responsible for directing and managing daily operations, monitoring and
supervising compliance and risk management, overseeing financial condition and performance, allocating and budgeting human resources
and formulating business strategies. Leveraging on their experience and network in the financial industry, we have been successfully
expanding our client base and source of deals and transactions. For details of the biographies of our management team, please refer to
the section headed &#8220;Directors and senior management&#8221; 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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to our experienced and competent senior management team, we have teams of professional staff. Together with our senior management
team, our professional staff enables us to implement our business strategies, provide quality services to clients, manage our compliance
and risks, identify and capture business opportunities, maintain relationship with clients and procure new clients.</span></p>

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<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"><b>Our
Services</b></span></p>

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<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"><b><i>IPO
sponsorship services</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
main responsibilities as a sponsor to listing applicants include: (i) guiding and advising listing applicants through the IPO process
in respect of the Listing Rules and the GEM Listing Rules; (ii) leading, coordinating and managing the entire listing process including
formulating timetable and offering strategies, advising the clients on the engagement of professional parties, anticipated costs and
major milestones and challenges during the listing process; (iii) conducting due diligence (including conducting site visits and reviewing
clients&#8217; documents to understand clients&#8217; major business operations, financial information, legal and compliance matters,
conducting interviews with clients&#8217; customers and suppliers and reviewing clients&#8217; internal control matters and ensuring
that the due diligence standards under Practice Note 21 to the Listing Rules or Practice Note 2 to the GEM Listing Rules (as the case
may be) and the Code of Conduct are met) and assessing listing applicants&#8217; suitability for listing; (iv) making submissions and
addressing comments and matters raised by the regulators in connection with the listing application; (v) liaising with the intermediaries
and underwriting syndicates; (vi) ensuring sufficient disclosure in the prospectus and application documents in compliance with the relevant
regulatory requirements; (vii) assessing investors&#8217; interests in the proposed listing; (viii) managing the process of the public
offer to ensure it is conducted in a fair and orderly manner to ensure an open market for the shares to be issued under such public offer;
and (ix) maintaining sufficient books and records to demonstrate that proper due diligence is conducted, contentions issues are investigated
and how conclusions are reached.</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">We
charge our clients an agreed-upon sponsor fee, which is determined with reference to, among others, the estimated time and amount of
work required, the complexity of restructuring and listing issues required to be resolved before application for listing, intensity of
listing timetable and the scope of due diligence. Our sponsor fee is generally payable by four instalments upon the occurrence of the
milestone events defined in the mandate, namely, (i) signing of engagement letter; (ii) submission of listing application to the Stock
Exchange; (iii) listing hearing; and (iv) upon listing.</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><i>Financial
advisory and independent financial advisory services</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">As
a financial adviser, our main responsibilities include advising the clients on: (i) the engagement of professional parties and coordinating
the professional parties throughout the transaction; (ii) the structure of a transaction; (iii) legal and compliance; (iv) financial
and treasury management; (v) internal control and risk management as well as recommending potential investors.</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
an independent financial adviser, we are mainly responsible for conducting reviews and analyses on the proposed transactions and assessing
the fairness and reasonableness of the terms of the proposed transactions. Upon such assessments, we issue our opinion letters to the
independent board committee and/or independent shareholders of listed issuers with voting recommendations, which are incorporated in
the circulars pursuant to the Listing Rules, the GEM Listing Rules and the Takeovers Code. We are also responsible for assisting our
clients to obtain the necessary clearance or approval in relation to our opinion letters from the Stock Exchange and/or the SFC.</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">We
generally charge clients a fixed fee for our financial advisory and independent financial advisory services, which is determined on a
case-by-case basis with reference to the scope of service to be provided and the expected time spent and required manpower for performing
our services.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Compliance
advisory services</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">We
act as a compliance adviser for listed companies on both Main Board and GEM. Pursuant to the Listing Rules and the GEM Listing Rules,
each newly listed company in Hong Kong is required to engage a compliance adviser to assist it to comply with these rules for an initial
period commencing from the listing date to the date on which it complies with the requirements in respect of its financial results for
the first full financial year commencing after the date of listing under the Listing Rules for Main Board listings or for the second
full financial year commencing after the date of its initial listing under the GEM Listing Rules for GEM listings. At any time after
the initial period, the Stock Exchange may direct the listed company to appoint a compliance adviser for a specified period and to undertake
the compliance advisory role as may be specified by the Stock Exchange.</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
a compliance adviser, our main responsibilities include: (i) ensuring that clients are properly guided and advised as to compliance with
the Listing Rules and the GEM Listing Rules (as the case may be); (ii) upon the clients notifying us of a proposed change in the use
of proceeds of the initial public offering, discussing with the clients (a) their operating performance and financial condition by reference
to their business objectives and use of issue proceeds as stated in the listing document; (b) compliance with the terms and conditions
of any waivers granted from the Listing Rules or the GEM Listing Rules (as the case maybe); (c) whether any profit forecast or estimate
in the listing document will be or has been met by the clients and advise the clients to notify the Stock Exchange and inform the public
in a timely and appropriate manner; and (d) compliance with any undertakings provided by the clients and its directors at the time of
listing, and, in the event of non-compliance, discuss the issue with the board of directors of the clients and make recommendations to
the board regarding appropriate remedial steps; (iii) accompanying the clients to any meetings with the Stock Exchange, unless otherwise
requested by the Stock Exchange; (iv) in relation to an application by the clients for a waiver from any of the requirements in Chapter
14A of the Listing Rules or Chapter 20 of the GEM Listing Rules (as the case maybe), advising the clients on their obligations and in
particular the requirement to appoint an independent financial adviser; and (v) providing advices to the clients upon their requests
before the publication of any regulatory announcement, circular or financial report, where a transaction which might be a notifiable
or connected transaction is contemplated including share issues and share repurchases and where the clients proposes the change of the
use of the proceeds of initial public offerings.</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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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
generally charge clients a monthly fixed fee for our compliance advisory services, which is determined on a case-by-case basis with reference
to the scope of service to be provided and the expected time spent and required manpower for performing our services.</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><i>Underwriting
services</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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
provide underwriting and sub-underwriting services by acting as a global coordinator, a bookrunner, a lead manager or an underwriter
(as the case may be) in IPOs or other fundraising 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">For
underwriting exercise where we acted as global coordinator or bookrunner or lead manager or underwriter for IPOs of listing applicants,
we are obliged to take up the unsubscribed offer shares up to our maximum underwriting commitment in the event of undersubscription of
the offer shares. We charged our clients underwriting commissions for also acting as global coordinator or joint bookrunner or joint
lead manager or underwriter for IPOs based on our underwriting commitment and the aggregate offer price of the number of securities underwritten
by us and/or successfully placed by us.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; 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">The
corporate services include accounting and financial reporting advisory, company secretarial services, internal control enhancement, investor
relations advisory and other consulting services. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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
generally charge clients a monthly fixed fee or a fixed fee for our corporate services, which is determined on a case-by-case basis with
reference to the scope of service to be provided and the expected time spent and required manpower for performing our services.</span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
clients of our corporate finance advisory business and underwriting business mainly comprise listing applicants and listed companies
in Hong Kong and their respective shareholders, as well as private companies and investors. The clients of our (i) IPO sponsorship services
are private companies seeking a listing on the Mainboard or GEM board of the Stock Exchange; (ii) independent financial advisory services
are listed companies on the Stock Exchange; (iii) financial advisory services and corporate services are either private companies or
listed companies on the Stock Exchange; (iv) compliance advisory services are listed companies on the Stock Exchange; and (v) underwriting
services are mainly our IPO sponsorship clients.</span></p>

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

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

<p style="font: 10pt Times 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
sales and marketing function is performed by our corporate finance execution team. Our projects generally originate from the networks
of our Responsible Officers, referrals from existing clients or other professional parties and direct approaches by clients due to our
market reputation or previous business relationships.</span></p>

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

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

<p style="font: 10pt Times 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
securities market in Hong Kong is highly regulated. The principal regulatory bodies governing our business are the SFC and the Stock
Exchange. Our principal business and our responsible personnel are subject to a number of legislations and regulations and the respective
rules of the SFC, the Stock Exchange and, upon the Listing, the Listing Rules. In particular, we are required to be licensed with the
SFC to carry on our business. As of the date of this Annual Report, GCL was licensed under the SFO to carry on Type 1 (dealing in securities)
and Type 6 (advising on corporate finance) regulated activities. The above licenses have no expiry date and remain in force until suspended
or revoked, subject to certain continuing obligations, such as payment of annual fee and submission of annual return.</span></p>

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

<p style="font: 10pt Times 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 obtained all requisite licenses, permits and certificates necessary to conduct our operations as set out in this Annual Report and
we had complied with all applicable laws, regulations, rules, codes and guidelines in Hong Kong in connection with the business and operation
of our Group in all material respects.</span></p>

<p style="font: 10pt Times New Roman, Times, 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"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial service industry in Hong Kong is highly competitive because of the large number of participants in the market. For details
of the competitive landscape of the financial service industry in Hong Kong and the market drivers. We have to compete effectively over
competitors in terms of capital resources, pricing, client base, service coverage and quality, talents and brand recognition. Our competitors
may have stronger capital resources, greater brand recognition in the market, more human resources, a wider range of services and longer
operating histories than that of us. Apart from large multinational financial institutions, we also face competition from newly established
local small and medium-sized financial services firms which offer similar range of services.</span></p>

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

<p style="font: 10pt Times 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, there were 302 licensed corporations and 28 registered institutions licensed or registered to carry on Type 6 (advising
on corporate finance) regulated activity in Hong Kong. In addition, 117 licensed corporations and registered institutions can conduct
IPO sponsorship business as of the date of this Annual Report. As of December 31, 2023, 1,464 licensed corporations and 112 registered
institutions licensed or registered to carry on Type 1 (dealing in securities) regulated activity in Hong Kong. With the increasing number
of listed companies in Hong Kong, equity fund raising on the Stock Exchange, either through IPOs or in the secondary market, has been
substantial. IPOs have been a main source of equity funding. While the market is active, competition in the underwriting business in
Hong Kong is intense because of the relatively large number of market players. We face keen competition in provision of corporate finance
advisory services and underwriting services in Hong Kong. Our Directors believe that competition in this market is primarily based on
quality and scope of services, market reputation, business network, pricing, human and financial resources.</span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
COVID-19 outbreak has led governments across the globe to impose a series of measures intended to contain its spread, including border
closures, travel bans, quarantine measures, social distancing, and restrictions on business operations and large gatherings. According
to WHO, the COVID-19 pandemic &#8220;has been on a downward trend&#8221; with immunity increasing due to increasing administration of
vaccines globally. Whilst there are remaining uncertainties posted by the potential evolution of COVID-19, the WHO Director-General announced
on 5 May 2023 that COVID-19 no longer constitutes a PHEIC and is now an established and ongoing health issue, concurring with the advice
of the IHR Emergency Committee of the WHO. Notwithstanding such announcement, disruptions like general slowdown in economic conditions
globally and volatility in the capital markets posed by COVID-19 are far-reaching and prevalent. The extent to which COVID-19 impacts
our business in the future will depend on future developments, which are highly uncertain and cannot be predicted, including new information
which may emerge concerning the severity of COVID-19 and the actions to contain COVID-19 or treat its impact, among others. If the disruptions
posed by COVID-19 or other matters of global concern continue for an extended period of time, our operating subsidiary&#8217;s ability
to pursue its business objectives may be materially adversely affected. We will continue to closely monitor the situation throughout
2024 and beyond.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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; text-align: justify; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview
of the Laws and Regulations Relating to Our Business and Operations in Hong Kong</b></span></p>

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

<p style="font: 10pt Times 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
operations are subject to various laws and regulations in Hong Kong where we operate. This section sets out summaries of certain aspects
of Hong Kong laws and regulations which are relevant to our Group&#8217;s operations and 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; text-align: justify; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Licensing
And Registration Under The SFO Administered By The SFC</i></b></span></p>

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

<p style="font: 10pt Times 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
SFC is an independent statutory body set up in 1989 to regulate Hong Kong&#8217;s securities and futures markets. It operates independently
of the Government of Hong Kong, and is funded mainly by transaction levies and licensing fees.</span></p>

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

<p style="font: 10pt Times 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
SFC derives its investigative, remedial and disciplinary powers from the SFO and the subsidiary legislations thereunder. The SFO, in
particular, vested the SFC with multiple roles and sets out its regulatory objectives, including:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
to maintain and promote the fairness, efficiency, competitiveness, transparency and orderliness of the securities and futures industry;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
to promote understanding by the public of financial services including the operation and functioning of the securities and futures industry;</span></p>

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

<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">(iii)
to provide protection for members of the public investing in or holding financial products;</span></p>

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

<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">(iv)
to minimize crime and misconduct in the securities and futures industry;</span></p>

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

<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">(v)
to reduce systemic risks in the securities and futures industry; and</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">(vi)
to assist the Financial Secretary of Hong Kong in maintaining the financial stability of Hong Kong by taking appropriate steps in relation
to the securities and futures industry.</span></p>

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

<p style="font: 10pt Times 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
SFC is one of the four financial regulators in Hong Kong charged with oversight of finance and investing, but it is the only Hong Kong
financial regulator that is given the mandate to educate the investing public.</span></p>

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

<p style="font: 10pt Times 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 enactment of the Securities and Futures (Amendment) Ordinance 2012, the Investor Education Centre (now known as the Investor and
Financial Education Council) was formed as a SFC subsidiary to educate the public on a broad range of retail financial products and services.</span></p>

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

<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"><i>Licensing
regime under the SFO</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the SFO, any person who carries on a business in a regulated activity or holds itself out as carrying on a business in a regulated activity
must be licensed under the relevant provisions of the SFO to carry on that regulated activity, unless any exemption under the SFO applies.
This applies to a corporation carrying on a business in a regulated activity and to any individuals acting on behalf of that corporation
in carrying on such activities, as further described below. It is an offense for a person to conduct any regulated activity without the
appropriate license issued by the SFC.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
if a person (whether by itself or another person on his behalf, and whether in Hong Kong or from a place outside of Hong Kong) actively
markets to the public in Hong Kong any services that it provides and such services, if provided in Hong Kong, would constitute a regulated
activity, then that person is also subject to the licensing requirements under the SFO.</span></p>

<p style="font: 10pt Times New Roman, Times, 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"></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"><i>Types
of regulated activities</i></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">Schedule
5 to the SFO stipulates 10 types of regulated activities, namely:</span></p>

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<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">Type
1: Dealing in securities</span></p>

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<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">Type
2: Dealing in futures contracts</span></p>

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<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">Type
3: Leveraged foreign exchange trading</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">Type
4: Advising on securities</span></p>

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

<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">Type
5: Advising on futures contracts</span></p>

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

<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">Type
6: Advising on corporate finance</span></p>

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

<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">Type
7: Providing automated trading services</span></p>

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

<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">Type
8: Securities margin financing</span></p>

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

<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">Type
9: Asset management</span></p>

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

<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">Type
10: Providing credit rating services</span></p>

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

<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"><i>Licensed
corporation</i></span></p>

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

<p style="font: 10pt Times 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
application as a licensed corporation, the applicant has to be incorporated and the licensed corporation has to satisfy the SFC that
it has proper business structure, good internal control systems and qualified personnel to ensure the proper management of risks that
it will encounter in carrying on the proposed regulated business as detailed in the business plan submitted to the SFC.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order for a licensed corporation to carry on any of the regulated activities, it must appoint no less than two Responsible Officers for
each regulated activity conducted by a licensed corporation, at least one of whom must be an executive director, to supervise each regulated
activity. The same individual could apply to be a Responsible Officer for more than one regulated activity simultaneously provided that
he/she meets the fit and proper (including competence) requirements for the regulated activity concerned, and demonstrate that there
is no conflict of interest for he/she to carry on the regulated activities concurrently.</span></p>

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

<p style="font: 10pt Times 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
&#8220;executive director&#8221; of a licensed corporation is defined as a director of the corporation who (a) actively participates
in or (b) is responsible for directly supervising, the business of a regulated activity or activities for which the corporation is licensed.
Every executive director of the licensed corporation who is an individual must apply to the SFC to be approved as a Responsible Officer
of such licensed corporation in relation to the regulated activities.</span></p>

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

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

<p style="font: 10pt Times 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
sponsor is a licensed corporation or registered institution licensed or registered under the SFO for Type 6 (advising on corporate finance)
regulated activity and permitted under its license or certificate of registration to undertake work as a sponsor in respect of an application
for the listing of any securities on a recognized stock market under the GEM Listing Rules or the Listing Rules (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>


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

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

<p style="font: 10pt Times 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
compliance adviser is a licensed corporation or registered institution licensed or registered under the SFO for Type 6 (advising on corporate
finance) regulated activity, and permitted under its license or certificate of registration to undertake work as a sponsor to act as
a compliance adviser under the GEM Listing Rules or the Listing Rules (as the case may be). The main role of a compliance adviser is
to ensure that the listed company is properly guided and advised as to compliance with the GEM Listing Rules or the Listing Rules (as
the case may be) and all other applicable rules, laws, codes and guidelines. Only firms eligible to act as sponsors are eligible to act
as compliance advisers.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the sponsor regime established in January 2007, in order to act as a sponsor, apart from holding a Type 6 (advising on corporate finance)
license, an application for sponsor license should be submitted to the SFC to demonstrate that it can meet the eligibility criteria pursuant
to the Sponsor Guidelines. In considering the sponsor license application, the SFC will take into account the competency of the firm
to act as a sponsor, based on the criteria set out in the Sponsor Guidelines, and will also consider more generally the firm&#8217;s
fitness and properness as a corporate finance advisory firm under the Fit and Proper Guidelines.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
from October 1, 2013, the enhanced regulations on IPO sponsors and the key obligations of IPO sponsors have been consolidated in paragraph
17 of the Code of Conduct. The key requirements for a sponsor under the new sponsor regime 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%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
    advise and guide a listing applicant in preparation for a listing;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">to
    take reasonable due diligence steps in respect of a listing application;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">to
    take reasonable steps to ensure that true, accurate and complete disclosure about a listing applicant is made to the public;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">to
    deal with the regulators in a truthful, cooperative and prompt manner;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">to
    maintain proper books and records that are sufficient to demonstrate its compliance with the Code of Conduct;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">to
    maintain sufficient resources and effective systems and controls for proper implementation and adequate management oversight of the
    sponsor work;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">to
    act as the overall manager of a public offer to ensure that the public offer is conducted in a fair and orderly manner; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">to
    take reasonable steps to ensure analysts do not receive material information not disclosed in the listing document.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, pursuant to Appendix 28 of the Listing Rules in relation to transition arrangements for eligible issuer (as defined in Rule
9A.01A of the Listing Rules) (&#8220;Eligible Issuer&#8221;), an Eligible Issuer must appoint a sponsor to conduct due
diligence in connection with the transfer of its listing from GEM to the Main Board during the transitional period of three years from
February 15, 2018 to February 14, 2021.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Listing Rules, the GEM Listing Rules, the Sponsor Guidelines and the CFA Code regulate sponsor&#8217;s obligations and responsibilities.
The intermediary and its management (includes a sponsor&#8217;s board of directors, managing director, chief executive officer, Responsible
Officers, executive officers and other senior management personnel) shall be responsible for ensuring that the firm satisfies all specific
and ongoing eligibility criteria of the Sponsor Guidelines and paragraph 17 of the Code of Conduct, as well as complies with all other
relevant codes, guidelines and regulations prescribed by the SFC.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to maintain the eligibility as sponsor, a sponsor should have at least two sponsor principals, who should be engaged by the sponsor
for the purpose of conducting sponsor-related work on a full-time basis, at all times to discharge its role in supervising the transaction
team. The GEM Listing Rules or the Listing Rules (as the case may be) require an issuer to appoint a compliance adviser during an initial
period after being admitted to listing and the compliance adviser&#8217;s core role is to assist the issuer to comply with certain obligations
under the Listing Rules or GEM Listing Rules (as the case may be) during such a 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GCL
was licensed to carry Type 6 (advising on corporate finance) regulated activities by the SFC in February 2017 and was admitted as a sponsor.
GCL was licensed to carry out Type 1 (dealing in securities) regulated activities by the SFC in April 2018 to provide underwriting services.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Key
ongoing obligations</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"><i>Remaining
fit and proper</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Licensed
corporations, licensed representatives, responsible officers and registered institutions must remain fit and proper as defined under
the SFO at all times. They are required to comply with all applicable provisions of the SFO and its subsidiary legislations as well as
the codes and guidelines issued by the SFC.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
116(3) of the SFO provides that the SFC shall refuse to grant a license to carry on a regulated activity unless the applicant for license
satisfies the SFC that, inter alia, the applicant is a fit and proper person to be licensed for the regulated activity. The applicant
must remain fit and proper at all times after the grant of such licenses by the SFC. In simple terms, a fit and proper person means one
who is financially sound, competent, honest, reputable and reliable. Pursuant to section 129(1) of the SFO, in considering whether a
person, an individual, corporation or institution, is fit and proper for the purpose of licensing or registration, the SFC shall, in
addition to any other matter that the SFC may consider relevant, have regard to 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; text-align: justify; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
the financial status or solvency;</span></p>

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

<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">(b)
the educational or other qualifications or experience having regard to the nature of the functions to be performed;</span></p>

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

<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">(c)
the ability to carry on the regulated activity competently, honestly and fairly; and</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
the reputation, character, reliability and financial integrity of the applicant and other relevant persons as appropriate. The above
fit and proper criteria serve as the fundamental basis when the SFC considers each license or registration application. Detailed guidelines
are contained in the Fit and Proper Guidelines, the Licensing Handbook and the Guidelines on Competence.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
145 of the SFO provides that depending on the types of regulated activity a licensed corporation conducts, a licensed corporation is
required to maintain at all times paid-up share capital and liquid capital not less than the specified amounts in the Securities and
Future (Financial Resources) Rules (the &#8220;FRR&#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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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the minimum paid-up capital and liquid capital that a licensed corporation is required to maintain for Type
1 (dealing in securities) and Type 6 (advising on corporate finance) regulated activities:</span></p>

<p style="font: 10pt Times New Roman, Times, 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: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 60%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulated
    activity</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: 18%; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Minimum</b></span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>paid-up</b></span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>share capital</b></span></p></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: 18%; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Minimum</b></span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>liquid capital</b></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Type
    1 (dealing in securities)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
    in the case where the corporation is an approved introducing agent or a trader</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">Not
    applicable</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">HK$500,000</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
    in the case where the corporation provides securities margin financing</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">HK$10,000,000</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">HK$3,000,000</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
    in any other case</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">HK$5,000,000</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">HK$3,000,000</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Type
    6 (advising on corporate finance)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
    In the case where in relation to Type 6 (advising on corporate finance) regulated activity, the corporation is subject to the licensing
    condition that it shall not hold client assets</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">Not
    applicable</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">HK$100,000</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
    In the case where the corporation acts as a sponsor</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">HK$10,000,000</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">HK$3,000,000</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
    In any other case</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">HK$5,000,000</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">HK$3,000,000</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the FRR, if the licensed corporation is licensed for more than one regulated activity, the minimum paid-up share capital and liquid
capital that the corporation should maintain shall be the highest amount required among those regulated activities.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GCL
is required to have a minimum paid-up share capital of HK$10,000,000 and to maintain minimum liquid capital of HK$3,000,000.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Notification
to the SFC of certain events and changes</i></span></p>

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

<p style="font: 10pt Times 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 sections 123 and 135 of the SFO and the Securities and Futures (Licensing and Registration) (Information) Rules (Chapter 571S of the
Laws of Hong Kong), licensed corporations, licensed individuals and registered institutions are required to notify the SFC within the
specified time limit of certain events and changes in their particulars, which include, inter alia, any intended cessation to carry on
any regulated activity for which he/she/it is licensed, any intended change of address at which it proposes to carry on the regulated
activity for which it is licensed and any cessation to be a director of a licensed corporation.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
156(1) of the SFO provides that licensed corporations and associated entities of intermediaries (except those which are authorized financial
institutions) shall submit their audited accounts and other required documents within four months after the end of each financial year.
If a licensed corporation ceases carrying on all of the regulated activities for which it is licensed, it should submit to the SFC its
audited accounts and other required documents, made up to the date of cessation, not later than four months after the date of the cessation.
The same requirement applies to an associated entity (which is not an authorized financial institution) of an intermediary upon its ceasing
to be an associated entity of the intermediary under section 156(2) of the SFO.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Licensed
corporations are required to submit monthly financial resources returns to the SFC. However, pursuant to section 56 of the FRR, corporations
that are licensed only for Type 4 (advising on securities), Type 5 (advising on futures contracts), Type 6 (advising on corporate finance),
Type 9 (asset management) and/or Type 10 (providing credit rating services) regulated activities and whose licenses are subject to the
condition that they shall not hold client assets, are only required to submit semi-annual financial resources returns.</span></p>

<p style="font: 10pt Times New Roman, Times, 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"></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sections
138(1) and (2) of the SFO provide that each licensed person or registered institution shall pay an annual fee to the SFC within one month
after each anniversary date of his/her/its license or registration. Failure to make full payment of the annual fee before the due date
will attract a surcharge on the outstanding amount and possible suspension and revocation of a license or registration under sections
138(3), 195(4)(a) and 195(6) of the SFO.</span></p>

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

<p style="font: 10pt Times 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 circulars published by the SFC on March 24, 2016 and March 15, 2018, the SFC waived the obligation of all licensed corporations, registered
institutions, Responsible Officers and representatives to pay the annual licensing fees that would otherwise be payable by them during
the period from April 1, 2016 to March 31, 2019.</span></p>

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

<p style="font: 10pt Times 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 a circular published by the SFC on March 25, 2019, the SFC decided to resume the collection of annual licensing fees at a concession
rate from April 1, 2019 to March 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>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
138(4) of the SFO stipulates that each licensed corporation or licensed individual is required to submit an annual return to the SFC
within one month after each anniversary date of his/her/its licenses. Failure to submit annual return before the due date could result
in suspension and revocation of the license under sections 195(4)(b) and 195(6) of the SFO.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Continuous
professional training (&#8220;CPT&#8221;)</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Licensed
corporations and registered institutions are primarily responsible for designing and implementing a continuous education program best
suited to the training needs of the Licensed Representatives or relevant individuals they engage.</span></p>

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

<p style="font: 10pt Times 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
SFC has issued in March 2003 the Guidelines on Continuous Professional Training pursuant to section 399 of the SFO. Licensed individuals
and relevant individuals of registered institutions are generally required to complete five CPT hours per calendar year for each regulated
activity which they may carry out, except for Type 7 (providing automated trading services) regulated activity. Failure to comply with
the guidelines on CPT may reflect adversely on the fitness and properness of a person to continue to carry on the regulated activity.</span></p>

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

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

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

<p style="font: 10pt Times 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
section 132 of the SFO, a person (including a corporation) has to apply for the SFC&#8217;s approval prior to becoming or continuing
to be, as the case may be, a substantial shareholder of a corporation licensed under section 116 of the SFO. A person who has become
aware that he/she/it has become a substantial shareholder of a licensed corporation without the SFC&#8217;s prior approval should, as
soon as reasonably practicable and in any event within three business days after he/she/it becomes so aware, apply to the SFC for approval
to continue to be a substantial shareholder of the licensed corporation.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Variation
of regulated activity specified in license or certificate of registration</i></span></p>

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

<p style="font: 10pt Times 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
section 127(1) of the SFO, a licensed corporation may apply in the prescribed manner and payment of the prescribed fee to the SFC to
vary the regulated activity specified in its license or certificate of registration. Prior approval would also need to be obtained from
the SFC in cases such as addition or reduction of regulated activity, modification or waiver of licensing conditions and change of financial
year end.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Modification
or waiver of licensing requirements</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the licensing requirements, a licensed corporation may apply in the prescribed manner and payment of the prescribed fee to the SFC for
modification or waiver of the conditions imposed or certain other requirements specified in section 134 of the SFO.</span></p>

<p style="font: 10pt Times New Roman, Times, 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"></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Maintenance
of insurance against specified risks</i></span></p>

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

<p style="font: 10pt Times 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
section 116(3)(c)(ii) of the SFO, corporations that are licensed to carry on certain regulated activities are required, as a condition
of their licenses, to take out and maintain insurance in the manner prescribed by the Securities and Futures (Insurance) Rules (Chapter
571AI of the Laws of Hong Kong). In particular, before or at such time when the corporation becomes a Stock Exchange Participant and
is licensed for Type 1 (dealing in securities) regulated activity, it should take out the required insurance under the relevant approved
master policy for an insured amount of no less than HK$15,000,000 for the specified risks.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outlined
below are other key ongoing obligations of a licensed corporation:</span></p>

<p style="font: 10pt Times New Roman, Times, 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">payment
    of the prescribed fees to the SFC as described in Schedule 1 to the Securities and Futures (Fees) Rules (Chapter 571AF of the Laws
    of Hong Kong);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">keep
    records in accordance with the requirements under the Securities and Futures (Keeping of Records) Rules (Chapter 571O of the Laws
    of Hong Kong);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">submission
    of audited accounts and other required documents in accordance with the requirements under the Securities and Futures (Accounts and
    Audit) Rules (Chapter 571P of the Laws of Hong Kong);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">exhibit
    the printed license or certificate of registration (as the case may be) in a prominent place at its principal place of business in
    accordance with the requirements under the Securities and Futures (Miscellaneous) Rules (Chapter 571U of the Laws of Hong Kong);
    and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">compliance
    with business conduct requirements under the Code of Conduct, the Internal Control Guidelines and other applicable codes and guidelines
    issued by the SFC.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Anti-Money
Laundering And Terrorist Financing</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Licensed
corporations are required to comply with the applicable anti-money laundering and counter-terrorist financing laws and regulations in
Hong Kong as well as the Anti-Money Laundering Guideline.</span></p>

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

<p style="font: 10pt Times 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
Hong Kong, legislation dealing with money laundering and terrorist financing includes 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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615 of the Laws of Hong Kong) (&#8220;AMLO&#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">The
AMLO imposes requirements relating to client due diligence and record-keeping and provides regulatory authorities with the powers to
supervise compliance with the requirements under the AMLO.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
the Drug Trafficking (Recovery of Proceeds) Ordinance (Chapter 405 of the Laws of Hong Kong) (&#8220;DTROP&#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">It
is an offence under the DTROP if a person deals with any property knowing or having reasonable grounds to believe it to represent the
proceeds of drug trafficking. The DTROP requires a person to report to an authorized officer if he/she knows or suspects that any property
(directly or indirectly) represents the proceeds of drug trafficking or is intended to be used or was used in connection with drug trafficking.
Failure to make such disclosure constitutes an offence under the DTROP.</span></p>

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

<p style="font: 10pt Times 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)
the Organized and Serious Crimes Ordinance (Chapter 455 of the Laws of Hong Kong) (&#8220;OSCO&#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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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

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

<p style="font: 10pt Times 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
OSCO empowers officers of the Hong Kong Police Force and the Hong Kong Customs and Excise Department to investigate organized crime and
triad activities, and it gives the courts jurisdiction to confiscate the proceeds of organized and serious crimes, to issue restraint
orders and charging orders in relation to the property of defendants of specified offences. The OSCO extends the money laundering offence
to cover the proceeds of all indictable offences in addition to drug trafficking.</span></p>

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

<p style="font: 10pt Times 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)
the United Nations (Anti-Terrorism Measures) Ordinance (Chapter 575 of the Laws of Hong Kong) (&#8220;UNATMO&#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">The
UNATMO provides that it would be a criminal offence to: (i) provide or collect funds (by any means, directly or indirectly) with the
intention or knowledge that the funds will be used to commit, in whole or in part, one or more terrorist acts; or (ii) make any funds
or financial (or related) services available, directly or indirectly, to or for the benefit of a person knowing that, or being reckless
as to whether, such person is a terrorist or terrorist associate. The UNATMO also requires a person to report his knowledge or suspicion
of terrorist property to an authorized officer, and failure to make such disclosure constitutes an offence under the UNATMO.</span></p>

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

<p style="font: 10pt Times 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)
the United Nations Sanctions Ordinance (Chapter 537 of the Laws of Hong Kong) (&#8220;UNSO&#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">The
UNSO implements in Hong Kong the United Nations Security Council resolutions to impose targeted sanctions against certain jurisdictions
as instructed by the Ministry of Foreign Affairs of the PRC. As of the date of this Annual Report, there were more than 80 subsidiary
legislations made under this ordinance relating to around 21 jurisdictions, including but not limited to Liberia, Libya, Afghanistan,
Eritrea and the Democratic Republic of the Congo. There are prohibitions against trade-related activities, which include making available
to, or for the benefit of, certain persons or entities, any funds or other financial assets or economic resources, or dealing with funds
or other financial assets or economic resources of certain persons or entities from the above jurisdictions.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)
the Weapons of Mass Destruction (Control of Provision of Services) Ordinance (Chapter 526 of the Laws of Hong Kong) (&#8220;WMDO&#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">The
WMDO provides that it is a criminal offence for a person to provide services to another person where the first-mentioned person believes
or suspects, on reasonable grounds, that the services will or may assist the development, production, acquisition or stockpiling of weapons
of mass destruction. The provision of services for the purposes of the WMDO covers a wide range of activities. The WMDO also provides
for the criminal liability of the director, manager, secretary or other similar officer of a body corporate for offences committed by
the body corporate with the consent and connivance of such officials.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
the Anti-Money Laundering Guideline sets out the anti-money laundering and counterfinancing of terrorism statutory and regulatory requirements,
and the anti-money laundering and counterfinancing of terrorism standards which licensed corporations should meet in order to comply
with the statutory requirements. It also provides practical guidance to assist licensed corporations and their senior management in designing
and implementing their own anti-money laundering and counter-terrorist financing policies, procedures and controls in order to meet the
relevant legal and regulatory requirements 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Supervision
by the SFC</i></span></p>

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

<p style="font: 10pt Times 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
SFC supervises licensed corporations and intermediaries operating in the market. The SFC conducts on-site inspections and off-site monitoring
to ascertain and supervise intermediaries&#8217; business conduct and compliance with relevant regulatory requirements, as well as to
assess and monitor the financial soundness of intermediaries.</span></p>

<p style="font: 10pt Times New Roman, Times, 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"></p>

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

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

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

<p style="font: 10pt Times 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
Part IX of the SFO, subject to the due process for exercising disciplinary powers laid down in section 198 of the SFO, the SFC may exercise
any of the following disciplinary actions against a regulated person (including a licensed person or a registered institution) if that
person is found to be guilty of misconduct or not fit and proper to be or remain the same type of regulated person (sections 194 and
196 of the SFO):</span></p>

<p style="font: 10pt Times New Roman, Times, 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">revocation
    or suspension of all or part of a license or registration in relation to any of the regulated activities for which a regulated person
    is licensed or registered;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">revocation
    or suspension of the approval granted to a Responsible Officer;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">public
    or private reprimand on a regulated person;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">prohibition
    of a regulated person from applying to be licensed or registered or to be approved as a Responsible Officer;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">prohibition
    of a regulated person from, among others, applying to be licensed, registered or approved as a Responsible Officer in relation to
    such regulated activity(ies), for such period as the SFC may specify; 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">&#160;pecuniary
    penalty of the greater of an amount not exceeding HK$10 million or three times the profit gained or loss avoided as a result of the
    conduct in question.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times 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
advisers and independent financial advisers licensed by the SFC may act for Hong Kong listed issuers as regards transactions principally
involving the Listing Rules, the GEM Listing Rules and the Takeovers Code.</span></p>

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

<p style="font: 10pt Times 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
Hong Kong, any takeover, merger, privatization and share repurchase activities affecting public companies are regulated by the Takeovers
Code which is issued by the SFC in consultation with the Takeovers and Mergers Panel. The primary purpose of the Takeovers Code is to
afford fair treatment for shareholders who are affected by takeovers, mergers, privatizations and share buy-backs. The Takeovers Code
seeks to achieve fair treatment by requiring equality of treatment of shareholders, mandating disclosure of timely and adequate information
to enable shareholders to make an informed decision as to the merits of an offer and ensuring that there is a fair and informed market
in the shares of companies affected by takeovers, mergers, privatizations and share buy-backs. The Takeovers Code also provides an orderly
framework within which takeovers, mergers, privatizations and share buy-backs activities are to be conducted.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, any other persons who issue circulars or advertisements to shareholders in connection with takeovers, mergers, privatizations
and share buy-backs must observe the highest standards of care and consult with the Executive Director of the Corporate Finance Division
of the SFC or any delegate thereof (the &#8220;Executive&#8221;) prior to the release 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
roles and responsibilities of financial advisers and other professional advisers are of particular importance given the non-statutory
nature of the Takeovers Code, and it is part of their responsibilities to use all reasonable efforts, subject to any relevant requirements
of professional conduct, to ensure that their customers understand, and abide by, the requirements of the Takeovers Code, and to co-operate
to that end by responding to inquiries from the Executive or any delegate thereof, the Takeovers and Mergers Panel or the Takeovers Appeal
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>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apart
from the SFC, the Stock Exchange also plays a leading role in regulating companies seeking admission to the Hong Kong markets and supervising
those companies once they are listed. The Stock Exchange is a recognized exchange controller under the SFO. It owns and operates the
only stock exchange and futures exchange in Hong Kong, namely the Stock Exchange and Hong Kong Futures Exchange Limited, and their related
clearing houses. The duty of the Stock Exchange is to ensure orderly and fair markets and that risks are managed prudently, and shall
act in the interest of the public and in particular, the interests of the investing public.</span></p>

<p style="font: 10pt Times New Roman, Times, 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"></p>

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

<p style="font: 10pt Times 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
its role as the operator and frontline regulator of the central securities and derivatives marketplace in Hong Kong, the Stock Exchange
(i) regulates listed issuers; (ii) administers listing, trading and clearing rules; and (iii) provides services at the wholesale level,
to participants and users of its exchanges and clearing houses, including issuers and intermediaries (such as investment banks or sponsors,
securities and derivatives brokers, custodian banks and information vendors) which service investors directly. These services comprise
trading, clearing and settlement, depository and nominee services, and information services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><b><span id="am_018"></span>C.
Organizational structure.</b></span></p>

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

<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">The
following diagram sets forth our corporate structure as of the date of this Annual Report:</span></p>

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

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

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

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

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 54%; text-align: left"><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; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 22%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ownership</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">GFHL</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    A Hong Kong company</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Incorporated on June 24, 2016</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    An intermediate holding company</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Issued Share Capital of HK$10,000</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%
    owned by MEGL</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GCL</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    A Hong Kong company</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Incorporated on June 28, 2016</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Issued Share Capital of HK$10,000,000</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    licensed to undertake Type 1 (dealing in securities) and Type 6 (Advising on corporate finance) regulated activities by the SFC</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%
    owned by GFHL</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GIL</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    A Hong Kong company</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Incorporated on September 22, 2022</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Issued Share Capital of HK$100</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    an investment holding company</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%
    owned by GFHL</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MEIL</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    A Hong Kong company</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Incorporated on September 22, 2022</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Issued Share Capital of HK$100</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    an investment holding company</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%
    owned by GFHL</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GCSL</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    A Hong Kong company</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Incorporated on August 3, 2023</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Issued Share Capital of HK$100</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    provide corporate services</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%
    owned by GFHL</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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


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

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

<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><span id="am_012"></span>D.
Property, plant and equipment.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal executive office is located at 3/F, 8 Wyndham Street Central, Hong Kong, where we lease all of third floor of the building. We leased this space under one lease that will terminate
on November 15, 2024.</span></p>

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

<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><span id="am_013"></span>ITEM
4A. UNRESOLVED STAFF COMMENTS</b></span></p>

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

<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">None.</span></p>

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

<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><span id="am_014"></span>ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
following discussion should be read in conjunction with the audited consolidated financial statements and related notes which appear
elsewhere in this Annual Report. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual
results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including
those discussed elsewhere in this Annual Report, including those set forth under &#8220;Item 3. Key Information &#8212; D. Risk Factors.&#8221;</i></span></p>

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

<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><i>Exchange
rate information </i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MEGL
is a holding company with operations conducted in Hong Kong through its operating subsidiaries in Hong Kong using Hong Kong dollars with
reporting currency in Hong Kong dollars. Translations of amounts from HK$ into US$ are solely for the convenience of the reader and were
calculated at the noon buying rate of US$1 = HK$7.8109 on December 29, 2023, as published in H.10 statistical release of the United States
Federal Reserve Board. We make no representation that the HKD or U.S. dollar amounts referred to in this Annual Report could have been
or could be converted into U.S. dollars or HKD, 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><b><span id="am_015"></span>A.
Operating results</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a financial services provider in Hong Kong which principally engage in the provision of corporate finance advisory services and underwriting
services. Its service offerings mainly comprise (i) IPO sponsorship services; (ii) financial advisory and independent financial advisory
services; (iii) compliance advisory services; (iv) underwriting services; and (v) corporate services.</span></p>

<p style="font: 10pt Times New Roman, Times, 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"><b>&#160;</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Key
factors affecting our 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
results of operations have been and will continue to be affected by a number of factors, including those set out below:</span></p>

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

<p style="font: 10pt Times 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>General
market conditions of the capital market and corporate finance industry in Hong Kong</i></b></span></p>

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

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the capital market and corporate finance industry in Hong Kong. We provide corporate finance advisory services comprising of (i) IPO sponsorship
services; (ii) financial advisory and independent financial advisory services; (iii) compliance advisory services; (iv) underwriting services;
and (v) corporates services. </span><span style="font-size: 8pt">O</span><span style="font-size: 10pt">ur services are affected by the
capital market and corporate finance industry in Hong Kong. Any material deterioration in the financial and economic conditions of the
financial and capital market in Hong Kong could materially and adversely affect our business and prospects. The Hong Kong financial and
capital market is susceptible to changes in the global as well as domestic economic, social and political conditions including but not
limited to interest rate fluctuations, volatility of foreign currency exchange rates, monetary policy changes and legal and regulatory
changes. When there are unfavorable changes to the global or local market conditions, the financial and securities market in Hong Kong
may experience negative fluctuations in its performance. It may directly affect the demand for our services, our pricing strategies, the
level of our business activities and consequently our revenue derived therefrom. This may materially and adversely affect our financial
condition and results of operations.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
ability to manage our staff costs</i></b></span></p>

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

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staff costs are the largest cost we incur in our business operations and our ability to manage our staff costs affects our results of
operations. Our staff costs consist primarily of salaries, bonuses and mandatory provident fund contribution. Any upward changes in the
staff costs would impact our results of operations negatively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><b><i>Rules
and regulations governing listed companies on the Stock Exchange</i></b></span></p>

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

<p style="font: 10pt Times 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
provide corporate finance advisory services to clients who are listing applicants or listed companies or their shareholders on the Stock
Exchange. These clients are required to comply with the Listing Rules, the GEM Listing Rules, the Takeovers Code and other rules and
regulations where applicable. Any changes to such rules and regulations, particularly those affecting the appointment and the role of
sponsor in listing applications and the appointment and role of financial adviser in specific transactions, may affect the demand for
and scope of our corporate finance advisory services which may in turn materially and adversely affect our 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>Competition
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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">There
is a significant number of existing market participants in the financial and securities services industry in Hong Kong providing services
similar to ours. Our larger competitors may have advantages over us such as having better brand recognition and reputation in the market,
wider range of value adding services, stronger human and financial resources, longer operating histories, and operational presence in
more geographic locations. We also face competition from local medium and small-sized financial services providers which offer similar
range of services. New participants may enter into the market insofar as they have engaged appropriate qualified professionals and obtained
the requisite regulatory licenses. In addition, competition creates an unfavorable pricing environment in the market in which we operate.
Intensified competition may cause us to reduce our service fees in order to compete with other market players, which could place significant
pressure on our ability to maintain profitability and is particularly acute during market slowdowns, and will in turn materially and
adversely affect our market share, 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>

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

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

<p style="font: 10pt Times 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>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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    <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"><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"><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"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><b>Year
ended December 31, 2023 compared with year ended December 31, 2022</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"><i>Revenue</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
revenue increased by HK$2,593,778, or 23.2% from HK$11,198,252 for the year ended December 31, 2022 to HK$13,792,030 (US$1,765,741)
for the year ended December 31, 2023, which was mainly due to the increase in revenue we recognized for our IPO sponsorship services
and financial advisory and independent financial advisory services. Our revenue for IPO sponsorship services increased by
HK$2,900,000, or 181.3% from HK$1,600,000 for the year ended December 31, 2022 to HK$4,500,000 (US$576,119) for the year ended
December 31, 2023 as we completed one IPO project during the year ended December 31, 2023 and recognized the relevant
revenue.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, Hong Kong market was continued to be affected by uncertainties caused by the Sino-US tension, the Russo-Ukrainian
war and the credit crisis of property developers of the PRC. The general business environment remained difficult in Hong Kong in general.
Hang Seng Index plummeted by approximately 18.2%, or 3,101 points, from approximately 20,145 points on January 2, 2023 to approximately
17,044 points on December 29, 2023. The sluggish capital markets in Hong Kong throughout 2023 significantly reduce primary capital markets
and fund-raising activities in Hong Kong. The number of IPO launched decreased from 89 for the year ended December 31, 2022 to 68 for
the year ended December 31, 2023, with total funds raised decreased from approximately HK$104.6 billion for the year ended December 31,
2022 to approximately HK$46.3 billion for the year ended December 31, 2023, respectively during the same period. Accordingly, our IPO
sponsorship and underwriting services were adversely affected.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the sluggish IPO market of HK, our compliance advisory services were also negatively affected due to the significant
decrease in number of newly listed company. Our revenue from compliance advisory services decreased by HK$2,576,222, or 56.5%, from
HK$4,563,252 for the year ended December 31, 2022, to HK$1,987,030 (US$254,391) for the year ended December 31, 2023, primarily due
to the completion of several compliance advisory projects during the year and the decrease in the number of compliance advisory
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">During
the year ended December 31, 2022, in order to diversify our revenue stream, we expanded our financial advisory services to clients who
are pursuing listing on other stock exchange, including but not limited to Nasdaq. During the year ended December 31, 2023, our revenue
derived from financial advisory and independent financial advisory services increased by HK$2,070,000, or 41.1% from HK$5,035,000 for
the year ended December 31, 2022 to HK$7,105,000 (US$909,626) 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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, we commenced the provision of corporate services and we recorded revenue of HK$200,000 (US$25,605).</span></p>

<p style="font: 10pt Times New Roman, Times, 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"></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table set forth the breakdown of our selling, general and administrative expenses for the periods indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, 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 colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">HK$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">HK$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">US$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Staff costs</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,770,259</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,370,621</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,715,985</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,243,901</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Amortization of right-of-use assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,350,116</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,895,294</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,895,294</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">242,647</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: left"><span style="font-family: Times New Roman, Times, Serif">Professional fee</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,963,583</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,227,358</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,714,170</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">219,459</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: left"><span style="font-family: Times New Roman, Times, Serif">Depreciation charge</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">695,045</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">62,683</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">209,966</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">26,881</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: left"><span style="font-family: Times New Roman, Times, Serif">Travelling, accommodation and entertainment</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">370,100</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">278,587</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,006,746</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">128,890</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: left"><span style="font-family: Times New Roman, Times, Serif">Office building management fee</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">309,828</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">326,096</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">365,028</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">46,733</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><span style="font-family: Times New Roman, Times, Serif">Insurance</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">71,515</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">435,766</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">408,618</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">52,314</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="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Others</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">610,513</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,104,525</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,289,021</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">165,027</span></td><td style="padding-bottom: 1.5pt; 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><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</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="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">15,140,959</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">15,700,930</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">16,604,828</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,125,852</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling,
general and administrative expenses increased by HK$903,898, or 5.8%, from HK$15,700,930 for the year ended December 31, 2022 to HK$16,604,828
(US$2,125,852) for the year ended December 31, 2023, primarily due to the increase in our staff costs and travelling, accommodation and
entertainment expenses.</span></p>

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

<p style="font: 10pt Times 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
staff costs mainly represented salaries, bonuses and pension contribution of our directors and employees. Our staff costs moderately
increased by HK$345,364, or 3.7% from HK$9,370,621 for the year ended December 31, 2022 to HK$9,715,985 (US$1,243,901) for the year ended
December 31, 2023, mainly due to a general increase in wages of our staff.</span></p>

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

<p style="font: 10pt Times 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
amortization of right-of-use assets mainly represented our operating lease of our Hong Kong office. Our amortization of right-of-use
assets remained relatively stable at HK$1,895,294 (US$242,647) for the year ended December 31, 2023, compared to HK$1,895,294 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
professional fee mainly represented audit fees and fees to our legal counsels.</span></p>

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

<p style="font: 10pt Times 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
depreciation charge mainly represented depreciation charge of our renovation of our Hong Kong office and motor vehicles. Our depreciation
charge increased by approximately HK$147,283, or 235.0% from HK$62,683 for the year ended December 31, 2022 to HK$209,966 (US$26,881)
for the year ended December 31, 2023 due to the addition of motor vehicles during 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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
travelling, accommodation and entertainment expenses increased by HK$728,159, or 261.4%, from HK$278,587 for the year ended December
31, 2022 to HK$1,006,746 (US$128,890) for the year ended December 31, 2023 due to increased business development initiatives during 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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Other
income/(expense), net</i></span></p>

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

<p style="font: 10pt Times 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 income significantly increased by HK$1,286,766, or 123.5%, from
HK$1,042,220 for the year ended December 31, 2022 to HK$2,328,986 (US$298,171) for the year ended December 31, 2023, primarily due to
the increase in bank interest income arising from increase in bank interest rates throughout the year ended December 31, 2023, partially
offset by the loss due to mark-to-market of a derivative asset of HK$1,963,000 (US$251,315).</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to income tax on an entity basis on profit arising in or derived from the jurisdiction in which members of our Group domicile
or operate.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not subject to any income tax in the BVI.</span></p>

<p style="font: 10pt Times New Roman, Times, 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"><i>Hong
Kong profits tax</i></span></p>

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

<p style="font: 10pt Times 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
Hong Kong subsidiary subject to a tax rate of 16.5% on the assessable profits arising in or derived from Hong Kong. From year of assessment
of 2019/2020 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.</span></p>

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

<p style="font: 10pt Times 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
recorded nil income tax as we had no assessable profit during the year ended December 31, 2023 as interest income from bank are non-taxable
and we had available tax losses brought forward from prior 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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Net loss</i></span></p>

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

<p style="font: 10pt Times 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 recorded net loss of HK$483,812 (US$61,940) and HK$3,842,278 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"></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"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
ended December 31, 2022 compared with year ended December 31, 2021</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"><i>Revenue</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
revenue decreased by approximately 33.6% from HK$16,870,748 for the year ended December 31, 2021 to HK$11,198,252 for the year ended
December 31, 2022, which was mainly due to the decrease in revenue we recognized for our IPO sponsorship services. Our revenue for IPO
sponsorship services decreased from HK$6,775,000 for the year ended December 31, 2021 to HK$1,600,000 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2022, Hong Kong&#8217;s business activities came to a halt during the fifth wave of COVID-19 in early 2022.
In addition, Hong Kong market was continued to be affected by uncertainties caused by the Sino-US tension, the Russo-Ukrainian war and
the credit crisis of property developers of the PRC. In the second half of 2022, to ease the inflation pressures, the Federal Reserve
continuously increased the federal funds rate. The Hong Kong Monetary Authority also raised its base rate, reaching its the highest level
since March 2008. The interest rates hikes brought the market sentiment to the bottom. Hang Seng Index plummeted by approximately 37%,
or 8,732 points, from approximately 23,493 points on January 2, 2022 to approximately 14,770 points on October 23, 2022. The sluggish
capital markets in Hong Kong throughout 2022 significantly reduce primary capital markets and fund-raising activities in Hong Kong. The
number of IPO launched decreased from 96 for the year ended December 31, 2021 to 89 for the year ended December 31, 2022, with total
funds raised decreased from HK$328.9 billion to HK$99.1 billion, respectively during the same period. Accordingly, our IPO sponsorship
and underwriting services were adversely affected and we completed no IPO sponsorship project during the year ended December 31, 2022.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2022, in order to diversify our revenue stream, we expanded our financial advisory services to clients who
are pursuing listing on Nasdaq and we were engaged in 11 such projects. We recognized revenue for the provision of financial advisory
and independent financial advisory services of HK$5,035,000 for the year ended December 31, 2022, an increase of 2.2%, or HK$107,450
from approximately HK$4,927,550 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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
revenue from compliance advisory services decreased by HK$604,946, or 11.7%, from HK$5,168,198 for the year ended December 31, 2021 to
HK$4,563,252 for the year ended December 31, 2022, primarily due to the completion of several compliance advisory projects during the
year and the decrease in the number of compliance advisory 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>


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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"><i>Selling,
general and administrative expenses </i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling,
general and administrative expenses remained relatively stable at HK$15,140,959 for the year ended December 31, 2021 and HK$15,700,930
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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
staff costs mainly represented salaries, bonuses and pension contribution of our directors and employees. Our staff costs remained stable
at HK$9,370,621 for the year ended December 31, 2022, compared to HK$8,770,259 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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times 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
amortization of right-of-use assets mainly represented our operating lease of our Hong Kong office. Our amortization of right-of-use
assets decreased from HK$2,350,116 for the year ended December 31, 2021 to HK$1,895,294 for the year ended December 31, 2022, mainly
due to the decrease in monthly rental of our Hong Kong office upon renewal in November 2021.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
professional fee mainly represented 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
depreciation charge mainly represented depreciation charge of our renovation of our Hong Kong office. Our depreciation charge decreased
by approximately HK$632,000, or 91.0% from HK$695,045 for the year ended December 31, 2021 to approximately HK$62,683 for the year ended
December 31, 2022 as our fixed assets have been fully depreciated.</span></p>

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

<p style="font: 10pt Times 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
insurance increased by HK$364,251, or 509.3%, from HK$71,515 for the year ended December 31, 2021 to HK$435,766 for the year ended December
31, 2022, mainly related to the D&amp;O insurance we had in place after our listing.</span></p>

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

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

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

<p style="font: 10pt Times 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
recorded other expenses of HK$80,981 for the year ended December 31, 2021 and other income of HK$1,042,220 for the year ended December
31, 2022, primarily related to the bank interest income and interest income from loans to third parties we received 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>

<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"><i>Income
tax</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to income tax on an entity basis on profit arising in or derived from the jurisdiction in which members of our Group domicile
or operate.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not subject to any income tax in the BVI.</span></p>

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

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

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

<p style="font: 10pt Times 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
Hong Kong subsidiary subject to a tax rate of 16.5% on the assessable profits arising in or derived from Hong Kong. From year of assessment
of 2019/2020 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.</span></p>

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

<p style="font: 10pt Times 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
income tax increased by HK$311,636, or 444.0%, from HK$70,184 for the year ended December 31, 2021 to HK$381,820 for the year ended December
31, 2022, primarily due to valuation allowance on deferred tax assets. Our effective tax rate was -11.0% and 4.2% for the years ended
December 31, 2022 and 2021, 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"><i>Net
income/(loss)</i></span></p>

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

<p style="font: 10pt Times 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
recorded net income of HK$1,578,624 for the year ended December 31, 2021 and net loss of HK$3,842,278 for the year ended December 31,
2022. The net loss recorded for the year ended December 31, 2022 was mainly due to the decrease in revenue as mentioned above while our
costs were relatively fixed.</span></p>

<p style="font: 10pt Times New Roman, Times, 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"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><b><span id="am_016"></span>B.
Liquidity and capital resources</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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 set forth our current assets and current liabilities as of the dates indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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 cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As
    of December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">HK$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">HK$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">US$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Current assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</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="width: 46%"><span style="font-family: Times New Roman, Times, Serif">Cash</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">121,814,233</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">92,407,813</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">11,830,623</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: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accounts receivable</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,988,403</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,302,436</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">294,772</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: left"><span style="font-family: Times New Roman, Times, Serif">Interest receivables</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">515,287</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">449,550</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">57,554</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: left"><span style="font-family: Times New Roman, Times, Serif">Deposits and prepayments</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,050,694</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,096,249</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">140,349</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: left"><span style="font-family: Times New Roman, Times, Serif">Other receivables &#8211; related parties</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">96,700</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</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: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Tax recoverable</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">587,834</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; 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="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    current assets</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">126,053,151</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">96,256,048</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">12,323,298</span></td><td style="padding-bottom: 1.5pt; 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><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Current liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</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: left"><span style="font-family: Times New Roman, Times, Serif">Accruals and other payables</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,068,185</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,079,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">138,140</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: left"><span style="font-family: Times New Roman, Times, Serif">Contract liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,054,032</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,164,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">149,023</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: left"><span style="font-family: Times New Roman, Times, Serif">Operating lease liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,904,725</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,746,317</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">223,574</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="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; 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="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    current liabilities</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,026,942</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,989,317</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">510,737</span></td><td style="padding-bottom: 1.5pt; 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><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</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="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Net
    current assets</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">120,026,209</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">92,266,731</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">11,812,561</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

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

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

<p style="font: 10pt Times 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
accounts receivable represented receivables from clients of our corporate finance advisory services. Accounts receivable from corporate
finance advisory services included service fees billed but not yet settled. We do not grant credit terms to our clients. We issue an
invoice to our clients of corporate finance advisory services after a milestone specified under our mandate is achieved or upon completion
of the transaction.</span></p>

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

<p style="font: 10pt Times 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
accounts receivable balance increased by HK$314,033, or 15.8% from HK$1,988,403 as of December 31, 2022 to HK$2,302,436 (US$294,772)
as of December 31, 2023. The increase was mainly due to billing made prior to year-end remained unsettled.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An impairment analysis is performed on a regular basis. During the
years ended December 31, 2022 and 2023, we had not made any
provision for credit losses in relation to our accounts receivable.</span></p>

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

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

<p style="font: 10pt Times 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
deposits and prepayments mainly represented rental deposit and prepayment of our office premises and other utility deposits and remained
stable.</span></p>

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

<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><i>Accruals
and other payables</i></b></span></p>

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

<p style="font: 10pt Times 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
accruals and other payables mainly represented accrued operating expenses and remained stable.</span></p>

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

<p style="font: 10pt Times 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>Contract
liabilities</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our contract liabilities represented the upfront payments received
upon signing of the mandate for our clients in relation to our IPO sponsorship services, financial advisory service and independent financial
advisory services and advances from clients related to our compliance advisory services. These payments are non-refundable and are recognized
as revenue when our performance obligation is satisfied. Our contract liabilities decreased by HK$1,890,032, or 61.9%, from HK$3,054,032
as of December 31, 2022 to HK$1,164,000 (US$149,023) as of December 31, 2023 mainly due to the recognition of revenue and reversal of
contract liabilities upon milestone achieved for our projects.</span></p>

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


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operating lease liabilities represented the current portion of the operating lease of our Hong Kong office and were reduced as lease
payments were made and remained stable.</span></p>

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

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

<p style="font: 10pt Times 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
use of cash primarily related to operating activities, capital expenditure and payment of dividends. We have historically financed our
operations primarily through our cash flow generated from our operations and the net proceeds from the IPO. The following table sets
forth a summary of our cash flows information for the years indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, 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><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
    the years ended December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">HK$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">HK$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">HK$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">US$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net cash (used in) provided by
    operating activities</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">678,653</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(910,364</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">94,940</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">12,097</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net cash used in investing activities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(14,596,700</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(27,919,010</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(3,574,365</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net cash (used in) provided
    by financing activities</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,129,225</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">125,634,459</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,581,900</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(202,525</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">NET CHANGE IN CASH</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,807,878</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">110,127,395</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(29,406,420</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(3,764,793</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">CASH AT BEGINNING OF
    YEAR</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,878,960</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">11,686,838</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">121,814,233</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">15,595,416</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">CASH AT END OF YEAR</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">121,814,233</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">92,407,813</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">11,830,623</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

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

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

<p style="font: 10pt Times 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
cash inflow from operating activities was principally from the receipt of revenue. Our cash outflow used in operating activities was
principally for payment of staff cost and operating expenses.</span></p>

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

<p style="font: 10pt Times 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 year ended December 31, 2021, we had net cash provided by operating activities of HK$678,653 mainly arising from net income from
our operation of HK$1,578,624 as adjusted for non-cash items and changes in operating assets and liabilities. Adjustments for non-cash
items mainly consisted of (i) amortization of right-of-use asset for our Hong Kong office of HK$2,350,116; (ii) depreciation charge of
HK$695,046; and (iii) interest on lease liabilities of HK$82,200. Changes in operating assets and liabilities mainly included: (i) increase
in accounts receivable of HK$2,406,350 due to delay in settlement from one of our IPO clients as the IPO project was ongoing and several
billings made before year end remain unsettled; (ii) decrease in operating lease liabilities of HK$2,535,360 of our Hong Kong office;
(iii) decrease in tax recoverable of HK$1,290,587 as the tax recoverable was received during the year; and (iv) decrease in accruals
and other payables of HK$507,763 due to decrease in accrual for staff bonus.</span></p>

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

<p style="font: 10pt Times 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 year ended December 31, 2022, we had net cash used in operating activities of HK$910,364 mainly arising from loss from our operation
of HK$3,842,278 as adjusted for non-cash items and changes in operating assets and liabilities. Adjustments for non-cash items consisted
mainly of (i) amortization of right-of-use asset for our Hong Kong office of HK$1,895,294 (ii) depreciation charge of HK$62,683; (iii)
deferred tax expense of HK$391,820; and (iv) interest on lease liabilities of HK$232,002. Changes in operating assets and liabilities
mainly included: (i) decrease in accounts receivable of HK$3,192,306 due to early settlement from our clients; (ii) changes in operating
lease liabilities of HK$2,044,020; (iii) increase in accruals and other payables of HK$741,339 due to accrued audit fees; (iv) increase
in tax recoverable of HK$587,834; and (v) increase in interest receivables of HK$515,287.</span></p>

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

<p style="font: 10pt Times 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 year ended December 31, 2023, we had net cash provided by operating activities of HK$94,490 (US$12,097) mainly arising from net
loss from our operation of HK$483,812 (US$61,940) as adjusted for non-cash items and changes in operating assets and liabilities.
Adjustments for non-cash items consisted mainly of (i) amortization of right-of-use asset for our Hong Kong office of HK$1,895,294
(US$242,647); (ii) depreciation charge of HK$209,966 (US$26,881); (iii) loss due to mark-to-market <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
a derivative asset</span> of HK$1,963,000 (US$251,315); and (iv) interest on lease liabilities of HK$139,296 (US$17,834). Changes in
operating assets and liabilities mainly included: (i) increase in accounts receivable of HK$314,033 (US$40,204) due to billing made
prior to year-end remained unsettled; (ii) changes in operating lease liabilities of HK$2,044,020 (US$261,688); (iii) decrease in
contract liabilities of HK$1,890,032 (US$241,974) due to recognition of revenue and reversal of contract liabilities upon
achievement of milestones of our projects; and (iv) settlement of tax recoverable of HK$587,834 (US$75,258).</span></p>

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


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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"></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"><b>Investing
activities</b></span></p>

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

<p style="font: 10pt Times 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
cash outflow used in investing activities was principally for investment.</span></p>

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

<p style="font: 10pt Times 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 year ended December 31, 2021, our Group had no cash used in investing activities.</span></p>

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

<p style="font: 10pt Times 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 year ended December 31, 2022, our Group had cash used in investing activities of HK$14,596,700, primarily related to an investment
of HK$14,500,000.</span></p>

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

<p style="font: 10pt Times 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 year ended December 31, 2023, our Group had cash used in investing activities of HK$27,919,010 (US$3,574,365), primarily related
to investment of HK$26,110,738 (US$3,342,859) and purchase of motor vehicles of HK$1,904,972 (US$243,886).</span></p>

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

<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>Financing
activities</b></span></p>

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

<p style="font: 10pt Times 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
cash inflow from financing activities was principally from the cash receipt from issuance of ordinary shares from IPO. Our cash outflow
used in financing activities was principally for dividend payment, advance from related parties and payment of deferred IPO cost.</span></p>

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

<p style="font: 10pt Times 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 year ended December 31, 2021, our Group had net cash provided by financing activities of HK$3,129,225 primarily attributable to advance
from related parties of HK$5,000,000, partially offset by payment of deferred IPO cost of HK$1,870,775.</span></p>

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

<p style="font: 10pt Times 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 year ended December 31, 2022, our Group had net cash provided by financing activities of HK125,634,459 primarily attributable to
the receipt from issuance of ordinary shares from IPO of HK$140,537,759, partially offset by (i) repayment of balances with related parties
of HK$10,903,300; and (ii) dividend payment of HK$4,000,000.</span></p>

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

<p style="font: 10pt Times 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 year ended December 31, 2023, our Group had net cash used in financing activities of HK$1,581,900 (US$202,525) primarily attributable
to dividend 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MEGL
believes that, taking into consideration the financial resources presently available, including the current levels of cash and cash flows
from operations, will be sufficient to meet its anticipated cash needs for at least the next twelve months from the date of this Annual
Report.</span></p>

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

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

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

<p style="font: 10pt Times 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
Group did not incur any capital expenditure for the years ended December 31, 2022 and 2021. For the year ended December 31, 2023, we
incurred capital expenditure of HK$1,904,972 (US$243,886) related to the purchase of motor vehicles.</span></p>

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

<p style="font: 10pt Times 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>Long-term
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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, our Group has a long-term investment of HK$14,500,000 in a private company (&#8220;Company A&#8221;), representing
4.99% equity ownership of Company A, in which the Company does not have any significant influence and such investment does not have readily
determinable fair value. Company A is a provider of SCM services that specialize in the apparel industry and the construction materials
industry, delivering a one-stop solution to its customers for a broad range of apparel and construction materials where its solutions
are customized to meet its clients&#8217; specific 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, our Group has the following long-term investments:</span></p>

<p style="font: 10pt Times New Roman, Times, 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" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HK$14,500,000 (US$1,856,380)
  in a private company (&#8220;Company A&#8221;), representing 4.99% equity ownership of Company A, in which the Company does not have
  any significant influence and such investment does not have readily determinable fair value. Company A is a provider of SCM services
  that specialize in the apparel industry and the construction materials industry, delivering a one-stop solution to its customers for
  a broad range of apparel and construction materials where its solutions are customized to meet its clients&#8217; specific needs.</span></td></tr>
</table>


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


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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">(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">HK$8,500,000 (US$1,088,223) in a private company (&#8220;Company B&#8221;), representing 3.0% equity ownership of Company B, in which the Company
    does not have any significant influence and such investment does not have readily determinable fair value. Company B operates an
    e-commerce platform in Hong Kong.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HK$15,647,738 (US$1,999,200) in an investment fund, in which the Company
does not have any significant influence and such investment does not have readily determinable fair value. The investment fund invests
in a highly diversified portfolio of revenue sharing contracts of small businesses.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">(iv)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HK$1,963,000
    (US$250,000) in SAFE note of a private company (&#8220;Company C&#8221;) in which the Company does not have any significant influence
    and such investment does not have readily determinable fair value. Company C is an AI company dedicated to bettering insights through
    technology and application of AI. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, we recorded loss due to mark-to-market <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
a derivative asset</span> of HK$1,963,000 (US$251,315).</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following tables summarized the contractual obligations of the Company as of December 31, 2023:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="18" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Payments
    Due by Period</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Less
    than <br/> 1 year</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">1
    to 3 years</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">3
    to 5 years</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">More
    than <br/> 5 years</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">HK$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">HK$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">HK$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">HK$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">HK$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Contractual Obligations:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</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="width: 40%; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Operating
    lease obligation</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,746,317</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="width: 1%; padding-bottom: 1.5pt; 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: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total contractual obligation</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,746,317</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>


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


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

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="18" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Payments
    Due by Period</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Less
    than <br/> 1 year</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">1
    to 3 years</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">3
    to 5 years</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">More
    than <br/> 5 years</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">US$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">US$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">US$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">US$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">US$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Contractual Obligations:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</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="width: 40%; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Operating
    lease obligation</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">223,574</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="width: 1%; padding-bottom: 1.5pt; 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: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total contractual obligation</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">223,574</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, we did not have any capital expenditure commitment.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Off-balance
sheet arrangements</b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_001"></span>C.
Research and development, patents and licenses</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
ITEM 4.B &#8220;business overviews&#8221; above for our licenses.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_002"></span>D.
Trend information</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
ITEM 5.A &#8220;operating results&#8221; above for our trend information.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_003"></span>E.
Critical Accounting Estimates</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
prepare our consolidated financial statements in accordance with U.S. GAAP, which requires us to make judgments, estimates and assumptions
that affect (i) the reported amounts of our assets and liabilities; (ii) the disclosure of our contingent assets and liabilities at the
end of each reporting period; and (iii) the reported amounts of revenues and expenses during each reporting period. We continually evaluate
these judgments, estimates and assumptions based on our own historical experience, knowledge and assessment of current business and other
conditions and our expectations regarding the future based on available information, which together form our basis for making judgments
about matters that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial
reporting process, our actual results could differ from those estimates. Some of our accounting policies require a higher degree of judgment
than others in their application.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
reading our consolidated financial statements, you should consider our selection of critical accounting policies, the judgment and other
uncertainties affecting the application of such policies and the sensitivity of reported results to changes in conditions and assumptions.
Our critical accounting policies and practices include the following: (i) revenue recognition; and (ii) long-term investment. See Note
2 &#8212; Summary of Significant Accounting Policies to our consolidated financial statements for the disclosure of these accounting
policies. We believe the following accounting estimates involve the most significant judgments used in the preparation of our consolidated
financial statements.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><i>Fair value measurement and impairment on the investment
accounted for using the measurement alternative</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We
record equity investments without significant influence and readily determinable fair values and not accounted for under the equity
method at cost, less impairment, adjusted for subsequent observable price changes on a nonrecurring basis, and report changes in the
carrying value of the equity investment in current earnings. Changes in the carrying value of the equity investment are required to
be made whenever there are observable price changes in orderly transactions for the identical or similar investment of the same
issuer. Reasonable efforts shall be made to identify price changes that are known or that can reasonably be known. We assess the
impairment on the investment accounted for using the measurement alternative on a semi-annual basis, and the assumptions and
judgment used in establishing the impairment are evaluated regularly. When an event occurs or circumstances change that indicate the
investment accounted for using the measurement alternative may be impaired, we assess qualitative factors to determine whether the
fair value of the investment is less than its carrying amount. If the carrying value of the investment accounted for using the
measurement alternative is above its fair value, an impairment loss is recognized in an amount equal to the excess. For the year
ended December 31, 2022 and 2023, the Group recorded loss due to mark-to-market <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
a derivative asset</span> of nil and HK$1,963,000 (US$251,315), respectively.</p>

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


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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_004"></span>ITEM
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_005"></span>A.
Directors and senior management.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
directors and executive officers are set forth in the table below followed by a brief biography.</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 35%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Wai Ho Chan</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 51%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director,
    chairman of the Board</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">Mr.
    Sze Hon, Johnson Chen</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director,
    chief executive officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
    Yau Ting Tai</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">44</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Yiu Sing Chan</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Chi Wai Siu</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">Ms.
    Ka Lee Lam</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Wai Ho Chan, aged 42 is our Director and chairman of the board. Mr. Chan is a co-founder of the Group. Mr. Chan also serves as
a director of GFHL, GCL, GIL, MEIL and GCSL. Mr. Chan has more than 20 years of experience in investment banking and accounting industry.
Prior to the establishment of our Group, Mr. Chan had worked in the corporate finance division of CCB International Capital Limited for
about nine years from January 2008 to August 2016, with his last position as director of corporate finance. Prior to joining CCB International
Capital Limited, Mr. Chan had worked as an auditor at international audit firms from September 2003 to December 2007. Mr. Chan is a Chartered
Financial Analyst (&#8220;CFA&#8221;), a member of the Hong Kong Institute of Certified Public Accountants (&#8220;HKICPA&#8221;), and
a fellow member of the Association of Chartered Certified Accountants (&#8220;FCCA&#8221;). Mr. Chan graduated from the Faculty of Business
Administration of the Chinese University of Hong Kong, with major in Professional Accountancy in December 2003.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Sze Hon, Johnson Chen, aged 42, is our Director and chief executive officer. Mr. Chen also serves as a director of GFHL, GCL,
GIL, MEIL and GCSL. Mr. Chen has more than 19 years of experience in investment banking and auditing services. Prior to the establishment
of our Group, Mr. Chen had worked in the corporate finance division of Guotai Junan Capital Limited for more than 8 years from 2008 to
2016. Prior to joining Guotai Junan Capital Limited, Mr. Chen had worked as an auditor in KPMG from 2004 to 2007. Mr. Chen is a CFA,
Certified Financial Risk Manager, a member of the HKICPA and American Institute of Certified Public Accountants (&#8220;AICPA&#8221;)
and a FCCA. Mr. Chen graduated from the Faculty of Business Administration of the Chinese University of Hong Kong, with major in Professional
Accountancy and minors in Economics and French Studies in 2004.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Yau Ting Tai, aged 44, is our chief financial officer. She joined us in September 2016 since our establishment and is primarily responsible
for our accounting, financial and treasury management, internal control and compliance function. Prior to joining our Group, from February
2008 to March 2015, Ms. Tai served as the chief financial officer at Exceed Company Limited (a company listed on the Nasdaq) where she
was mainly responsible for the accounting, financial management, internal control and investor relation. From November 2004 to February
2008, Ms. Tai worked as an auditor at Ernst &amp; Young. Ms. Tai has been a member of the AICPA since August 2007 and a member of CPA
Australia since April 2009. Ms. Tai graduated from the University of Toronto with a Bachelor&#8217;s degree in Applied Science in 2002
and a Master&#8217;s degree in Applied Science in 2004.</span></p>

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


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Yiu Sing Chan, aged 45, is our independent director and is the chairman of the audit committee and is a member of the compensation committee
and nominating and corporate governance committee. Mr. Chan has over 15 years of experience in audit, investment, accounting and finance.
He joined an international audit firm in February 2006 and was an audit manager of such audit firm until May 2012 prior to joining Best
Pacific International Holdings Limited as chief financial officer since February 2013. Best Pacific International Holdings Limited was
listed on the Stock Exchange (stock code: 2111) in May 2014, and Mr. Chan was appointed as chief financial officer and company secretary
since January 2014 and as executive director since February 2021. Mr. Chan graduated from the University of New South Wales in Australia
with a master&#8217;s degree in commerce in June 2005 and a bachelor&#8217;s degree in accounting and finance in October 2003. He has
been a member of the HKICPA since September 2009.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Chi Wai Siu, aged 42, is our independent Director and is the chairman of the compensation committee and a member of the audit committee
and nominating and corporate governance committee. Mr. Siu has over 15 years of experience in investment banking, transaction advisory
and valuation fields. From October 2005 to April 2008, Mr. Siu began his career as a financial analyst with Canada&#8217;s Ministry of
Finance. Between September 2008 and December 2010, Mr. Siu worked as a Senior Analyst in GCA Professional Services Group, a financial
advisory firm providing valuation, advisory, mining and mineral consultancy as well as corporate services. From December 2010 to December
2014, Mr. Siu worked as an Associate Director in the Investment Banking Division at Daiwa Capital Markets Hong Kong Limited. From January
2015 to December 2015, Mr. Siu joined UBS AG as a director where he originated and executed public and private fundraising transactions.
In January 2016, Mr. Siu founded and worked as the chief executive officer of Impressed Technology Limited, which operates an on-demand,
door-to-door pickup and delivery dry cleaning and laundry online platform in Hong Kong. Since January 2021, Mr. Siu has re-joined GCA
Professional Service Group as the chief executive officer. Mr. Siu graduated from the University of Toronto in commerce in 2005 and is
a CFA and a member of AICPA.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Ka Lee Lam, aged 40, is our independent Director and is chairlady of the nominating and corporate governance committee, a member of the
audit committee and compensation committee. Ms. Lam has over 10 years of experience in business management, investment banking and operation
control. From June 2016 to September 2019, Ms. Lam served as an executive director of Huisheng International Holdings Limited (a company
listed on the Stock Exchange with stock code: 01340). From June 2009 to October 2011, Ms. Lam worked in the operations department at
Bank of America Merrill Lynch. From October 2011 to August 2012, Ms. Lam worked as an analyst at Barclays Capital Asia Ltd. From September
2012 to August 2016, Ms. Lam worked in the operations department at ABN AMRO Clearing Hong Kong Limited. Ms. Lam obtained a Bachelor
of Business (Accounting) degree from Swinburne University of Technology in Australia in April 2008.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Save
for Ms. Yau Ting Tai being the spouse of Mr. Wai Ho Chan, none of our directors or executive officers has a family relationship as defined
in Item 401 of Regulation S-K.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_006"></span>B.
Compensation.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
primary objectives of our compensation policies regarding executive compensation are to attract and retain the best possible executives
to lead us and to properly motivate these executives to perform at the highest levels of which they are capable. Compensation levels
established for our executives are designed to promote loyalty, long-term commitment and the achievement of its goals, to motivate the
best possible performance and to award achievement of budgetary goals to the extent such responsibility is within the executive&#8217;s
job description. Compensation decisions regarding our named executive officers have historically focused on attracting and retaining
individuals who could help us to meet and exceed our financial and operational goals. Our Board of Directors considers the growth of
the Company, individual performance and market trends when setting individual compensation levels.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022, we paid an aggregate
of HK$5,760,000 (US$737,431) and HK$4,250,000, respectively, in cash (including salaries and mandatory provident fund) to our Directors.
Our Hong Kong subsidiaries are required by law to make contributions equal to certain percentages of each employee&#8217;s salary for
his or her mandatory provident fund. We have not made any agreements with our directors or executive officers to provide benefits upon
termination of employment.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into employment agreements with each of our executive officers. The executive officers are entitled to a fixed salary and
other company benefits, each as determined by the Board from time to time. We may terminate an executive officer&#8217;s employment under
Hong Kong Labor Law and under other applicable laws and regulations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
executive officer has agreed during and after the termination or expiry of his or her employment agreement, not to reveal to any person
or use all information, know-how and records that is confidential or not, which may come to their knowledge during their employment,
except as authorized or required by their duties to do so. The restriction shall cease to apply to information or knowledge which may
come into the public domain.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Involvement
in Certain Legal Proceedings</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the best of our knowledge, none of our directors or executive officers has, during the past 10 years, been involved in any legal proceedings
described in subparagraph (f) of Item 401 of Regulation S-K.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_007"></span>C.
Board Practices.</b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors consists of 5 Directors, comprising 2 executive directors and 3 independent directors. A director is not required
to hold any shares in our Company to qualify to serve as a director. Subject to making appropriate disclosures to the board of directors
in accordance with our post-offering amended and restated memorandum and articles of association, a director may vote with respect to
any contract, proposed contract, or arrangement in which he or she is interested, in voting in respect of any such matter, such director
should take into account his or her directors duties. A director may exercise all the powers of the company to borrow money, mortgage
its business, property and uncalled capital, and issue debentures or other securities whenever money is borrowed or as security for any
obligation of the company or of any third party.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
seek to achieve board diversity through the consideration of a number of factors when selecting the candidates to our Board, including
but not limited to gender, skills, age, professional experience, knowledge, cultural, education background, ethnicity and length of service.
The ultimate decision of the appointment will be based on merit and the contribution which the selected candidates will bring to our
Board.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
directors have a balanced mix of knowledge and skills. We have three independent directors with different industry backgrounds, representing
a majority of the members of our Board. We also achieved gender diversity by having one female independent director out of the total
of three independent directors. Our Board is well balanced and diversified in alignment with the business development and strategy of
our Group.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Committees
of the Board of Directors</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have established an audit committee, a compensation committee and a nominating and corporate governance committee under the board of
directors. We have adopted a charter for each of the three committees. Each committee&#8217;s members and functions are described below.</span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit committee consists of Mr. Yiu Sing Chan, Mr. Chi Wai Siu and Ms. Ka Lee Lam and is chaired by Mr. Yiu Sing Chan. We have determined
that each of these three director nominees satisfies the &#8220;independence&#8221; requirements of the Nasdaq Listing Rules and meet
the independence standards under Rule 10A-3 under the Securities Exchange Act of 1934, as amended. We have determined that Yiu Sing Chan
qualifies as an &#8220;audit committee financial expert.&#8221; The audit committee oversees our accounting and financial reporting processes
and the audits of our financial statements. The audit committee is responsible for, among other things:</span></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
compensation committee consists of Mr. Yiu Sing Chan, Mr. Chi Wai Siu and Ms. Ka Lee Lam and is chaired by Mr. Chi Wai Siu. We have determined
that each of these directors satisfies the &#8220;independence&#8221; requirements of the Nasdaq Listing Rules. The compensation committee
assists the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors
and executive officers. Our chief executive officer may not be present at any committee meeting during which their compensation is deliberated
upon. The compensation committee is responsible for, among other things:</span></p>

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

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


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
nominating and corporate governance committee consists of Mr. Yiu Sing Chan, Mr. Chi Wai Siu and Ms. Ka Lee Lam and is chaired by Ms.
Ka Lee Lam. We have determined that each of these directors satisfies the &#8220;independence&#8221; requirements of the Nasdaq Listing
Rules. The nominating and corporate governance committee assists the board in selecting individuals qualified to become our directors
and in determining the composition of the board and its committees. The nominating and corporate governance committee is responsible
for, among other things:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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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>
  <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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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    in the law and practice of corporate governance and our compliance with such laws and practices; and</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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a &#8220;foreign private issuer,&#8221; as defined by the SEC. As a result, in accordance with the rules and regulations of Nasdaq,
we may choose to comply with home country governance requirements and certain exemptions thereunder rather than complying with Nasdaq
corporate governance standards. We may choose to take advantage of the following exemptions afforded to foreign private issuers:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exemption
    from filing quarterly reports on Form 10-Q, from filing proxy solicitation materials on Schedule 14A or 14C in connection with annual
    or special meetings of shareholders, or from providing current reports on Form 8-K disclosing significant events within four (4)
    days of their occurrence, and from the disclosure requirements of Regulation FD.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exemption
    from Section 16 rules regarding sales of Ordinary Shares by insiders, which will provide less data in this regard than shareholders
    of U.S. companies that are subject to the Exchange Act.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">Exemption
    from the Nasdaq rules applicable to domestic issuers requiring disclosure within four (4) business days of any determination to grant
    a waiver of the code of business conduct and ethics to directors and officers. Although we will require board approval of any such
    waiver, we may choose not to disclose the waiver in the manner set forth in the Nasdaq rules, as permitted by the foreign private
    issuer exemption.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
Nasdaq Rule 5615(a)(3) provides that a foreign private issuer, such as us, may rely on our home country corporate governance practices
in lieu of certain of the rules in the Nasdaq Rule 5600 Series and Rule 5250(d), provided that we nevertheless comply with Nasdaq&#8217;s
Notification of Noncompliance requirement (Rule 5625), the Voting Rights requirement (Rule 5640) and that we have an audit committee
that satisfies Rule 5605(c)(3), consisting of committee members that meet the independence requirements of Rule 5605(c)(2)(A)(ii). If
we rely on our home country corporate governance practices in lieu of certain of the rules of Nasdaq, our shareholders may not have the
same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq. If
we choose to do so, we may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we are permitted to follow certain corporate governance rules that conform to BVI requirements in lieu of many of the Nasdaq corporate
governance rules, we intend to comply with the Nasdaq corporate governance rules applicable to foreign private issuers, including the
requirement to hold annual meetings of shareholders.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity
Compensation Plan Information</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not adopted any equity compensation plans.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Outstanding
Equity Awards at Fiscal Year-End</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, we had no outstanding equity awards.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 30, 2023, our board of directors adopted a clawback policy (the &#8220;Clawback Policy&#8221;) permitting the Company to seek the
recoupment of incentive compensation received by any of the Company&#8217;s current and former executive officers (as determined by the board
in accordance with Section 10D of the Exchange Act and the Nasdaq rules) and such other senior executives/employees who may from time
to time be deemed subject to the Clawback Policy by the board (collectively, the &#8220;Covered Executives&#8221;). The amount to be recovered
will be the excess of the incentive compensation paid to the Covered Executive based on the erroneous data over the incentive compensation
that would have been paid to the Covered Executive had it been based on the restated results, as determined by the board. If the board
cannot determine the amount of excess incentive compensation received by the Covered Executive directly from the information in the accounting
restatement, then it will make its determination based on a reasonable estimate of the effect of the accounting restatement. Refer to
Exhibit 97.1 of this Annual Report for the Company&#8217;s Clawback Policy. For the year ended December 31, 2023, we have not sought
any recoupment of incentive compensation of the Covered Executives.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_008"></span>D.
Employees.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, we had 8 employees, comprising of 2 management personnel, 2 finance, administrative and compliance staff and 4
project execution staff.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
enter into standard confidentiality and employment agreements with our employees. We believe that we maintain a good working relationship
with our employees and we have not experienced any material labor dispute.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_009"></span>E.
Share Ownership.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information regarding the beneficial ownership of our Ordinary Shares as of the date of this Annual Report
by our officers, directors, and 5% or greater beneficial owners of Ordinary Shares. There is no other person or group of affiliated persons
known by us to beneficially own more than 5% of our Ordinary Shares. The following table assumes that none of our officers, directors
or 5% or greater beneficial owners of our Ordinary Shares will purchase shares in this offering. Holders of our Ordinary Shares are entitled
to one (1) vote per share and vote on all matters submitted to a vote of our shareholders, except as may otherwise be required by law.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have determined beneficial ownership in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of
securities to persons who possess sole or shared voting power or investment power with respect to those securities. The person is also
deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Unless
otherwise indicated, the person identified in this table has sole voting and investment power with respect to all shares shown as beneficially
owned by him, subject to applicable community property laws.</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Directors</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Number
    of <br/> Ordinary <br/> Shares</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Approximate
    <br/> percentage of <br/> outstanding <br/> Ordinary Shares</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><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="font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Directors and executive
    officers</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</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="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Wai Ho Chan<sup>(1)</sup></span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,390,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">31.5</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></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">Mr. Sze Hon, Johnson Chen</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,226,906</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">20.9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms. Yau Ting Tai<sup>(1)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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: left"><span style="font-family: Times New Roman, Times, Serif">Mr. Yiu Sing Chan</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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: left"><span style="font-family: Times New Roman, Times, Serif">Mr. Chi Wai Siu</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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: left"><span style="font-family: Times New Roman, Times, Serif">Mr. Ka Lee Lam</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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="font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Directors and executive
    officers as a group</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">10,616,906</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">52.4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</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="font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif">5% principal shareholders:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Wai Ho Chan<sup>(1)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,390,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">31.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Mr. Sze Hon, Johnson Chen</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,226,906</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">20.9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
Ms. Tai is the spouse of Mr. Chan.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_010"></span>F.
Disclosure of a registrant&#8217;s action to recover erroneously awarded compensation.</b></span></p>

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

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

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


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_011"></span>ITEM
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_012"></span>A.
Major Shareholders.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
refer to &#8220;Item 6. Directors, Senior Management and Employees &#8212; E. Share Ownership.&#8221;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_013"></span>B.
Related Party Transactions.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, our Group had fund advance to our Directors: Wai Ho Chan of HK$38,066 and Sze Hon Johnson Chen of HK$58,634,
respectively.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, our Group had fund advance from our Directors: Wai Ho Chan of HK$4,961,934 and Sze Hon Johnson Chen of HK$5,941,366,
respectively.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
balances are unsecured and interest-free. All balances with related parties have been settled 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Policies
and Procedures for Related Party Transactions</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has created an audit committee in connection with this offering which will be tasked with review and approval of all
related party transactions.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_014"></span>C.
Interests of Experts and Counsel</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_015"></span>ITEM
8. FINANCIAL INFORMATION</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_016"></span>A.
Consolidated Statements and Other Financial Information.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 18. Financial Statements&#8221; for our audited consolidated financial statements.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this Annual Report, we are not a party to, and we are not aware of any threat of, any legal proceeding that, in the opinion
of our management, is likely to have a material adverse effect on our business, financial condition or operations.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently intend to retain all available funds and future earnings, if any, for the operation and expansion of our business and do not
anticipate declaring or paying any dividends in the foreseeable future. Any future determination related to our dividend policy will
be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements,
contractual requirements, business prospects and other factors the board of directors deems relevant, and subject to the restrictions
contained in any future financing instruments.</span></p>

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


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2023, 2022 and 2021, we declared and paid dividend of HK$1,581,900 (US$202,525), HK$4,000,000 and nil, respectively
in relation to our retained profit.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
declaration, amount and payment of any future dividends will be at the sole discretion of our board of directors, subject to compliance
with applicable BVI laws regarding solvency. Our board of directors will take into account general economic and business conditions,
our financial condition and results of operations, our available cash and current and anticipated cash needs, capital requirements, contractual,
legal, tax and regulatory restrictions and other implications on the payment of dividends by us to our shareholders or by our subsidiaries
to us, and such other factors as our board of directors may deem relevant.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
BVI law, our board of directors may authorize payment of a dividend to shareholders at such time and of such an amount as they determine
if they are satisfied on reasonable grounds that immediately following the dividend the value of our assets will exceed our liabilities
and we will be able to pay our debts as they become due. There is no further BVI statutory restriction on the amount of funds which may
be distributed by us by dividend.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
we are a holding company, we rely on dividends paid to us by our subsidiaries for our cash requirements, including funds to pay any dividends
and other cash distributions to our shareholders, service any debt we may incur and pay our operating expenses. Our ability to pay dividends
to our shareholders will depend on, among other things, the availability of dividends from our Hong Kong subsidiary GCL.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
dividends, if any, on our Ordinary Shares will be paid in U.S. dollars.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_017"></span>B.
Significant Changes.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as disclosed elsewhere in this Annual Report, we have not experienced any significant changes since the date of our audited consolidated
financial statements included in this Annual Report.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_018"></span>ITEM
9. THE OFFER AND LISTING</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_019"></span>A.
Offer and Listing Details.</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_020"></span>B.
Plan of Distribution.</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_021"></span>C.
Markets.</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_022"></span>D.
Selling Shareholders.</b></span></p>

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

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

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


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_023"></span>E.
Dilution.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_024"></span>F.
Expenses of the Issue.</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_025"></span>ITEM
10. ADDITIONAL INFORMATION</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_026"></span>A.
Share Capital.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this Annual Report, we are authorized to issue a maximum of 300,000,000 Ordinary Shares, $0.0001 par value per share and
300,000,000 Non-voting Ordinary Shares with a par value of US$0.0001 each.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_027"></span>B.
Memorandum and Articles of Association.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
incorporate by reference into this Annual Report the description of our amended and restated memorandum and articles of association contained
in our registration statement on Form F-1 (File No. 333-264575) originally filed with the Securities and Exchange Commission on April
29, 2022, as amended.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following are summaries of material provisions of our Amended and Restated Memorandum and Articles of Association as they relate to the
material terms of our ordinary shares.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of our issued 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 BVI may freely hold and vote their Ordinary Shares. As at the date of this Annual
Report, there are 20,256,099 Ordinary Shares issued and outstanding.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transfer agent and registrar for the Ordinary Shares is VStock Transfer, LLC, at 18 Lafayette Place, Woodmere, NY 11598.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
holders of our Ordinary Shares are entitled to such dividends as may be declared by our board of directors subject to the BVI Act.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
action required or permitted to be taken by the shareholders must be effected at a duly called annual or special meeting of the
shareholders entitled to vote on such action and may be effected by a resolution in writing. At each general meeting, each
shareholder who is present in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized
representative) will have one vote for each common share which such shareholder holds and no vote for holders of Non-voting Ordinary Shares. There are no prohibitions to cumulative
voting under the laws of the BVI, but our amended and restated memorandum and articles of association do not provide for cumulative
voting.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is currently no shareholding qualification for directors, although a shareholding qualification for directors may be fixed by our shareholders
by ordinary resolution.</span></p>

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


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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
must provide written notice of all meetings of shareholders, stating the time, date and place and, in the case of a special meeting of
shareholders, the purpose or purposes thereof, at least seven days before the date of the proposed meeting to those persons whose names
appear as shareholders in the register of members on the date of the notice and are entitled to vote at the meeting. Our board of directors
shall call a special meeting upon the written request of shareholders holding at least 30% of our outstanding voting shares. In addition,
our board of directors may call a special meeting of shareholders on its own motion. A meeting of shareholders held in contravention
of the requirement to give notice is valid if shareholders holding at least 90 percent of the total voting rights on all the matters
to be considered at the meeting have waived notice of the meeting and, for this purpose, the presence of a shareholder at the meeting
shall constitute waiver in relation to all the shares which that shareholder holds.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
any meeting of shareholders, a quorum will be present if there are shareholders present in person or by proxy representing not less than
50% of the issued Ordinary Shares entitled to vote on the resolutions to be considered at the meeting. Such quorum may be represented
by only a single shareholder or proxy. If no quorum is present within two hours of the start time of the meeting, the meeting shall be
dissolved if it was requested by shareholders. In any other case, the meeting shall be adjourned to the next business day, and if shareholders
representing not less than one-third of the votes of the Ordinary Shares or each class of shares entitled to vote on the matters to be
considered at the meeting are present within one hour of the start time of the adjourned meeting, a quorum will be present. No business
may be transacted at any general meeting unless a quorum is present at the commencement of business. If present, the chair of our board
of directors shall be the chair presiding at any meeting of the shareholders. If the chair of our board is not present then the shareholders
present shall choose a shareholder to chair the meeting of shareholders. If there shareholders are unable to choose a chairman for any
reason, then the person representing the greatest number of voting shares present in person or by proxy at the meeting shall preside
as chairman.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
corporation that is a shareholder shall be deemed for the purpose of our Memorandum and Articles of Association to be present in person
if represented by its duly authorized representative. This duly authorized representative shall be entitled to exercise the same powers
on behalf of the corporation which he represents as that corporation could exercise if it were our individual shareholder.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
BVI Act offers some limited protection of minority shareholders. The principal protection under statutory law is that shareholders may
apply to the BVI court for an order directing the company or its director(s) to comply with, or restraining the company or a director
from engaging in conduct that contravenes, the BVI Act or the company&#8217;s memorandum and articles of association. Under the BVI Act,
the minority shareholders have a statutory right to bring a derivative action in the name of and on behalf of the company in circumstances
where a company has a cause of action against its directors. This remedy is available at the discretion of the BVI court. A shareholder
may also bring an action against the company for breach of duty owed to him as a member. A shareholder who considers that the affairs
of the company have been, are being or likely to be, conducted in a manner that is, or any act or acts of the company have been, or are,
likely to be oppressive, unfairly discriminatory, or unfairly prejudicial to him in that capacity, may apply to the BVI court for an
order to remedy the situation.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are common law rights for the protection of shareholders that may be invoked, largely dependent on English company law. Under the general
rule pursuant to English company law known as the rule in Foss v. Harbottle, a court will generally refuse to interfere with the management
of a company at the insistence of a minority of its shareholders who express dissatisfaction with the conduct of the company&#8217;s
affairs by the majority or the board of directors. However, every shareholder is entitled to have the affairs of the company conducted
properly according to BVI law and the constituent documents of the company. As such, if those who control the company have persistently
disregarded the requirements of company law or the provisions of the company&#8217;s memorandum and articles of association, then the
courts may grant relief. Generally, the areas in which the courts will intervene are the following: (1) an act complained of which is
outside the scope of the authorized business or is illegal or not capable of ratification by the majority; (2) acts that constitute fraud
on the minority where the wrongdoers control the company; (3) acts that infringe or are about to infringe on the personal rights of the
shareholders, such as the right to vote; and (4) where the company has not complied with provisions requiring approval of a special or
extraordinary majority of shareholders.</span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no pre-emptive rights applicable to the issue by us of new Ordinary Shares under either BVI law or our Memorandum and Articles of
Association.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the restrictions in our Memorandum and Articles of Association and applicable securities laws, any of our shareholders may transfer
all or any of his or her ordinary shares by written instrument of transfer signed by the transferor and containing the name and address
of the transferee. Our board of directors may resolve by resolution to refuse or delay the registration of the transfer of any Ordinary
Shares. If our board of directors resolves to refuse or delay any transfer, it shall specify the reasons for such refusal in the resolution.
Our directors may not resolve or refuse or delay the transfer of the Ordinary Shares unless the person transferring the Ordinary Shares
has failed to pay any amount due in respect of any of those shares; or (b) such refusal or delay is deemed necessary or advisable in
our view or that of our legal counsel in order to avoid violation of, or in order to ensure compliance with, any applicable, corporate,
securities and other laws and regulations.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
permitted by BVI law and our Memorandum and Articles of Association, the Company may be voluntarily liquidated by a resolution of members
or, if permitted under section 199(2) of the BVI Act, by a resolution of directors if we have no liabilities or we are able to pay our
debts as they fall due and the value of our assets equals or exceeds our liabilities by resolution of directors and resolution of shareholders.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Calls
on Ordinary Shares and forfeiture of Ordinary Shares</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors may from time to time make calls upon shareholders for any amounts unpaid on their Ordinary Shares in a notice served
to such shareholders at least fourteen days prior to the specified time of payment. The Ordinary Shares that have been called upon and
remain unpaid are subject to forfeiture. For the avoidance of doubt, if the issued shares have been fully paid in accordance with the
terms of its issuance and subscription, the board of directors shall not have the right to make calls on such fully paid shares and such
fully paid shares shall not be subject to forfeiture.</span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the provisions of the BVI Act, we may issue shares on terms that are subject to redemption, at our option or at the option of the
holders, on such terms and in such manner as may be determined by our Memorandum and Articles of Association and subject to any applicable
requirements imposed from time to time by, the BVI Act, the SEC, the Nasdaq Capital Market, or by any recognized stock exchange on which
our securities are listed.</span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
or any of the special rights attached to any class of shares may, subject to the provisions of the BVI Act, be amended only pursuant
to a resolution passed at a meeting by the holders of not less than fifty percent of the issued shares in that class.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in the number of shares we are authorized to issue and those in issue</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may from time to time by a resolution of shareholders or resolution of our board of directors:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">amend
    our Memorandum and Articles of Association to increase or decrease the maximum number of shares we are authorized to issue;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">subject
    to our Memorandum and Articles of Association, sub-divide our authorized and issued shares into a larger number of shares than our
    existing number of shares; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">subject
    to our Memorandum and Articles of Association, consolidate our authorized and issued shares into a smaller number of shares.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Memorandum and Articles of Association do not entitle us to sell the shares of a shareholder who is untraceable.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Inspection
of books and records</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
BVI Law, holders of our Ordinary Shares are entitled, upon giving written notice to us, to inspect (i) our Memorandum and Articles of
Association (our charter), (ii) the register of members, (iii) the register of directors and (iv) minutes of meetings and resolutions
of members (shareholders), and to make copies and take extracts from the documents and records. However, our directors can refuse access
if they are satisfied that to allow such access would be contrary to our interests.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Rights
of non-resident or foreign shareholders</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no limitations imposed by our Memorandum and Articles of Association (our charter) 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 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-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Memorandum and Articles of Association (our charter) authorizes our board of directors to issue additional Ordinary Shares from authorized
but unissued Ordinary Shares, to the extent available, from time to time as our board of directors shall determine.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_028"></span>C.
Material Contracts.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not entered into any material contracts other than in the ordinary course of business and other than those described in this Annual
Report.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_029"></span>D.
Exchange controls.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
BVI law, there are currently no restrictions on the export or import of capital, including foreign exchange controls or restrictions
that affect the remittance of dividends, interest or other payments to nonresident holders of our shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_030"></span>E.
Taxation.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summary of the material BVI, Hong Kong and U.S. federal income tax consequences of an investment in or ownership of our ordinary
shares is based upon laws and relevant interpretations thereof in effect as of the date of this Annual Report, all of which are subject
to change. This summary does not deal with all possible tax consequences regarding investing investment in our ordinary shares, such
as the tax consequences under state, local and other tax laws.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Company and all distributions, interest and other amounts paid by our Company to persons who are not resident in the BVI are exempt from
the Income Tax Ordinance in the BVI. No estate, inheritance, succession or gift tax, rate, duty, levy or other charge is payable by persons
who are not resident in the BVI with respect to any shares, debt obligation or other securities of our Company. All instruments relating
to transfers of property to or by our Company and all instruments relating to transactions in respect of the shares, debt obligations
or other securities of our Company and all instruments relating to other transactions relating to the business of our Company are exempt
from payment of stamp duty in the BVI provided that they do not relate to real estate in the BVI. There are currently no withholding
taxes or exchange control regulations in the BVI applicable to our Company or its shareholders.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Material
U.S. Federal Income Tax Considerations for U.S. Holders </i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion describes the material U.S. federal income tax consequences relating to the ownership and disposition of our Ordinary
Shares by U.S. Holders (as defined below). This discussion applies to U.S. Holders that purchase our Ordinary Shares pursuant to this
offering and hold such Ordinary Shares as capital assets. This discussion is based on the U.S. Internal Revenue Code of 1986, as amended,
U.S. Treasury regulations promulgated thereunder and administrative and judicial interpretations thereof, all as in effect on the date
hereof and all of which are subject to change, possibly with retroactive effect. This discussion does not address all of the U.S. federal
income tax consequences that may be relevant to specific U.S. Holders in light of their particular circumstances or to U.S. Holders subject
to special treatment under U.S. federal income tax law (such as certain financial institutions, insurance companies, dealers or traders
in securities or other persons that generally mark their securities to market for U.S. federal income tax purposes, tax-exempt entities
or governmental organizations, retirement plans, regulated investment companies, real estate investment trusts, grantor trusts, brokers,
dealers or traders in securities, commodities, currencies or notional principal contracts, certain former citizens or long-term residents
of the United States, persons who hold our Ordinary Shares as part of a &#8220;straddle,&#8221; &#8220;hedge,&#8221; &#8220;conversion
transaction,&#8221; &#8220;synthetic security&#8221; or integrated investment, persons that have a &#8220;functional currency&#8221;
other than the U.S. dollar, persons that own directly, indirectly or through attribution 10% or more of the voting power of our Ordinary
Shares, corporations that accumulate earnings to avoid U.S. federal income tax, partnerships and other pass-through entities, and investors
in such pass-through entities). This discussion does not address any U.S. state or local or non-U.S. tax consequences or any U.S. federal
estate, gift or alternative minimum tax consequences.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
used in this discussion, the term &#8220;U.S. Holder&#8221; means a beneficial owner of our Ordinary Shares who is, for U.S. federal
income tax purposes, (i) an individual who is a citizen or resident of the United States, (ii) a corporation (or entity treated as a
corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof,
or the District of Columbia, (iii) an estate the income of which is subject to U.S. federal income tax regardless of its source or (iv)
a trust (x) with respect to which a court within the United States is able to exercise primary supervision over its administration and
one or more United States persons have the authority to control all of its substantial decisions or (y) that has elected under applicable
U.S. Treasury regulations to be treated as a domestic trust for U.S. federal income tax purposes.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an entity treated as a partnership for U.S. federal income tax purposes holds our Ordinary Shares, the U.S. federal income tax consequences
relating to an investment in such Ordinary Shares will depend in part upon the status and activities of such entity and the particular
partner. Any such entity should consult its own tax advisor regarding the U.S. federal income tax consequences applicable to it and its
partners of the purchase, ownership and disposition of our Ordinary Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Persons
considering an investment in our Ordinary Shares should consult their own tax advisors as to the particular tax consequences applicable
to them relating to the purchase, ownership and disposition of our Ordinary Shares including the applicability of U.S. federal, state
and local tax laws and non-U.S. tax laws.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, a corporation organized outside the United States will be treated as a PFIC for any taxable year in which either (i) at least
75% of its gross income is &#8220;passive income&#8221;, or the PFIC income test, or (ii) on average at least 50% of its assets, determined
on a quarterly basis, are assets that produce passive income or are held for the production of passive income, or the PFIC asset test.
Passive income for this purpose generally includes, among other things, dividends, interest, royalties, rents, and gains from the sale
or exchange of property that gives rise to passive income. Assets that produce or are held for the production of passive income generally
include cash, even if held as working capital or raised in a public offering, marketable securities, and other assets that may produce
passive income. Generally, in determining whether a non-U.S. corporation is a PFIC, a proportionate share of the income and assets of
each corporation in which it owns, directly or indirectly, at least a 25% interest (by value) is taken into account.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
PFIC status is determined on an annual basis and generally cannot be determined until the end of a taxable year, based on the nature
of our current and expected income and the current and expected value and composition of our assets, we do not presently expect to be
a PFIC for our current taxable year or the foreseeable future. However, there can be no assurance given in this regard because the determination
of whether we are or will become a PFIC is a fact-intensive inquiry made on an annual basis that depends, in part, upon the composition
of our income and assets. In addition, there can be no assurance that the IRS will agree with our conclusion or that the IRS would not
successfully challenge our position.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a PFIC in any taxable year during which a U.S. Holder owns our Ordinary Shares, the U.S. Holder could be liable for additional
taxes and interest charges under the &#8220;PFIC excess distribution regime&#8221; upon (i) a distribution paid during a taxable year
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 our Ordinary Shares, and (ii) any gain recognized on a sale, exchange or other disposition, including a pledge, of
our Ordinary Shares, whether or not we continue to be a PFIC. Under the PFIC excess distribution regime, the tax on such distribution
or gain would be determined by allocating the distribution or gain ratably over the U.S. Holder&#8217;s holding period for our Ordinary
Shares. The amount allocated to the current taxable year (i.e., the year in which the distribution occurs or the gain is recognized)
and any year prior to the first taxable year in which we are a PFIC will be taxed as ordinary income earned in the current taxable year.
The amount allocated to other taxable years will be taxed at the highest marginal rates in effect for individuals or corporations, as
applicable, to ordinary income for each such taxable year, and an interest charge, generally applicable to underpayments of tax, will
be added to the tax.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a PFIC for any year during which a U.S. Holder holds our Ordinary Shares, we must generally continue to be treated as a PFIC by
that holder for all succeeding years during which the U.S. Holder holds such Ordinary Shares, unless we cease to meet the requirements
for PFIC status and the U.S. Holder makes a &#8220;deemed sale&#8221; election with respect to our Ordinary Shares. If the election is
made, the U.S. Holder will be deemed to sell our Ordinary Shares it holds at their fair market value on the last day of the last taxable
year in which we qualified as a PFIC, and any gain recognized from such deemed sale would be taxed under the PFIC excess distribution
regime. After the deemed sale election, the U.S. Holder&#8217;s Ordinary Shares would not be treated as shares of a PFIC unless we subsequently
become a PFIC.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares and one of our non-United States subsidiaries
is also a PFIC (i.e., 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 and would be taxed under the PFIC excess distribution regime on distributions by the lower-tier PFIC and on gain
from the disposition of shares of the lower-tier PFIC even though such U.S. Holder would not receive the proceeds of those distributions
or dispositions. Any of our non-United States subsidiaries that have elected to be disregarded as entities separate from us or as partnerships
for U.S. federal income tax purposes would not be corporations under U.S. federal income tax law and accordingly, cannot be classified
as lower-tier PFICs. However, non-United States subsidiaries that have not made the election may be classified as a lower-tier PFIC if
we are a PFIC during your holding period and the subsidiary meets the PFIC income test or PFIC asset test. Each U.S. Holder is advised
to consult its tax advisors regarding the application of the PFIC rules to any of our non-United States subsidiaries.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a PFIC, a U.S. Holder will not be subject to tax under the PFIC excess distribution regime on distributions or gain recognized
on our Ordinary Shares if a valid &#8220;mark-to-market&#8221; election is made by the U.S. Holder for our Ordinary Shares. An electing
U.S. Holder generally would take into account as ordinary income each year, the excess of the fair market value of our Ordinary Shares
held at the end of such taxable year over the adjusted tax basis of such Ordinary Shares. The U.S. Holder would also take into account,
as an ordinary loss each year, the excess of the adjusted tax basis of such Ordinary Shares over their fair market value at the end of
the taxable year, but only to the extent of the excess of amounts previously included in income over ordinary losses deducted as a result
of the mark-to-market election. The U.S. Holder&#8217;s tax basis in our Ordinary Shares would be adjusted to reflect any income or loss
recognized as a result of the mark-to-market election. Any gain from a sale, exchange or other disposition of our Ordinary Shares in
any taxable year in which we are a PFIC would be treated as ordinary income and any loss from such sale, exchange or other disposition
would be treated first as ordinary loss (to the extent of any net mark-to-market gains previously included in income) and thereafter
as capital loss. If, after having been a PFIC for a taxable year, we cease to be classified as a PFIC because we no longer meet the PFIC
income or PFIC asset test, the U.S. Holder would not be required to take into account any latent gain or loss in the manner described
above and any gain or loss recognized on the sale or exchange of the Ordinary Shares would be classified as a capital gain or loss.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
mark-to-market election is available to a U.S. Holder only for &#8220;marketable stock.&#8221; Generally, stock will be considered marketable
stock if it is &#8220;regularly traded&#8221; on a &#8220;qualified exchange&#8221; within the meaning of applicable U.S. Treasury regulations.
A class of stock is regularly traded during any calendar year during which such class of stock is traded, other than in de minimis quantities,
on at least fifteen (15) days during each calendar quarter.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Ordinary Shares will be marketable stock as long as they remain listed on the Nasdaq Capital Market and are regularly traded. A mark-to-market
election will not apply to the Ordinary Shares for any taxable year during which we are not a PFIC, but will remain in effect with respect
to any subsequent taxable year in which we become a PFIC. Such election will not apply to any of our non-U.S. subsidiaries. Accordingly,
a U.S. Holder may continue to be subject to tax under the PFIC excess distribution regime with respect to any lower-tier PFICs notwithstanding
the U.S. Holder&#8217;s mark-to-market election for the Ordinary Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Company and all distributions, interest and other amounts paid by us in respect of our shares to persons who are not resident in the
BVI are exempt from all provisions of the Income Tax Ordinance in the BVI. No estate, inheritance, succession or gift tax, rate, duty,
levy or other charge is payable by persons who are not resident in the BVI with respect to any of our shares, debt obligations or other
securities. All instruments relating to transactions in respect of our shares, debt obligations or other securities and all instruments
relating to other transactions relating to our business are exempt from payment of stamp duty in the BVI provided that they do not relate
to real estate in the BVI. There are currently no withholding taxes or exchange control regulations in the BVI applicable to us or our
shareholders.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax consequences that would apply if we are a PFIC would also be different from those described above if a U.S. Holder were able to make
a valid qualified electing fund, or QEF, election. As we do not expect to provide U.S. Holders with the information necessary for a U.S.
Holder to make a QEF election, prospective investors should assume that a QEF election will not be available.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
U.S. federal income tax rules relating to PFICs are very complex. Prospective U.S. investors are strongly urged to consult their own
tax advisors with respect to the impact of PFIC status on the purchase, ownership and disposition of our Ordinary Shares, the consequences
to them of an investment in a PFIC, any elections available with respect to the Ordinary Shares and the IRS information reporting obligations
with respect to the purchase, ownership and disposition of Ordinary Shares of a PFIC.</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the discussion above under &#8220;&#8212; Passive Foreign Investment Company Consequences,&#8221; a U.S. Holder that receives a distribution
with respect to our Ordinary Shares generally will be required to include the gross amount of such distribution in gross income as a
dividend when actually or constructively received to the extent of the U.S. Holder&#8217;s pro rata share of our current and/or accumulated
earnings and profits (as determined under U.S. federal income tax principles). To the extent a distribution received by a U.S. Holder
is not a dividend because it exceeds the U.S. Holder&#8217;s pro rata share of our current and accumulated earnings and profits, it will
be treated first as a tax-free return of capital and reduce (but not below zero) the adjusted tax basis of the U.S. Holder&#8217;s Ordinary
Shares. To the extent the distribution exceeds the adjusted tax basis of the U.S. Holder&#8217;s Ordinary Shares, the remainder will
be taxed as capital gain. Because we may not account for our earnings and profits in accordance with U.S. federal income tax principles,
U.S. Holders should expect all distributions to be reported to them as dividends.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
on our Ordinary Shares that are treated as dividends generally will constitute income from sources outside the United States for foreign
tax credit purposes and generally will constitute passive category income. Such dividends will not be eligible for the &#8220;dividends
received&#8221; deduction generally allowed to corporate shareholders with respect to dividends received from U.S. corporations.
Dividends paid by a &#8220;qualified foreign corporation&#8221; to certain non-corporate U.S. Holders may be are eligible for
taxation at a reduced capital gains rate rather than the marginal tax rates generally applicable to ordinary income provided that a holding
period requirement (more than sixty (60) days of ownership, without protection from the risk of loss, during the 121-day period beginning
sixty (60) days before the ex-dividend date) and certain other requirements are met. Each U.S. Holder is advised to consult its tax advisors
regarding the availability of the reduced tax rate on dividends to its particular circumstances. However, if we are a PFIC for the taxable
year in which the dividend is paid or the preceding taxable year (see discussion above under &#8220;&#8212; Passive Foreign Investment
Company Consequences&#8221;), we will not be treated as a qualified foreign corporation, and therefore the reduced capital gains
tax rate described above will not apply.</span></p>

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


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
will be included in a U.S. Holder&#8217;s income on the date of the depositary&#8217;s receipt of the dividend. The amount of any dividend
income paid in BVI dollars will be the U.S. dollar amount calculated by reference to the exchange rate in effect on the date of receipt,
regardless of whether the payment is in fact converted into U.S. dollars. If the dividend is converted into U.S. dollars on the date
of receipt, a U.S. Holder should not be required to recognize foreign currency gain or loss in respect to the dividend income. A U.S.
Holder may have foreign currency gain or loss if the dividend is converted into U.S. dollars after the date of receipt.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
non-United States corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid
or the preceding taxable year) generally will be considered to be a qualified foreign corporation with respect to any dividend it pays
on Ordinary Shares that are readily tradable on an established securities market in the United States.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sale,
Exchange or Other Disposition of Our Ordinary Shares</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the discussion above under &#8220;&#8212; Passive Foreign Investment Company Consequences,&#8221; a U.S. Holder generally will
recognize capital gain or loss for U.S. federal income tax purposes upon the sale, exchange or other disposition of our Ordinary Shares
in an amount equal to the difference, if any, between the amount realized (i.e., the amount of cash plus the fair market value of any
property received) on the sale, exchange or other disposition and such U.S. Holder&#8217;s adjusted tax basis in the Ordinary Shares.
Such capital gain or loss generally will be long-term capital gain taxable at a reduced rate for non-corporate U.S. Holders or long-term
capital loss if, on the date of sale, exchange or other disposition, the Ordinary Shares were held by the U.S. Holder for more than one
year. Any capital gain of a non-corporate U.S. Holder that is not long-term capital gain is taxed at ordinary income rates. The deductibility
of capital losses is subject to limitations. Any gain or loss recognized from the sale or other disposition of our Ordinary Shares will
generally be gain or loss from sources within the United States for U.S. foreign tax credit purposes.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
U.S. Holders that are individuals, estates or trusts and whose income exceeds certain thresholds generally are subject to a 3.8% tax
on all or a portion of their net investment income, which may include their gross dividend income and net gains from the disposition
of our Ordinary Shares. If you are a United States person that is an individual, estate or trust, you are encouraged to consult your
tax advisors regarding the applicability of this Medicare tax to your income and gains in respect of your investment in our Ordinary
Shares.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Holders may be required to file certain U.S. information reporting returns with the IRS with respect to an investment in our Ordinary
Shares, including, among others, IRS Form 8938 (Statement of Specified Foreign Financial Assets). As described above under &#8220;Passive
Foreign Investment Company Consequences&#8221;, each U.S. Holder who is a shareholder of a PFIC must file an annual report containing
certain information. U.S. Holders paying more than $100,000 for our Ordinary Shares may be required to file IRS Form 926 (Return by a
U.S. Transferor of Property to a Foreign Corporation) reporting this payment. Substantial penalties may be imposed upon a U.S. Holder
that fails to comply with the required information reporting.</span></p>

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


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
on and proceeds from the sale or other disposition of our Ordinary Shares may be reported to the IRS unless the U.S. Holder establishes
a basis for exemption. Backup withholding may apply to amounts subject to reporting if the holder (i) fails to provide an accurate U.S.
taxpayer identification number or otherwise establish a basis for exemption, or (ii) is described in certain other categories of persons.
However, U.S. Holders that are corporations generally are excluded from these information reporting and backup withholding tax rules.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Backup
withholding is not an additional tax. Any amounts withheld under the backup withholding rules generally will be allowed as a refund or
a credit against a U.S. Holder&#8217;s U.S. federal income tax liability if the required information is furnished by the U.S. Holder
on a timely basis to the IRS.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Holders should consult their own tax advisors regarding the backup withholding tax and information reporting rules.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>EACH
PROSPECTIVE INVESTOR IS URGED TO CONSULT ITS OWN TAX ADVISOR ABOUT THE TAX CONSEQUENCES TO IT OF AN INVESTMENT IN OUR ORDINARY SHARES
IN LIGHT OF THE INVESTOR&#8217;S OWN CIRCUMSTANCES.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospective
investors should consult their professional advisers on the possible tax consequences of buying, holding or selling any Ordinary Shares
under the laws of their country of citizenship, residence or domicile.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a discussion on certain BVI and Hong Kong income tax consequences of an investment in the Ordinary Shares. The discussion
is a general summary of present law, which is subject to prospective and retroactive change. It is not intended as tax advice, does not
consider any investor&#8217;s particular circumstances, and does not consider tax consequences other than those arising under BVI and
Hong Kong laws.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
BVI currently levies no taxes on individuals or corporations who are not persons resident in the BVI based upon profits, income, gains
or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material
to us levied by the government of the BVI except for stamp duties which may be applicable on instruments executed in, or brought within
the jurisdiction of the British Virgin Islands. The BVI is not party to any double tax treaties that are applicable to any payments made
to or by our company. There are no exchange control regulations or currency restrictions in the BVI.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
subsidiaries incorporated in Hong Kong were subject to 16.5% Hong Kong profits tax on their taxable income assessable profits generated
from operations arising in or derived from Hong Kong for the year of assessment of 2019/2020 and 2018/2019. As from year of assessment
of 2019/2020 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 subsidiary to us are not subject to any withholding
tax in Hong Kong.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_031"></span>F.
Dividends and paying agents.</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_032"></span>G.
Statement by experts.</b></span></p>

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

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

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_033"></span>H.
Documents on display.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the periodic reporting and other informational requirements of the Exchange Act. Under the Exchange Act, we are required
to file reports and other information with the SEC. Specifically, we are required to file annually a Form 20-F no later than four months
after the close of each fiscal year and submit other information under cover of Form 6-K. Annual Reports and other information we file
with the SEC may be inspected at the public reference facilities maintained by the SEC at Room 1024, 100 F. Street, N.E., Washington,
D.C. 20549, and copies of all or any part thereof may be obtained from such offices upon payment of the prescribed fees. You may call
the SEC at 1-800-SEC-0330 for further information on the operation of the public reference rooms and you can request copies of the documents
upon payment of a duplicating fee, by writing to the SEC. In addition, the SEC maintains a web site that contains reports and other information
regarding registrants (including us) that file electronically with the SEC which can be accessed at <i>www.sec.gov</i>.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Internet website is <i>www.meglmagic.com</i>. We make our Annual Reports on Form 20-F and any amendments to such reports available free
of charge on our website as soon as reasonably practicable following the electronic filing of each report with the SEC. In addition,
we provide copies of our filings free of charge upon request. The information contained on our website is not part of this or any other
report filed with or furnished to the SEC.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a foreign private issuer, we are exempt from the proxy requirements of Section 14 of the Exchange Act and our officers, directors and
principal shareholders will be exempt from the insider short-swing disclosure and profit recovery rules of Section 16 of the Exchange
Act.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_034"></span>I.
Subsidiary Information</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
ITEM 4.C and Exhibit 8.1 for our list of subsidiaries.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_035"></span>ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
that potentially subject the Group to a significant concentration of credit risk primarily consist of cash, accounts receivable and other
current assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Group believes that there is no significant credit risk associated with cash, which were held by reputable financial institutions in
the jurisdictions where the Company and its subsidiaries are located. The Hong Kong Deposit Protection Board pays compensation up to
a limit of HK$500,000 (approximately US$64,013) if the bank with which an individual/a company hold its eligible deposit fails. As of
December 31, 2023, cash balance of HK$92,407,813 (approximately US$11,830,623) was maintained at financial institutions in Hong Kong
and an aggregate of HK$2,022,039 were insured by the Hong Kong Deposit Protection Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Group has designed their credit policies with an objective to minimize their exposure to credit risk. Our Group&#8217;s &#8220;Receivables&#8221;
are very short term in nature and the associated risk is minimal. Our Group conducts credit evaluations on its customers and generally
does not require collateral or other security from such customers. The Group periodically evaluates the creditworthiness of the existing
customers in determining an allowance for credit losses primarily based upon the age of the receivables and factors surrounding the
credit risk of specific customers.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Group&#8217;s exposure on fair value interest rate risk mainly arises from its fixed deposits with bank. We also have exposure on cash
flow interest rate risk which is mainly arising from its deposits with banks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
respect of the exposure to cash flow interest rate risk arising from floating rate non-derivative financial instruments held by our Group,
such as cash, our Group is not exposed to significant interest rate risk as the interest rates of cash at bank are not expected to change
significantly.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Group is exposed to foreign currency risk primarily through service income or expenses that are denominated in a currency other than
the functional currency of the operations to which they relate. The currencies giving rise to this risk are primarily US$. As HK$ is
currently pegged to US$, our exposure to foreign exchange fluctuations is minimal.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_036"></span>ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</b></span></p>

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

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

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_037"></span>PART
II</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_038"></span>ITEM
13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not had a default of any indebtedness, and there has not been any arrearage in the payment of dividends.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_039"></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-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 10. Additional Information&#8221; for a description of the rights of shareholders, which remain unchanged.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 4, 2022, MEGL entered into an underwriting agreement with Network 1 Financial Securities, Inc. and Alexander Capital, L.P. as
underwriters named thereof, in connection with its initial public offering (&#8220;IPO&#8221;) of 5,000,000 Ordinary Shares at a price
of $4.00 per share. The Company&#8217;s Registration Statement on Form F-1 (File No. 333-264575) for the IPO, originally filed with the
U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;) on April 29, 2022 (as amended, the &#8220;Registration Statement&#8221;)
was declared effective by the Commission on August 4, 2022. The total expenses incurred for our company&#8217;s account in connection
with our IPO was approximately HK$17.4 million (US$2.2 million), which included US$1.4 million in underwriting discounts and commissions
for the IPO and approximately US$0.8 million in other costs and expenses for our IPO. We received net proceeds of approximately HK$138.7
million (US$17.8) million from our IPO. None of the transaction expenses included payments to directors or officers of our company or
their associates, persons owning more than 10% or more of our equity securities or our affiliates. None of the net proceeds from the
IPO were paid, directly or indirectly, to any of our directors or officers or their associates, persons owning 10% or more of our equity
securities or our affiliates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
unutilized net proceeds received from our IPO were mainly kept as bank deposits. As of December 31, 2023, we had utilized approximately
US$2.9 million and approximately US$5.2 million for strengthening of our corporate finance advisory
business and other general corporate purposes, respectively. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
disclosed in the registration statement on Form F-1, we plan to use the net proceeds of the offering as follows:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><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">Approximately
    50% for strengthening of our corporate finance advisory business in Hong Kong and expanding market presence in other international
    capital markets, in particular the US;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximately
    10% for expanding into the asset management business;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximately
    10% for enhancing our brand and expanding our office operation; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    balance of 30% to fund working capital and for other general corporate purposes.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to a change in market condition, we intend to reallocate (i) 10% net proceeds originally allocated for enhancing our brand and expanding
our office operation; <span style="font-family: Times New Roman, Times, Serif">and (ii) 10% originally allocated </span><span style="font-family: TimesNewRomanPSStd-Regular,serif">for
expanding into the asset management business </span>to fund our working capital and for other general corporate purposes. We intend to use the remainder of the proceeds
from our IPO as disclosed in our registration statement on Form F-1.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_040"></span>ITEM
15. CONTROLS AND PROCEDURES</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>a.
Disclosure Controls and Procedures </i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management, with the participation of our chief executive officer and chief financial officer, has performed an evaluation of the effectiveness
of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by
this Annual Report, as required by Rule 13a-15(b) under the Exchange Act.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
upon that evaluation, our management has concluded that, as of December 31, 2023, our disclosure controls and procedures were effective.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>b.
Management&#8217;s Annual Report on Internal Control Over Financial Reporting</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15
(f) under the Exchange Act. Our management, with the participation of our chief executive officer and our chief financial officer, evaluated
the effectiveness of our internal control over financial reporting based on criteria established in the framework in Internal Control&#8212;Integrated
Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our management
has concluded that our internal control over financial reporting was effective as of December 31, 2023.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">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 and procedures may deteriorate.</p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>c.
Attestation report of the registered public accounting firm</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Annual Report does not include an attestation report of our registered public accounting firm regarding internal control over financial
reporting. Management&#8217;s report was not subject to attestation by our registered public accounting firm pursuant to the rules of
the SEC.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>d.
Changes in internal control over financial reporting</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
for the matters described above, there have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f)
of the Exchange Act) that occurred during the year ended December 31, 2023 that have materially affected, or are reasonably likely to
materially affect, our internal controls over financial reporting.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_041"></span>ITEM
16A. AUDIT COMMITTEE FINANCIAL EXPERT</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors has determined that Yiu Sing Chan qualifies as an &#8220;audit committee financial expert&#8221;, and is independent
for the purposes of the Nasdaq Listing Rules and Rule 10A-3 under the Exchange Act.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_042"></span>ITEM
16B. CODE OF BUSINESS CONDUCT AND ETHICS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted a Code of Business Conduct and Ethics that applies to our directors, officers and employees. The Code of Business Conduct
and Ethics is designed to deter wrongdoing and to promote ethical conduct and full, fair, accurate, timely and understandable reports
that the Company files or submits to the SEC and others. We have filed our Code of Business Conduct and Ethics as an exhibit to this
Annual Report.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_043"></span>ITEM
16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the aggregate fees by categories specified below in connection with certain professional services rendered
by our principal external independent registered public accountant firms in 2022 and 2023.</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">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: right">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: right">2023</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">HK$</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">US$</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%; text-align: left">Audit Fees</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">2,122,710</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">972,967</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">124,565</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">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Tax Fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">All Other Fees</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</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">&#8212;</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">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="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">2,122,710</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">972,967</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">124,565</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit
fees represent the aggregate fees billed for the audit of our annual financial statements, review of our interim financial statements,
review of registration statements or services that are normally provided in connection with statutory and regulatory filings or engagements
for those fiscal years.</span></p>

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


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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no other audit-related fees billed by the principal accountant during the last two fiscal years for assurance and related services
that were reasonably related to the performance of the audit not reported under &#8220;Audit Fees&#8221; above.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Audit
Committee Pre-Approval Policies and Procedures</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Audit Committee of the Board of Directors on an annual basis reviews audit and non-audit services performed by the independent auditors.
All audit and non-audit services are pre-approved by the Audit Committee, which considers, among other things, the possible effect of
the performance of such services on the auditors&#8217; independence.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_044"></span>ITEM
16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_045"></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-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_046"></span>ITEM
16F. CHANGES IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on information provided by the independent registered public accounting firm, Friedman LLP (&#8220;Friedman&#8221;), effective September
1, 2022, Friedman combined with Marcum LLP. On November 7, 2022, the Audit Committee of the Company&#8217;s Board of Directors approved
the dismissal of Friedman LLP and the engagement of Marcum Asia CPAs LLP (&#8220;Marcum Asia&#8221;) to serve as the independent registered
public accounting firm of the Company. The services previously provided by Friedman LLP will now be provided by Marcum Asia.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Friedman&#8217;s
reports on the Company&#8217;s financial statements for the fiscal years ended December 31, 2021 and 2020 did not contain an adverse
opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles. Furthermore,
during the Company&#8217;s two most recent fiscal years and through November 7, 2022, there have been no disagreements with Friedman
on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements,
if not resolved to Friedman&#8217;s satisfaction, would have caused Friedman to make reference to the subject matter of the disagreement
in connection with its reports on the Company&#8217;s financial statements for such periods.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the fiscal years ended December 31, 2021 and 2020 and through November 7, 2022, there were no &#8220;reportable events&#8221; as that
term is described in Item 304(a)(1)(v) of Regulation S-K.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the Company&#8217;s two most recent fiscal years and through November 7, 2022, neither the Company nor anyone acting on the Company&#8217;s
behalf consulted Marcum Asia with respect to any of the matters or reportable events set forth in Item 304(a)(1)(v) of Regulation S-K.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_047"></span>ITEM
16G. CORPORATE GOVERNANCE</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no material differences in our corporate governance practices from those of U.S. domestic companies under the listing standards of
NASDAQ.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_048"></span>ITEM
16H. MINE SAFETY DISCLOSURE</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
16I. DISCLOSURE REGARDIGN FOREIGN JURISDICTION THAT PREVENT INSPECTIONS</b></span></p>

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

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

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


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_049"></span>PART
III</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_050"></span>ITEM
17. FINANCIAL STATEMENTS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have elected to provide financial statements pursuant to Item 18.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_051"></span>ITEM
18. FINANCIAL STATEMENTS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
consolidated financial statements are included at the end of this Annual Report.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nn_052"></span>ITEM
19. EXHIBITS</b></span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.7in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit</b><br/>
    <b>Number</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description
    of Exhibit</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1881472/000121390022022679/ff12022ex3-1_magic.htm" style="-sec-extract: exhibit">Amended and Restated Memorandum and Articles of Association of the Company (incorporated by reference to Exhibit 3.1 to the Company&#8217;s Form F-1 (file no. 333-264575) filed on April 29, 2022)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2**</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1881472/000121390022046318/ea164052ex4-1_magicempire.htm" style="-sec-extract: exhibit">Form of Representative&#8217;s Warrants (incorporated by reference to Exhibit 4.1 of the Company&#8217;s Form 6-K filed on August 10, 2022)</a></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex8-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">List of Subsidiaries</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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/1881472/000121390022022679/ff12022ex99-1_magic.htm" style="-sec-extract: exhibit">Code of Business Conduct and Ethics (incorporated by reference to Exhibit 99.1 to the Company&#8217;s Form F-1 (file no. 333-264575) filed April 29, 2022)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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 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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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 Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">97.1*</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex97-1.htm">Clawback Policy</a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101
    *</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    following financial information from the Annual Report on Form 20-F for the fiscal year ended December 31, 2023, formatted
    in XBRL (Extensible Business Reporting Language) and filed electronically herewith: (i) the Consolidated Balance Sheets; (ii) the
    Consolidated Statements of Operations; (iii) the Consolidated Statements of Changes in Shareholders&#8217; Equity; (iv) the Consolidated
    Statements of Cash Flows; and (v) the Notes to the Consolidated Financial Statements.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

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


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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registrant hereby certifies that it meets all of the requirements for filing 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; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MAGIC
    EMPIRE GLOBAL LIMITED</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    April 22, 2024</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Sze Hon, Johnson Chen</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sze
    Hon, Johnson Chen</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

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

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 72px; text-align: center"><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; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#fn_001">Report
    of Independent Registered Public Accounting Firm</a> (Marcum Asia CPAs LLP, PCAOB ID <span id="xdx_906_edei--AuditorFirmId_c20230101__20231231_zoNJmxpfXn85"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000051" name="dei:AuditorFirmId">5395</ix:nonNumeric></span>)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2
    </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: 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"><a href="#am_019">Report
    of Independent Registered Public Accounting Firm</a> (Friedman LLP, PCAOB ID <span id="xdx_907_edei--AuditorFirmId_c20220101__20221231_zXOFi8YVIw2a"><ix:nonNumeric contextRef="From2022-01-012022-12-31" id="Fact000052" name="dei:AuditorFirmId">711</ix:nonNumeric></span>)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
    Statements:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify"><a href="#fin_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Balance Sheets as of December 31, 2023 and 2022</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify"><a href="#fin_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify"><a href="#fin_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Change in Shareholders&#8217; Equity for the years ended December 31, 2023, 2022 and 2021 </span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify"><a href="#fin_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify"><a href="#fin_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to Consolidated Financial Statements</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-8
    &#8211; F-30</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><img src="audit_001.jpg" alt=""/></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="fn_001"></span>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Board of Directors and Shareholders of</span></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated balance sheets of Magic Empire Global Limited (the &#8220;Company&#8221;) as of December 31,
2022 and 2023, and the related consolidated statements of operations, changes in shareholders&#8217; equity, and cash flows for each
of the years in the two-year period ended December 31, 2023, and the related notes (collectively referred to as the &#8220;consolidated
financial statements&#8221;). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial
position of the Company as of December 31, 2022 and 2023, and the results of its operations and its cash flows for each of the years
in the two-year 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-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_edei--AuditorName_c20230101__20231231_zqqiMBFwwtMe"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000053" name="dei:AuditorName">Marcum
Asia CPAs LLP</ix:nonNumeric></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 2021 (such date takes into account the acquisition of certain assets of Friedman LLP
by Marcum Asia CPAs LLP effective September 1, 2022).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; 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: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_edei--AuditorLocation_c20230101__20231231_zzY5GiWSxMz6"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000054" name="dei:AuditorLocation">New
York, New York</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
22, 2024</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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NEW
YORK OFFICE &#9679; 7 Penn Plaza &#9679; Suite 830 &#9679; New York, New York &#9679; 10001</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone
646.442.4845 &#8226; Fax 646.349.5200 &#8226; www.marcumasia.com</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</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; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><img src="audit_002.jpg" alt=""/></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"><b>&#160;</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_019"></span>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Board of Directors and Shareholders of</span></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated statements of operations, changes in shareholders&#8217; equity, and cash flows of Magic Empire
Global Limited (the &#8220;Company&#8221;) for the year ended December 31, 2021, and the related notes (collectively referred to as the
&#8220;consolidated financial statements&#8221;). In our opinion, the consolidated financial statements present fairly, in all material
respects, the results of its operations and its cash flows for the year ended December 31, 2021, in conformity with accounting principles
generally accepted in the United States of America.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion
on the Company&#8217;s consolidated financial statements based on our audit. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing
an opinion on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due
to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audit provides a reasonable basis for our opinion.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_edei--AuditorName_c20220101__20221231_zpLKnU47zkRg"><ix:nonNumeric contextRef="From2022-01-012022-12-31" id="Fact000055" name="dei:AuditorName">Friedman
LLP</ix:nonNumeric></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
served as the Company&#8217;s auditor from 2021 through 2022.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_edei--AuditorLocation_c20220101__20221231_zd3W68NzSHX8"><ix:nonNumeric contextRef="From2022-01-012022-12-31" id="Fact000056" name="dei:AuditorLocation">New
York, New York</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; 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: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
8, 2022</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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img src="audit_003.jpg" alt="" style="height: 62px; width: 670px"/></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>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#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="fin_003"></span>MAGIC
EMPIRE GLOBAL LIMITED<br/>
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">&#160;</span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr id="xdx_408_eus-gaap--AssetsAbstract_iB_zcUhUE952iPg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--AssetsCurrentAbstract_i01B" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_407_eus-gaap--Cash_i02I_maACz59o_zqiIKec9ZiHl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40A_eus-gaap--IncomeTaxesReceivable_i02I_maACz59o_zQhVGYuck8jd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_405_eus-gaap--AssetsCurrent_i02TI_mtACz59o_maAzoWX_zDF6eDTtR5I6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--AssetsNoncurrentAbstract_i01B_zZtvL4SXLePe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentNet_i02I_maANzl9K_zR4YuzmiXal8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="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 style="-sec-ix-hidden: xdx2ixbrl0102">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><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 id="xdx_407_eus-gaap--OperatingLeaseRightOfUseAsset_i02I_maANzl9K_z9TixFPk04S3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right-of-use
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2022-12-31" id="Fact000107" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">3,553,677</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pp0p0_uUSD_c20231231_za6SC7pH8W04" title="Right-of-use assets" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2023-12-31" id="Fact000110" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">212,316</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><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 id="xdx_402_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_i02I_maLCzLEg_z0CQ05nL3Ynh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_40A_eus-gaap--ContractWithCustomerLiabilityCurrent_i02I_maLCzLEg_zBO6T3hx9PZc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40C_eus-gaap--LiabilitiesCurrent_i02TI_mtLCzLEg_maLzduS_zUUvL9KMBor5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--LiabilitiesNoncurrentAbstract_i01B_z5x64IIQ6hD4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--OperatingLeaseLiabilityNoncurrent_i02I_maLNzTnv_zp3B1Ry54lxi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_40C_eus-gaap--LiabilitiesNoncurrent_i02TI_mtLNzTnv_maLzduS_zh6bA8BXDI09" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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  <tr id="xdx_401_eus-gaap--Liabilities_i01TI_mtLzduS_maLASEzkKf_zzlxW0NnW2qj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--CommitmentsAndContingencies_i01I_maLASEzkKf_znwKQigsm499" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="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="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0172">-</span>&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_40B_eus-gaap--StockholdersEquityAbstract_i01B_zT4bBtbBJPOb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHAREHOLDERS&#8217;
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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<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>

<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: 0pt 0pt 0pt 0"></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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-right: 0pt; 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-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; 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: 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="fin_004"></span>MAGIC
EMPIRE GLOBAL 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</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>

<table cellpadding="0" cellspacing="0" id="xdx_30F_113_zYKexZruRrNi" summary="xdx: Statement - Consolidated Statements of Operations" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr id="xdx_404_eus-gaap--OperatingExpensesAbstract_iB_zYRO02auPwvh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_406_eus-gaap--SellingGeneralAndAdministrativeExpense_i01N_di_maOEzVzP_zDPRG5Tulgg2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_mtILFCOzKn6_maNILzlzs_zIfACXkoq7sb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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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"></p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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: 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: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="fin_005"></span>MAGIC
EMPIRE GLOBAL LIMITED<br/>
CONSOLIDATED STATEMENTS OF CHANGE 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">&#160;</span></p>

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  <tr id="xdx_40C_eus-gaap--NetIncomeLoss_zjSnlka7IaNh" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0342">&#8212;</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_434_c20220101__20221231_eus-gaap--StockholdersEquity_iS_zZIQz36i0rH7" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_404_eus-gaap--NetIncomeLoss_z9n7v2iTOHKe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net loss</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0353">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_403_eus-gaap--StockIssuedDuringPeriodValueNewIssues_zmo60zq0X3af" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Issuance of ordinary shares
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2022-01-012022-12-31_us-gaap_AdditionalPaidInCapitalMember" id="Fact000359" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">138,662,858</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0360">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40C_ecustom--StockIssuedDuringPeriodValueExerciseOfWarrants_zleOxku7pMb9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Exercise of warrants</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:StockIssuedDuringPeriodValueExerciseOfWarrants" contextRef="From2022-01-012022-12-31_us-gaap_CommonStockMember" id="Fact000365" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">201</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0366">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0367">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:StockIssuedDuringPeriodValueExerciseOfWarrants" contextRef="From2022-01-012022-12-31" id="Fact000368" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">201</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--StockIssuedDuringPeriodValueStockDividend_iN_di_zJGhGS7GkAUj" style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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<tr id="xdx_40E_eus-gaap--StockIssuedDuringPeriodValueStockDividend_iN_di_zJ2foyaOBrok" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Dividend
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_43B_c20230101__20231231_eus-gaap--StockholdersEquity_iE_zePKmVjsgMu" 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: center"></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>

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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">The
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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="fin_006"></span>MAGIC
EMPIRE GLOBAL LIMITED<br/>
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">&#160;</span></p>

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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000422" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="HKD">483,812</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_409_eus-gaap--AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_i01B_zgtZSCSsqXGj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40F_eus-gaap--Depreciation_i02_maNCPBUzOhl_z9MNZMAOKuQ5" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Depreciation</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-01-012021-12-31" id="Fact000430" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">695,046</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2022-01-012022-12-31" id="Fact000431" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">62,683</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2023-01-01to2023-12-31" id="Fact000432" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">209,966</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_989_eus-gaap--Depreciation_uUSD_c20230101__20231231_z1oL2dorSjzj" title="Depreciation" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2023-01-01to2023-12-31" id="Fact000434" format="ixt:numdotdecimal" decimals="0" unitRef="USD">26,881</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--OperatingLeaseRightOfUseAssetAmortizationExpense_i02_maNCPBUzOhl_z1spKXENJWA7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Amortization of right-of-use
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAssetAmortizationExpense" contextRef="From2022-01-012022-12-31" id="Fact000437" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,895,294</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAssetAmortizationExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000438" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,895,294</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_400_ecustom--LossDueToMarktomarketOfDerivativeAssetAdjustment_i02N_di_msNCPBUzOhl_zlOMulqYyFYh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Loss due to mark-to-market of a derivative asset </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0442">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0443">&#8212;</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="MEGL:LossDueToMarktomarketOfDerivativeAssetAdjustment" contextRef="From2023-01-01to2023-12-31" id="Fact000444" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="HKD">1,963,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40C_ecustom--InterestOfLeaseLiabilities_i02_maNCPBUzOhl_zdggQdBChQ45" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Interest of lease liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:InterestOfLeaseLiabilities" contextRef="From2021-01-012021-12-31" id="Fact000448" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">82,200</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:InterestOfLeaseLiabilities" contextRef="From2022-01-012022-12-31" id="Fact000449" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">232,002</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:InterestOfLeaseLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact000450" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">139,296</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_986_ecustom--InterestOfLeaseLiabilities_uUSD_c20230101__20231231_zj4Y1Tjg0B46" title="Interest of lease liabilities" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:InterestOfLeaseLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact000452" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,834</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--DeferredIncomeTaxExpenseBenefit_i02_maNCPBUzOhl_zyBvyawuzS36" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Deferred tax (benefit)
    expense</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:DeferredIncomeTaxExpenseBenefit" contextRef="From2021-01-012021-12-31" id="Fact000454" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="HKD">391,820</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DeferredIncomeTaxExpenseBenefit" contextRef="From2022-01-012022-12-31" id="Fact000455" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">391,820</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0456">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_981_eus-gaap--DeferredIncomeTaxExpenseBenefit_uUSD_c20230101__20231231_z77ZZpKDpOM5" title="Deferred tax (benefit) expense" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0458">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i02B_zSmqm5kUx9Sk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in operating assets and liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--IncreaseDecreaseInAccountsReceivable_i03N_di_msNCPBUzOhl_zalFelQlA57j" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Accounts receivable</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2021-01-012021-12-31" id="Fact000464" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">2,406,350</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2022-01-012022-12-31" id="Fact000465" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="HKD">3,192,306</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2023-01-01to2023-12-31" id="Fact000466" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">314,033</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_986_eus-gaap--IncreaseDecreaseInAccountsReceivable_i03N_di_uUSD_c20230101__20231231_z32lWiIJieRa" title="Accounts receivable" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2023-01-01to2023-12-31" id="Fact000468" format="ixt:numdotdecimal" decimals="0" unitRef="USD">40,204</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_402_eus-gaap--IncreaseDecreaseInAccruedInterestReceivableNet_i03N_di_msNCPBUzOhl_zaNj67lY1axb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Interest receivables</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0470">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_400_eus-gaap--IncreaseDecreaseInContractWithCustomerLiability_i03_maNCPBUzOhl_z4m7ertRpRIg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_403_eus-gaap--IncreaseDecreaseInOperatingLeaseLiability_i03_maNCPBUzOhl_z6I6iEdldjy9" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Taxes
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable" contextRef="From2022-01-012022-12-31" id="Fact000507" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="HKD">242,393</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_zRFqOfRhoc7" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">CASH FLOWS FROM INVESTING ACTIVITIES:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_ecustom--PaymentsToAcquireOtherReceivablesRelatedParties_i01N_di_msNCPBUz2Al_zU1jfHrabw9a" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0522">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="MEGL:PaymentsToAcquireOtherReceivablesRelatedParties" contextRef="From2022-01-012022-12-31" id="Fact000523" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">96,700</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:PaymentsToAcquireOtherReceivablesRelatedParties" contextRef="From2023-01-01to2023-12-31" id="Fact000524" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="HKD">96,700</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_985_ecustom--PaymentsToAcquireOtherReceivablesRelatedParties_i01N_di_uUSD_c20230101__20231231_zOt4LybJQXgk" title="Other receivables - related parties" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:PaymentsToAcquireOtherReceivablesRelatedParties" contextRef="From2023-01-01to2023-12-31" id="Fact000526" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">12,380</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_i01N_di_msNCPBUz2Al_zQjKWepZ7hN7" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Purchase of property and
    equipment</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0528">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0529">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2023-01-01to2023-12-31" id="Fact000530" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,904,972</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_982_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_i01N_di_uUSD_c20230101__20231231_z4FpBs66e7ai" title="Purchase of property and equipment" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2023-01-01to2023-12-31" id="Fact000532" format="ixt:numdotdecimal" decimals="0" unitRef="USD">243,886</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40B_eus-gaap--PaymentsToAcquireInvestments_i01N_di_msNCPBUz2Al_zJWHnD9zEekf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Payment
    for long-term investment</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0534">&#8212;</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToAcquireInvestments" contextRef="From2022-01-012022-12-31" id="Fact000535" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">14,500,000</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToAcquireInvestments" contextRef="From2023-01-01to2023-12-31" id="Fact000536" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">26,110,738</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_988_eus-gaap--PaymentsToAcquireInvestments_i01N_di_uUSD_c20230101__20231231_zma2pHHQUr38" title="Payment for long-term investment" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToAcquireInvestments" contextRef="From2023-01-01to2023-12-31" id="Fact000538" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,342,859</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_400_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_mtNCPBUz2Al_maCCERCzEkK_zcmwk7yjRQg7" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net cash used in investing
    activities</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0540">&#8212;</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2022-01-012022-12-31" id="Fact000541" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="HKD">14,596,700</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000542" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="HKD">27,919,010</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_989_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_uUSD_c20230101__20231231_zOc1BgTHaMYa" title="Net cash used in investing activities" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000544" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,574,365</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_zFIvwEy29tl4" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">CASH FLOWS FROM FINANCING ACTIVITIES:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_i01_maNCPBUzfhe_zJ3yQc9I9uNf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Proceeds from IPO, net</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0550">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2022-01-012022-12-31" id="Fact000551" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">140,537,759</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0552">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_988_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_i01_uUSD_c20230101__20231231_zPVSNjcHGKz8" title="Proceeds from IPO, net" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0554">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_ecustom--ProceedsFromRepaymentsOfDeferredInitialPublicOfferingCost_i01_maNCPBUzfhe_zeh8jHCu9Qz1" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Deferred IPO cost</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="MEGL:ProceedsFromRepaymentsOfDeferredInitialPublicOfferingCost" contextRef="From2021-01-012021-12-31" id="Fact000556" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="HKD">1,870,775</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0557">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0558">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_989_ecustom--ProceedsFromRepaymentsOfDeferredInitialPublicOfferingCost_i01_uUSD_c20230101__20231231_zRs7vEht4teh" title="Deferred IPO cost" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0560">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--PaymentsOfDividendsCommonStock_i01N_di_msNCPBUzfhe_ztZPVqSUBFVl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40D_eus-gaap--ProceedsFromRepaymentsOfRelatedPartyDebt_i01_maNCPBUzfhe_zwtW8D0wO4sf" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_407_eus-gaap--NetCashProvidedByUsedInFinancingActivities_i01T_mtNCPBUzfhe_maCCERCzEkK_zRsaYHThfC7h" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2022-01-012022-12-31" id="Fact000575" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">125,634,459</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40D_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_iT_mtCCERCzEkK_zkY5Rq4j25f" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98C_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_iT_uUSD_c20230101__20231231_z0EsBkHQ7VL5" title="NET CHANGE IN CASH" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" contextRef="From2023-01-01to2023-12-31" id="Fact000584" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,764,793</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40B_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iS_zmb3HXSuMMmh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">CASH AT BEGINNING OF
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40B_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iE_zjqo723jOQzd" style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40D_eus-gaap--CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_iB_z4JoBhtuQBt7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_403_eus-gaap--OtherNoncashInvestingAndFinancingItemsAbstract_i01B_zez3HcC1fhAj" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40A_ecustom--DeferredIpoCostsRecognizedAsSharePremium_i02_zx9M3dfqjuD1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: 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: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="fin_007"></span>MAGIC
EMPIRE GLOBAL LIMITED<br/>
NOTES TO CONSOLIDATED 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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000640" name="us-gaap:NatureOfOperations"><p id="xdx_80D_eus-gaap--NatureOfOperations_zEtWfOrZ3jme" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_825_zSFT1Y3sUwpd">ORGANIZATION AND BUSINESS OVERVIEW</span></b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magic
Empire Global Limited (&#8220;MEGL&#8221; or the &#8220;Company&#8221;) is a limited liability company incorporated in British Virgin
Islands on May 10, 2016. The Company&#8217;s registered office is located at the office of P.O. Box 957, Offshore Incorporations Centre,
Road Town, Tortola, British Virgin Islands and its principal place of business is situated at 3/F, 8 Wyndham Street, Central, Hong Kong.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and its subsidiaries (collectively referred to as the &#8220;Group&#8221;) provide financial services in Hong Kong which principally
engages in the provision of corporate finance advisory services, underwriting services and corporate services.</span></p>

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<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000642" name="MEGL:ScheduleOfSubsidiariesCompanyTableTextBlock"><p id="xdx_895_ecustom--ScheduleOfSubsidiariesCompanyTableTextBlock_z05mcsMIf8D9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Company has direct or indirect interests in the following subsidiaries:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B1_zX2mVlf75e8k" style="display: none">SCHEDULE OF SUBSIDIARIES COMPANY</span></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 96%; border-collapse: collapse; margin-left: 0.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="border-top: black 1.5pt solid; text-align: justify; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    and date of incorporation</b></span></td>
    <td style="border-top: black 1.5pt solid; text-align: justify; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issued
    ordinary <br/>
    share capital</b></span></td>
    <td style="border-top: black 1.5pt solid; text-align: justify; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-top: black 1.5pt solid; text-align: justify; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <br/>
    activity</b></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Giraffe
    Financial Holdings Limited (&#8220;GFHL&#8221;)</span></td>
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Kong June 24, 2016</ix:nonNumeric></span></p></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"><span id="xdx_90E_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--GiraffeFinancialHoldingsLimitedMember_z0ypnBCcI4Q8" title="Principal activity"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_GiraffeFinancialHoldingsLimitedMember" id="Fact000649" name="us-gaap:EquityMethodInvestmentDescriptionOfPrincipalActivities">Investment
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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; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></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">Giraffe
    Capital Limited (&#8220;GCL&#8221;)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span id="xdx_900_ecustom--EntityIncorporationPlaceAndDateOfIncorporation_dd_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--GiraffeCapitalLimitedMember_zcTgkdCW33X" title="Place and date of Incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_GiraffeCapitalLimitedMember" id="Fact000651" name="MEGL:EntityIncorporationPlaceAndDateOfIncorporation">Hong Kong June 28, 2016</ix:nonNumeric></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HK$<span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodValueNewIssues_dd_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--GiraffeCapitalLimitedMember_zPbV6gb9U0J8" title="Issued ordinary share capital"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2023-01-012023-12-31_custom_GiraffeCapitalLimitedMember" id="Fact000653" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">10,000,000</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--GiraffeCapitalLimitedMember_z3FJJOiLRDMd" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_GiraffeCapitalLimitedMember" id="Fact000655" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%
    owned by GHFL</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></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">Giraffe
    Investment Limited (&#8220;GIL&#8221;)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_ecustom--EntityIncorporationPlaceAndDateOfIncorporation_dd_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--GiraffeInvestmentLimitedMember_zQwJ5ER1iUNd" title="Place and date of Incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_GiraffeInvestmentLimitedMember" id="Fact000659" name="MEGL:EntityIncorporationPlaceAndDateOfIncorporation">Hong
    Kong September 22, 2022</ix:nonNumeric></span></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">HK$<span id="xdx_900_eus-gaap--StockIssuedDuringPeriodValueNewIssues_dd_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--GiraffeInvestmentLimitedMember_zmfbG2K3hBg" title="Issued ordinary share capital"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2023-01-012023-12-31_custom_GiraffeInvestmentLimitedMember" id="Fact000661" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">100</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--GiraffeInvestmentLimitedMember_zC6J99tapI92" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_GiraffeInvestmentLimitedMember" id="Fact000663" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--GiraffeInvestmentLimitedMember_zSi060mkQvU2" title="Principal activity"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_GiraffeInvestmentLimitedMember" id="Fact000665" name="us-gaap:EquityMethodInvestmentDescriptionOfPrincipalActivities">Investment
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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; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></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">Magic
    Empire Investment Limited (&#8220;MEIL&#8221;)</span></td>
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    Kong September 22, 2022</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HK$<span id="xdx_909_eus-gaap--StockIssuedDuringPeriodValueNewIssues_dd_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MagicEmpireInvestmentLimitedMember_zDnRqGSRYHL7" title="Issued ordinary share capital"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2023-01-012023-12-31_custom_MagicEmpireInvestmentLimitedMember" id="Fact000669" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">100</ix:nonFraction></span></span></td>
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    owned by GHFL</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    holding</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></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">Giraffe
    Corporate Services Limited (&#8220;GCSL&#8221;)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span id="xdx_90C_ecustom--EntityIncorporationPlaceAndDateOfIncorporation_dd_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--GiraffeCorporateServicesLimitedMember_zgiykNveLNIl" title="Place and date of Incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_GiraffeCorporateServicesLimitedMember" id="Fact000675" name="MEGL:EntityIncorporationPlaceAndDateOfIncorporation">Hong Kong August 3, 2023</ix:nonNumeric></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HK$<span id="xdx_907_eus-gaap--StockIssuedDuringPeriodValueNewIssues_dd_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--GiraffeCorporateServisesLimitedMember_zB5RmPXa1mLi" title="Issued ordinary share capital"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2023-01-012023-12-31_custom_GiraffeCorporateServisesLimitedMember" id="Fact000677" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">100</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--GiraffeCorporateServisesLimitedMember_zB5kmcyrcYe" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_GiraffeCorporateServisesLimitedMember" id="Fact000679" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%
    owned by GHFL</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--GiraffeCorporateServisesLimitedMember_znIMTnutmnXb" title="Principal activity"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_GiraffeCorporateServisesLimitedMember" id="Fact000681" name="us-gaap:EquityMethodInvestmentDescriptionOfPrincipalActivities">Providing
    corporate services</ix:nonNumeric></span></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AE_z5Fl4sGQ8wji" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group is a financial services provider in Hong Kong which principally engages in the provision of corporate finance advisory services
and underwriting services. The service offerings mainly comprise the following:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial
Public Offering (&#8220;IPO&#8221;) sponsorship services: The Group acts as sponsors to companies pursuing listing on the Main Board
(the &#8220;Main Board&#8221;) of the Stock Exchange of Hong Kong Limited (the &#8220;Stock Exchange&#8221;) and GEM (formerly known
as Growth Enterprise Market) of the Stock Exchange advising and guiding them throughout the listing process in return for sponsor&#8217;s
fee.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
financial advisory (&#8220;IFA&#8221;) services: The Group acts as an independent financial advisor to give opinions or recommendations
to the independent board committee and independent shareholders of the listed companies, in return for advisory fee.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
advisory (&#8220;FA&#8221;) services: The Group acts as a financial advisor to clients to advise them on the terms and structures of
the proposed transactions, and the relevant implications and compliance matters under the Hong Kong regulatory framework including the
Listing Rules, the GEM Listing Rules and the Takeovers Code.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance
advisory (&#8220;CA&#8221;) services: The Group acts as a compliance advisor to the listed companies on the Main Board or GEM and advise
them on post-listing compliance matters in return for compliance advisory fee.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting
services: The Group provides underwriting services by acting as a global coordinator, a bookrunner, a lead manager or an underwriter
for the listing applicants in IPOs, in return for underwriting commission income.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate
services: The Company acts as a consultant to clients to advise them on the company secretarial and accountancy matter, in return for
advisory fee.</span></p>

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


<ix:exclude><!-- Field: Page; Sequence: 87; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MAGIC
EMPIRE GLOBAL LIMITED</b></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"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ORGANIZATION
    AND BUSINESS OVERVIEW </b>(cont.)</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 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Initial
Public Offering</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 4, 2022, MEGL entered into an underwriting agreement with Network 1 Financial Securities, Inc. and Alexander Capital, L.P. as
underwriters named thereof, in connection with its initial public offering (&#8220;IPO&#8221;) of <span id="xdx_90C_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_uShares_c20220803__20220804__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zVIhE8s8BK5e"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2022-08-032022-08-04_us-gaap_IPOMember" id="Fact000682" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000,000</ix:nonFraction></span> Ordinary Shares at a price
of $<span id="xdx_90A_eus-gaap--SaleOfStockPricePerShare_iI_uUSDPShares_c20220804__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zse9fWwOvlo3"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2022-08-04_us-gaap_IPOMember" id="Fact000683" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">4.00</ix:nonFraction></span> per share. The Company&#8217;s Registration Statement on Form F-1 (File No. 333-264575) for the IPO, originally filed with the
U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;) on April 29, 2022 (as amended, the &#8220;Registration Statement&#8221;)
was declared effective by the Commission on August 4, 2022. The Company issued representative&#8217;s warrants to purchase up to <span id="xdx_903_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_pid_uShares_c20220809__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__srt--RangeAxis__srt--MaximumMember_zfIBM7QMA0N3"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" contextRef="AsOf2022-08-09_us-gaap_IPOMember_srt_MaximumMember" id="Fact000684" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction></span>
Ordinary Shares at $<span id="xdx_902_eus-gaap--SharePrice_iI_uUSDPShares_c20220809__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zgqli50o3Dqd"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2022-08-09_us-gaap_IPOMember" id="Fact000685" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.00</ix:nonFraction></span> per share, dated August 9, 2022, to Network 1 Financial Securities, Inc., based on terms set forth in warrants
agreements, including cashless exercise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 10, 2022, the Company closed its initial public offering (the &#8220;IPO&#8221;) of <span id="xdx_90E_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_uShares_c20220809__20220810__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zYpvWjhlBqC5"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2022-08-092022-08-10_us-gaap_IPOMember" id="Fact000686" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000,000</ix:nonFraction></span> ordinary shares at a price of $<span id="xdx_909_eus-gaap--SaleOfStockPricePerShare_iI_uUSDPShares_c20220810__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z1snpVIAVQOk"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2022-08-10_us-gaap_IPOMember" id="Fact000687" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">4.00</ix:nonFraction></span>
per share. The aggregate gross proceeds from the IPO were US$<span id="xdx_908_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pn6n6_uUSD_c20220809__20220810__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zZvpJ5G5wgxc"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2022-08-092022-08-10_us-gaap_IPOMember" id="Fact000688" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">20</ix:nonFraction></span> million, before deducting underwriting discounts and other related expenses.
The ordinary shares of the Company began trading on the Nasdaq Capital Market on August 5, 2022 under the ticker symbol &#8220;MEGL.&#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 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 12, 2022, the underwriter exercised its representative&#8217;s warrants in full and the Company issued a total of <span id="xdx_90D_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_uShares_c20220825__20220826_z4VsmaOxql1j"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2022-08-252022-08-26" id="Fact000689" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">256,099</ix:nonFraction></span> ordinary
shares with no cash consideration on August 26, 2022.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Recent
Business Development</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Introduction
of a new business line</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 3, 2023, GCSL, a new subsidiary of the Company, was set up and launched its new line of business in the provision of corporate
services which include accounting and financial reporting advisory, company secretarial services, internal control enhancement, investor
relations advisory and other consulting services. The corporate services will supplement the Group&#8217;s existing business by extending
its service offerings and provide comprehensive solutions to meet the evolving needs of its clients and diversify the Group&#8217;s client
base.</span></p>

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

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000691" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_80C_eus-gaap--SignificantAccountingPoliciesTextBlock_zwtIfVC1k5Xg" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_827_zpRIJQMpCPTd">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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="Fact000693" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_842_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_z5cNua0NDah9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_860_zzcQdBf8hIOh">Basis
of presentation</span></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America (&#8220;U.S. GAAP&#8221;) and applicable rules and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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="Fact000695" name="us-gaap:ConsolidationPolicyTextBlock"><p id="xdx_84F_eus-gaap--ConsolidationPolicyTextBlock_zvik3k4Ea1Ig" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_862_zlYt89lHzhP9">Principles
of consolidation</span></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. A subsidiary is an entity (including
a structured entity), directly or indirectly, controlled by the Company. The financial statements of the subsidiaries are prepared for
the same reporting period as the Company, using consistent accounting policies. All intra-group assets and liabilities, equity, income,
expenses and cash flows relating to transactions between members of the Group are eliminated in 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>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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>MAGIC
EMPIRE GLOBAL LIMITED<br/>
NOTES TO CONSOLIDATED 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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES </b>(cont.)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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="Fact000697" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"><p id="xdx_843_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_z5brB2gwSHSd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_867_zOohj8IU3b09">Foreign
currency translation</span></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group uses Hong Kong Dollar (&#8220;HK$&#8221;) as its reporting currency. The functional currency of the Company in British Virgin Islands
is United States Dollar (&#8220;US$&#8221;) and the Company&#8217;s subsidiaries in Hong Kong is HK$, which is its respective local currency
based on the criteria of ASC 830, &#8220;<i>Foreign Currency Matters</i>&#8221;.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the consolidated financial statements of the Company, transactions in currencies other than the functional currency are measured and
recorded in the functional currency using the exchange rate in effect at the date of the transaction. At the balance sheet date, monetary
assets and liabilities that are denominated in currencies other than the functional currency are translated into the functional currency
using the exchange rate at the balance sheet date. All gains and losses arising from foreign currency transactions are recorded in the
income statements during the year in which they occur.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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="Fact000699" name="MEGL:ConvenienceTranslationPolicyTextBlock"><p id="xdx_840_ecustom--ConvenienceTranslationPolicyTextBlock_zRTeoSWrv5ka" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_860_zkueIDTTP7o">Convenience
translation</span></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translations
of amounts in the consolidated balance sheet, consolidated statements of operations and consolidated statements of cash flows from HK$
into US$ as of and for the year ended December 29, 2023 are solely for the convenience of the reader and were calculated at the noon
buying rate of US$<span id="xdx_900_eus-gaap--DifferenceBetweenReportedAmountAndReportingCurrencyDenominatedAmountValue_uUSD_c20230101__20231230_zxYhuulNMDrj"><ix:nonFraction name="us-gaap:DifferenceBetweenReportedAmountAndReportingCurrencyDenominatedAmountValue" contextRef="From2023-01-012023-12-30" id="Fact000700" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1</ix:nonFraction></span> = HK$<span id="xdx_907_eus-gaap--DifferenceBetweenReportedAmountAndReportingCurrencyDenominatedAmountValue_pp5p0_uHKD_c20230101__20231230_z8YPUaCJC0Og"><ix:nonFraction name="us-gaap:DifferenceBetweenReportedAmountAndReportingCurrencyDenominatedAmountValue" contextRef="From2023-01-012023-12-30" id="Fact000701" format="ixt:numdotdecimal" decimals="5" scale="0" unitRef="HKD">7.8109</ix:nonFraction></span>, as published in H.10 statistical release of the United States Federal Reserve Board. No representation
is made that the HK$ amounts could have been, or could be, converted, realized or settled into US$ at such rate or at any other rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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="Fact000703" name="us-gaap:UseOfEstimates"><p id="xdx_84F_eus-gaap--UseOfEstimates_zYChUr3HTaW6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_869_zAVzZBzQgHx3">Use
of estimates</span></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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 judgments, estimates and assumptions
that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated
assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances,
the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent
from other sources. Significant accounting estimates reflected in the Group&#8217;s consolidated financial statements include impairment assessment on long-term investment. Actual results may differ from these estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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="Fact000705" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_849_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zGJBbZ16J0Qk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_867_zruBY7wHTnSa">Cash</span></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
mainly represent cash at bank and demand deposits which have original maturities less than three months and are unrestricted as to withdrawal
or use. As of December 31, 2023 and 2022, the Group did not have any cash equivalents. The Group maintains bank accounts 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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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<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"></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>MAGIC
EMPIRE GLOBAL LIMITED<br/>
NOTES TO CONSOLIDATED 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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES </b>(cont.)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000707" name="us-gaap:TradeAndOtherAccountsReceivablePolicy"><p id="xdx_843_eus-gaap--TradeAndOtherAccountsReceivablePolicy_zv38EAMhaahc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86A_zojiU3wWueN3">Accounts
receivable</span></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
receivable are stated at the original amount less an allowance for credit losses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
receivable are recognized in the period when the Group has provided services to its customers and when its right to consideration is
unconditional. On January 1, 2023, the Company adopted ASU 2016-13, &#8220;Financial Instruments &#8211; Credit Losses (Topic 326): Measurement
on Credit Losses on Financial Instruments&#8221;, including certain subsequent amendments, transitional guidance and other interpretive
guidance within ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-11, ASU 2020-02 and ASU 2020-03 (collectively, including ASU 2016-13,
&#8220;ASC 326&#8221;). ASC 326 introduces an approach based on expected losses to estimate the allowance for credit losses, replacing
the previous incurred loss impairment model, which makes allowances when there is substantial doubt as to the collectability and a loss
is determined to be probable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group adopts the current expected credit loss model (&#8220;CECL model&#8221;) to estimate the expected credit losses, which is determined
by multiplying the probability of default. In determining the probability of default, the Group mainly considers factors such as aging
schedule of receivables, migration rate of receivables, assessment of receivables due from specific identifiable counter-parties that
are considered at risk or uncollectible, current market conditions, as well as reasonable and supportable forecasts of future economic
conditions. The Group concludes that there is no impact over the initial adoption of CECL model, which should be treated as cumulative-effect
adjustment on accumulated deficits as of January 1, 2023. Accounts receivable balances are written off after all collection efforts have
been exhausted.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
receivable mainly represent amounts due from clients for corporate finance services which are recorded net of allowance for the
Group&#8217;s credit losses. The group does not grant credit terms to the clients. Under ASU&#160;2016-13, <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
Instruments - Credit Losses (Topic 326), the Group adopted the expected loss approach using macroeconomic forecasts, referred to as
a current expected credit losses (&#8220;CECL&#8221;) methodology. The allowance for credit losses reflects the Group&#8217;s
estimated expected losses. The Group estimates the allowance for credit losses, mainly based on past collection experience as well
as consideration of current and future economic conditions and changes in the Group&#8217;s collection trends. The Group estimates
the expected credit losses for accounts receivable with similar risk characteristics on a pool basis. For each pool, the Group first
estimates its recovery period based on relevant historical accounts receivable collection information. Then the Group estimates the
credit allowances based on the recovery period, the historical distribution of each aging bucket, and the impact of macroeconomic
factors. Accounts receivable are written off when there is no reasonable expectation of recovery. Subsequent recoveries of amounts
previously written off are credited against the same line item.</span> As of December 31, 2023 and 2022, the allowance for credit
losses was <span id="xdx_905_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iI_dxL_c20231231_z19pq9iOn5W8" title="Allowance for doubtful accounts::XDX::-"><span id="xdx_907_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iI_dxL_c20221231_zhKPHrrtMAwg" title="Allowance for doubtful accounts::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0709"><span style="-sec-ix-hidden: xdx2ixbrl0711">nil</span></span></span></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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="Fact000713" name="MEGL:DepositsAndPrepaymentsPolicyTextBlock"><p id="xdx_844_ecustom--DepositsAndPrepaymentsPolicyTextBlock_zPa7KjZUYtJ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_865_zJsI7CfTo2u4">Deposits
and prepayments</span></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposits
and prepayments 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. As of December 31, 2023 and 2022, management
believes that the Group&#8217;s prepayments and deposits are not impaired.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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="Fact000715" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_844_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_z9IZfX157bu5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_868_zBs0NcP4EU29">Property
and equipment, net</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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="Fact000717" name="MEGL:ScheduleOfUsefulLivesOfPropertyAndEquipmentTableTextBlock"><p id="xdx_895_ecustom--ScheduleOfUsefulLivesOfPropertyAndEquipmentTableTextBlock_zcBFXnKABjak" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment are stated at cost less accumulated depreciation and impairment if applicable. The Group computes depreciation using the
straight-line method over the estimated useful lives of the assets as follows:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B7_z1FsG1Vwnjt4" style="display: none">SCHEDULE
OF USEFUL LIVES OF PROPERTY AND EQUIPMENT</span></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office
    equipment</span></td>
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    &#8211; <span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember__srt--RangeAxis__srt--MaximumMember_zlwnuz0Heicf" title="Estimated useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_OfficeEquipmentMember_srt_MaximumMember" format="ixt-sec:duryear" id="Fact000721" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">3</ix:nonNumeric></span> years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture
    and fixtures</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zj9W4tUaS38k" title="Estimated useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_FurnitureAndFixturesMember" format="ixt-sec:duryear" id="Fact000723" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">3</ix:nonNumeric></span>
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MotorVehiclesMember_zBYAAEYV7eE3" title="Estimated useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_custom_MotorVehiclesMember" format="ixt-sec:duryear" id="Fact000725" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">5</ix:nonNumeric></span>
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold
    improvements</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zOo1xGehpG5h" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember"><span style="-sec-ix-hidden: xdx2ixbrl0726">Over
    the shorter of the lease term or estimated useful life</span></span></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AF_zwtB9IqTXnZh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is
included in the consolidated statements of operations. Expenditures for maintenance and repairs are charged to earnings as incurred,
while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Group also re-evaluates
the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.</span></p>

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


<ix:exclude><!-- Field: Page; Sequence: 90; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MAGIC
EMPIRE GLOBAL LIMITED<br/>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES </b>(cont.)</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000728" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"><p id="xdx_84B_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zyXkPzi8P494" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_868_z3oJ6U1Vqdp6">Impairment
of long-lived assets</span></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group evaluates the recoverability of its long-lived assets (asset groups), including property and equipment and operating lease right-of-use
assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of its asset (asset group) may not
be fully recoverable. When these events occur, the Group measures impairment by comparing the carrying amount of the assets to the estimated
undiscounted future cash flows expected to result from the use of the asset (asset group) and their eventual disposition. If the sum
of the expected undiscounted cash flows is less than the carrying amount of the asset (asset group), the Group recognizes an impairment
loss based on the excess of the carrying amount of the asset (asset group) over their fair value. Fair value is generally determined
by discounting the cash flows expected to be generated by the asset (asset group), when the market prices are not readily available.
The adjusted carrying amount of the asset is the new cost basis and is depreciated over the asset&#8217;s remaining useful life. Long-lived
assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of
the cash flows of other assets and liabilities. For the years ended December 31, 2023, 2022 and 2021, <span id="xdx_907_eus-gaap--ImpairmentOfLongLivedAssetsToBeDisposedOf_do_c20230101__20231231_zjLlq3q66Ota"><span id="xdx_90B_eus-gaap--ImpairmentOfLongLivedAssetsToBeDisposedOf_do_c20220101__20221231_zyGJR3yPQRvc"><span id="xdx_900_eus-gaap--ImpairmentOfLongLivedAssetsToBeDisposedOf_do_c20210101__20211231_zdo4f9NQ78M6"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsToBeDisposedOf" contextRef="From2023-01-01to2023-12-31" id="Fact000729" format="ixt-sec:numwordsen" decimals="0" unitRef="HKD"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsToBeDisposedOf" contextRef="From2022-01-012022-12-31" id="Fact000730" format="ixt-sec:numwordsen" decimals="0" unitRef="HKD"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsToBeDisposedOf" contextRef="From2021-01-012021-12-31" id="Fact000731" format="ixt-sec:numwordsen" decimals="0" unitRef="HKD">no</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span> impairment of long-lived assets
was recognized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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="Fact000733" name="us-gaap:InvestmentPolicyTextBlock"><p id="xdx_848_eus-gaap--InvestmentPolicyTextBlock_z5KOyelyObjh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86E_zsyCJFkHFi8i">Long-term
investment</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 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">ASU
2016-01 (&#8220;ASU 2016-01&#8221;), Recognition and Measurement of Financial Assets and Financial Liabilities amends certain aspects
of recognition, measurement, presentation and disclosure of financial instruments. The main provisions require equity investments (except
those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair
value through earnings, unless they qualify for a measurement alternative.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><i>Equity
Investments with Readily Determinable Fair Values</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Equity
investments with readily determinable fair values are measured and recorded at fair value using the market approach based on the quoted
prices in active markets at the reporting date.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><i>Equity
investments without readily determinable fair values</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">After
the adoption of this new accounting standard, the Group elected to record equity investments without readily determinable fair values
and not accounted for under the equity method at cost, less impairment, adjusted for subsequent observable price changes on a nonrecurring
basis, and report changes in the carrying value of the equity investment in current earnings. Changes in the carrying value of the equity
investment are required to be made whenever there are observable price changes in orderly transactions for the identical or similar investment
of the same issuer. Reasonable efforts shall be made to identify price changes that are known or that can reasonably be known.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="background-color: white"><i>Derivative
investment</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>&#160;</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
815-10, Derivatives and Hedging, establishes accounting and reporting standards for derivative instruments, including certain derivatives
embedded in other contracts. ASC 815-10 generally requires an entity to recognize all derivatives as either assets or liabilities, and
to measure those investments at fair value. The Group evaluates its investments to determine if investments have derivative or contain
certain features that qualify as embedded derivatives. When applicable, the Group follows ASC 815-10 and re-valued any derivative instruments
for fair value at each reporting date.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000735" name="MEGL:ContractLiabilitiesPolicyTextBlock"><p id="xdx_84D_ecustom--ContractLiabilitiesPolicyTextBlock_zwAg6AfOXJdc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86D_zc7TN14wk0k1">Contract
liabilities</span></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group bills its clients based upon contractual schedules. The timing of revenue recognition, billings and cash collections result in
accounts receivable and contract liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, 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: 91; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MAGIC
EMPIRE GLOBAL LIMITED<br/>
NOTES TO CONSOLIDATED 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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES </b>(cont.)</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 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract
liabilities represent the upfront payments received upon signing of the contract for initial public offering/independent financial advisory/financial
advisory services and advances from clients related to compliance advisory services. Advance payments in excess of related accounts receivable
are presented as contract liabilities on the consolidated balance sheets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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="Fact000737" name="us-gaap:LesseeLeasesPolicyTextBlock"><p id="xdx_846_eus-gaap--LesseeLeasesPolicyTextBlock_zQxashPaIs4j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_866_zlegD03Wnhj5">Lease</span></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group is a lessee of non-cancellable operating leases for corporate office premise. The Group determines if an arrangement is a lease
at inception. Lease assets and liabilities are recognized at the present value of the future lease payments at the leases commencement
date. The interest rate used to determine the present value of the future lease payments is the Group&#8217;s incremental borrowing rate
based on the information available at the lease commencement date. The Group generally uses the base, non-cancellable lease term in calculating
the right-of-use assets and liabilities.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group may recognize the lease payments in the consolidated statements of operations on a straight-line basis over the lease terms and
variable lease payments in the periods in which the obligations for those payments are incurred, if any. The lease payments under the
lease arrangements are fixed.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
lease standard provides practical expedients for an entity ongoing accounting. The Group elected to apply the short-term lease exception
for lease arrangements with a lease term of 12 months or less at commencement. Lease terms used to compute the present value of lease
payments do not include any option to extend, renew or terminate the lease that the Group is not able to reasonably certain to exercise
upon the lease inception. Accordingly, operating lease right-of-use assets and liabilities do not include leases with a lease term of
12 months or less.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group did not adopt the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease
component. Non-lease components include payments for building management, utilities and property tax. It separates the non-lease components
from the lease components to which they relate.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group evaluates the impairment of its right-of-use assets consistent with the approach applied for its other long-lived assets. The Group
reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value
of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the
asset from the expected undiscounted future pre-tax cash flows of the related operations. The Group has elected to include the carrying
amount of finance and operating lease liabilities in any tested asset group and include the associated lease payments in the undiscounted
future pre-tax cash flows. For the years ended December 31, 2023, 2022 and 2021, the Group did not have any impairment loss against its
operating lease right-of-use assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<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"></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>MAGIC
EMPIRE GLOBAL LIMITED<br/>
NOTES TO CONSOLIDATED 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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES </b>(cont.)</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000739" name="us-gaap:FairValueMeasurementPolicyPolicyTextBlock"><p id="xdx_84B_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zBkyPn49XyI2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_861_zbAlslCWE6rf">Fair
value of financial instruments</span></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">ASC
825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize
the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as
follows:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1 &#8212; Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2 &#8212; Other inputs that are directly or indirectly observable in the marketplace.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3 &#8212; Unobservable inputs which are supported by little or no market activity.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying amounts of cash, accounts receivable, interest receivables, other receivables from related parties, other payables to related
parties, and accruals and other payables approximate their fair values because of their generally short maturities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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="Fact000741" name="us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock"><p id="xdx_895_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zMdOrPGUXZ1b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following tables present information about the Group&#8217;s assets that were measured at fair value on a recurring basis as of December
31, 2023 and 2022 and indicate the fair value hierarchy of the valuation techniques the Group utilized to determine such fair value.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BF_zNaTsm9QjK4a" style="display: none">SCHEDULE OF FAIR VALUE ON A
RECURRING BASIS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%; margin-left: 0.25in">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MAGIC
EMPIRE GLOBAL LIMITED<br/>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></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: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES </b>(cont.)</span></td></tr>
  </table>
<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 0.25in; text-align: justify"></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%; margin-left: 0.25in">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Quoted</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">HK$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8AA_zBPVblM6gzck" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s non-marketable equity securities are investments in privately held companies, which are without readily determinable market
values and are classified as Level 3, due to the absence of quoted market prices, the inherent lack of liquidity and the fact that inputs
used to measure fair value are unobservable and require management&#8217;s judgment.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates
are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision.
Changes in assumptions could significantly affect the estimates.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000759" name="us-gaap:RevenueFromContractWithCustomerPolicyTextBlock"><p id="xdx_84C_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zYGdhyTxIrM7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86D_zUtyzhRDime3">Revenue
recognition</span></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group applied ASC Topic 606 &#8220;Revenue from Contracts with Customers&#8221; (&#8220;ASC 606&#8221;) for all periods presented.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
five-step model defined by ASC 606 requires the Group to (1) identify its contracts with customers, (2) identify its performance obligations
under those contracts, (3) determine the transaction prices of those contracts, (4) allocate the transaction prices to its performance
obligations in those contracts, and (5) recognize revenue when each performance obligation under those contracts is satisfied. Revenue
is recognized when promised goods or services are transferred to the customer in an amount that reflects the consideration expected in
exchange for those goods or services.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has elected to apply the practical expedient in paragraph ASC 606-10-50-14 and does not disclose information about remaining performance
obligations that have original expected durations of one year or less.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group elected a practical expedient that it does not adjust the promised amount of consideration for the effects of a significant financing
component if the Group expects that, upon the inception of revenue contracts, the period between when the Group transfers its promised
services or deliverables to its clients and when the clients pay for those services or deliverables will be one year or less.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a practical expedient, the Group elected to expense the incremental costs of obtaining a contract when incurred if the amortization period
of the asset that the Group otherwise would have recognized is one year or less.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group is a financial services provider in Hong Kong which principally engages in the provision of corporate finance advisory services
and underwriting services. The service offerings mainly comprise the following:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s principal revenue stream 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%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IPO
    sponsorship services: The Group acts as sponsors to companies pursuing listing on the Main Board of the Stock Exchange and GEM of
    the Stock Exchange advising and guiding them throughout the listing process in return for sponsor&#8217;s fee.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group enters into a distinct contract with its clients for the provision of IPO sponsorship services. The revenues generated from IPO
sponsorship services are generally based on the fixed fee billing arrangements that require the clients to pay a pre-established fee
in exchange for a predetermined set of professional services. The clients agree to pay a fixed fee by instalments over the contract terms
as specified in the service agreements. The IPO sponsorship services include assisting the client to engage different professional parties
for its IPO, carrying out due diligence, preparation of and reviewing prospectus and other submission documents including accountants&#8217;
report, legal opinions and profit and cash flow forecast memorandum, assessing the suitability of listing of the client, and advising
on reorganization, assisting in preparation of roadshow materials and attending hearing for the listing application. There are generally
three performance obligations for IPO sponsorship services while fee is paid by the Group&#8217;s clients by instalments subject to each
milestone being achieved as stated in the contract.</span></p>

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


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    <!-- Field: /Page --></ix:exclude>

<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"></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>MAGIC
EMPIRE GLOBAL LIMITED<br/>
NOTES TO CONSOLIDATED 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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES </b>(cont.)</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 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group allocates the transaction price to each performance obligation based on the best estimate of relative standalone selling price
for each performance obligation identified in the contract. The Group utilizes key assumptions to determine the standalone selling price,
which may include other comparable transactions, pricing considered in negotiating the transaction, market conditions, project complexity,
customer demographics and the estimated costs. Generally, the standalone selling prices for each performance obligation of the Group&#8217;s
IPO sponsorship services are reasonably consistent across customers (that is, not highly variable), standalone selling price estimates
are derived from considering the Group&#8217;s pricing history and expected cost plus a margin approach.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
entire service fee from clients are non-refundable and the Group is entitled to receive upfront payment upon signing the contract. As
the preparation stage of a listing application involves a series of tasks which are interrelated and are not separable or distinct as
the Group&#8217;s clients cannot benefit from any standalone task, the Group concludes the stage of submission of listing application
as the first performance obligation and recognizes the revenue from upfront payment and fee received upon submission of listing application
together at the time of submission of listing application. For projects which the Group receives upfront payment upon signing the contract
but no listing application is submitted by the expiry of the contract, the Group recognizes revenue from the upfront payment at the lapse
of contract.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
service fee received upon attending the listing hearing of the Stock Exchange for the listing application, which is distinct and regarded
as the second performance obligation by the Group, revenue are recognized by the Group at the date the hearing is held and the Group
has an enforceable right to payment for such performance.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
service fee received upon listing, which is the third performance obligation of IPO sponsorship services, revenue is recognized upon
completion of the IPO, which is evidenced by listing of the clients on the Stock Exchange.</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 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In some cases, the Group is entitled to
the discretionary bonus only upon listing, amount of which is to be decided by the clients. The Group accounts for the discretionary
bonus as variable consideration. The amount of such variable consideration should not be included in the transaction price, since it
is not probable that a significant reversal of cumulative revenue recognized will occur resulting from a change in estimate of the consideration
the Group will receive upon client's listing. The Group will recognize the revenue of the discretionary bonus at each reporting date
when the uncertainty is resolved. During the year ended December 31, 2023, the Group received HK$<span id="xdx_90E_ecustom--DiscretionaryBonus_c20230101__20231231_zaEGZBxHtV2e" title="Discretionary bonus"><ix:nonFraction name="MEGL:DiscretionaryBonus" contextRef="From2023-01-01to2023-12-31" id="Fact000761" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,500,000</ix:nonFraction></span> (US$<span id="xdx_907_ecustom--DiscretionaryBonus_uUSD_c20230101__20231231_zskkjaV5IfFb" title="Discretionary bonus"><ix:nonFraction name="MEGL:DiscretionaryBonus" contextRef="From2023-01-01to2023-12-31" id="Fact000763" format="ixt:numdotdecimal" decimals="0" unitRef="USD">192,039</ix:nonFraction></span>) of discretionary
bonus.</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%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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">IFA
    services: The Group acts as an independent financial advisor to give opinions or recommendations to the independent board committee
    and independent shareholders of the listed companies, in return for advisory fee.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group enters a distinct contract with its clients for the provision of IFA services. The Group&#8217;s IFA services include (i) conducting
reviews and analyses on the proposed transactions and assessing the fairness and reasonableness of the terms of the proposed transactions;
(ii) issuing our opinion, in the form of an IFA letter, to the independent board committee and/or independent shareholders of listed
issuers with voting recommendations, which are incorporated in the circulars pursuant to the Listing Rules, the GEM Listing Rules and
the Takeovers Code; and (iii) obtaining the necessary clearance in relation to our opinion letters from the Stock Exchange and/or the
SFC.</span></p>

<p style="font: 10pt Times New Roman, Times, 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">&#160;</div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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>MAGIC
EMPIRE GLOBAL LIMITED<br/>
NOTES TO CONSOLIDATED 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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES </b>(cont.)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
entire service fee from clients are non-refundable and the Group is entitled to receive upfront payment upon signing the contract. As
the IFA services involve a series of tasks which are interrelated and are not separable or distinct as the Group&#8217;s clients cannot
benefit from any standalone task, the Group concludes that the IFA services to be accounted for as a single performance obligation. The
entire transaction prices of IFA services are allocated to a single performance obligation and the fees received upon signing the contract
and upon issuance of circular which contains IFA letter, is recognized at the point the issue of circular on the Stock Exchange because
it is the time that the scope of work for acting as an IFA such as carrying out due diligence, preparation of IFA letter to independent
board committee and independent shareholders, and replying to queries from the Stock Exchange and/or the SFC are completed. For projects
which are terminated or lapsed at expiry of contracts, the revenue from the upfront fee is recognized at the time of termination or lapse
of 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></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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">FA
    services: The Group acts as a financial advisor (i) to clients to advise them on the terms and structures of the proposed transactions,
    and the relevant implications and compliance matters under the Hong Kong regulatory framework including the Listing Rules, the GEM
    Listing Rules and the Takeovers Code; and (ii) to clients pursuing listing on other stock exchange.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group enters a distinct contract with its clients for the provision of FA services. The scope of work under FA services can vary from
project to project and generally involves a series of tasks which are interrelated and are not separable or distinct as the Group&#8217;s
clients cannot benefit from any standalone task. Therefore, the entire transaction prices of FA services are generally allocated to a
single performance obligation.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
entire service fee from clients are non-refundable and the Group is entitled to receive upfront payment upon signing the contract. Revenue
from upfront payment and other installments is recognized based on the point in time either (a) at the time of completion; or (b) lapse
of the FA contract.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
FA services to clients pursuing listing on other stock exchange, the Group enters into a distinct contract with its clients. The revenues
are generally based on the fixed fee billing arrangements that require the clients to pay a pre-established fee in exchange for a predetermined
set of professional services. The clients agree to pay a fixed fee by instalments over the contract terms as specified in the service
agreements. The FA services include assisting the client to engage different professional parties for its listing exercise, advising
on reorganization, financial reporting, internal control and legal and compliance, advising on the market position of the Group, coordinating
roadshow and marketing activities. There are generally three performance obligations while fee is paid by the Group&#8217;s clients by
instalments subject to each milestone being achieved as stated in the contract.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
entire service fee from clients are non-refundable and the Group is entitled to receive upfront payment upon signing the contract. As
the preparation stage of a listing application involves a series of tasks which are interrelated and are not separable or distinct as
the Group&#8217;s clients cannot benefit from any standalone task, the Group concludes the stage of submission of listing application
as the first performance obligation and recognizes the revenue from upfront payment and fee received upon submission of listing application
together at the time of submission of listing application. In some cases, the payment upon signing of the contract is for FA services
(i) up to a time limit (which is stated in the contract); or (ii) upon the submission of a listing application, whichever is earlier.
In the case when the time is reached without a submission of listing application being made, the Group concludes this time as the first
performance obligation and recognizes revenue from upfront payment and fee received accordingly. For projects which the Group receives
upfront payment upon signing the contract but no listing application is submitted by the expiry of the contract, the Group recognizes
revenue from the upfront payment at the lapse of contract.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
service fee received upon listing, which is the third performance obligation, revenue is recognized upon completion of the FA service,
which is evidenced by listing of the clients.</span></p>

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


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    <!-- Field: /Page --></ix:exclude>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MAGIC
EMPIRE GLOBAL LIMITED<br/>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES </b>(cont.)</span></td></tr>
  </table>
<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"></p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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">CA
    services: The Group acts as a compliance advisor to the listed companies on the Main Board or GEM and advise them on post-listing
    compliance matters in return for compliance advisory fee.</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 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group enters a distinct contract with its clients for the provision of CA services. The Group concludes that each monthly CA service
(1) is distinct and (2) meets the criteria for recognizing revenue over time. In addition, the Group concludes that the services provided
each month are substantially similar and result in the transfer of substantially similar services to the clients each month. That is,
the benefit consumed by the clients is substantially similar for each month, even though the exact volume of services may vary. Therefore,
the Group concludes that the monthly CA services satisfy the requirements of ASC 606-10-25-14(b) to be accounted for as a single performance
obligation. There is no variable consideration, significant financing components or noncash consideration in the contracts. Accordingly,
based on the output methods, the Group recognizes revenues from CA services on a monthly basis when it satisfies its performance obligations
throughout the contract terms. There is no contract asset that the Group has right to consideration in exchange for its CA services that
the Group has transferred to its clients. Such right is not conditional on something other than the passage of time.</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><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">Corporate
                                            services: The Company acts as a consultant to clients to advise them on the company secretarial
                                            and accountancy matter, in return for advisory fee. &#160;&#160;</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group enters a distinct contract with its clients for the provision of corporate services. The Group concludes that each monthly corporate
service (1) is distinct and (2) meets the criteria for recognizing revenue over time. In addition, the Group concludes that the services
provided each month are substantially similar and result in the transfer of substantially similar services to the clients each month.
That is, the benefit consumed by the clients is substantially similar for each month, even though the exact volume of services may vary.
Therefore, the Group concludes that the monthly corporate services satisfy the requirements of ASC 606-10-25-14(b) to be accounted for
as a single performance obligation. There is no variable consideration, significant financing components or noncash consideration in
the contracts. Accordingly, based on the output methods, the Group recognizes revenues from corporate services on a monthly basis when
it satisfies its performance obligations throughout the contract terms. There is no contract asset that the Group has right to consideration
in exchange for its corporate services that the Group has transferred to its clients. Such right is not conditional on something other
than the passage of time.</span></p>

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

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


<ix:exclude><!-- Field: Page; Sequence: 97; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MAGIC
EMPIRE GLOBAL LIMITED<br/>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES </b>(cont.)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -24pt"><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="Fact000765" name="us-gaap:DisaggregationOfRevenueTableTextBlock"><p id="xdx_89C_eus-gaap--DisaggregationOfRevenueTableTextBlock_zWwWCAzVzOhg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disaggregation
of revenue from contracts with clients, in accordance with ASC Topic 606, by major service lines is as follows:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BB_zzPyQbiIxpfh" style="display: none">SCHEDULE
OF DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CLIENTS</span></span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
    the years ended December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Revenue:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</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">
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_985_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20220101__20221231__srt--ProductOrServiceAxis__custom--IPOSponsorServicesMember_zE68lpF1YKr1" title="Revenue" style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-12-31_custom_IPOSponsorServicesMember" id="Fact000769" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,600,000</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_981_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20230101__20231231__srt--ProductOrServiceAxis__custom--IPOSponsorServicesMember_zAR1dTq89cBl" title="Revenue" style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_custom_IPOSponsorServicesMember" id="Fact000771" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">4,500,000</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_980_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_uUSD_c20230101__20231231__srt--ProductOrServiceAxis__custom--IPOSponsorServicesMember_zjL68lT7h4x9" title="Revenue" style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_custom_IPOSponsorServicesMember" id="Fact000773" format="ixt:numdotdecimal" decimals="0" unitRef="USD">576,119</ix:nonFraction></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: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">FA and IFA services</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20210101__20211231__srt--ProductOrServiceAxis__custom--FAAndIFAServicesMember_zwvJK7A18CFe" title="Revenue" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-12-31_custom_FAAndIFAServicesMember" id="Fact000775" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">4,927,550</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_987_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20220101__20221231__srt--ProductOrServiceAxis__custom--FAAndIFAServicesMember_zXyR4jeqZjo8" title="Revenue" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-12-31_custom_FAAndIFAServicesMember" id="Fact000777" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">5,035,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_989_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_uUSD_c20230101__20231231__srt--ProductOrServiceAxis__custom--FAAndIFAServicesMember_zgC2IfVwAISa" title="Revenue" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_custom_FAAndIFAServicesMember" id="Fact000781" format="ixt:numdotdecimal" decimals="0" unitRef="USD">909,626</ix:nonFraction></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: left"><span style="font-family: Times New Roman, Times, Serif">Corporate services</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20210101__20211231__srt--ProductOrServiceAxis__custom--CorporateServicesMember_zoXa41ox0Fw6" title="Revenue" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0783">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_982_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20220101__20221231__srt--ProductOrServiceAxis__custom--CorporateServicesMember_zq61fDDJvMm4" title="Revenue" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0785">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_uUSD_c20230101__20231231__srt--ProductOrServiceAxis__custom--CorporateServicesMember_zYzx4bEy7cE6" title="Revenue" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_custom_CorporateServicesMember" id="Fact000789" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,605</ix:nonFraction></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: left"><span style="font-family: Times New Roman, Times, Serif">CA services</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8A6_zfkKhjA8z07g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000807" name="MEGL:ScheduleOfRevenueDisaggregatedByTimingOfRevenueRecognitionTableTextBlock"><p id="xdx_892_ecustom--ScheduleOfRevenueDisaggregatedByTimingOfRevenueRecognitionTableTextBlock_zeLvsKZWgC3e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
disaggregated by timing of revenue recognition for 2023, 2022 and 2021 is disclosed in the table below:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BC_zdmukDYGJPBi" style="display: none">SCHEDULE
OF REVENUE DISAGGREGATED BY TIMING OF REVENUE RECOGNITION</span></span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in">
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  <tr style="vertical-align: bottom; background-color: White">
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  </table>

</ix:nonNumeric><p id="xdx_8AD_z57ylEHKIota" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group also selected to apply the practical expedients allowed under ASC Topic 606 to omit the disclosure of remaining performance obligations
for contracts with an original expected duration of one year or less. As of December 31, 2023 and 2022, all contracts of the Group were
with an original expected duration within one year.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000833" name="MEGL:OtherIncomePolicyTextBlock"><p id="xdx_843_ecustom--OtherIncomePolicyTextBlock_zz79HjBM4Ml7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86D_z6CMtFiylIy1">Other
income</span></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
income is mainly generated from savings and time deposits and short-term loans to a company, and is recognized on an accrual basis using
the effective interest method.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2022, the Group successfully applied for funding support from the Employment Support Scheme (&#8220;ESS&#8221;) under the Anti-epidemic
Fund, set up by the Hong Kong Government, to provide financial support to enterprises to retain their employees who may otherwise be
made redundant and to retain their current employees or even employ more staff when the business revives as soon as the epidemic situation
permits.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
2022 ESS, the wage subsidies provided to <span id="xdx_907_ecustom--EmployeeWageSubsidiesDescription_c20230101__20231231_zuEthMW7iiq6" title="Employee wage subsidies, description"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000835" name="MEGL:EmployeeWageSubsidiesDescription">eligible employers under ESS are disbursed in four tranches: (i) the first tranche of 100% subsidies
were used for paying wages of employees in May 2022; (ii) the second tranche of 100% subsidies for paying wages of employees in June
2022; (iii) the third tranche of 70% of subsidies for paying wages of employees in July 2022; and (iv) the fourth tranche of 30% of subsidies
for paying wages of employees in July 2022 after deducting subsidies to be returned to the Government and penalties to be paid (if any).</ix:nonNumeric></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an employer fails to use all the subsidies received to pay the wages of his/her employees, the Hong Kong Government will claw back the
unspent balance of the subsidy. If the total number of employees on the payroll in any one month of the subsidy period is less than the
&#8220;committed headcount of paid employees&#8221;, the employer will have to pay a penalty to the Hong Kong Government.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2023, 2022 and 2021, the Group recognized government grants of <span id="xdx_909_eus-gaap--GrantsReceivable_iI_dxL_c20231231_z59vHQgjOyDh" title="Grants receivable::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0837">ni</span></span>l, HK$<span id="xdx_902_eus-gaap--GrantsReceivable_iI_uHKD_c20221231_zQwFH05J2ZXe" title="Grants receivable"><ix:nonFraction name="us-gaap:GrantsReceivable" contextRef="AsOf2022-12-31" id="Fact000839" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">216,000</ix:nonFraction></span> and <span id="xdx_90A_eus-gaap--GrantsReceivable_iI_dxL_c20211231_z0828SBLrEDc" title="Grants receivable::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0841">ni</span></span>l, respectively, net
in the consolidated statements of operations. As confirmed by the ESS, GCL is not required to return any subsidiary or pay any penalty
to the Hong Kong Government. There was no unfulfilled conditions nor other contingencies attached to the ESS funding. No such government
grant was incurred in 2021 and 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000843" name="us-gaap:PostemploymentBenefitPlansPolicy"><p id="xdx_84D_eus-gaap--PostemploymentBenefitPlansPolicy_z5FUSHno89f4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_867_zZ9SfoW50U5c">Employee
benefits</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
principal employee&#8217;s retirement scheme is under the Hong Kong Mandatory Provident Fund Schemes Ordinance. Contributions are made
by both the employer and the employee at the rate of <span id="xdx_90A_eus-gaap--DefinedContributionPlanEmployerMatchingContributionPercentOfMatch_pid_dp_uPure_c20230101__20231231_zvMhVYYxaSga" title="Employee and employer contribution percentage"><ix:nonFraction name="us-gaap:DefinedContributionPlanEmployerMatchingContributionPercentOfMatch" contextRef="From2023-01-01to2023-12-31" id="Fact000845" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span>% on the employee&#8217;s relevant salary income, subject to a cap of monthly relevant
income of HK$<span id="xdx_900_eus-gaap--SalariesWagesAndOfficersCompensation_c20230101__20231231_zdE4AspRYRFk" title="Relevant salary income"><ix:nonFraction name="us-gaap:SalariesWagesAndOfficersCompensation" contextRef="From2023-01-01to2023-12-31" id="Fact000847" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">30,000</ix:nonFraction></span> (US$<span id="xdx_902_eus-gaap--SalariesWagesAndOfficersCompensation_uUSD_c20230101__20231231_z6Y6snNRoLUl" title="Relevant salary income"><ix:nonFraction name="us-gaap:SalariesWagesAndOfficersCompensation" contextRef="From2023-01-01to2023-12-31" id="Fact000849" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,841</ix:nonFraction></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MAGIC
EMPIRE GLOBAL LIMITED<br/>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES </b>(cont.)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December 31, 2023, 2022 and 2021, the total amount charged to the consolidated statements of operations in respect of
the Group&#8217;s costs incurred on the Mandatory Provident Fund Scheme were HK$<span id="xdx_902_eus-gaap--DefinedContributionPlanCostRecognized_c20230101__20231231_zSZMUIFRuTT6"><ix:nonFraction name="us-gaap:DefinedContributionPlanCostRecognized" contextRef="From2023-01-01to2023-12-31" id="Fact000850" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">282,650</ix:nonFraction></span> (US$<span id="xdx_905_eus-gaap--DefinedContributionPlanCostRecognized_uUSD_c20230101__20231231_zjipiArKFuYd"><ix:nonFraction name="us-gaap:DefinedContributionPlanCostRecognized" contextRef="From2023-01-01to2023-12-31" id="Fact000851" format="ixt:numdotdecimal" decimals="0" unitRef="USD">36,186</ix:nonFraction></span>), HK$<span id="xdx_904_eus-gaap--DefinedContributionPlanCostRecognized_c20220101__20221231_z9Eqr3nO8XXa"><ix:nonFraction name="us-gaap:DefinedContributionPlanCostRecognized" contextRef="From2022-01-012022-12-31" id="Fact000852" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">317,758</ix:nonFraction></span> and HK$<span id="xdx_901_eus-gaap--DefinedContributionPlanCostRecognized_c20210101__20211231_zw5ISmT2yKp5"><ix:nonFraction name="us-gaap:DefinedContributionPlanCostRecognized" contextRef="From2021-01-012021-12-31" id="Fact000853" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">421,292</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000855" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_842_eus-gaap--IncomeTaxPolicyTextBlock_zjawRJ84dfPa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_869_zSXaLRrJ6c19">Income
tax</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MEGL
is not subject to tax on income or capital gains under the current laws of the British Virgin Islands. In addition, upon payments of
dividends by MEGL and the Company&#8217;s subsidiaries in Hong Kong to the Company&#8217;s shareholders, no British Virgin Islands withholding
tax will be imposed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GCL,
GIL, MEIL, GCSL and GFHL are incorporated in and carry trade and business in Hong Kong and are subject to Hong Kong profits tax under
Inland Revenue Department Ordinance. In general, the Inland Revenue Department of Hong Kong has up to seven years to conduct examinations
of the Company&#8217;s tax filings. Accordingly, the tax years from 2017 to 2023 of the Company&#8217;s Hong Kong subsidiaries remain
open to examination by the taxing jurisdictions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
charge for taxation is based on actual results for the year as adjusted for items that are non-assessable or disallowed; and it is calculated
using tax rates that have been enacted or substantively enacted by the balance sheet date. The Group is not currently subject to tax
in the British Virgin Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts
in the consolidated financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply
to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax
assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances
are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
uncertain tax position is recognized as a benefit only if it is &#8220;more likely than not&#8221; that the tax position would be sustained
in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on
examination. For tax positions not meeting the &#8220;more likely than not&#8221; test, no tax benefit is recorded. Penalties and interest
incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties
or interest relating to income taxes have been incurred during the years ended December 31, 2023, 2022 and 2021, and there are no significant unrecognized uncertain tax positions as of December 31, 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000857" name="MEGL:RelatedPartiesPolicyTextBlock"><p id="xdx_84B_ecustom--RelatedPartiesPolicyTextBlock_zglwKH8Ta2Pg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_863_zmDCFOQrMXO3">Related
parties</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties
are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant
influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject
to common control or significant influence of the same party, such as a family member or relative, shareholder, or a related corporation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000859" name="us-gaap:SegmentReportingPolicyPolicyTextBlock"><p id="xdx_84F_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zYDNZbHy0wH5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86B_z3w68Hzkarde">Segment
reporting</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group operates and manages its business as a single segment, in accordance with ASC 280, <i>Segment Reporting</i>. The Group&#8217;s
chief operating decision maker (&#8220;CODM&#8221;) is the Chairman. The Group&#8217;s CODM assess the Group&#8217;s performance and
results of operations on a consolidated basis. The Group generates substantially all of its revenues from clients in Hong Kong. Accordingly,
no geographical segments are presented. Substantially all of the Group&#8217;s long-lived assets are located in Hong Kong.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000861" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_840_eus-gaap--EarningsPerSharePolicyTextBlock_zfufZDOSfKtf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86A_z9wGYPdftGV">Earnings
(loss) per Share</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group computes earnings (loss) 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 (loss) divided by the weighted average common share 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MAGIC
EMPIRE GLOBAL LIMITED<br/>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES </b>(cont.)</span></td></tr>
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</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000863" name="us-gaap:ConcentrationRiskCreditRisk"><p id="xdx_845_eus-gaap--ConcentrationRiskCreditRisk_zjT9retY0iOj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_864_zNiPV4BRCo3j">Credit
risk</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
that potentially subject the Group to a significant concentration of credit risk primarily consist of cash, accounts receivable and other
current assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group believes that there is no significant credit risk associated with cash, which were held by reputable financial institutions in
the jurisdictions where the Company and its subsidiaries are located. The Hong Kong Deposit Protection Board pays compensation up to
a limit of HK$<span id="xdx_906_ecustom--ForeignDepositsDefaultCompensationAmount_c20230101__20231231_zDiAiyqONmrg"><ix:nonFraction name="MEGL:ForeignDepositsDefaultCompensationAmount" contextRef="From2023-01-01to2023-12-31" id="Fact000864" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">500,000</ix:nonFraction></span> (approximately US$<span id="xdx_906_ecustom--ForeignDepositsDefaultCompensationAmount_uUSD_c20230101__20231231_zunaAvCTrs92"><ix:nonFraction name="MEGL:ForeignDepositsDefaultCompensationAmount" contextRef="From2023-01-01to2023-12-31" id="Fact000865" format="ixt:numdotdecimal" decimals="0" unitRef="USD">64,013</ix:nonFraction></span>) if the bank with which an individual/a company hold its eligible deposit fails. As of
December 31, 2023, cash balance of HK$<span id="xdx_909_eus-gaap--Cash_iI_c20231231_zjxTonpFftk3"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2023-12-31" id="Fact000866" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">92,407,813</ix:nonFraction></span> (US$<span id="xdx_901_eus-gaap--Cash_iI_uUSD_c20231231_z7jcL4mIhj27"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2023-12-31" id="Fact000867" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,830,623</ix:nonFraction></span>) was maintained at financial institutions in Hong Kong and an aggregate
of HK$<span id="xdx_90D_eus-gaap--CashFDICInsuredAmount_iI_c20231231_zGWp3vJ53kid"><ix:nonFraction name="us-gaap:CashFDICInsuredAmount" contextRef="AsOf2023-12-31" id="Fact000868" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">2,022,039</ix:nonFraction></span> were insured by the Hong Kong Deposit Protection Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has designed their credit policies with an objective to minimize their exposure to credit risk. The Group&#8217;s accounts receivable
are short term in nature and the associated risk is minimal. The Group conducts credit evaluations on its clients and generally does
not require collateral or other security from such clients. The Group periodically evaluates the creditworthiness of the existing clients
in determining an allowance for credit losses primarily based upon the age of the receivables and factors surrounding the credit
risk of specific clients.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000870" name="us-gaap:ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock"><p id="xdx_89A_eus-gaap--ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock_z3AYQA31Yuj8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Details
of the customers accounting for 10% or more of total operating revenue are as follows:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BE_zqcI0xfoHC87" style="display: none">SCHEDULE
OF TOTAL OPERATING REVENUE</span></span></p>

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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
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    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 28%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Customer A</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_983_eus-gaap--Revenues_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zzDGZTKrABT4" title="Revenue" style="width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0872">&#8212;</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Customer B</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_985_eus-gaap--Revenues_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zVczdLBdtnWd" title="Revenue" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2023-01-012023-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerBMember" id="Fact000886" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,400,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_988_eus-gaap--Revenues_uUSD_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zLBfFEzGH2Sd" title="Revenue" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2023-01-012023-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerBMember" id="Fact000889" format="ixt:numdotdecimal" decimals="0" unitRef="USD">179,237</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <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">Customer C</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_983_eus-gaap--Revenues_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerCMember_z1SCGRgQiKWg" title="Revenue" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0897">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_982_eus-gaap--Revenues_uUSD_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerCMember_zUznkRBWYa82" title="Revenue" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0899">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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: left"><span style="font-family: Times New Roman, Times, Serif">Customer D</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_987_eus-gaap--Revenues_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerDMember_zBWbP2Vqzua3" title="Revenue" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0904">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_982_eus-gaap--Revenues_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerDMember_zNzEKNZDkL62" title="Revenue" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0906">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_989_eus-gaap--Revenues_uUSD_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerDMember_zbqr5DkE7Owb" title="Revenue" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0908">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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: left"><span style="font-family: Times New Roman, Times, Serif">Customer E</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_eus-gaap--Revenues_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerEMember_ztIGuLUKG6Zj" title="Revenue" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0910">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_982_eus-gaap--Revenues_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerEMember_z4j54zijpmw6" title="Revenue" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2022-01-012022-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerEMember" id="Fact000912" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,600,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_984_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerEMember_zgskX4TSaZHg" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerEMember" id="Fact000913" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">14.3</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_982_eus-gaap--Revenues_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerEMember_zFcDmCjM8G6e" title="Revenue" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2023-01-012023-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerEMember" id="Fact000915" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">3,900,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_981_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerEMember_zzvmGlUyNDDc" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2023-01-012023-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerEMember" id="Fact000916" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">28.3</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_eus-gaap--Revenues_uUSD_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerEMember_zqIWxjg1z3Fi" title="Revenue" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2023-01-012023-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerEMember" id="Fact000918" format="ixt:numdotdecimal" decimals="0" unitRef="USD">499,302</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_988_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerEMember_z9Ub5DubjQp3" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2023-01-012023-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerEMember" id="Fact000919" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">28.3</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 100; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MAGIC
EMPIRE GLOBAL LIMITED<br/>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES </b>(cont.)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Details
of the customers which accounted for 10% or more of accounts receivable are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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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"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_980_eus-gaap--Revenues_uUSD_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zuaLMO7K7DJ2" title="Revenue" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2023-01-012023-12-31_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerBMember" id="Fact000959" format="ixt:numdotdecimal" decimals="0" unitRef="USD">104,974</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_986_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zW00oOUwzQcf" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2023-01-012023-12-31_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerBMember" id="Fact000960" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">35.6</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></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">Customer C</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_eus-gaap--Revenues_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerCMember_zBAu4NlLPJZ1" title="Revenue" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2021-01-012021-12-31_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerCMember" id="Fact000962" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,385,893</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_986_eus-gaap--Revenues_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerCMember_znarXDW5ri51" title="Revenue" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2022-01-012022-12-31_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerCMember" id="Fact000965" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">336,403</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_980_eus-gaap--Revenues_uUSD_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerCMember_zkFsFkAF7D9f" title="Revenue" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0970">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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: left"><span style="font-family: Times New Roman, Times, Serif">Customer D</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98B_eus-gaap--Revenues_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerDMember_zFVXYHAkH0O" title="Revenue" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2021-01-012021-12-31_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerDMember" id="Fact000972" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">800,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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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_8AC_zggZHFRJr6X6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001020" name="MEGL:InterestRateRiskPolicyTextBlock"><p id="xdx_844_ecustom--InterestRateRiskPolicyTextBlock_zgA5RSpgtp3c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_863_z9vmNepLfHri">Interest
rate risk</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s exposure on fair value interest rate risk mainly arises from its fixed deposits with bank. It also has exposure on cash
flow interest rate risk which is mainly arising from its deposits with banks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
respect of the exposure to cash flow interest rate risk arising from floating rate non-derivative financial instruments held by the Group,
such as cash, at the end of the reporting period, the Group is not exposed to significant interest rate risk as the interest rates of
cash at bank are not expected to change significantly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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currency risk</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group is exposed to foreign currency risk primarily through service income that are denominated in a currency other than the functional
currency of the operations to which they relate. The currencies giving rise to this risk are primarily United States dollars (US$). As
HK$ is currently pegged to US$, the Group&#8217;s exposure to foreign exchange fluctuations is minimal.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MAGIC
EMPIRE GLOBAL LIMITED<br/>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES </b>(cont.)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001024" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_843_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zNrNuPgVnsSh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_860_zFxgoWpmvLr9">Recent
Accounting Pronouncements</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2023, the FASB issued ASU 2023-09, <i>Income Taxes (Topic 740): Improvements to Income Tax Disclosures</i>, which establishes
new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. Under the new guidance,
entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation. They must also further
disaggregate income taxes paid. The requirements in ASU 2023-09 will be effective for public companies for fiscal year beginning after
December 15, 2025. The Group has not early adopted this update and it will become effective on January 1, 2026. The Group does not expect
any material impact on the Group&#8217;s consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2023, the FASB has issued ASU 2023-01, <i>Leases (Topic 842): Common Control Arrangements</i>, which amends certain provisions
of ASC 842 that apply to arrangements between related parties under common control. Specifically, the ASU offers private companies, as
well as not-for-profit entities that are not conduit bond obligors, a practical expedient that gives such entities the option of using
the written terms and conditions of a common-control arrangement when determining (1) whether a lease exists and (2) the subsequent accounting
for the lease, including the lease&#8217;s classification. In addition, the ASU amends the accounting for leasehold improvements in common-control
arrangements for all entities. ASU 2023-01 is effective for fiscal years beginning after December 15, 2023, including interim periods
within those fiscal years. The Group has not early adopted this update and it will become effective on January 1, 2024. The Group does
not expect any material impact on the Group&#8217;s consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, <i>Financial Instruments </i>&#8212; <i>Credit Losses
(Topic 326): Measurement of Credit Losses on Financial Instruments</i>, which introduced the expected credit losses methodology for the
measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology.
The amendments in Update 2016-13 added Topic 326, Financial Instruments &#8212; Credit Losses, and made several consequential amendments
to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed
for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments &#8212;
Credit Losses &#8212; Available-for-Sale Debt Securities. The amendments in this Update address those stakeholders&#8217; concerns by
providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis.
For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option
to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs
for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful
information. In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-02 for private companies,
not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new
effective date for these preparers is for fiscal years beginning after December 15, 2022. The Group has adopted since January 1, 2023
and the adoption of this ASU did not have a material impact on the Group&#8217;s consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as mentioned above, the Group does not believe other recently issued but not yet effective accounting standards, if currently adopted,
would have a material effect on the Group&#8217;s consolidated balance sheets, statements of operations and statements of cash flows.</span></p>

</ix:nonNumeric><p id="xdx_852_zEtAfdrf1zo6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MAGIC
EMPIRE GLOBAL LIMITED<br/>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001026" name="MEGL:DepositsAndPrepaymentsTextBlock"><p id="xdx_80E_ecustom--DepositsAndPrepaymentsTextBlock_zGb9CNNOvHl8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82E_zm0efjJ7kvSa">DEPOSITS AND PREPAYMENTS</span></b></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001028" name="us-gaap:DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock"><p id="xdx_893_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zpWxk4dynYVe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposits
and prepayments consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zws279VGPnC4" style="display: none">SCHEDULE
OF DEPOSITS AND PREPAYMENTS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_49C_20221231_zFjEdNP6UZd6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">HK$</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40A_eus-gaap--PrepaidRent_iI_maDAPz040_ziwcLuHuT9Sf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_407_eus-gaap--PrepaidTaxes_iI_maDAPz040_zR1oKyNySCZ7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PrepaidTaxes" contextRef="AsOf2022-12-31" id="Fact001040" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">56,600</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_402_ecustom--RentalDeposit_iI_maDAPz040_zYnILN4DhYt7" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:RentalDeposit" contextRef="AsOf2023-12-31" id="Fact001046" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">681,340</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_982_ecustom--RentalDeposit_iI_uUSD_c20231231_zyiDlhBFxrU8" title="Rental deposit" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:RentalDeposit" contextRef="AsOf2023-12-31" id="Fact001048" format="ixt:numdotdecimal" decimals="0" unitRef="USD">87,229</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_ecustom--DepositOnBuildingManagementFee_iI_maDAPz040_zH0EEhq8fJcb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deposit on building management fee</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:DepositOnBuildingManagementFee" contextRef="AsOf2022-12-31" id="Fact001050" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">103,276</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:DepositOnBuildingManagementFee" contextRef="AsOf2023-12-31" id="Fact001051" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">103,276</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98E_ecustom--DepositOnBuildingManagementFee_iI_uUSD_c20231231_zjLI1l8AgKfi" title="Deposit on building management fee" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:DepositOnBuildingManagementFee" contextRef="AsOf2023-12-31" id="Fact001053" format="ixt:numdotdecimal" decimals="0" unitRef="USD">13,222</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--OtherPrepaidExpenseCurrent_iI_maDAPz040_zaNPP0ANjdO5" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Others</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherPrepaidExpenseCurrent" contextRef="AsOf2022-12-31" id="Fact001055" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">11,000</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherPrepaidExpenseCurrent" contextRef="AsOf2023-12-31" id="Fact001056" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">52,791</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_981_eus-gaap--OtherPrepaidExpenseCurrent_iI_uUSD_c20231231_zHe2YRw7uefh" title="Others" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherPrepaidExpenseCurrent" contextRef="AsOf2023-12-31" id="Fact001058" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,760</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_ecustom--DepositsAndPrepayments_iTI_mtDAPz040_z4IJJdH5V1d7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:DepositsAndPrepayments" contextRef="AsOf2022-12-31" id="Fact001060" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,050,694</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:DepositsAndPrepayments" contextRef="AsOf2023-12-31" id="Fact001061" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,096,249</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_986_ecustom--DepositsAndPrepayments_iTI_uUSD_c20231231_zXWruifVqXti" title="Total" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:DepositsAndPrepayments" contextRef="AsOf2023-12-31" id="Fact001063" format="ixt:numdotdecimal" decimals="0" unitRef="USD">140,349</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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</ix:nonNumeric><p id="xdx_8AD_z5PXuDYEVLf5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001065" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_800_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zFa0NhVc3Cfk" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_821_z7EjjlSzFwSd">PROPERTY AND EQUIPMENT, NET</span></b></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001067" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_897_eus-gaap--PropertyPlantAndEquipmentTextBlock_z9wunf4g9Ww2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment, net consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B7_z4RbyKTeXqL5" style="display: none">SCHEDULE
OF PROPERTY AND EQUIPMENT NET</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_49A_20221231_zDaei30Z1gqa" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_49F_20231231_zyAPeKYzbkb3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    of December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zQxzLlikcKk8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MotorVehiclesMember_zkVg2unusp95" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_407_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zn7V5UUBZXL8" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40A_eus-gaap--PropertyPlantAndEquipmentGross_iI_maPPAENzFKs_maPPAENzgZn_z4hHvr2AbRPc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2023-12-31" id="Fact001090" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">4,064,908</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentGross_iI_uUSD_c20221231_zyrCexaBd8e9" title="Total" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-12-31" id="Fact001092" format="ixt:numdotdecimal" decimals="0" unitRef="USD">520,414</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iI_msPPAENzFKs_msPPAENzgZn_zfHJpsWyG4E" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2023-12-31" id="Fact001095" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">2,369,902</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98B_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iI_uUSD_c20221231_zKDVlpoiqMSb" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2022-12-31" id="Fact001096" format="ixt:numdotdecimal" decimals="0" unitRef="USD">303,409</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENzFKs_mtPPAENzgZn_ztpUh74hQ8ah" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Net book value</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1098">&#8212;</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2023-12-31" id="Fact001099" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,695,006</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_eus-gaap--PropertyPlantAndEquipmentNet_iTI_uUSD_c20221231_z3PK98Us9t2l" title="Net book value" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2022-12-31" id="Fact001101" format="ixt:numdotdecimal" decimals="0" unitRef="USD">217,005</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A7_zFsIWpuRptp2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
expenses recognized for the years ended December 31, 2023, 2022 and 2021 were HK$<span id="xdx_903_eus-gaap--Depreciation_c20230101__20231231_zatbSUElxhwe"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2023-01-01to2023-12-31" id="Fact001102" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">209,966</ix:nonFraction></span> (US$<span id="xdx_900_eus-gaap--Depreciation_uUSD_c20230101__20231231_z4XXpvX438te"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2023-01-01to2023-12-31" id="Fact001103" format="ixt:numdotdecimal" decimals="0" unitRef="USD">26,881</ix:nonFraction></span>), HK$<span id="xdx_905_eus-gaap--Depreciation_c20220101__20221231_zgwUkkuvdiTc"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2022-01-012022-12-31" id="Fact001104" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">62,683</ix:nonFraction></span> and HK$<span id="xdx_904_eus-gaap--Depreciation_c20210101__20211231_zl45xrGeq5Xd"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-01-012021-12-31" id="Fact001105" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">695,046</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001107" name="us-gaap:LesseeOperatingLeasesTextBlock"><p id="xdx_809_eus-gaap--LesseeOperatingLeasesTextBlock_zo2N22e4pXN1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_822_z0U3y0Etcvv7">RIGHT-OF-USE ASSETS AND OPERATING LIABILITIES</span></b></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Group subsisted of the following non-cancellable lease contracts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 96%; border-collapse: collapse; margin-left: 0.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 60%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Lease
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New 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>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in">
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<tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating lease liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Current</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1126">&#8212;</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total operating lease
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  </table>

</ix:nonNumeric><p id="xdx_8A3_zELTOy9mzek1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 103; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<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"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MAGIC
EMPIRE GLOBAL LIMITED<br/>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.</b></span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RIGHT-OF-USE ASSETS AND
  OPERATING LEASE LIABILITIES </b>(cont.)</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    summary of lease cost recognized in the Group&#8217;s consolidated statements of operations and supplemental cash flow information
    related to operating leases is as follows:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001135" name="us-gaap:ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock"><p id="xdx_896_eus-gaap--ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock_zILwtcN5dNz9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_z8KqdGoiNDFi" style="display: none">SCHEDULE OF SUPPLEMENTAL
CASH FLOW INFORMATION RELATED TO OPERATING LEASES</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in">
  <tr style="display: none; vertical-align: bottom">
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<tr style="vertical-align: bottom">
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAssetAmortizationExpense" contextRef="From2023-01-01to2023-12-31" id="Fact001139" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,895,294</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_989_eus-gaap--OperatingLeaseRightOfUseAssetAmortizationExpense_uUSD_c20230101__20231231_z0RKb9cFLUGh" title="Amortization charge of right-of-use assets" style="border-bottom: Black 2.5pt double; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAssetAmortizationExpense" contextRef="From2023-01-01to2023-12-31" id="Fact001141" format="ixt:numdotdecimal" decimals="0" unitRef="USD">242,647</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_zJTAf3XqxIU8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">ROU assets obtained
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" contextRef="From2021-01-012021-12-31" id="Fact001143" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">5,527,942</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1144">&#8212;</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_eus-gaap--RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_uUSD_c20230101__20231231_z0yQt5ZZ9Jne" title="ROU assets obtained in exchange for operating lease liabilities" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1147">&#8212;</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--OperatingLeaseExpense_z9Qm576LWIv9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Interest of lease liabilities</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseExpense" contextRef="From2021-01-012021-12-31" id="Fact001149" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">82,200</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseExpense" contextRef="From2022-01-012022-12-31" id="Fact001150" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">232,002</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98F_eus-gaap--OperatingLeaseExpense_uUSD_c20230101__20231231_zfE11wBDCQZ3" title="Interest of lease liabilities" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseExpense" contextRef="From2023-01-01to2023-12-31" id="Fact001153" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,834</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--OperatingLeasePayments_zoWABr1L1Czg" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Cash paid for operating
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2021-01-012021-12-31" id="Fact001155" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">2,535,360</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2022-01-012022-12-31" id="Fact001156" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">2,044,020</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98C_eus-gaap--OperatingLeasePayments_uUSD_c20230101__20231231_zEZ0P1EWTBt6" title="Cash paid for operating leases" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2023-01-01to2023-12-31" id="Fact001159" format="ixt:numdotdecimal" decimals="0" unitRef="USD">261,688</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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</ix:nonNumeric><p id="xdx_8AB_zY4aX5HZFvFj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    following table shows the remaining contractual maturities of the Group&#8217;s operating lease liabilities as of December 31, 2023:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001161" name="us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock"><p id="xdx_892_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_z2oa70Ccc5Gd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_zoa2F9gcBhKi" style="display: none">SCHEDULE
OF MATURITIES OF OPERATING LEASE LIABILITIES</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Twelve
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; 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: left"><span style="font-family: Times New Roman, Times, Serif">Total future lease payments</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_988_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_uUSD_c20231231_zrOl7h60LaX7" title="Total future lease payments" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2023-12-31" id="Fact001169" format="ixt:numdotdecimal" decimals="0" unitRef="USD">228,977</ix:nonFraction></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">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98E_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_di_c20231231_zhCOA0SQ9WOd" title="Less imputed interest" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" contextRef="AsOf2023-12-31" id="Fact001171" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">42,201</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_986_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_di_uUSD_c20231231_zLIqYZf89YCa" title="Less imputed interest" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" contextRef="AsOf2023-12-31" id="Fact001173" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,403</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Present value of lease obligation</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_982_eus-gaap--OperatingLeaseLiability_iTI_c20231231_z9fI6NYEl4Q5" title="Present value of lease obligation" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2023-12-31" id="Fact001175" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,746,317</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_eus-gaap--OperatingLeaseLiability_iTI_uUSD_c20231231_zCkKf0RRbwv4" title="Present value of lease obligation" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2023-12-31" id="Fact001177" format="ixt:numdotdecimal" decimals="0" unitRef="USD">223,574</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A8_zUHErOzyRLj9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
weighted-average discount rate used to determine the operating lease liability as of December 31, 2023 and 2022 was <span id="xdx_906_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20231231_z5tGeEGG35kd" title="Weighted average discount rate"><span id="xdx_906_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20221231_zGcOIn2KTXR6" title="Weighted average discount rate"><ix:nonFraction name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2023-12-31" id="Fact001179" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2022-12-31" id="Fact001181" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></ix:nonFraction></span></span>%.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001183" name="us-gaap:LongTermDebtTextBlock"><p id="xdx_803_eus-gaap--LongTermDebtTextBlock_zenbb3PuLAGf" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82A_z9l95at9o2S7">LONG-TERM INVESTMENT</span></b></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s long-term investments consist of equity investments in private companies and in an investment fund.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
equity investments without readily determinable fair value, and over which we do not have the ability to exercise significant influence
and do not qualify for the NAV practical expedient of the investment, we use the measurement alternative to measure those investments
at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or
similar investments of the same issuer, if any. Significant judgments are required to determine (i) whether observable price changes
are orderly transactions and identical or similar to an investment held by us, and (ii) the selection of appropriate valuation methodologies
and underlying assumptions, including expected volatility and the probability of exit events as it relates to liquidation and redemption
features used to measure the price adjustments for the difference in rights and obligations between instruments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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="Fact001185" name="us-gaap:InvestmentTableTextBlock"><p id="xdx_89E_eus-gaap--InvestmentTableTextBlock_z1voB0NiMfYg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B4_zCSl2KsFtVxg" style="display: none">SCHEDULE F INVESTMENT</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_4B8_us-gaap--InvestmentTypeAxis_custom--CostMethodInvestmentsWithoutReadilyDeterminableFairValueMember_zIEWBoPH0Nvj" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Long-term
Investments</span></p></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_4B7_zSwVehSw3zIl" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">HK$</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">HK$</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">US$</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_43C_c20220101__20221231_eus-gaap--LongTermInvestments_iS_zYByOWyzD434" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Balance as of January 1, 2022</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1187">&#8212;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" id="xdx_98B_eus-gaap--LongTermInvestments_iS_uUSD_c20220101__20221231_zQ8GQg8Ae0ha" title="Beginning, balance" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1190">&#8212;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--PaymentsToAcquireLongtermInvestments_zDaoBYanKxb1" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; width: 52%"><span style="font-family: Times New Roman, Times, Serif">Addition &#160;</span></td><td style="padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PaymentsToAcquireLongtermInvestments" contextRef="From2022-01-012022-12-31_custom_CostMethodInvestmentsWithoutReadilyDeterminableFairValueMember" id="Fact001192" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">14,500,000</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PaymentsToAcquireLongtermInvestments" contextRef="From2022-01-012022-12-31" id="Fact001193" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">14,500,000</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_985_eus-gaap--PaymentsToAcquireLongtermInvestments_uUSD_c20220101__20221231_zvhHVW7TX5Rf" title="Addition" style="border-bottom: Black 1.5pt solid; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PaymentsToAcquireLongtermInvestments" contextRef="From2022-01-012022-12-31" id="Fact001195" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,858,617</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; 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: rgb(204,238,255)">
    <td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-size: 11pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-size: 11pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-size: 11pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_436_c20230101__20231231_eus-gaap--LongTermInvestments_iS_zITOzOQVNec1" style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">Balance as of December 31, 2022 and January 1, 2023</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40F_ecustom--LossDueToMarktomarketOfDerivativeAsset_zwrrFh2pRyc7" style="vertical-align: bottom; background-color: White">
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    <td style="font-size: 11pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-size: 11pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-size: 11pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermInvestments" contextRef="AsOf2023-12-31_custom_CostMethodInvestmentsWithoutReadilyDeterminableFairValueMember" id="Fact001222" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">38,647,738</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermInvestments" contextRef="AsOf2023-12-31" id="Fact001223" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">38,647,738</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_981_eus-gaap--LongTermInvestments_iE_uUSD_c20230101__20231231_zb90OngPgewj" title="Ending, balance" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermInvestments" contextRef="AsOf2023-12-31" id="Fact001225" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,947,924</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table>

</ix:nonNumeric><p id="xdx_8AC_zN3t2oujXqz2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023 and 2022, the Group has an investment of HK$<span id="xdx_902_eus-gaap--Investments_iI_c20231231__us-gaap--LongtermDebtTypeAxis__custom--CompanyAMember_zNtbGljFghT7"><span id="xdx_902_eus-gaap--Investments_iI_c20221231__us-gaap--LongtermDebtTypeAxis__custom--CompanyAMember_zHYJQr9pdBEc"><ix:nonFraction name="us-gaap:Investments" contextRef="AsOf2023-12-31_custom_CompanyAMember" id="Fact001226" format="ixt:numdotdecimal" decimals="0" unitRef="HKD"><ix:nonFraction name="us-gaap:Investments" contextRef="AsOf2022-12-31_custom_CompanyAMember" id="Fact001227" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">14,500,000</ix:nonFraction></ix:nonFraction></span></span> (US$<span id="xdx_906_eus-gaap--Investments_iI_uUSD_c20231231__us-gaap--LongtermDebtTypeAxis__custom--CompanyAMember_zabWhW1SGtJ" title="Long term investments"><span id="xdx_90C_eus-gaap--Investments_iI_uUSD_c20221231__us-gaap--LongtermDebtTypeAxis__custom--CompanyAMember_zcpKFjaPtlvk" title="Long term investments"><ix:nonFraction name="us-gaap:Investments" contextRef="AsOf2023-12-31_custom_CompanyAMember" id="Fact001229" format="ixt:numdotdecimal" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:Investments" contextRef="AsOf2022-12-31_custom_CompanyAMember" id="Fact001231" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,858,617</ix:nonFraction></ix:nonFraction></span></span>) in a private company (&#8220;Company
A&#8221;), representing <span id="xdx_902_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--CompanyAMember_zhlgLuzCNqO8"><span id="xdx_90C_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--CompanyAMember_zAWvn2tnax89"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_CompanyAMember149234687" id="Fact001232" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-12-31_custom_CompanyAMember149234687" id="Fact001233" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.99</ix:nonFraction></ix:nonFraction></span></span>% equity ownership of Company A, in which the Group does not have any significant influence and such investment
does not have readily determinable fair value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2023, the Group made an investment of HK$<span id="xdx_90A_eus-gaap--Investments_iI_c20230131__us-gaap--LongtermDebtTypeAxis__custom--CompanyBMember_zJsTZVYKq4C2"><ix:nonFraction name="us-gaap:Investments" contextRef="AsOf2023-01-31_custom_CompanyBMember" id="Fact001234" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">8,500,000</ix:nonFraction></span> (US$<span id="xdx_906_eus-gaap--Investments_iI_uUSD_c20230131__us-gaap--LongtermDebtTypeAxis__custom--CompanyBMember_zzWpV5G6XAY7" title="Long term investments"><ix:nonFraction name="us-gaap:Investments" contextRef="AsOf2023-01-31_custom_CompanyBMember" id="Fact001236" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,089,534</ix:nonFraction></span>) in a private company (&#8220;Company B&#8221;), representing
<span id="xdx_90A_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20230131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--CompanyBMember_z3S53a69xjVe"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-01-31_custom_CompanyBMember149234703" id="Fact001237" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.0</ix:nonFraction></span>% equity ownership of Company B, in which the Group does not have any significant influence and such investment does not have readily
determinable fair value. Company B operates an e-commerce platform in Hong Kong.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 104; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<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"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></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>MAGIC
EMPIRE GLOBAL LIMITED<br/>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></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: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.</b></span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>LONG-TERM INVESTMENT </b>(cont.)</span></td></tr>
</table>
<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 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2023, the Group made an investment of HK$<span id="xdx_90F_eus-gaap--Investments_iI_c20230131_z3ukKdmAp9Z1"><ix:nonFraction name="us-gaap:Investments" contextRef="AsOf2023-01-31" id="Fact001238" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">15,647,738</ix:nonFraction></span> (US$<span id="xdx_90B_eus-gaap--Investments_iI_uUSD_c20230131_zxhuVIQ3V96i" title="Long term investments"><ix:nonFraction name="us-gaap:Investments" contextRef="AsOf2023-01-31" id="Fact001240" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,999,200</ix:nonFraction></span>) into an investment fund which invests in a highly diversified
portfolio of revenue sharing contracts of small businesses. Such investment does not have readily determinable fair value and is recorded at cost less impairment, if any.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June 2023, the Group made an investment of HK$<span id="xdx_90F_eus-gaap--Investments_iI_c20230630__us-gaap--LongtermDebtTypeAxis__custom--CompanyCMember_zvquflrtMnmb"><ix:nonFraction name="us-gaap:Investments" contextRef="AsOf2023-06-30_custom_CompanyCMember" id="Fact001241" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,963,000</ix:nonFraction></span>
(US$<span id="xdx_904_eus-gaap--Investments_iI_uUSD_c20230630__us-gaap--LongtermDebtTypeAxis__custom--CompanyCMember_zKu5IFD2ttf6" title="Long term investments"><ix:nonFraction name="us-gaap:Investments" contextRef="AsOf2023-06-30_custom_CompanyCMember" id="Fact001243" format="ixt:numdotdecimal" decimals="0" unitRef="USD">250,000</ix:nonFraction></span>)
in Simple agreement for future equity (&#8220;SAFE&#8221;) of a private company (&#8220;Company C&#8221;) in which the Group does
not have any significant influence. Company C is an AI company dedicated to bettering insights through technology and application of
AI.&#160;&#160; SAFEs are commonly used instruments that allow early investors to invest in a startup company, in exchange for the
anticipated potential of future equity, in terms of preferred stock, at some undefined date in the future, when the first priced
preferred stock financing round occurs. This is not a transaction of a creditor, but rather that of an early equity investor.
Considering the substance and reality of that (i) the SAFE holders could never force redemption of their SAFEs (nor accrual of
interest or maturity), (ii) the SAFE holders do not have any significant influence, and (iii) the conversion does not meet the
fixed-for-fixed criterion under ASC 815-40, the Group considers that SAFE should be accounted for as a derivative asset.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has performed the investment analysis, the equity investment is determined as equity investment without a readily determinable
fair value (as defined under ASC 321-10-35), therefore the equity investment shall measure at cost less impairment, if any, adjusted
plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer. As of December
31, 2023, the total cost, net of provision, of long-term investment is HK$<span id="xdx_905_eus-gaap--LongTermInvestments_iI_c20231231__us-gaap--LongtermDebtTypeAxis__custom--CompanyCMember_zb4SPta0GTa6"><ix:nonFraction name="us-gaap:LongTermInvestments" contextRef="AsOf2023-12-31_custom_CompanyCMember" id="Fact001244" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">38,647,738</ix:nonFraction></span> (US$<span id="xdx_90E_eus-gaap--LongTermInvestments_iI_uUSD_c20231231__us-gaap--LongtermDebtTypeAxis__custom--CompanyCMember_zSCBLxJIXeS8" title="Long term investments"><ix:nonFraction name="us-gaap:LongTermInvestments" contextRef="AsOf2023-12-31_custom_CompanyCMember" id="Fact001246" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,947,924</ix:nonFraction></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, the Group recorded loss due to mark-to-market of a derivative asset of HK$<span id="xdx_90C_ecustom--ImpairmentLossOnLongtermInvestment_iN_di_c20230101__20231231_z8MR89NlZ7L5"><ix:nonFraction name="MEGL:ImpairmentLossOnLongtermInvestment" contextRef="From2023-01-01to2023-12-31" id="Fact001247" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="HKD">1,963,000</ix:nonFraction></span>
(US$<span id="xdx_90D_ecustom--ImpairmentLossOnLongtermInvestment_iN_di_uUSD_c20230101__20231231_z68WtpKhMVLb"><ix:nonFraction name="MEGL:ImpairmentLossOnLongtermInvestment" contextRef="From2023-01-01to2023-12-31" id="Fact001248" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">251,315</ix:nonFraction></span>). The
Group considered the likelihood of the triggering event to share conversion is uncertain and determined the fair value of the
investment was less than its carrying value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001250" name="us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock"><p id="xdx_80F_eus-gaap--AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_z5o2Kj0oBHsb" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_821_zfYQwANBjhP6">ACCRUALS AND OTHER PAYABLES</span></b></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001252" name="us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock"><p id="xdx_895_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zQ7i79oMiEHi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accruals
and other payables consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BD_zbn9r1aJyP06" style="display: none">SCHEDULE
OF ACCRUALS AND OTHER PAYABLES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As
    of December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--AccruedProfessionalFeesCurrent_iI_maALAOLzRee_zpnCgN9zQbvk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued professional fee</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedProfessionalFeesCurrent" contextRef="AsOf2022-12-31" id="Fact001254" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,001,180</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedProfessionalFeesCurrent" contextRef="AsOf2023-12-31" id="Fact001255" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">892,000</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_987_eus-gaap--AccruedProfessionalFeesCurrent_iI_uUSD_c20231231_zoyYzPJI3Z0d" title="Accrued professional fee" style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedProfessionalFeesCurrent" contextRef="AsOf2023-12-31" id="Fact001257" format="ixt:numdotdecimal" decimals="0" unitRef="USD">114,199</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--AccruedEmployeeBenefitsCurrent_iI_maALAOLzRee_z2RCIKmbrDaj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued staff reimbursement</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedEmployeeBenefitsCurrent" contextRef="AsOf2022-12-31" id="Fact001259" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">59,818</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1260">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_982_eus-gaap--AccruedEmployeeBenefitsCurrent_iI_uUSD_c20231231_zXxyFw243w87" title="Accrued staff reimbursement" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1262">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_maALAOLzRee_z6MzIsgYtuF" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other accrued expenses</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAccruedLiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact001264" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">7,187</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAccruedLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact001265" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">187,000</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_983_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_uUSD_c20231231_ziemIN989Nzl" title="Accrued professional fee" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAccruedLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact001267" format="ixt:numdotdecimal" decimals="0" unitRef="USD">23,941</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iTI_mtALAOLzRee_zs52b5OnTPn7" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesAndOtherLiabilities" contextRef="AsOf2022-12-31" id="Fact001269" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,068,185</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesAndOtherLiabilities" contextRef="AsOf2023-12-31" id="Fact001270" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,079,000</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_980_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iTI_uUSD_c20231231_zyzaxQobFznf" title="Total" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesAndOtherLiabilities" contextRef="AsOf2023-12-31" id="Fact001272" format="ixt:numdotdecimal" decimals="0" unitRef="USD">138,140</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AB_ze5JEyi2fpA5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><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="Fact001274" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_807_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zFBmfWlnWVEd" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_825_zf7mNQcybhP3">RELATED PARTY TRANSACTIONS AND BALANCES</span></b></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund
advance to&#160;&#160; related parties:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001276" name="us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock"><p id="xdx_89C_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_zJt3CZm1uzKe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BB_zZCt5Nr9Lyp6" style="display: none">SCHEDULE
OF RELATED PARTY TRANSACTIONS</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in">
  <tr style="display: none; vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_494_20221231_zwZHA8uF48oh" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_490_20231231_zM2W6kbPdIH1" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Relationship</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As
    of December 31,</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">with</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">the
    Group</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">HK$</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">HK$</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">US$</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--OtherReceivables_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChanWaiHoMember_zQTKg0eoDNUl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 21%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Chan Wai Ho</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Chairman</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 15%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2022-12-31_custom_ChanWaiHoMember" id="Fact001278" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">38,066</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 15%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1279">&#8212;</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_984_eus-gaap--OtherReceivables_iI_uUSD_c20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChanWaiHoMember_z37FtONFZOa3" title="Accrued professional fee" style="width: 15%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1281">&#8212;</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--OtherReceivables_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChenSzeHonJohnsonMember_zAPehanooxhc" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Chen Sze Hon Johnson</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Chief Executive Officer</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2022-12-31_custom_ChenSzeHonJohnsonMember" id="Fact001283" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">58,634</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1284">&#8212;</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98E_eus-gaap--OtherReceivables_iI_uUSD_c20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChenSzeHonJohnsonMember_z8Bnw1Lbuzx" title="Accrued professional fee" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1286">&#8212;</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--OtherReceivables_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zTzmY2ptwtbf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2022-12-31_us-gaap_RelatedPartyMember" id="Fact001288" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">96,700</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1289">&#8212;</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_987_eus-gaap--OtherReceivables_iI_uUSD_c20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_z0XvNf6BRkb7" title="Accrued professional fee" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1291">&#8212;</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A2_zEmzUHggBIAj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>


<ix:exclude><!-- Field: Page; Sequence: 105; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<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; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MAGIC
EMPIRE GLOBAL LIMITED<br/>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8.</b></span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RELATED PARTY TRANSACTIONS
  AND BALANCES </b>(cont.)</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balances
represented the funds advanced to the Chairman and Chief Executive Officer (&#8220;CEO&#8221;), who are also the directors
of the Company. The balance is unsecured and interest-free.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2023, the related parties repaid all the outstanding balances of HK$<span id="xdx_901_eus-gaap--OtherReceivables_iI_uHKD_c20230331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zpM9Jb4PevT3"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2023-03-31_us-gaap_RelatedPartyMember" id="Fact001292" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">96,700</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(US$<span id="xdx_904_eus-gaap--OtherReceivables_iI_uUSD_c20230331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zC7GSPrzueh9"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2023-03-31_us-gaap_RelatedPartyMember" id="Fact001293" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,380</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)
to the Group.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001295" name="us-gaap:RevenueFromContractWithCustomerTextBlock"><p id="xdx_804_eus-gaap--RevenueFromContractWithCustomerTextBlock_zpl540IJ6sEj" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_825_zLHiNJUuY6o1">CONTRACT LIABILITIES</span></b>&#160;&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s contract liabilities include the upfront payments received upon signing of the contract for IPO/IFA/FA services and advances
from clients related to CA services on the Group&#8217;s consolidated balance sheets. These payments are non-refundable are recognized
as revenue as the Group&#8217;s performance obligation is satisfied. The Group&#8217;s contract liabilities are generally recognized
as revenue within one year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001297" name="us-gaap:ContractWithCustomerAssetAndLiabilityTableTextBlock"><p id="xdx_89E_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_zpjiy9H66We2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023 and 2022, the contract liabilities were comprised of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B0_z8vPC9yT7RCb" style="display: none">SCHEDULE OF CONTRACT LIABILITIES</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in">
  <tr style="display: none; vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_499_20221231_zrMBNEUZwIr3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_49D_20231231_ztUHopfGk8je" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As
    of December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">HK$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">US$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_ecustom--ContractLiabilitiesCurrent_iI_maCWCLCzXei_z4TmD5Hf1qO1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Contract liabilities</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:ContractLiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact001299" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">2,800,000</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:ContractLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact001300" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,100,000</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_983_ecustom--ContractLiabilitiesCurrent_iI_uUSD_c20231231_zFyYHVS2rnqh" title="Contract liabilities" style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:ContractLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact001302" format="ixt:numdotdecimal" decimals="0" unitRef="USD">140,829</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_ecustom--AdvanceFromCustomersCurrent_iI_maCWCLCzXei_zTLqL4P4Se" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Advance from customers</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:AdvanceFromCustomersCurrent" contextRef="AsOf2022-12-31" id="Fact001304" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">254,032</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:AdvanceFromCustomersCurrent" contextRef="AsOf2023-12-31" id="Fact001305" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">64,000</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_981_ecustom--AdvanceFromCustomersCurrent_iI_uUSD_c20231231_zXxWnkYCqiai" title="Advance from customers" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:AdvanceFromCustomersCurrent" contextRef="AsOf2023-12-31" id="Fact001307" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,194</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--ContractWithCustomerLiabilityCurrent_iTI_mtCWCLCzXei_zG6vMoAuSGu7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2023-12-31" id="Fact001310" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,164,000</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98C_eus-gaap--ContractWithCustomerLiabilityCurrent_iTI_uUSD_c20231231_zUeEPJ6RyfGk" title="Total" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2023-12-31" id="Fact001312" format="ixt:numdotdecimal" decimals="0" unitRef="USD">149,023</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A6_zPz27e8Ht8Vd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
movement in contract liabilities is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001314" name="MEGL:ScheduleOfMovementInContractLiabilitiesTableTextBlock"><p id="xdx_89F_ecustom--ScheduleOfMovementInContractLiabilitiesTableTextBlock_zm8ohXGXQXxb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B3_zRymWP8Eyjf9" style="display: none">SCHEDULE
OF MOVEMENT IN CONTRACT LIABILITIES</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_49D_20220101__20221231_z7XN8b7a18Df" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_49F_20230101__20231231_zCJOEvFQFqr5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">HK$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">HK$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">US$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_ecustom--ContractLiabilitiesCurrent_iS_maCWCLCzXei_zp0Jg2BA3oEi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Balance at beginning
    of the year ended December 31</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:ContractLiabilitiesCurrent" contextRef="AsOf2021-12-31" id="Fact001316" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">2,450,000</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:ContractLiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact001317" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">2,800,000</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98C_ecustom--ContractLiabilitiesCurrent_iS_uUSD_c20230101__20231231_z0umuTqVRCqj" title="Balance at beginning of the year ended December 31" style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:ContractLiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact001319" format="ixt:numdotdecimal" decimals="0" unitRef="USD">358,473</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_ecustom--DecreaseInContractLiabilities_zjjOY0BaCU3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Decrease in contract liabilities as a result
    of recognizing revenue during the year was included in the contract liabilities at the beginning of the year</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="MEGL:DecreaseInContractLiabilities" contextRef="From2022-01-012022-12-31" id="Fact001321" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="HKD">1,950,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="MEGL:DecreaseInContractLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact001322" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="HKD">2,300,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_986_ecustom--DecreaseInContractLiabilities_uUSD_c20230101__20231231_zh0A7se5WJDd" title="Decrease in contract liabilities as a result of recognizing revenue during the year was included in the contract liabilities at the beginning of the year" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="MEGL:DecreaseInContractLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact001324" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">294,460</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_400_ecustom--IncreaseInContractLiabilities_zpy7Y2Ng7WB5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Increase in contract
    liabilities as a result of billings in advance of performance obligation under contracts</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:IncreaseInContractLiabilities" contextRef="From2022-01-012022-12-31" id="Fact001326" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">2,300,000</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:IncreaseInContractLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact001327" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">600,000</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_981_ecustom--IncreaseInContractLiabilities_uUSD_c20230101__20231231_zV8PReWcaqDh" title="Increase in contract liabilities as a result of billings in advance of performance obligation under contracts" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:IncreaseInContractLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact001329" format="ixt:numdotdecimal" decimals="0" unitRef="USD">76,816</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_ecustom--ContractLiabilitiesCurrent_iE_maCWCLCzXei_zwvyVKwpzc08" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance
    at end of the year ended December 31</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:ContractLiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact001331" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">2,800,000</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:ContractLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact001332" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,100,000</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_980_ecustom--ContractLiabilitiesCurrent_iE_uUSD_c20230101__20231231_zGJmTirUNZSk" title="Balance at end of the year ended December 31" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:ContractLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact001334" format="ixt:numdotdecimal" decimals="0" unitRef="USD">140,829</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A0_zo5eFaDCV3wk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001336" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_806_eus-gaap--IncomeTaxDisclosureTextBlock_zYKPoCWYdc87" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82B_z40eaGRgE3t7">INCOME TAX</span></b></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">British
Virgin Islands</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is incorporated in the British Virgin Islands and is not subject to taxation. 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Hong
Kong</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entities
incorporated in Hong Kong are subject to Hong Kong profits tax at a rate of <span id="xdx_90A_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20180401__20180401_zkizhkT9957h" title="Effective income tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2018-04-012018-04-01" id="Fact001338" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">16.5</ix:nonFraction></span>% for taxable income earned in Hong Kong before April
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s Hong Kong subsidiaries are subject to Hong Kong profits tax on their taxable income as reported in their statutory financial
statements adjusted in accordance with relevant Hong Kong tax laws. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<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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  </table>
<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001348" name="us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"><p id="xdx_89C_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zJNVEf7CWZ95" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B7_zaEFNlCsIDTa" style="display: none">SCHEDULE
OF STATEMENT OF INCOME</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in">
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--CurrentIncomeTaxExpenseBenefit_maITEBz0lt_zUPxVpw9i5bc" style="vertical-align: bottom; background-color: White">
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1352">&#8212;</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_983_eus-gaap--CurrentIncomeTaxExpenseBenefit_uUSD_c20230101__20231231_z16QvXOtN1Fc" title="Current" style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1354">&#8212;</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--DeferredIncomeTaxExpenseBenefit_maITEBz0lt_zmmEMOifv1I" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Deferred</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:DeferredIncomeTaxExpenseBenefit" contextRef="From2021-01-012021-12-31" id="Fact001356" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="HKD">391,820</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DeferredIncomeTaxExpenseBenefit" contextRef="From2022-01-012022-12-31" id="Fact001357" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">391,820</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1358">&#8212;</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98E_eus-gaap--DeferredIncomeTaxExpenseBenefit_uUSD_c20230101__20231231_zAOXh7Y7d6r2" title="Deferred" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1360">&#8212;</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--IncomeTaxExpenseBenefit_iT_mtITEBz0lt_zbtVPNjgzlM1" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Income tax expense benefit</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2021-01-012021-12-31" id="Fact001362" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">70,184</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2022-01-012022-12-31" id="Fact001363" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">381,820</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1364">&#8212;</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  </table>

</ix:nonNumeric><p id="xdx_8AF_zypvtyObzTSf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 106; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MAGIC
EMPIRE GLOBAL LIMITED<br/>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INCOME
    TAX </b>(cont.)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    following table reconciles Hong Kong statutory rates to the Group&#8217;s effective tax rate:</span></td></tr>
  </table>
<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001368" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><p id="xdx_89E_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zUEFMX4bV1l5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B3_z3iTZs6rhZ91" style="display: none">SCHEDULE
OF RECONCILES STATUTORY RATES TO EFFECTIVE TAX RATE</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_408_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_maABC_zMIl8UTUGhnl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 49%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Hong Kong statutory income tax
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  <tr id="xdx_409_ecustom--EffectiveIncomeTaxRateReconciliationAtPreferentialTaxRate_pid_dp_uPure_maABC_zuUvNaRzt37h" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40B_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpense_pid_dp_uPure_maABC_zaZEyDdS9bS9" 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">Expenses not deductible for
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1379">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpense" contextRef="From2023-01-01to2023-12-31" id="Fact001380" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure">76.5</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</span></td></tr>
  <tr id="xdx_404_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxSettlementsForeign_pid_dp_uPure_maABC_zqBSPjG8h1Hj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Effect of tax rates in foreign jurisdiction</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1382">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationTaxSettlementsForeign" contextRef="From2022-01-012022-12-31" id="Fact001383" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure">9.8</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationTaxSettlementsForeign" contextRef="From2023-01-01to2023-12-31" id="Fact001384" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure">23.3</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</span></td></tr>
  <tr id="xdx_400_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_maABC_znW01NLmy7Q9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Valuation allowance</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1386">&#8212;</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" contextRef="From2022-01-012022-12-31" id="Fact001387" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure">21.3</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" contextRef="From2023-01-01to2023-12-31" id="Fact001388" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure">3.9</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</span></td></tr>
  <tr id="xdx_408_ecustom--EffectiveIncomeTaxRateReconciliationPermanentDifference_pid_dp_uPure_maABC_zmndg2OaxFL4" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Permanent difference<sup id="xdx_F4B_zeOrdabRVQPj">(2)</sup></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="MEGL:EffectiveIncomeTaxRateReconciliationPermanentDifference" contextRef="From2021-01-012021-12-31" id="Fact001390" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure">3.1</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:EffectiveIncomeTaxRateReconciliationPermanentDifference" contextRef="From2022-01-012022-12-31" id="Fact001391" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.6</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:EffectiveIncomeTaxRateReconciliationPermanentDifference" contextRef="From2023-01-01to2023-12-31" id="Fact001392" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">87.2</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr id="xdx_407_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iT_pid_dp_uPure_mtABC_zS5MZJVNfZy8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Effective tax rate</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2021-01-012021-12-31" id="Fact001394" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.2</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2022-01-012022-12-31" id="Fact001395" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure">11.0</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1396">&#8212;</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F02_zkdDn76cF3ql" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F15_zBLs3qEzwAM6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001397" xml:lang="en-US">Non-deductible
    items mainly arise from expenses not deductible for tax purposes primarily including professional fees in relation to IPO in 2021
    and operating expenses from Hong Kong companies which do not generate any assessable profits during the year. In 2023, this also
    represents the loss due to mark-to-market of a derivative asset which is not deductible for tax.</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F08_zM9tUmBtZlP4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F12_z7Jxar9KgJJ9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001398" xml:lang="en-US">Mainly
    represents non-taxable income due to governmental grants and other non-taxable interest. In 2022 and 2023, this also represents the
    combination of other non-taxable income and deferred true-ups due to non-deductible expenses.</ix:footnote></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AF_zsVwelt13cMd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
    (loss) before income taxes is attributable to the following geographic locations for the years ended December 31:</span></td></tr>
  </table>
<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001400" name="us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock"><p id="xdx_89E_eus-gaap--ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_z9dHQFxd1kli" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B3_z07fHfMndQvl" style="display: none">SCHEDULE
OF GEOGRAPHIC LOCATIONS</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40E_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_hus-gaap--IncomeTaxAuthorityNameAxis__us-gaap--InlandRevenueHongKongMember_mtILFCOzKn6_maNILzlzs_zc0G76UYuuB5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 44%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Hong Kong</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2022-01-012022-12-31_us-gaap_InlandRevenueHongKongMember" id="Fact001403" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="HKD">1,406,918</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2023-01-012023-12-31_us-gaap_InlandRevenueHongKongMember" id="Fact001404" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">195,245</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40B_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_hus-gaap--IncomeTaxAuthorityNameAxis__custom--ForeignMember_mtILFCOzKn6_maNILzlzs_zVbrQtQ9hdzg" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Foreign</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2021-01-012021-12-31_custom_ForeignMember" id="Fact001408" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="HKD">75,740</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2022-01-012022-12-31_custom_ForeignMember" id="Fact001409" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="HKD">2,053,540</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2023-01-012023-12-31_custom_ForeignMember" id="Fact001410" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="HKD">679,057</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_981_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_pp0p0_uUSD_c20230101__20231231__us-gaap--IncomeTaxAuthorityNameAxis__custom--ForeignMember_zndsLoEwmSNh" title="Foreign" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2023-01-012023-12-31_custom_ForeignMember" id="Fact001412" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">86,937</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_400_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_mtILFCOzKn6_maNILzlzs_zMpCVWyvkQ44" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total income (loss)
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2022-01-012022-12-31" id="Fact001415" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="HKD">3,460,458</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2023-01-01to2023-12-31" id="Fact001416" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="HKD">483,812</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98F_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_pp0p0_uUSD_c20230101__20231231_znPUMx1W7PNg" title="Total income (loss) before income taxes" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2023-01-01to2023-12-31" id="Fact001418" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">61,940</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A0_zc4di2CnYZe4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(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">Deferred
tax:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -24pt"><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="Fact001420" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"><p id="xdx_897_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zaJsCND1TTI8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
components of the deferred tax assets (liabilities) are presented below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BC_zmqPTSn2PnH9" style="display: none">SCHEDULE
OF COMPONENTS OF THE DEFERRED TAX ASSETS (LIABILITIES)</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" id="xdx_490_20231231_zwNZu4cd2vgg" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">HK$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">HK$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">HK$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsNetAbstract_iB_z2wMCcnEEJs5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deferred tax assets:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_maDTAGzN2T_zugMOOjPr049" style="vertical-align: bottom; background-color: White">
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwards" contextRef="AsOf2022-12-31" id="Fact001427" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">715,179</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwards" contextRef="AsOf2023-12-31" id="Fact001428" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">750,087</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_980_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_uUSD_c20231231_zZpe8a3uljnk" title="Net operating loss carryforwards" style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwards" contextRef="AsOf2023-12-31" id="Fact001430" format="ixt:numdotdecimal" decimals="0" unitRef="USD">96,031</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_ecustom--DeferredTaxAssetsContractLiabilitiesAndOthers_iI_maDTAGzN2T_zpV8YIscSmNh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_405_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_msDTANzIE0_zSUWwMwFNRH6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2022-12-31" id="Fact001445" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">736,833</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_984_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_uUSD_c20231231_z1BQQF3lLmZ1" title="Less: Valuation allowance" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2023-12-31" id="Fact001448" format="ixt:numdotdecimal" decimals="0" unitRef="USD">96,031</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsNet_iTI_mtDTANzIE0_z2shi3qFbyKh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total deferred tax assets,
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DeferredTaxAssetsNet" contextRef="AsOf2021-12-31" id="Fact001450" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">391,820</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1451">&#8212;</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1452">&#8212;</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_986_eus-gaap--DeferredTaxAssetsNet_iTI_uUSD_c20231231_zXzXoFr8awth" title="Total deferred tax assets, net" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1454">&#8212;</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AB_ziK1sUHOeNl7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group evaluated the recoverable amounts of deferred tax assets to the extent that future taxable profits will be available against which
the net operating loss and temporary difference can be utilized. As of December 31, 2023, the Group had tax loss carryforwards of approximately
HK$<span id="xdx_904_eus-gaap--OperatingLossCarryforwards_iI_uHKD_c20231231_zazLDZqX1F9g" title="Tax loss carryforwards"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2023-12-31" id="Fact001456" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">4,545,983</ix:nonFraction></span> (US$<span id="xdx_90B_eus-gaap--OperatingLossCarryforwards_iI_uUSD_c20231231_zD8pCD1YnLSg" title="Tax loss carryforwards"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2023-12-31" id="Fact001458" format="ixt:numdotdecimal" decimals="0" unitRef="USD">582,005</ix:nonFraction></span>). The carry forward of tax losses in Hong Kong generally has no time limit. As of December 31, 2023,
the deferred tax assets were offset with a full valuation allowance as the Group does not expect to realize its deferred taxes in the
near future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Group had <span id="xdx_901_ecustom--RefundableProvisionalTaxes_iN_dio_uHKD_c20230101__20231231_zlVfUB9R4b34" title="Tax recoverable"><ix:nonFraction name="MEGL:RefundableProvisionalTaxes" contextRef="From2023-01-01to2023-12-31" id="Fact001460" format="ixt-sec:numwordsen" decimals="0" sign="-" unitRef="HKD">no</ix:nonFraction></span> tax recoverable and <span id="xdx_908_eus-gaap--TaxesPayableCurrentAndNoncurrent_iI_do_uHKD_c20231231_zJUesjrR79T9" title="Tax payables"><ix:nonFraction name="us-gaap:TaxesPayableCurrentAndNoncurrent" contextRef="AsOf2023-12-31" id="Fact001462" format="ixt-sec:numwordsen" decimals="0" unitRef="HKD">no</ix:nonFraction></span> taxes payables. As of December 31, 2022, the Group had tax
recoverable of HK$<span id="xdx_90B_ecustom--RefundableProvisionalTaxes_iN_di_uHKD_c20220101__20221231_zIZDSs4fy1gb" title="Tax recoverable"><ix:nonFraction name="MEGL:RefundableProvisionalTaxes" contextRef="From2022-01-012022-12-31" id="Fact001464" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="HKD">587,834</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 107; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MAGIC
EMPIRE GLOBAL LIMITED<br/>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001466" name="us-gaap:OtherIncomeAndOtherExpenseDisclosureTextBlock"><p id="xdx_80F_eus-gaap--OtherIncomeAndOtherExpenseDisclosureTextBlock_zieGCDS5Gijk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_823_zDZIN2jE5SC8">OTHER INCOME</span></b></span></p>




<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001468" name="us-gaap:InterestAndOtherIncomeTableTextBlock"><p id="xdx_890_eus-gaap--InterestAndOtherIncomeTableTextBlock_zTP2q6yxBPGd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BF_zehbL083UXVk" style="display: none">SCHEDULE
OF OTHER INCOME</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -24pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in">
  <tr style="display: none; vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_497_20210101__20211231_zvSmVL5Xcctl" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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<tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    the years ended December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">HK$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40B_ecustom--GovernmentGrantIncome_maIAOIz0LH_ztvQuJVf6wMb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 44%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Government grant</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1470">&#8212;</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:GovernmentGrantIncome" contextRef="From2022-01-012022-12-31" id="Fact001471" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">216,000</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1472">&#8212;</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_987_ecustom--GovernmentGrantIncome_uUSD_c20230101__20231231_z4XxBVaTK2Kg" title="Government grant" style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1474">&#8212;</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_ecustom--SundryIncome_maIAOIz0LH_zAfOgWraBR6j" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Sundry income</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1476">&#8212;</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1477">&#8212;</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:SundryIncome" contextRef="From2023-01-01to2023-12-31" id="Fact001478" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">172,832</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_980_ecustom--SundryIncome_uUSD_c20230101__20231231_zqmbgeBjcSNh" title="Sundry income" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="MEGL:SundryIncome" contextRef="From2023-01-01to2023-12-31" id="Fact001480" format="ixt:numdotdecimal" decimals="0" unitRef="USD">22,127</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--InterestAndOtherIncome_iT_mtIAOIz0LH_zWhlC8Q7pl73" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1482">&#8212;</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:InterestAndOtherIncome" contextRef="From2022-01-012022-12-31" id="Fact001483" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">216,000</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:InterestAndOtherIncome" contextRef="From2023-01-01to2023-12-31" id="Fact001484" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">172,832</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_984_eus-gaap--InterestAndOtherIncome_iT_uUSD_c20230101__20231231_z3eZJm2xg3Wc" title="Total" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:InterestAndOtherIncome" contextRef="From2023-01-01to2023-12-31" id="Fact001486" format="ixt:numdotdecimal" decimals="0" unitRef="USD">22,127</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AF_zQD4bnjjfUhl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -24pt"><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="Fact001488" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_806_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zPsOttcTaNo9" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_825_zSDLhbwivDC3">ORDINARY SHARES</span></b></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company was established under the laws of British Virgin Islands on May 10, 2016. The authorized number of ordinary shares was <span id="xdx_904_eus-gaap--CommonStockSharesAuthorized_iI_c20160510_z6BzEM83kXG2" title="Authorized number of ordinary shares"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2016-05-10" id="Fact001490" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span>
shares with a par value of US$<span id="xdx_901_eus-gaap--CommonStockParOrStatedValuePerShare_iI_uUSDPShares_c20160510_zQZ61ZVaxtB1" title="Authorized number of ordinary shares"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2016-05-10" id="Fact001492" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.0</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 14, 2021, the shareholders of the Company resolved to create an additional <span id="xdx_900_eus-gaap--CommonStockSharesAuthorized_iI_c20210714_zSp6KRvAoaW3" title="Authorized ordinary shares"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2021-07-14" id="Fact001494" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">300,000,000</ix:nonFraction></span> of the authorized ordinary shares with a
par value of US$<span id="xdx_900_eus-gaap--CommonStockParOrStatedValuePerShare_iI_uUSDPShares_c20210714_z2IgBELKi5W7" title="Ordinary shares par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-07-14" id="Fact001496" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> (the &#8220;Increase in Share Capital&#8221;). Following the Increase in Share Capital, on July 15, 2021, the
Company newly issued <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210715__20210715_zN7upha56PBi"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-07-152021-07-15" id="Fact001497" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">15,000,000</ix:nonFraction></span> ordinary shares with a par value of US$<span id="xdx_90E_eus-gaap--CommonStockParOrStatedValuePerShare_iI_uUSDPShares_c20210715_zl9pQBSNByl4" title="Ordinary shares par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-07-15" id="Fact001499" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> (the &#8220;Shares Issued&#8221;). Following the Shares
Issued, the Company repurchased and cancelled <span id="xdx_906_eus-gaap--StockRepurchasedAndRetiredDuringPeriodShares_c20200101__20201231_zjlNISBZwxjg" title="Repurchased and cancelled outstanding shares"><ix:nonFraction name="us-gaap:StockRepurchasedAndRetiredDuringPeriodShares" contextRef="From2020-01-012020-12-31" id="Fact001501" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100</ix:nonFraction></span> of the outstanding ordinary shares with a par value of US$<span id="xdx_90C_eus-gaap--CommonStockParOrStatedValuePerShare_iI_uUSDPShares_c20201231_zGM1H5sKC8V5" title="Ordinary shares par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2020-12-31" id="Fact001503" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.0</ix:nonFraction> </span>issued and outstanding
as of December 31, 2020 as well as cancelled <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensationForfeited_c20200101__20201231_zBWsE7XoVj4" title="Cancelled ordinary shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationForfeited" contextRef="From2020-01-012020-12-31" id="Fact001505" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span> of the authorized ordinary shares with a par value of US$<span id="xdx_907_eus-gaap--CommonStockParOrStatedValuePerShare_iI_uUSDPShares_c20201231_zK0FEKWatChf" title="Ordinary shares par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2020-12-31" id="Fact001507" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.0</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company considered the above transactions as a <span id="xdx_90B_eus-gaap--StockholdersEquityReverseStockSplit_c20210714__20210714_zyeSds2GUBub" title="Stockholders equity reverse stock split"><ix:nonNumeric contextRef="From2021-07-142021-07-14" id="Fact001509" name="us-gaap:StockholdersEquityReverseStockSplit">150,000-for-1</ix:nonNumeric></span> split of its ordinary shares and deemed the cancellation of <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensationForfeited_c20210714__20210714_z9JkS3BjDIXa" title="Cancelled ordinary shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationForfeited" contextRef="From2021-07-142021-07-14" id="Fact001511" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100</ix:nonFraction></span> original
ordinary shares with par value of US$<span id="xdx_90D_ecustom--CommonStockParValuePerShare_iI_uUSDPShares_c20210714_zIStiSZWWRQ3" title="Common stock par value per share"><ix:nonFraction name="MEGL:CommonStockParValuePerShare" contextRef="AsOf2021-07-14" id="Fact001513" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.0</ix:nonFraction></span> and the new issuance of <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210714__20210714_zIAysisWSAli" title="Stock issued during period shares new issues"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-07-142021-07-14" id="Fact001515" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">15,000,000</ix:nonFraction></span> ordinary shares with par value of US$<span id="xdx_90D_eus-gaap--CommonStockParOrStatedValuePerShare_iI_uUSDPShares_c20210714_zbqla6rP24Wh"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-07-14" id="Fact001516" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> were part of
the Company&#8217;s recapitalization prior to completion of its initial public offering. The Company believed it is appropriate to reflect
the above transactions on a retroactive basis similar to stock split or dividend pursuant to ASC 260. All shares and per share amounts
used herein and in the accompanying consolidated financial statements have been retroactively restated to reflect the share split.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 4, 2022, the Company entered into an underwriting agreement with Network 1 Financial Securities, Inc. and Alexander Capital, L.P.
as underwriters named thereof, in connection with its IPO of <span id="xdx_90F_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20220803__20220804__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember__dei--LegalEntityAxis__custom--NetworkOneFinancialSecuritiesIncAndAlexanderCapitalLPMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zr44J1pF3gYd" title="Issuance of public offering"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2022-08-032022-08-04_custom_UnderwritingAgreementMember_custom_NetworkOneFinancialSecuritiesIncAndAlexanderCapitalLPMember_us-gaap_IPOMember" id="Fact001518" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000,000</ix:nonFraction></span> Ordinary Shares at a price of $<span id="xdx_901_eus-gaap--SharesIssuedPricePerShare_iI_pid_uUSDPShares_c20220804__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember__dei--LegalEntityAxis__custom--NetworkOneFinancialSecuritiesIncAndAlexanderCapitalLPMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z6sZky3UjFG3" title="Issuance of public offering"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2022-08-04_custom_UnderwritingAgreementMember_custom_NetworkOneFinancialSecuritiesIncAndAlexanderCapitalLPMember_us-gaap_IPOMember" id="Fact001520" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">4.00</ix:nonFraction></span> per share. The Company&#8217;s
Registration Statement on Form F-1 (File No. 333-264575) for the IPO, originally filed with the U.S. Securities and Exchange Commission
(the &#8220;Commission&#8221;) on April 29, 2022 (as amended, the &#8220;Registration Statement&#8221;) was declared effective by the
Commission on August 4, 2022. On August 10, 2022, the Company completed its IPO and listed its Ordinary Shares on the Nasdaq Capital
Market under the symbol &#8220;MEGL&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
the above IPO, the Company received total gross proceeds of HK$<span id="xdx_902_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20220804__20220804_zMVZeAq6z5R"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2022-08-042022-08-04" id="Fact001521" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">156,030,000</ix:nonFraction> </span>(US$<span id="xdx_900_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_uUSD_c20220804__20220804_z354AQnP2Lw2"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2022-08-042022-08-04" id="Fact001522" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,000,000</ix:nonFraction></span>). After deducting a sum of HK$<span id="xdx_908_eus-gaap--PaymentsForUnderwritingExpense_c20220804__20220804_zoaRZN5Eb0H"><ix:nonFraction name="us-gaap:PaymentsForUnderwritingExpense" contextRef="From2022-08-042022-08-04" id="Fact001523" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">15,492,241</ix:nonFraction></span> (US$<span id="xdx_90E_eus-gaap--PaymentsForUnderwritingExpense_uUSD_c20220804__20220804_z1OjvJSrizWe"><ix:nonFraction name="us-gaap:PaymentsForUnderwritingExpense" contextRef="From2022-08-042022-08-04" id="Fact001524" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,985,803</ix:nonFraction></span>)
in underwriting commission and other expenses, the Company received a total net proceeds of HK$<span id="xdx_908_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20220804__20220804_zgBiyCrk87e4"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2022-08-042022-08-04" id="Fact001525" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">140,537,759</ix:nonFraction></span> (US$<span id="xdx_90A_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_uUSD_c20220804__20220804_zqHRAC5UEku6"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2022-08-042022-08-04" id="Fact001526" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,014,197</ix:nonFraction></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 12, 2022, the underwriter exercised its warrants in full and the Company issued a total of <span id="xdx_90E_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_uShares_c20220811__20220812_zUfUsStkEX9a" title="Issuance of public offering"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2022-08-112022-08-12" id="Fact001528" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">256,099</ix:nonFraction></span> ordinary shares with no cash
consideration on August 26, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023 and 2022, the authorized number of ordinary shares is <span id="xdx_906_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20231231_zOcO6xZlUj86" title="Common stock, shares authorized"><span id="xdx_904_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20221231_zpeEyX8H1tk9" title="Common stock, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2023-12-31" id="Fact001530" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2022-12-31" id="Fact001532" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">300,000,000</ix:nonFraction></ix:nonFraction></span></span>
with a par value of US$<span id="xdx_906_eus-gaap--CommonStockParOrStatedValuePerShare_iI_uUSDPShares_c20231231_zhN0BgJLHsJ3" title="Common stock, par value"><span id="xdx_90C_eus-gaap--CommonStockParOrStatedValuePerShare_iI_uUSDPShares_c20221231_z8UpNU3bOVx4" title="Common stock, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2023-12-31" id="Fact001534" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2022-12-31" id="Fact001536" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></ix:nonFraction></span></span>
and the issued number of ordinary shares is <span id="xdx_900_eus-gaap--CommonStockSharesIssued_iI_c20231231_zB6rgUsBLw5l" title="Common stock, shares issued"><span id="xdx_90B_eus-gaap--CommonStockSharesIssued_iI_c20221231_zlBj80BUNGTj" title="Common stock, shares issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2023-12-31" id="Fact001538" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-12-31" id="Fact001540" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,256,099</ix:nonFraction></ix:nonFraction></span></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 108; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt">&#160;</div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MAGIC
EMPIRE GLOBAL LIMITED<br/>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001542" name="MEGL:DividendTextBlock"><p id="xdx_80E_ecustom--DividendTextBlock_ze5aFvvQHPwd" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_826_zaVcYvYM2Pxj">DIVIDEND</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 7, 2022, the Company&#8217;s board of directors approved and declared a dividend of HK$<span id="xdx_902_eus-gaap--DividendsPayableCurrentAndNoncurrent_iI_c20220207_zMNc1jnuwDv6" title="Dividends declared"><ix:nonFraction name="us-gaap:DividendsPayableCurrentAndNoncurrent" contextRef="AsOf2022-02-07" id="Fact001544" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">4,000,000</ix:nonFraction></span> (US$<span id="xdx_901_eus-gaap--DividendsPayableCurrentAndNoncurrent_iI_uUSD_c20220207_zn1hEYeh1P72" title="Dividends declared"><ix:nonFraction name="us-gaap:DividendsPayableCurrentAndNoncurrent" contextRef="AsOf2022-02-07" id="Fact001546" format="ixt:numdotdecimal" decimals="0" unitRef="USD">512,722</ix:nonFraction></span>) to its shareholders.
This amount was paid in full on February 17, 2022. The dividend per share was HK$<span id="xdx_901_eus-gaap--DividendsPayableAmountPerShare_iI_pid_c20220207_zpahiF0jIHpi" title="Dividends price per share"><ix:nonFraction name="us-gaap:DividendsPayableAmountPerShare" contextRef="AsOf2022-02-07" id="Fact001548" format="ixt:numdotdecimal" decimals="INF" unitRef="HKDPShares">0.27</ix:nonFraction></span> (US$<span id="xdx_90E_eus-gaap--DividendsPayableAmountPerShare_iI_pid_uUSDPShares_c20220207_zCt6ij0B5153" title="Dividends price per share"><ix:nonFraction name="us-gaap:DividendsPayableAmountPerShare" contextRef="AsOf2022-02-07" id="Fact001550" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.03</ix:nonFraction></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 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 3, 2023, the Company&#8217;s board of directors approved and declared a special interim dividend of HK$<span id="xdx_90E_eus-gaap--DividendsPayableCurrentAndNoncurrent_iI_c20231003_zwU53iC7wEF3" title="Dividends declared"><ix:nonFraction name="us-gaap:DividendsPayableCurrentAndNoncurrent" contextRef="AsOf2023-10-03" id="Fact001552" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1,581,900</ix:nonFraction></span> (US$<span id="xdx_901_eus-gaap--DividendsPayableCurrentAndNoncurrent_iI_uUSD_c20231003_z9re62vQhxJb" title="Dividends declared"><ix:nonFraction name="us-gaap:DividendsPayableCurrentAndNoncurrent" contextRef="AsOf2023-10-03" id="Fact001554" format="ixt:numdotdecimal" decimals="0" unitRef="USD">202,525</ix:nonFraction></span>)
to its shareholders. This amount was paid in full on November 22, 2023. The dividend per share was HK$<span id="xdx_90D_eus-gaap--DividendsPayableAmountPerShare_iI_pid_c20231003_zj6J7vSAzOWa" title="Dividends price per share"><ix:nonFraction name="us-gaap:DividendsPayableAmountPerShare" contextRef="AsOf2023-10-03" id="Fact001556" format="ixt:numdotdecimal" decimals="INF" unitRef="HKDPShares">0.08</ix:nonFraction></span> (US$<span id="xdx_90A_eus-gaap--DividendsPayableAmountPerShare_iI_pid_uUSDPShares_c20231003_zDfYysMgoxUa" title="Dividends price per share"><ix:nonFraction name="us-gaap:DividendsPayableAmountPerShare" contextRef="AsOf2023-10-03" id="Fact001558" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001560" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_80B_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zvENKxk7Vjek" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_823_zVnFO0wDR0Md">COMMITMENTS AND CONTINGENCIES</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, the Group is subject to certain legal proceedings, claims and disputes that arise in the ordinary course of business. Although
the outcomes of these legal proceedings cannot be predicted, the Group does not believe these actions, in the aggregate, will have a
material adverse impact on its financial position, results of operations or liquidity. As of December 31, 2023 and 2022, the Group has
no outstanding litigation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001562" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_803_eus-gaap--SubsequentEventsTextBlock_zOq2Q8ZDy9N2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15.
<span id="xdx_82B_zK7ZIAr67Jvj">SUBSEQUENT EVENTS</span></b></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Group evaluated all events and transactions that occurred
after December 31, 2023 up through the date the Group issued the consolidated financial statements. There were no other subsequent events
occurred that would require recognition or disclosure in the Group&#8217;s consolidated financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

</ix:nonNumeric><p id="xdx_81B_zEMSyzOW5xuh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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[{"type": "20-F", "sequence": "1", "filename": "form20-f.htm", "secsgml_size_bytes": 2317966}]
{"company-data": {"conformed-name": "Magic Empire Global Ltd", "cik": "0001881472", "assigned-sic": "6199", "organization-name": "02 Finance", "irs-number": "000000000", "state-of-incorporation": "D8", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-41467", "film-number": "24861221"}, "business-address": {"street1": "3/F, 8 WYNDHAM STREET", "city": "CENTRAL", "state": "K3", "zip": "0000", "phone": "852 3577 8770"}, "mail-address": {"street1": "3/F, 8 WYNDHAM STREET", "city": "CENTRAL", "state": "K3", "zip": "0000"}}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
20-F
(Mark
one)
☐
REGISTRATION
    STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended
December 31
,
2023
OR
☐
TRANSITION
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐
SHELL
    COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of event requiring this shell company report:
For
the transition period from __________ to ____________
Commission
file number:
001-41467
Magic
Empire Global Limited
(Exact
name of the Registrant as specified in its charter)
N/A
(Translation
of registrant's name into English)
British
Virgin Islands
(Jurisdiction
of incorporation or organization)
3/F
,
8 Wyndham Street
Central
,
Hong Kong
(Address
of principal executive offices)
Ms.
Vivien Tai
Tel:
(852)
3577 8770
Email:
meglir@giraffecap.com
3/F
,
8 Wyndham Street
Central
,
Hong
Kong
(Name,
Telephone, E-mail 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 $0.0001 per share
MEGL
The
Nasdaq
Capital Market, LLC
Securities
registered or to be registered pursuant to Section 12(g) of the Act:
Warrants,
each to purchase one ordinary share
Title
of Class
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
The
registrant had
20,256,099
ordinary shares issued and outstanding as of December 31, 2023.
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
☐
Yes ☒
No
If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934.
☐
Yes ☒
No
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
☒
Yes
☐ No
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
☒
Yes
☐ No
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See definition of "large accelerated filer," "accelerated filer," and "emerging growth company"
in Rule 12b-2 of the Exchange Act.
☐
    Large Accelerated filer
☐
    Accelerated filer
☒
Non-accelerated filer
☒
Emerging growth company
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided
pursuant to Section 13(a) of the Exchange Act.
☐
†
The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.
Indicate
by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. ☐
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.
☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
☒
U.S. GAAP
☐
                                            International Financial Reporting
Standards
    as issued by the International
Accounting
    Standards Board
☐
    Other
If
"Other" has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow.
☐
Item 17 ☐ Item 18
If
this is an Annual Report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act).
☐
Yes ☒
No
TABLE
OF CONTENTS
FORWARD-LOOKING
    STATEMENTS
4
DEFINITIONS
5
PART
    I
6
ITEM
    1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
6
ITEM
    2. OFFER STATISTICS AND EXPECTED TIMETABLE
6
ITEM
    3. KEY INFORMATION
6
B.
    Capitalization and Indebtedness.
6
C.
    Reason for the Offer and Use of Proceeds.
6
D.
    Risk Factors.
6
ITEM
    4. INFORMATION ON THE COMPANY
29
A.
    History and Development of the Company.
29
B.
    Business overview.
30
C.
    Organizational structure.
44
D.
    Property, plant and equipment.
45
ITEM
    4A. UNRESOLVED STAFF COMMENTS
45
ITEM
    5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
45
A.
    Operating results.
45
B.
    Liquidity and capital resources.
52
C.
    Research and development, patents and licenses, etc.
56
D.
    Trend information.
56
E.
    Critical accounting estimates
56
ITEM
    6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
57
A.
    Directors and senior management.
57
B.
    Compensation.
58
C.
    Board Practices.
59
D.
    Employees.
62
E.
    Share Ownership.
62
F.
    Disclosure of a registrant's action to recover erroneously awarded compensation.
62
ITEM
    7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
63
A.
    Major Shareholders.
63
B.
    Related Party Transactions.
63
C.
    Interests of Experts and Counsel
63
ITEM
    8. FINANCIAL INFORMATION
63
A.
    Consolidated Statements and Other Financial Information.
63
B.
    Significant Changes.
64
ITEM
    9. THE OFFER AND LISTING
64
A.
    Offer and Listing Details.
64
B.
    Plan of Distribution.
64
C.
    Markets.
64
D.
    Selling Shareholders.
64
E.
    Dilution.
65
F.
    Expenses of the Issue.
65
2
ITEM
    10. ADDITIONAL INFORMATION
65
A.
    Share Capital.
65
B.
    Memorandum and Articles of Association.
65
C.
    Material Contracts.
68
D.
    Exchange controls.
68
E.
    Taxation.
68
F.
    Dividends and paying agents.
73
G.
    Statement by experts.
73
H.
    Documents on display.
74
I.
    Subsidiary Information
74
ITEM
    11. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
74
ITEM
    12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
74
PART
    II
75
ITEM
    13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
75
ITEM
    14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
75
ITEM
    15. CONTROLS AND PROCEDURES
75
ITEM
    16A. AUDIT COMMITTEE FINANCIAL EXPERT
76
ITEM
    16B. CODE OF ETHICS
76
ITEM
    16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
76
ITEM
    16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
77
ITEM
    16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
77
ITEM
    16F. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
77
ITEM
    16G. CORPORATE GOVERNANCE
77
ITEM
    16H. MINE SAFETY DISCLOSURE
77
PART
    III
78
ITEM
    17. FINANCIAL STATEMENTS
78
ITEM
    18. FINANCIAL STATEMENTS
78
ITEM
    19. EXHIBITS
78
REPORTS
    OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS
F-2
CONSOLIDATED BALANCE SHEETS
F-4
CONSOLIDATED STATEMENTS OF OPERATIONS
F-5
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
F-6
CONSOLIDATED STATEMENTS OF CASH FLOWS
F-7
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F-8
3
FORWARD-LOOKING
STATEMENTS
This
Annual Report contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements
are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases,
you can identify forward-looking statements by the words "may," "might," "will," "could,"
"would," "should," "expect," "intend," "plan," "goal," "objective,"
"anticipate," "believe," "estimate," "predict," "potential," "continue"
and "ongoing," or the negative of these terms, or other comparable terminology intended to identify statements about the
future. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results,
levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking
statements. The forward-looking statements and opinions contained in this Annual Report are based upon information available to us as
of the date of this Annual Report and, while we believe such information forms a reasonable basis for such statements, such information
may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or
review of, all potentially available relevant information.
Forward-looking
statements include statements about:
●
timing
    of the development of future business;
●
capabilities
    of our business operations;
●
expected
    future economic performance;
●
competition
    in our market;
●
continued
    market acceptance of our services and products;
●
protection
    of our intellectual property rights;
●
changes
    in the laws that affect our operations;
●
inflation
    and fluctuations in foreign currency exchange rates;
●
our
    ability to obtain and maintain all necessary government certifications, approvals, and/or licenses to conduct our business;
●
continued
    development of a public trading market for our securities;
●
the
    cost of complying with current and future governmental regulations and the impact of any changes in the regulations on our operations;
●
managing
    our growth effectively;
●
projections
    of revenue, earnings, capital structure and other financial items;
●
fluctuations
    in operating results;
●
dependence
    on our senior management and key employees; and
●
the
    impact of widespread health developments, including the COVID-19 pandemic, and the responses thereto (such as voluntary and in some
    cases, mandatory quarantines as well as shut downs and other restrictions on travel and commercial, social and other activities,
    and the availability of effective vaccines or treatments) and the impact of economies reopening further to the COVID-19 pandemic.
4
These
statements are subjective. Therefore, they involve known and unknown risks.
They
are based largely on our current expectations and projections about future events and financial trends, uncertainties and other important
factors that could cause our actual results, performance or achievements, or industry results to differ materially from any future results,
performance or achievements described in or implied by such statements. Actual results may differ materially from expected results described
in our forward-looking statements, for reasons connected with measuring future developments, including:
1.
the
    correct measurement and identification of factors affecting our business;
2.
the
    extent of their likely impact; and/or
3.
the
    accuracy and completeness of the publicly available information regarding the factors upon which our business strategy is based.
Forward-looking
statements should not be read as a guarantee of future performance or results. They will not necessarily be accurate indications of whether,
or the times by which, our performance or results may be achieved. Forward-looking statements are based on information available at the
time those statements are made and management's belief as of that time regarding future events. Consequently, they are subject
to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by
the forward-looking statements.
Important
factors that could cause actual performance or results to differ materially from those contained in forward-looking statements include,
but are not limited to, those factors discussed under Item 3.D. "Risk Factors," that may cause our actual results, performance
or achievements to be materially different from those expressed or implied by the forward-looking statements.
DEFINITIONS
Unless
otherwise indicated and except where the context otherwise requires, the following definitions are used in this Annual Report:
"Company,"
"Group," "we," "us" and "our" refer to Magic Empire Global Limited and its subsidiaries.
"GCL"
refers to Giraffe Capital Limited.
"GEM
Listing Rules" refers to the Rules Governing the Listing of Securities on GEM, as amended, supplemented or otherwise modified from
time to time.
"GCSL"
refers to Giraffe Corporate Services Limited.
"GFHL"
refers to Giraffe Financial Holdings Limited.
"GIL"
refers to Giraffe Investment Limited.
"HKD"
or "HK$" refers to the legal currency of Hong Kong.
"Listing
Rules" refers to the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong, as amended, supplemented or
otherwise modified from time to time.
"MEGL"
refers to Magic Empire Global Limited.
"MEIL"
refers to Magic Empire Investment Limited.
"Ordinary
Shares" refers our ordinary shares, par value $0.0001 per share.
"PRC"
or "China" refers to the People's Republic of China, including, for the purpose of this Annual Report, Taiwan, Hong
Kong and Macau.
"SFC"
refers to Securities and Futures Commission of Hong Kong.
"Stock
Exchange" refers to the Stock Exchange of Hong Kong Limited.
"U.S.
dollars" or "$" refers to the legal currency of the United States.
5
PART
I
ITEM
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not
applicable.
ITEM
2. OFFER STATISTICS AND EXPECTED TIMETABLE
Not
applicable.
ITEM
3. KEY INFORMATION
B.
Capitalization and Indebtedness.
Not
applicable.
C.
Reason for the Offer and Use of Proceeds.
Not
applicable.
D.
Risk Factors.
You
should carefully consider all the information in this Annual Report, including various changing regulatory, competitive, economic, political
and social risks and conditions described below, before making an investment in our ordinary shares. One or more of a combination of
these risks could materially impact our business, results of operations and financial condition. In any such case, the market price of
our ordinary shares could decline, and you may lose all or part of your investments.
6
Summary
of Key Risks
Risks
Related to Our Business and Industry
■
Our
    business performance is highly influenced by the market condition in Hong Kong.
■
We
    operate in a heavily regulated industry, and are subject to extensive and evolving regulatory requirements in the jurisdictions in
    which we operate.
■
Our
    future financial performance and ability to succeed may be difficult to predict given that our operating history in the corporate
    finance services industry in Hong Kong is relatively short.
■
We may record impairment loss for our long term investment or we may not
be able to recover the cost of our investment.
■
We
    face fierce competition in the corporate finance services industry in Hong Kong and may lose our competitive edge to our competitors.
■
We
    are affected by the rules and regulations governing listed companies on the Stock Exchange.
■
Failure
    to comply with regulatory capital requirements set by local regulatory authorities could materially and negatively affect our business
    operation and overall performance.
■
Our
    revenue  is non-recurring in nature and our profitability is
    highly unpredictable.
■
We
    may be unable to receive mandated payments in a timely manner or in full if milestone events stipulated in our mandates  are not achieved as stipulated or if client withdraws from or terminates the transaction.
■
We
    rely on our key management and professional staff, the loss of whom may affect our operations.
■
A
    sustained outbreak of the COVID-19 pandemic could have a material adverse impact on our business, operating results and financial
    condition.
Risks
Related to Doing Business in Jurisdictions We Operate
■
All
    our operations are in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese
    government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our
    operations at any time, which could result in a material change in our operations and/or the value of our Ordinary Shares. Changes
    in the policies, regulations, rules, and the enforcement of laws of the Chinese government may also be quick with little advance
    notice and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain.
■
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.
■
The
    PCAOB may be unable to inspect or fully investigate our auditors as required under the Holding Foreign Companies Accountable Act,
    or the HFCA Act, as amended. If the PCAOB is unable to conduct such inspections for two consecutive years, the SEC will prohibit
    the trading of our shares. The delisting of our shares, or the threat of their being delisted, may materially and adversely affect
    the value of your investment. Additionally, the inability of the PCAOB to conduct inspections of our auditors would deprive our investors
    of the benefits of such inspections.
7
■
The
    recent joint statement by the SEC, 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.
■
We
    may become subject to a variety of laws and other obligations regarding data protection, and any failure to comply with applicable
    laws and obligations could have a material and adverse effect on our business, financial condition and results of operations.
■
The
    enactment of Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region (the "Hong Kong
    National Security Law") and the Safeguarding National Security Ordinance could impact our Hong Kong subsidiaries.
Risks
Related to our Ordinary Shares
■
The
    market price of our Ordinary Shares may be subject to rapid and substantial volatility regardless of our operating performance, and
    such volatility may make it difficult for prospective investors to assess the rapidly changing value of our Ordinary Shares.
■
Volatility
    in our Ordinary Shares price may subject us to securities litigation.
■
Our
    directors, officers and principal shareholders have significant voting power and may take actions that may not be in the best interests
    of our other shareholders.
■
We
    do not intend to pay dividends for the foreseeable future.
■
Securities
    analysts may not publish favorable research or reports about our business or may publish no information at all, which could cause
    our share price or trading volume to decline.
■
Investors
    may have difficulty enforcing judgments against us, our directors and management. Investors may incur additional costs and procedural
    obstacles in effecting service of legal process, enforcing foreign judgments or bringing actions in BVI or Hong Kong against us or
    our management named in the Annual Report based on BVI or Hong Kong laws.
■
You
    may have more difficulty protecting your interests than you would as a shareholder of a U.S. corporation.
■
We
    may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.
Risks
Related to Our Business and Industry
Our
business performance is highly influenced by the market condition of Hong Kong.
All
our business operations were concentrated in Hong Kong. Any material deterioration in the financial and economic conditions of Hong Kong
could materially and adversely affect our business and prospects. The Hong Kong corporate finance market is susceptible to changes in
the global as well as domestic economic, social and political conditions including, without limitation, interest rate fluctuations, volatility
of foreign currency exchange rates, monetary policy changes, outcome of the Sino-US trade dispute, the U.S. interest rate outlook, social
unrest in Hong Kong and legal and regulatory changes. When there are unfavorable changes to the global or local market conditions, the
capital market in Hong Kong may experience negative fluctuations in its performance. It may directly affect the demand for our services,
our pricing strategies, the level of our business activities and consequently our revenue derived therefrom. This may materially and
adversely affect our financial condition and results of operations.
8
We
operate in a heavily regulated industry, and are subject to extensive and evolving regulatory requirements in the jurisdictions in which
we operate.
The
corporate finance services industry in which we operate is highly regulated and any material changes to the laws and regulations applicable
to us could significantly affect our operations. We cannot assure you that the business model and operations we currently have in place
would be in compliance with any changes or updates to the regulatory requirements. Costs of compliance could increase and our fee structure
may have to be adjusted. For instance, we may need to increase our headcounts if requirements over sponsor work become more stringent
or obtain more licenses if the licensing requirements change. The sanctions imposed by the SFC against large sponsor firms for substandard
due diligence in several recent widely-publicized cases demonstrate that the SFC expects high standards of sponsor's conduct and
we will need to continue to enhance our internal controls and systems in respect of our sponsor work in accordance with new regulatory
requirements or guidance. If capital ratio requirements increase and certain products or activities are subject to limitations, the range
of services we offer could be restricted, and revenue growth and profitability could be materially and adversely impacted. Moreover,
our licensed entity is under the supervision and monitoring of the SFC and the Stock Exchange and must remain fit and proper to the satisfaction
of the regulators in order to retain its license(s). The SFC may also conduct regulatory inspections and investigations on our business
activities from time to time. Any non-compliance with applicable laws, regulations, guidance or codes or any negative findings made by
the regulators may result in (i) fines, deterrent penalties, disciplinary actions against us, our Responsible Officers, Licensed Representatives
or any of our personnel; or (ii) suspension or revocation of some or all of (a) our registrations or licenses for carrying on our business
activities; or (b) the approvals or licenses granted to our personnel enabling them to carry out their responsibilities in our Group.
For instance, conditions may be imposed on our licenses restricting us to carry on our business or our Responsible Officers or Licensed
Representatives may be banned from the industry, for a specific period of time. Accordingly, our business operation, reputation, financial
condition and results of operations might be materially and adversely affected.
Our
future financial performance and ability to succeed may be difficult to predict given that our operating history in the corporate finance
services industry in Hong Kong is relatively short.
Our
future revenues and cash flows may fluctuate significantly given that our operating history in the corporate finance services industry
in Hong Kong is relatively short, rendering it difficult to predict our results of operations and prospects. We started to provide corporate
finance advisory services in February, 2017. We only have a limited operating history with regards to such business upon which an evaluation
of our prospects can be based. Such prospects must be considered in light of the risks, expenses and difficulties encountered by any
new company. Such risks include our continued market acceptance as a reliable and attentive corporate finance service provider, ability
to develop our business scale, and potential competition from our competitors. There is no assurance that we will sustain profitability
or positive cash flow from our existing operations or from any expanded or new operations, nor that we will be able, upon the completion
of the offering, to expand operations beyond our current level.
We may record impairment loss for our long term
investment or we may not be able to recover the cost of our investment
As of December
31, 2022 and 2023, we had long term investment, net of provision, of HK$14,500,000 and HK$38,647,738 (approximately US$4,947,924), respectively. Our long
term investment consisted of equity investments in private companies and in an investment fund.
For equity investments
without readily determinable fair value, and over which we do not have the ability to exercise significant influence and do not
qualify for the NAV practical expedient of the investment, we use the measurement alternative to measure those investments at cost,
less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar
investments of the same issuer, if any. Significant judgments are required to determine (i) whether observable price changes are
orderly transactions and identical or similar to an investment held by us, and (ii) the selection of appropriate valuation
methodologies and underlying assumptions, including expected volatility and the probability of exit events as it relates to
liquidation and redemption features used to measure the price adjustments for the difference in rights and obligations between
instruments. We may record impairment loss for our long term investment if there are any changes to these assumptions or if there
are any sign of impairment. In addition, we may not be able to recover the cost of our investment if the actual amount we recovered
from the disposal of our long term investment are lower than the cost of investment, in which case we may record a loss from
disposal in our income statement. During the year ended December 31, 2023, we recorded loss due to mark-to-market of a derivative
asset of HK$1,963,000 (US$251,315). Any impairment loss or actual loss on investment arising from
disposal will materially and adversely affect our financial condition, results of operations and liquidity position.
We
face fierce competition in the corporate finance services industry in Hong Kong and may lose our competitive edge to our competitors.
There
is a significant number of existing market participants in the corporate finance services industry in Hong Kong providing services similar
to ours. Our larger competitors may have advantages over us such as having better brand recognition and reputation in the market, wider
range of value-adding services, stronger human and financial resources, longer operating histories, and operational presence in more
geographic locations. We also face competition from local medium and small-sized sponsors which offer similar range of services. New
participants may enter into the market insofar as they have engaged appropriate qualified professionals and obtained the requisite regulatory
licenses and permits. Given the keen competition, we cannot assure that we will be able to maintain our competitive edge in response
to the fast-changing business environment. In addition, competition creates an unfavorable pricing environment in the market in which
we operate. Intensified competition may cause us to reduce our service fees or commission rates in order to compete with other market
players, which could place significant pressure on our ability to maintain gross margins and is particularly acute during market slowdowns,
and will in turn materially and adversely affect our market share, financial condition and results of operations.
9
We
are affected by the rules and regulations governing listed companies on the Stock Exchange.
We
provide corporate finance advisory services to clients who are listing applicants or listed companies or their shareholders or investors
on the Stock Exchange. These clients are required to comply with the Listing Rules, the GEM Listing Rules, the Takeovers Code and other
rules and regulations where applicable. Any changes to such rules and regulations, particularly those affecting the appointment and the
role of sponsor in listing applications and the appointment and the role of financial adviser in specific transactions, may affect the
demand for and the scope of our corporate finance advisory services which may in turn materially and adversely affect our results of
operations.
Failure
to comply with regulatory capital requirements set by local regulatory authorities could materially and negatively affect our business
operation and overall performance.
Our
regulated operating subsidiary is subject to various regulatory capital requirements, including minimum capital requirements, established
by competent authorities in their respective jurisdiction. Failure to meet minimum capital requirements can initiate certain mandatory,
and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our business
and financial position. For example, our SFC licensed operating subsidiary, GCL, is required under the Securities and Future Ordinance
(Cap.571) ("SFO") of Hong Kong and Securities and Futures (Financial Resources) Rules (Chapter 571N of the Laws of Hong Kong)
(the "FRR") of Hong Kong to maintain certain level of liquid capital. See "Regulations".
As
of the date of this Annual Report, GCL was in compliance with the respective regulatory capital requirements. However, if we fail to
remain well-capitalized for regulatory purposes, SFC may take actions against us and our business operation, and we may face penalties,
including limitations and prohibitions on our business activities or suspension or revocation of our licenses and trading rights. This
could affect client confidence, our ability to grow, our costs of funds and professional insurance costs, our ability to pay dividends
on Ordinary Shares, our ability to make acquisitions, and in turn, our business, results of operations and financial condition.
Our revenue  is non-recurring in nature and our profitability is highly unpredictable.
The
performance of our corporate finance services depends, to a large extent, on our ability to leverage our business network and relationships
to source and retain clients. Since our mandates were negotiated on a project-by-project basis with our clients, revenue generated from
our services may fluctuate from time to time and may not recur. The number of projects undertaken by us, the total revenue derived from
our businesses and the revenue generated from each client are affected by numerous factors such as market condition, the terms of each
engagement, project duration, complexity and completion timeline of each project, resulting in uncertainties in relation to the sustainability
of our financial performance. There is no assurance that the clients which have previously sought our services will continue to retain
us for future businesses. Further, service fees for our corporate finance advisory projects are payable by instalments according to different
milestones stipulated in our mandates and underwriting commissions are payable upon successful completion of the relevant IPO or fund
raising exercise. We may not receive the mandated payments in full for services provided or after we have expended substantial effort
and time as scheduled or at all. Therefore, the revenue generated from each client or engagement differs and we cannot assure that our
future engagement fee rates will be comparable to those accepted by our clients in the past.
Moreover,
the demand for our corporate finance advisory and underwriting services are heavily dependent on the market conditions. Any adverse market
condition or market sentiment will affect clients' decision on the scale, timing and stock market choices in respect of their fundraising
needs, which may lead to lower demand for, delay to or termination of fundraising activities and our services and in turn affect the
financial performance of our financial advisory and underwriting services. If we are unable to continuously secure new sizable mandates,
or if the market conditions become unfavorable, our business and results of operations may be materially and adversely affected.
In
these circumstances, our revenue and profitability may fluctuate from year to year and our financial performance is highly unpredictable.
10
We
may be unable to receive mandated payments in a timely manner or in full if milestone events stipulated in our mandates are not achieved as stipulated or if client withdraws from or terminates the transaction.
Our
business was heavily premised on the provision of IPO sponsorship and financial advisory services, which constituted a substantial portion
of our corporate finance advisory business. The payment terms of our mandates for these services normally involve an initial retainer
fee and progress payments based on milestones achieved, and not necessarily based on the time or costs we have incurred for the project.
Underwriting commission is payable to us upon successful completion of an IPO or the fundraising exercise where we act as an underwriter.
If a milestone is not achieved or if a transaction is terminated before completion, our clients may delay in settling our invoices which
are presented to them when due, or not settle them at all. In the case of default payments, if we have already incurred significant amount
of costs and expenditures for the project and the initial retainer fee or any progress payments received do not cover our total costs
incurred, our results of operations may be materially and adversely affected. Failures or delays in receiving payments from our clients
may adversely affect our cash flow position and our ability to meet the working capital requirement. The grant of approvals by the regulators
such as the Stock Exchange and the SFC will usually affect the project timeline. Failure in obtaining the necessary approvals as stipulated
or at all could result in the delay or abortion of the transactions.
We
are subject to market and financial risks arising from our underwriting business if the securities underwritten by us are undersubscribed.
We
generally underwrite IPOs on a fully-underwritten basis. If the securities underwritten by us are undersubscribed and we fail to procure
subscriptions to such securities, we would be bound to purchase the undersubscribed portion on our own account up to our maximum underwriting
commitment, which would materially and adversely affect our liquidity. If we fail to sell the securities we have underwritten, we would
incur expenditure, expose ourselves to market risk and capital available to us would be reduced, which may in turn materially and adversely
affect our results of operations and financial conditions. In the event that such securities purchased by us become illiquid and/or their
market value drops, our liquidity and financial position would also be adversely affected. Under the FRR, the value of the open position
of any underwriting commitment or the market value of the securities purchased by us to fulfil our underwriting obligations would have
an impact on our liquid capital. If our liquid capital falls below the minimum requirement under the FRR, we will be in breach of the
FRR resulting in SFC suspending our license or imposing conditions in relation to our regulated activities. Further, our underwriting
commission income is directly related to the number of underwriting exercises secured and completed by us, the total fundraising size
of the underwriting projects, our underwriting commitment and the expected commission rates. Such factors are susceptible to market conditions
which are beyond our control.
We
rely on our key management and professional staff, the loss of whom may affect our operations.
Our
Group has a team of experienced and competent management who is responsible for directing and managing daily operations, monitoring and
supervising compliance and risk management, overseeing financial condition and performance, allocating and budgeting human resources
and formulating business strategies. Leveraging on their experience and network in the industry, we have been successfully expanding
our client base and source of deals and transactions. However, we cannot assure you that we can retain the services of our key management
and find suitable replacement if any of them terminate their engagement with us given the competition for experienced and competent personnel
in the industry is intense.
11
Other
than our senior management, we also rely on our professional staff in different business operations to implement our business strategies,
provide quality services to clients, manage our compliance and risks, identify and capture business opportunities, maintain relationship
with clients and procure new clients. Loss of our professional staff and failure to recruit replacement will materially and adversely
affect our business operations.
We
recorded net operating cash outflow for the year ended December 31, 2022
For
the year ended December 31, 2022, we recorded net operating cash outflow of HK$910,364 and for the year ended December 31, 2023, we recorded net operating cash inflow
of HK$94,940 (US$12,097). We cannot assure you that we will not
record net cash outflow in the future. If we are unable to obtain sufficient funds to finance our business, our liquidity, results
of operations and financial condition may be materially and adversely affected. If we need to resort to other financing activities
to generate additional cash, we may incur additional financing costs, and we cannot assure you that we will be able to obtain the
required financing on terms acceptable to us, or at all, at the material time.
We
may encounter potential conflicts of interest from time to time, and the failure to identify and address such conflicts of interest could
adversely affect our business.
We
face the possibility of actual, potential, or perceived conflicts of interest in the ordinary course of our business operations. Conflicts
of interest may exist between (i) our different businesses; (ii) us and our clients; (iii) our clients; (iv) us and our employees; and
(v) our clients and our employees. As we expand the scope of our business and client base, it is critical for us to be able to timely
address potential conflicts of interest, including situations where two or more interests within our businesses naturally exist but are
in competition or conflict. We have put in place internal control and risk management procedures that are designed to identify and address
conflicts of interest. However, appropriately identifying and managing actual, potential, or perceived conflicts of interest is complex
and difficult, and our reputation and our clients' confidence in us could be damaged if we fail, or appears to fail, to deals appropriately
with one or more actual, potential, or perceived conflicts of interest. It is possible that actual, potential, or perceived conflicts
of interest could also give rise to client dissatisfaction, litigation, or regulatory enforcement actions. Regulatory scrutiny of, or
litigation in connection with, conflicts of interest could have a material adverse effect on our reputation, which could materially and
adversely affect our business in a number of ways, including a reluctance of some potential clients and counter-parties to do business
with us. Any of the foregoing could materially and adversely affect our reputation, business, financial condition, and results of operations.
Our
corporate finance advisory business may be subject to professional liabilities.
We
provide professional advices when providing corporate finance advisory services to our clients. Our clients relying on our professional
advice may suffer loss as a result of our negligence in providing such advice and may claim compensation against us. We are therefore
exposed to the risks arising from, among others, possible claims or lawsuits in respect of professional negligence and employee infidelity.
Although we have adopted relevant internal control measures, there is no assurance that the measures can completely eliminate all future
possible professional negligence and/or employee infidelity. Should we experience any event of professional liabilities, such as claims
or lawsuits, our prospects, financial condition and reputation could be materially and adversely affected.
We
may be subject to litigation, arbitration or other legal proceeding risk.
We
may be subject to arbitration claims and lawsuits in the ordinary course of our business. As of the date of this Annual Report, we are
not a party to, and are not aware of any threat of, any legal proceeding that, in the opinion of our management, is likely to have a
material adverse effect on our business, financial condition or operations. Actions brought against us may result in settlements, awards,
injunctions, fines, penalties and other results adverse to us. A substantial judgment, settlement, fine or penalty could be material
to our operating results or cash flows for a particular period, depending on our results for that period, or could cause us significant
reputational harm, which could harm our business prospects.
12
We
are subject to various risks due to violation of obligations and standards that we are subject to, illegal or improper activities committed
by and misconduct of our personnel or third parties.
We
are subject to a number of obligations and standards arising from our business. The violation of these obligations and standards by any
of our directors, officers, employees, agents, clients, or other third parties could materially and adversely affect us and our investors.
For example, we are required to properly handle confidential information. If our directors, officers, employees, agents, clients, or
other third parties were to improperly use or disclose confidential information, we could suffer serious harm to our reputation, financial
position, and existing and future business relationships. We are also subject to the risk of fraud, illegal act, misconduct or other
improper activities committed by our directors, employees, agents, clients or other third parties, such as entering into unauthorized
transactions, improperly using or divulging inside information, recommending transactions not suitable for our clients, engaging in fraudulent
activities, or engaging in improper or illegal. We cannot assure that our procedures and policies would fully prevent or detect illegal
or improper activities in our business operations. If illegal or improper activities transpire and we fail to identify them in a timely
manner, or at all, we will be in breach of the legal and regulatory requirements in Hong Kong and may be subject to regulatory sanction
resulting in financial loss and reputational harm, which would adversely affect our reputation and results of operations.
It
is not always possible to identify and deter fraud, misconduct or errors by directors, officers, employees, agents or external service
providers, and the precautions we take to detect and prevent this activity may not be effective in controlling unknown or unmanaged risks
or losses. Fraud or misconduct by any of these persons or entities may cause us to suffer significant reputational harm and financial
loss or result in regulatory disciplinary actions. The potential harm to our reputation and to our business caused by such fraud or misconduct
is impossible to quantify.
We
and our directors and officers may from time to time become subject to or involved in various claims, controversies, lawsuits, and legal
proceedings. Claims, lawsuits, and litigations are subject to inherent uncertainties, and we are uncertain whether the foregoing claim
would develop into a lawsuit. Lawsuits and litigations may cause us to incur defense costs, utilize a significant portion of our resources
and divert management's attention from our day-to-day operations, any of which could harm our business. Any settlements or judgments
against us could have a material adverse impact on our financial condition, results of operations and cash flows. In addition, negative
publicity regarding claims or judgments made against us may damage our reputation and may result in a material adverse impact on us.
Our
reputation may be damaged due to negative events about our business.
Our
reputation is susceptible to damage in case of any negative events in relation to our operations, including, without limitation, negative
publicity or media coverage, development of scandals, litigation and disputes, and regulatory enquiries or enforcement actions taken
against us or our employees. We cannot assure that such negative events will not happen in the future. If they materialize, it may have
a material adverse impact on our reputation and in turn our business activities and results of operations.
We
may be unable to successfully implement or implement in full our future business plans.
Our
success is dependent on, among other things, our proper and timely execution of our future business plans. Our future business plans
may be hindered by factors beyond our control, such as competition within the industry we operate, our ability to cope with high exposure
to financial risk, operational risk, market risk and credit risk as our business and client base expands and our ability to provide,
maintain and improve the level of human and other resources in servicing our clients. As such, we cannot assure that our future business
plans will materialize, or that our objectives will be accomplished fully or partially, or our business strategies will generate the
intended benefits to us as initially contemplated. If we fail to implement our business development strategies successfully, our business
performance, financial condition and future prospects and growth could be materially and adversely affected.
We
may in the future pursue acquisitions and joint ventures as part of our growth strategy. Any future acquisition or joint venture may
result in exposure to potential liabilities of the acquired companies, significant transaction costs and present new risks associated
with entering additional markets or offering new products and integrating the acquired companies or newly established joint ventures.
Moreover, we may not have sufficient management, financial and other resources to integrate companies we acquire or to successfully operate
joint ventures and we may be unable to profitably operate our expanded company structure. Additionally, any new business that we may
acquire or joint ventures we may form, once integrated with our existing operations, may not produce expected or intended results.
13
Our
internal control system may become ineffective or inadequate.
We
rely on our internal control system to ensure effective business operations. We have established, maintained and relied on an internal
control system comprising a series of policies and procedures to record and process data in an accurate and timely manner, identify any
reporting errors, identify money-laundering and terrorist-financing activities, and ensure compliance with licensing and regulatory requirements.
There is no assurance that the internal control system in place will prove at all times adequate and effective to deal with all the possible
risks given the fast changing financial and regulatory environment in which we operate. We cannot assure that our internal control system
has no deficiencies or inherent limitations, or that it can fully prevent us from our employee misconduct. Such deficiencies or inherent
limitations may result in fines or disciplinary actions against us imposed by regulators, and may adversely affect our financial condition
and results of operations.
A
sustained outbreak of the COVID-19 pandemic could have a material adverse impact on our business, operating results and financial condition.
The
COVID-19 outbreak has led governments across the globe to impose a series of measures intended to contain its spread, including border
closures, travel bans, quarantine measures, social distancing, and restrictions on business operations and large gatherings. According
to WHO, the COVID-19 pandemic "has been on a downward trend" with immunity increasing due to increasing administration of
vaccines globally. Whilst there are remaining uncertainties posted by the potential evolution of COVID-19, the WHO Director-General announced
on 5 May 2023 that COVID-19 no longer constitutes a PHEIC and is now an established and ongoing health issue, concurring with the advice
of the IHR Emergency Committee of the WHO. Notwithstanding such announcement, disruptions like general slowdown in economic conditions
globally and volatility in the capital markets posed by COVID-19 are far-reaching and prevalent. The extent to which COVID-19 impacts
our business in the future will depend on future developments, which are highly uncertain and cannot be predicted, including new information
which may emerge concerning the severity of COVID-19 and the actions to contain COVID-19 or treat its impact, among others. If the disruptions
posed by COVID-19 or other matters of global concern continue for an extended period of time, our operating subsidiary's ability
to pursue its business objectives may be materially adversely affected. We will continue to closely monitor the situation throughout
2024 and beyond.
We
face risks related to natural disasters, health epidemics and other outbreaks, which could significantly disrupt our operations.
We
are vulnerable to natural disasters and other calamities. Fire, floods, typhoons, earthquakes, power loss, telecommunications failures,
break-ins, war, riots, terrorist attacks or similar events may give rise to server interruptions, breakdowns, system failures, technology
platform failures or Internet failures, which could cause the loss or corruption of data or malfunctions of software or hardware as well
as adversely affect our ability to operate, including communicating with clients and the relevant listing authorities. Moreover, besides
COVID-19, our business and ability to operate could also be adversely affected by Ebola virus disease, Zika virus disease, H1N1 flu,
H7N9 flu, avian flu, SARS or other epidemics.
Our
headquarters are located in Hong Kong, where our directors and management and a majority of our employees currently reside. In addition,
our system hardware and back-up systems are hosted in leased facilities located in Hong Kong. Consequently, we are highly susceptible
to factors adversely affecting Hong Kong. If any of the abovementioned natural disasters, health epidemics or other outbreaks were to
occur in Hong Kong, our operation may experience material disruptions, such as temporary closure of our offices and suspension of services,
which may materially and adversely affect our business, financial condition and results of operations.
14
If
we become directly subject to the recent scrutiny, criticism and negative publicity involving U.S.-listed Chinese companies, we may have
to expend significant resources to investigate and resolve the matter which could harm our business operations, price of Ordinary Share
and reputation and could result in a loss of your investment in our stock, especially if such matter cannot be addressed and resolved
favorably.
Recently,
U.S. public companies that have substantially all of their operations in China, 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 around 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. As a result of the scrutiny, criticism and negative publicity, the publicly traded stock of many U.S. listed Chinese companies
has 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 our Company, our business and price of our Ordinary Shares.
Although substantially all of our operations are based in Hong Kong, we do have a few corporate clients who are based in mainland China.
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 growing our Company.
We
rely on dividends and other distributions on equity paid by our subsidiaries to fund any cash and financing requirements we may have,
and any limitation on the ability of our subsidiaries to make payments to us could have a material adverse effect on our ability to conduct
our business.
MEGL
is a holding company, and we rely on dividends and other distributions on equity paid by our subsidiaries for our cash and financing
requirements, including the funds necessary to pay dividends and other cash distributions to our shareholders and service any debt we
may incur. If any of our subsidiaries incurs debt on its own behalf in the future, the instruments governing the debt may restrict its
ability to pay dividends or make other distributions to us.
Under
the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect of dividends paid by us.
Any limitation on the ability of our Hong Kong subsidiaries to pay dividends or make other distributions to us could materially and adversely
limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends, or otherwise fund
and conduct our business.
The
war in Ukraine could materially and adversely affect our business and results of operations.
In
February 2022, the Russian Federation commenced a military invasion of Ukraine, and Russian actions with respect to Ukraine have resulted
in certain broad sanctions being imposed by the United States, the European Union, the United Kingdom and other international authorities.
We cannot predict the impact of Russian actions in Ukraine or the reaction to such actions by the United States, the European Union,
the United Kingdom or other international authorities. In connection with the aforesaid military invasion, cybersecurity experts anticipate
a meaningful increase in cyberattack and cybercrime activity in connection with the Russian invasion of Ukraine around the globe. However,
as at the date of this Annual Report, we believe there is no new or heightened risk of potential cyberattacks by state actors or others
since Russia's invasion of Ukraine on our Company.
15
The
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 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. Russia's military incursion and the resulting sanctions could adversely affect global energy and financial
markets and thus could affect the global markets, our customers' businesses and potentially our business. As at the date of this
Annual Report, to the best knowledge of the Company, we (i) do not have any direct business or contracts with any Russian or Ukraine
entity as a supplier or customer, (ii) do not have any knowledge whether any our customers or suppliers have any direct business or contracts
with any Russian entity, (iii) our business segments, lines of service, projects, or operations are not materially impacted by supply
chain disruptions by the war in Ukraine, and (iv) have not been financially affected by the war in Ukraine. 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 in this section. 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 Annual Report.
In
light of the war in Ukraine, our board of directors will continue to monitor any potential risk that might arise due to the war in Ukraine
which are specific to the Company, including but not limited to risks related to cybersecurity, sanctions, and supply chain, suppliers,
or service providers in affected regions as well as risks connected with ongoing or halted operations or investments in affected regions.
Risks
Related to Doing Business in Jurisdictions We Operate
All
our operations are in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government
may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at
any time, which could result in a material change in our operations and/or the value of our Ordinary Shares. Changes in the policies,
regulations, rules, and the enforcement of laws of the Chinese government may also be quick with little advance notice and our assertions
and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain.
MEGL
is a holding company and we conduct our operation through our operating subsidiaries in Hong Kong. Our operations are primarily located
in Hong Kong and a few of our clients are PRC corporates. As at the date of this Annual Report, we are not materially affected by recent
statements by the Chinese Government indicating an extent to exert more oversight and control over offerings that are conducted overseas
and/or foreign investment in China-based issuers. However, due to long arm provisions under the current PRC laws and regulations, there
remains regulatory uncertainty with respect to the implementation and interpretation of laws in China. The PRC government may choose
to exercise significant oversight and discretion, and the policies, regulations, rules, and the enforcement of laws of the Chinese government
to which we are subject may change rapidly and with little advance notice to us or our shareholders. As a result, the application, interpretation,
and enforcement of new and existing laws and regulations in the PRC and our assertions and beliefs of the risk imposed by the PRC legal
and regulatory system are often uncertain. In addition, these laws and regulations may be interpreted and applied inconsistently by different
agencies or authorities, and inconsistently with our current policies and practices. New laws, regulations, and other government directives
in the PRC may also be costly to comply with, and such compliance or any associated inquiries or investigations or any other government
actions may:
●
delay
    or impede our development;
●
result
    in negative publicity or increase our operating costs;
●
require
    significant management time and attention; and
●
subject
    us to remedies, administrative penalties and even criminal liabilities that may harm our business, including fines assessed for our
    current or historical operations, or demands or orders that we modify or even cease our business practices.
16
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 variable interest entity structure, adopting new measures to extend the
scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. Since these statements and regulatory actions
are new, it is highly uncertain how soon 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, and the potential impact
such modified or new laws and regulations will have on our daily business operation, the ability to accept foreign investments and list
on an U.S. or other foreign exchange.
Chinese
government may intervene or influence our operations at any time or may exert more control over offerings conducted overseas and foreign
investment in China-based issuers, which may result in a material change in our operations and/or the value of our Ordinary Shares. The
promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case that restrict or otherwise
unfavorably impact the ability or way we conduct our business and could 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. To the extent any new or more stringent measures are required to
be implemented, our business, financial condition and results of operations could be adversely affected as well as materially decrease
the value of our Ordinary Shares, potentially rendering it 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.
Recent
statements by the Chinese government have indicated an intent to exert more oversight and control over offerings that are conducted overseas
and/or foreign investments in China-based issuers. The PRC has recently proposed new rules that would require companies collecting or
holding large amounts of data to undergo a cybersecurity review prior to listing in foreign countries, a move that would significantly
tighten oversight over China based internet giants. Pursuant to Article 6 of the Measures for Cybersecurity Review (Draft for Comments),
companies holding data on more than 1 million users must now apply for cybersecurity approval when seeking listings in other nations
due to the risk that such data and personal information could be "affected, controlled, and maliciously exploited by foreign governments."
Our
operations are primarily located in Hong Kong through our operating subsidiaries in Hong Kong and a few of our clients are PRC corporates.
GCL may collect and store certain data (including certain personal information) from our clients for "Know Your Customers"
purpose, who may be PRC individuals. As of date of this Annual Report, GCL has collected and stored personal information of fewer than
100 PRC individual clients. The draft amendment of Measures for Cybersecurity Review remains unclear whether a Hong Kong company which
collects personal information from PRC individuals shall be subject to the draft amendment. As a result, the likelihood of us being subject
to the review of the CAC is remote.
17
On
July 6, 2021, the relevant PRC government authorities issued Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance
with the Law. These opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision
on overseas listings by China-based companies and proposed to take effective measures, such as promoting the construction of relevant
regulatory systems to deal with the risks and incidents faced by China-based overseas-listed companies. As a follow-up, on December 24,
2021, the State Council issued a draft of the Provisions of the State Council on the Administration of Overseas Securities Offering and
Listing by Domestic Companies, and the CSRC issued a draft of Administration Measures for the Filing of Overseas Securities Offering
and Listing by Domestic Companies for public comments, collectively with the above draft of the Provisions, the draft Provisions and
Measures. These draft Provisions and Measures propose to establish a new filing-based regime to regulate overseas offerings and listings
by domestic companies. Specifically, an overseas offering and listing by a PRC company, whether directly or indirectly, an initial or
follow-on offering, must be filed with the CSRC. The examination and determination of an indirect offering and listing will be conducted
on a substance-over-form basis, and an offering and listing shall be deemed as a PRC company's indirect overseas offering and listing
if the issuer meets the following conditions: (i) any of the operating income, gross profit, total assets, or net assets of the PRC enterprise
in the most recent fiscal year was more than 50% of the relevant line item in the issuer's audited consolidated financial statement
for that year; and (ii) senior management personnel responsible for business operations and management are mostly PRC citizens or are
ordinarily resident in the PRC, and the principal place of business is in the PRC or carried out in the PRC. The issuer or its affiliated
PRC entity, as the case may be, shall file with the CSRC for its initial public offering, follow-on offering and other equivalent offering
activities. Particularly, the issuer shall submit the filing with respect to its initial public offering and listing within three business
days after its initial filing of the listing application, and submit the filing with respect to its follow-on offering within three business
days after the completion of the follow-on offering. Failure to comply with the filing requirements may result in fines to the relevant
PRC companies, suspension of their businesses, revocation of their business licenses and operation permits and fines on the controlling
shareholder and other responsible persons. These draft Provisions and Measures also set forth certain regulatory red lines for overseas
offerings and listings by PRC enterprises.
On
February 17, 2023, the CSRC issued the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Enterprises,
or the Trial Measures, which will become effective on March 31, 2023. On the same date of the issuance of the Trial Measures, the CSRC
circulated No.1 to No.5 Supporting Guidance Rules, the Notes on the Trial Measures, the Notice on Administration Arrangements for the
Filing of Overseas Listings by Domestic Enterprises and the relevant CSRC Answers to Reporter Questions on the official website of the
CSRC, or collectively, the Guidance Rules and Notice. The Trial Measures, together with the Guidance Rules and Notice, reiterate the
basic supervision principles as reflected in the draft Provisions and Measures by providing substantially the same requirements for filings
of overseas offering and listing by domestic companies, yet made the following updates compared to the draft Provisions and Measures:
(a) further clarification of the circumstances prohibiting overseas issuance and listing; (b) further clarification of the standard of
indirect overseas listing under the principle of substance over form, and (c) adding more details of filing procedures and requirements
by setting different filing requirements for different types of overseas offering and listing. Under the Trial Measures and the Guidance
Rules and Notice, domestic companies conducting overseas securities offering and listing activities, either in direct or indirect form,
shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures within three working days following
its submission of initial public offerings or listing application. The companies that have already been listed on overseas stock exchanges
or have obtained the approval from overseas supervision administrations or stock exchanges for its offering and listing and will complete
their overseas offering and listing prior to September 30, 2023 are not required to make immediate filings for its listing yet need to
make filings for subsequent offerings in accordance with the Trial Measures. The companies that have already submitted an application
for an initial public offering to overseas supervision administrations prior to the effective date of the Trial Measures but have not
yet obtained the approval from overseas supervision administrations or stock exchanges for the offering and listing may arrange for the
filing within a reasonable time period and should complete the filing procedure before such companies' overseas issuance and listing.
In
the event that (i) the PRC government expanded the categories of industries and companies whose foreign securities offerings are subject
to review by the CSRC or the CAC that we are required to obtain such permissions or approvals; or (ii) we inadvertently concluded that
relevant permissions or approvals were not required or that we did not receive or maintain relevant permissions or approvals required,
any action taken by the PRC government could significantly limit or completely hinder our operations in Hong Kong and our ability and
to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless.
18
The
PCAOB may be unable to inspect or fully investigate our auditors as required under the Holding Foreign Companies Accountable Act, or
the HFCA Act, as amended. If the PCAOB is unable to conduct such inspections for two consecutive years, the SEC will prohibit the trading
of our shares. The delisting of our shares, or the threat of their being delisted, may materially and adversely affect the value of your
investment. Additionally, the inability of the PCAOB to conduct inspections of our auditors would deprive our investors of the benefits
of such inspections.
The
Holding Foreign Companies Accountable Act, or the HFCA Act, was signed into law on December 18, 2020. The HFCA Act states if the SEC
determines that we have filed audit reports issued by a registered public accounting firm that has not been subject to inspection for
the PCAOB for three consecutive years beginning in 2021, the SEC shall prohibit our shares from being traded on a national securities
exchange or in the over-the-counter trading market in the United States.
On
June 22, 2021, the U.S. Senate passed a bill which would reduce the number of consecutive non-inspection years required for triggering
the prohibitions under the HFCA Act from three years to two. On February 4, 2022, the U.S. House of Representatives passed a bill which
contained, among other things, an identical provision. If this provision is enacted into law and the number of consecutive non-inspection
years required for triggering the prohibitions under the HFCA Act is reduced from three years to two, then our shares and shares could
be prohibited from trading in the United States in 2023.
On
December 2, 2021, the SEC adopted final amendments implementing the disclosure and submission requirements under the HFCA Act, pursuant
to which the SEC will identify a "Commission-Identified Issuer" if an issuer has filed an annual report containing an audit
report issued by a registered public accounting firm that the PCAOB has determined it is unable to inspect or investigate completely
because of a position taken by an authority in the foreign jurisdiction, and will then impose a trading prohibition on an issuer after
it is identified as a Commission-Identified Issuer for three consecutive years.
On
December 16, 2021, the PCAOB issued a report to notify the SEC of its determination that the PCAOB is unable to inspect or investigate
completely registered public accounting firms headquartered in mainland China and Hong Kong.
The
lack of access to the PCAOB inspection or investigation of auditors, including but not limited to inspection of auditors' audit
working papers related to their clients, in China prevents the PCAOB from fully evaluating audits and quality control procedures of the
auditors based in China. As a result, the investors may be deprived of the benefits of such PCAOB inspections. The inability of the PCAOB
to conduct inspections or investigations of auditors, including but not limited to inspection of auditors' audit working papers
related to their clients, in China makes it more difficult to evaluate the effectiveness of these accounting firms' audit procedures
or quality control procedures as compared to auditors outside of China that are subject to the PCAOB inspections and investigations,
which could cause existing and potential investors in our stock to lose confidence in our audit procedures and reported financial information
and the quality of our financial statements.
On
August 26, 2022, the China Securities Regulatory Commission, or CSRC, the Ministry of Finance of the PRC, and the PCAOB signed a Statement
of Protocol, or the Protocol, governing inspections and investigations of audit firms based in China and Hong Kong. The Protocol remains
unpublished and is subject to further explanation and implementation. 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. 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.
19
On
December 23, 2022, the Accelerating Holding Foreign Companies Accountable Act was enacted, which amended the HFCA by requiring the SEC
to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections
for two consecutive years instead of three, and thus, reduced the time before our Ordinary Shares may be prohibited from trading or delisted.
The delisting of our Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment.
Our
predecessor auditor, Friedman LLP and our current auditor, Marcum Asia CPAs LLP, the independent registered public accounting firms that
issues the audit reports included elsewhere in this Annual Report, as auditors of companies that are traded publicly in the United States
and firms registered with the Public Company Accounting Oversight Board (United States), or the PCAOB, are subject to laws in the United
States pursuant to which the PCAOB conducts regular inspections to assess their compliance with the applicable professional standards.
Friedman LLP and Marcum Asia CPAs LLP are headquartered in New York, New York, and, as of the date of this Annual Report, were not included
in the list of PCAOB Identified Firms in the PCAOB Determination Report issued in December 2021.
Our
ability to retain an auditor subject to PCAOB inspection and investigation, including but not limited to inspection of the audit working
papers related to us, may depend on the relevant positions of U.S. and Chinese regulators. With respect to audits of companies with operations
in China, such as the Company, there are uncertainties about the ability of our auditor to fully cooperate with a request by the PCAOB
for audit working papers in China without the approval of Chinese authorities.
Whether
the PCAOB will be able to conduct inspections of our auditor, including but not limited to inspection of the audit working papers related
to us, in the future is subject to substantial uncertainty and depends on a number of factors out of our, and our auditor's, control.
If our shares and shares are prohibited from trading in the United States, there is no certainty that we will be able to list on a non-U.S.
exchange or that a market for our shares will develop outside of the United States. Such a prohibition would substantially impair your
ability to sell or purchase our shares when you wish to do so, and the risk and uncertainty associated with delisting would have a negative
impact on the price of our shares. Also, such a prohibition would significantly affect our ability to raise capital on terms acceptable
to us, or at all, which would have a material adverse impact on our business, financial condition, and prospects.
The
recent joint statement by the SEC, 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 HFCA Act requiring a foreign company to certify it is not owned or controlled by a foreign government
if the PCAOB is unable to audit specified reports because the company uses a foreign auditor not subject to PCAOB inspection. If the
PCAOB is unable to inspect the company's auditors for three consecutive years, the issuer's securities are prohibited to
trade on a national exchange. On December 2, 2020, the U.S. House of Representatives approved the Holding Foreign Companies Accountable
Act.
20
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.
As
a result of these 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 share price. If we become
the subject of any unfavorable allegations, whether such allegations are proven to be true or untrue, we will have to expend significant
resources to investigate such allegations and/or defend our company. This situation will be costly and time consuming and distract our
management from developing our growth. If such allegations are not proven to be groundless, we and our business operations will be severely
affected and you could sustain a significant decline in the value of our share.
Failure
to comply with the Individual Foreign Exchange Rules relating to the overseas direct investment or the engagement in the issuance or
trading of securities overseas by our Chinese resident stockholders may subject such stockholders to fines or other liabilities.
Other
than Circular 37, our ability to conduct foreign exchange activities in China may be subject to the interpretation and enforcement of
the Implementation Rules of the Administrative Measures for Individual Foreign Exchange promulgated by SAFE on January 5, 2007 (as amended
and supplemented, the "Individual Foreign Exchange Rules") and the Foreign Exchange Administration Regulations of the PRC,
which was promulgated by the State Council on January 29, 1996, became effective on April 1, 1996 and last amended on August 1, 2008
(which became effective on August 5, 2008). Under the Individual Foreign Exchange Rules and the Foreign Exchange Administration Regulations,
any Chinese individual seeking to make a direct investment overseas or engage in the issuance or trading of negotiable securities or
derivatives overseas must make the appropriate registrations in accordance with SAFE provisions. Chinese individuals who fail to make
such registrations may be subject to warnings, fines or other liabilities.
We
may not be fully informed of the identities of all our beneficial owners who are Chinese residents. For example, because the investment
in or trading of our Ordinary Shares will happen in an overseas public or secondary market where shares are often held with brokers in
brokerage accounts, it is unlikely that we will know the identity of all of our beneficial owners who are Chinese residents. Furthermore,
we have no control over any of our future beneficial owners and we cannot assure you that such Chinese residents will be able to complete
the necessary approval and registration procedures required by the Individual Foreign Exchange Rules.
It
is uncertain how the Individual Foreign Exchange Rules will be interpreted or enforced and whether such interpretation or enforcement
will affect our ability to conduct foreign exchange transactions. Because of this uncertainty, we cannot be sure whether the failure
by any of our Chinese resident stockholders to make the required registration will subject our subsidiaries to fines or legal sanctions
on their operations, delay or restriction on repatriation of proceeds of this offering into the China, restriction on remittance of dividends
or other punitive actions that would have a material adverse effect on our business, results of operations and financial condition.
We
may become subject to a variety of laws and other obligations regarding data protection, and any failure to comply with applicable laws
and obligations could have a material and adverse effect on our business, financial condition and results of operations.
Our
operations are primarily located in Hong Kong through our operating subsidiaries in Hong Kong and a few of our clients are PRC corporates.
As such we may become subject to PRC laws relating to the collection, use, sharing, retention, security, and transfer of confidential
and private information, such as personal information and other data. These laws apply not only to third-party transactions, but also
other parties with which we have commercial relations. These laws continue to develop, and the PRC government may adopt other rules and
restrictions in the future. Non-compliance could result in penalties or other significant legal liabilities.
21
The
PRC Data Security Law, which was promulgated by the Standing Committee of the National People's Congress on June 10, 2021 and will
take effect on September 1, 2021, requires data collection to be conducted in a legitimate and proper manner, and stipulates that, for
the purpose of data protection, data processing activities must be conducted based on data classification and hierarchical protection
system for data security. As the Data Security Law was recently promulgated and has not yet taken effect, we may be required to make
further adjustments to our business practices to comply with this law. After the Data Security Law takes effect, if our data processing
activities were found to be not in compliance with this law, we could be ordered to make corrections, and under certain serious circumstances,
such as severe data divulgence, we could be subject to penalties, including the revocation of our business licenses or other permits.
Furthermore, the recently issued Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with the Law require
(i) speeding up the revision of the provisions on strengthening the confidentiality and archives management relating to overseas issuance
and listing of securities and (ii) improving the laws and regulations relating to data security, cross-border data flow, and management
of confidential information. As there remain uncertainties regarding the further interpretation and implementation of those laws and
regulations, we cannot assure you that we will be compliant such new regulations in all respects, and we may be ordered to rectify and
terminate any actions that are deemed illegal by the regulatory authorities and become subject to fines and other sanctions. As a result,
we may be required to suspend our relevant businesses or face other penalties, which may materially and adversely affect our business,
financial condition, and results of operations.
The
enactment of Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region (the "Hong Kong National
Security Law") could impact our Hong Kong subsidiaries.
On
June 30, 2020, the Standing Committee of the PRC National People's Congress adopted the Hong Kong National Security Law. This
law defines the duties and government bodies of the Hong Kong National Security Law for safeguarding national security and four
categories of offences — secession, subversion, terrorist activities, and collusion with a foreign country or external
elements to endanger national security — and their corresponding penalties. On July 14, 2020, the former U.S. President Donald
Trump signed the Hong Kong Autonomy Act, or HKAA, into law, authorizing the U.S. administration to impose blocking sanctions against
individuals and entities who are determined to have materially contributed to the erosion of Hong Kong's autonomy. On August
7, 2020 the U.S. government imposed HKAA-authorized sanctions on eleven individuals, including HKSAR chief executive Carrie Lam. On
October14, 2020, the U.S. State Department submitted to relevant committees of Congress the report required under HKAA, identifying
persons materially contributing to "the failure of the Government of China to meet its obligations under the Joint Declaration
or the Basic Law." The HKAA further authorizes secondary sanctions, including the imposition of blocking sanctions, against
foreign financial institutions that knowingly conduct a significant transaction with foreign persons sanctioned under this
authority. The imposition of sanctions may directly affect the foreign financial institutions as well as any third parties or
customers dealing with any foreign financial institution that is targeted. On March 19, 2024, the Legislative Council of Hong Kong
passed the Safeguarding National Security bill. The Safeguarding National Security Ordinance (effective on March 23, 2024) was
enacted according to the Article 23 of the Basic Law of the Hong Kong Special Administrative Region which stipulates that Hong Kong
shall enact laws on its own to prohibit any act of treason, secession, sedition, subversion against the central people's
government, or theft of state secrets. The Safeguarding National Security Ordinance mainly covers five types of offences: treason,
insurrection, offences in connection with state secrets and espionage, sabotage endangering national security and related
activities, and external interference and organizations engaging in activities endangering national security. It is difficult to
predict the full impact of the Hong Kong National Security Law and HKAA and the Safeguarding National Security Ordinance on Hong
Kong and companies located in Hong Kong. If our Hong Kong subsidiaries are determined to be in violation of the Hong Kong National
Security Law or the HKAA or the Safeguarding National Security Ordinance, by competent authorities, our business operations,
financial position and results of operations could be materially and adversely affected.
A
downturn in the Hong Kong, China or global economy, and economic and political policies of China could materially and adversely affect
our business and financial condition.
Our
operations are located in Hong Kong and a substantial portion of our clients are located in China. Accordingly, our 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 and by continued economic growth in Hong Kong and China as a whole. 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 us.
Economic
conditions in Hong Kong and China are sensitive to global economic conditions. Any prolonged slowdown in the global or Chinese economy
may affect potential clients' confidence in financial market as a whole and have a negative impact on our 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.
22
The
Hong Kong legal system embodies uncertainties which could limit the legal protections available to the Company.
Hong
Kong is a Special Administrative Region of the PRC and enjoys a high degree of autonomy under the "one country, two systems"
principle. The Hong Kong Special Administrative Region's constitutional document, the Basic Law, ensures that the current political
situation will remain in effect for 50 years. Hong Kong has enjoyed the freedom to function in a high degree of autonomy for its affairs,
including currencies, immigration and custom, independent judiciary system and parliamentary system. However, we are not in any position
to guarantee the implementation of the "one country, two systems" principle and the level of autonomy as currently in place
at the moment. Any changes in the state of political environment in Hong Kong may materially and adversely affect our business and operation.
Additionally, intellectual property rights and confidentiality protections in Hong Kong may not be as effective as in the United States
or other countries. These uncertainties could limit the legal protections available to us, including our ability to enforce our agreements
with our clients.
Hong
Kong regulatory requirement of prior approval for transfer of shares in excess of certain threshold may restrict future takeovers and
other transactions.
Section
132 of SFO requires prior approval from the SFC for any company or individual to become a substantial shareholder of a SFC licensed company
in Hong Kong. Under the SFO, a person will be a "substantial shareholder" of a licensed company if he, either alone or with
associates, has an interest in or is entitled to control the exercise of the voting power of more than 10% of the total number of issued
shares of the licensed company, or exercises control of 35% or more of the voting power of a company that controls more than 10% of the
voting power of the licensed company. This regulatory requirement may discourage, delay or prevent a change in control of the Company,
which could deprive our shareholders the opportunity to receive a premium for their shares as part of a future sale and may reduce the
price of our shares upon the consummation of a future proposed business combination.
Changes
in international trade policies, trade disputes, barriers to trade, or the emergence of a trade war may dampen growth in China and other
markets where the majority of our clients reside.
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 us and our customers, service providers, and other partners. International trade disputes
could result in tariffs and other protectionist measures which may materially and adversely affect our business.
Tariffs
could increase the cost of the goods and products which could affect customers' investment decisions. In addition, political uncertainty
surrounding international trade disputes and the potential of the escalation to trade war and global recession could have a negative
effect on customer confidence, which could materially and adversely affect our business. We may have also access to fewer business opportunities,
and our operations may be negatively impacted as a result. In addition, the current and future actions or escalations by either the United
States or China that affect trade relations may cause global economic turmoil and potentially have a negative impact on our markets,
our business, or our results of operations, as well as the financial condition of our clients. and we cannot provide any assurances as
to whether such actions will occur or the form that they may take.
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. However, based on recent political
development, the U.S. State Department has indicated that the United States no longer considers Hong Kong to have significant autonomy
from China. The Hong Kong's preferential trade status was removed by the United States government and 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.
23
Fluctuations
in exchange rates could have a material and adverse effect on our results of operations and the value of your investment.
Our
revenues and expenses will be denominated predominantly in Hong Kong dollars. Although the exchange rate between the Hong Kong dollar
to the U.S. dollar has been pegged since 1983, we cannot assure you that the Hong Kong dollar will remain pegged to the U.S. dollar.
Any significant fluctuations in the exchange rates between Hong Kong dollars to U.S. dollars may have a material adverse effect on our
revenue and financial condition. For example, to the extent that we are required to convert U.S. dollars we receive from this offering
into Hong Kong dollars for our operations, fluctuations in the exchange rates between Hong Kong dollars against the U.S. dollar would
have an adverse effect on the amounts we receive from the conversion. We have not used any forward contracts, futures, swaps or currency
borrowings to hedge our exposure to foreign currency risk.
We
will incur increased costs after we cease to qualify as an "emerging growth company."
We
are an "emerging growth company," as defined in the JOBS Act and will remain an emerging growth company until the earlier
of (1) the last day of the fiscal year (a)following the fifth anniversary of the completion of this offering, (b) in which we have total
annual gross revenue of at least $1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market
value of our Ordinary Shares that is held by non-affiliates exceeds $700 million as of the prior June 30
th
, and (2) the date
on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period. An emerging growth company
may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies.
These provisions include exemption from the auditor attestation requirement under Section 404 in the assessment of the emerging growth
company's internal control over financial reporting and permission to delay adopting new or revised accounting standards until
such time as those standards apply to private companies.
Compliance
with these rules and regulations increases our legal and financial compliance costs and makes some corporate activities more time-consuming
and costly. After we are no longer an "emerging growth company," or until five years following the completion of our initial
public offering, whichever is earlier, we expect to incur significant expenses and devote substantial management effort toward ensuring
compliance with the requirements of Section 404 and the other rules and regulations of the SEC. For example, as a public company, we
have been required to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls
and procedures. We have incurred additional costs in obtaining director and officer liability insurance. In addition, we incur additional
costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve
on our board of directors or as executive officers. We are currently evaluating and monitoring developments with respect to these rules
and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing
of such costs.
24
Risks
Related to our Ordinary Shares
The
market price of our Ordinary Shares may be subject to rapid and substantial volatility regardless of our operating performance, and such
volatility may make it difficult for prospective investors to assess the rapidly changing value of our Ordinary Shares.
The
market price of our Ordinary Shares may fluctuate significantly in response to numerous factors, many of which are beyond our control,
including:
●
actual
    or anticipated fluctuations in our revenue and other operating results;
●
the
    financial projections we may provide to the public, any changes in these projections or our failure to meet these projections;
●
actions
    of securities analysts who initiate or maintain coverage of us, changes in financial estimates by any securities analysts who follow
    our company, or our failure to meet these estimates or the expectations of investors;
●
announcements
    by us or our competitors of significant services or features, technical innovations, acquisitions, strategic partnerships, joint
    ventures, or capital commitments;
●
price
    and volume fluctuations in the overall stock market, including as a result of trends in the economy as a whole;
●
lawsuits
    threatened or filed against us; and
●
other
    events or factors, including those resulting from war or incidents of terrorism, or responses to these events
In
addition, our ordinary shares may be subject to rapid and substantial price volatility. Such volatility, including any stock-run up,
may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective
investors to assess the rapidly changing value of our ordinary shares. Recently, companies with comparably small public floats and initial
public offering sizes have experienced instances of extreme stock price run-ups followed by rapid price declines, and such stock price
volatility was seemingly unrelated to the respective company's actual or expected operating performance and financial condition
or prospects. Although the specific cause of such volatility is unclear, our anticipated public float may amplify the impact the actions
taken by a few shareholders have on the price of our ordinary shares, which may cause our share price to deviate, potentially significantly,
from a price that better reflects the underlying performance of our business. As a relatively small-capitalization company with relatively
small public float, our ordinary shares may experience greater stock price volatility, extreme price run-ups and declines that may be
unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors
to assess the rapidly changing value of our ordinary shares. Further, investors in our ordinary shares may experience losses, which may
be material, if the price of our ordinary shares declines after this offering or if such investors purchase our ordinary shares prior
to any price decline. Moreover, in the past, shareholders have filed securities class action litigation following periods of market volatility.
If we were to become involved in securities litigation, it could subject us to substantial costs, divert resources and the attention
of management from our business, and adversely affect our business.
Volatility
in our Ordinary Shares price may subject us to securities litigation.
The
market for our Ordinary Shares may have, when compared to seasoned issuers, significant price volatility and we expect that our Ordinary
Share price may continue to be more volatile than that of a seasoned issuer for the indefinite future. In the past, plaintiffs have often
initiated securities class action litigation against a company following periods of volatility in the market price of its securities.
We may, in the future, be the target of similar litigation. Securities litigation could result in substantial costs and liabilities and
could divert management's attention and resources.
Our
directors, officers and principal shareholders have significant voting power and may take actions that may not be in the best interests
of our other shareholders.
As
of the date of this Annual Report, our directors, officers and principal shareholders held in aggregate approximately 52.4% of our shares.
We are not considered a "controlled company" under Nasdaq corporate governance rules as we do not currently expect that more
than 50% of our voting power will be held by an individual, a group or another company, these shareholders, however, if they act together,
will be able to control the management and affairs of our Company and most matters requiring shareholder approval, including the election
of directors and approval of significant corporate transactions. The interests of these shareholders may not be the same as or may even
conflict with your interests. For example, these shareholders could attempt to delay or prevent a change in control of us, even if such
change in control would benefit our other shareholders, which could deprive our shareholders of an opportunity to receive a premium for
their Ordinary Shares as part of a sale of us or our assets, and might affect the prevailing market price of our Ordinary Shares due
to investors' perceptions that conflicts of interest may exist or arise. As a result, this concentration of ownership may not be
in the best interests of our other shareholders.
25
We
do not intend to pay dividends for the foreseeable future.
We
currently intend to retain any future earnings to finance the operation and expansion of our business, and we do not expect to declare
or pay any dividends in the foreseeable future. As a result, you may only receive a return on your investment in our Ordinary Shares
if the market price of our Ordinary Shares increases. Under BVI law, we may only pay dividends if we are solvent before and after the
dividend payment in the sense that we will be able to satisfy our liabilities as they become due in the ordinary course of business;
and the value of assets of our Company will not be less than the sum of our total liabilities.
Securities
analysts may not publish favorable research or reports about our business or may publish no information at all, which could cause our
share price or trading volume to decline.
The
trading market will be influenced to some extent by the research and reports that industry or financial analysts publish about us and
our business. We do not control these analysts. We may be slow to attract research coverage and the analysts who publish information
about our ordinary shares will have had relatively little experience with us or our industry, which could affect their ability to accurately
forecast our results and could make it more likely that we fail to meet their estimates. In the event we obtain securities or industry
analyst coverage, if any of the analysts who cover us provide inaccurate or unfavorable research or issue an adverse opinion regarding
our share price, our share price could decline. If one or more of these analysts cease coverage of us or fail to publish reports covering
us regularly, we could lose visibility in the market, which in turn could cause our share price or trading volume to decline and result
in the loss of all or a part of your investment in us.
Investors
may have difficulty enforcing judgments against us, our directors and management. Investors may incur additional costs and procedural
obstacles in effecting service of legal process, enforcing foreign judgments or bringing actions in BVI or Hong Kong against us or our
management named in the Annual Report based on BVI or Hong Kong laws.
We
are incorporated under the laws of the BVI and all of our directors and officers reside outside of the United States in Hong Kong. Moreover,
all of these persons do not have significant assets in the U.S. As a result, it may be difficult or impossible to effect service of process
within the U.S. upon these persons, or to recover against us or them on judgments of U.S. courts, including judgments predicated upon
the civil liability provisions of the U.S. federal securities laws. Even if you are successful in bringing an action of this kind, the
laws of the BVI or Hong Kong could render you unable to enforce a judgment against our assets or the assets of our directors and officers.
There
is uncertainty as to whether the courts of the BVI would (i) recognize or enforce judgments of U.S. courts obtained against us or our
directors or officers predicated upon the civil liability provisions of the securities laws of the U.S. or any state in the U.S. or (ii)
entertain original actions brought in the BVI against us or our directors or officers predicated upon the securities laws of the U.S.
or any state in the U.S.
The
U.S. and the BVI do not have a treating providing for reciprocal recognition and enforcement of judgments of courts of the U.S. in civil
and commercial matters and that a final judgment for the payment of money rendered by any general or state court in the U.S. based on
civil liability, whether or not predicated solely upon the U.S. federal securities laws would not be enforceable in the BVI. A final
and conclusive judgment obtained in U.S. federal or state courts under which a sum of money is payable as compensatory damages (i.e.,
not being a sum claimed by a revenue authority for taxes or other charges of a similar nature by a governmental authority, or in respect
of a fine or penalty or multiple or punitive damages) may be the subject of an action on a debt in the court of the BVI under the common
law doctrine of obligation. Furthermore, it is uncertain that BVI courts would: (1) recognize or enforce judgments of U.S. courts obtained
in actions against us or our directors or officers predicated upon the civil liability provisions of the U.S. federal securities laws;
or (2) entertain original actions brought against us or other persons predicated upon the Securities Act.
26
There
is also uncertainty as to whether the courts of Hong Kong would (i) recognize or enforce judgments of the U.S. courts obtained against
us or our directors or officers predicated upon the civil liability provisions of the securities laws of the U.S. or any state in the
U.S. or (ii) entertain original actions brought in Hong Kong against us or our directors or officers predicated upon the securities laws
of the U.S. or any state in the U.S.
A
judgment of a court in the U.S. predicated upon U.S. federal or state securities laws may be enforced in Hong Kong at common law by bringing
an action in a Hong Kong court on that judgment for the amount due thereunder, and then seeking summary judgment on the strength of the
foreign judgment, provided that the foreign judgment, among other things, is (1) for a debt or a definite sum of money (not being taxes
or similar charges to a foreign government taxing authority or a fine or other penalty) and (2) final and conclusive on the merits of
the claim, but not otherwise. Such a judgment may not, in any event, be so enforced in Hong Kong if (a) it was obtained by fraud; (b)
the proceedings in which the judgment was obtained were opposed to natural justice; (c) its enforcement or recognition would be contrary
to the public policy of Hong Kong; (d) the court of the U.S. was not jurisdictionally competent; or (e) the judgment was in conflict
with a prior Hong Kong judgment.
Hong
Kong has no arrangement for the reciprocal enforcement of judgments with the U.S. As a result, there is uncertainty as to the enforceability
in Hong Kong, in original actions or in actions for enforcement, of judgments of the U.S. courts of civil liabilities predicated solely
upon the federal securities laws of the U.S. or the securities laws of any State or territory within the U.S. You may incur additional
costs and procedural obstacles in effecting service of legal process, enforcing foreign judgments or bringing actions in Hong Kong against
us or our management named in the Annual Report, as judgments entered in the U.S. can be enforced in Hong Kong only at common law. For
more information regarding the relevant laws of the BVI and Hong Kong, see "
Enforcement of Liabilities
."
You
may have more difficulty protecting your interests than you would as a shareholder of a U.S. corporation.
Our
corporate affairs are governed by the provisions of our memorandum and articles of association, as amended and restated from time to
time, and by the provisions of applicable BVI law. The rights of shareholders and the fiduciary responsibilities of our directors and
officers under BVI law are not as clearly established as they would be under statutes or judicial precedents in some jurisdictions in
the U.S., and some states (such as Delaware) have more fully developed and judicially interpreted bodies of corporate law.
These
rights and responsibilities are to a large extent governed by the BVI Business Companies Act, 2004 as amended from time to time (the
"BVI Act") and the common law of the BVI. The common law of the BVI is derived in part from judicial precedent in the BVI
as well as from English common law, which has persuasive, but not binding, authority on a court in the BVI. In addition, BVI law does
not make a distinction between public and private companies and some of the protections and safeguards (such as statutory pre-emption
rights, save to the extent expressly provided for in the memorandum and articles of association) that investors may expect to find in
relation to a public company are not provided for under BVI law.
There
may be less publicly available information about us than is regularly published by or about U.S. issuers. Also, the BVI regulations governing
the securities of BVI companies may not be as extensive as those in effect in the U.S., and the BVI law and regulations regarding corporate
governance matters may not be as protective of minority shareholders as state corporation laws in the U.S. Therefore, you may have more
difficulty protecting your interests in connection with actions taken by our directors and officers or our principal shareholders than
you would as a shareholder of a corporation incorporated in the U.S.
The
laws of BVI provide limited protections for minority shareholders, so minority shareholders will not have the same options as to recourse
in comparison to the U.S if the shareholders are dissatisfied with the conduct of our affairs.
Under
the laws of the BVI there is limited statutory protection of minority shareholders other than the provisions of the BVI Act dealing with
shareholder remedies. The principal protections under BVI statutory law are derivative actions, actions brought by one or more shareholders
for relief from unfair prejudice, oppression and unfair discrimination and/or to enforce the BVI Act or the memorandum and articles of
association. Shareholders are entitled to have the affairs of the company conducted in accordance with the BVI Act and the memorandum
and articles of association, and are entitled to payment of the fair value of their respective shares upon dissenting from certain enumerated
corporate transactions.
27
There
are common law rights for the protection of shareholders that may be invoked, largely dependent on English company law, since the common
law of the BVI is limited. Under the general rule pursuant to English company law known as the rule in Foss v. Harbottle, a court will
generally refuse to interfere with the management of a company at the insistence of a minority of its shareholders who express dissatisfaction
with the conduct of the company's affairs by the majority or the board of directors. However, every shareholder is entitled to
seek to have the affairs of the company conducted properly according to law and the constitutional documents of the company. As such,
if those who control the company have persistently disregarded the requirements of company law or the provisions of the company's
memorandum and articles of association, then the courts may grant relief. Generally, the areas in which the courts will intervene are
the following: (i) an act complained of which is outside the scope of the authorized business or is illegal or not capable of ratification
by the majority; (ii) where the company has not complied with provisions requiring approval of a special or extraordinary majority of
shareholders; (iii) acts that infringe or are about to infringe on the personal rights of the shareholders, such as the right to vote;
or (iv) acts that constitute fraud on the minority where the wrongdoers control the company.
These
rights may be more limited than the rights afforded to minority shareholders under the laws of states in the United States.
Other
than as set forth in the BVI Act, shareholders of BVI companies like us have no general rights under BVI law to inspect corporate records
or to obtain copies of lists of shareholders of these companies. Our directors have discretion to determine whether or not, and under
what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available to our shareholders,
other than as set forth in the BVI Act. This may make it more difficult for you to obtain the information needed to establish any facts
necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.
As
a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken
by our management, members of the board of directors or controlling shareholders than they would as public shareholders of a company
incorporated in the United States.
There
can be no assurance that we will not be a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for any taxable
year, which could result in adverse U.S. federal income tax consequences to U.S. holders of our Ordinary Shares.
A
non-U.S. corporation will be a PFIC for any taxable year if either (i) at least 75% of its gross income for such year consists of certain
types of "passive" income; or (ii) at least 50% of the value of its assets (based on an average of the quarterly values of
the assets) during such year is attributable to assets that produce passive income or are held for the production of passive income,
or the asset test. Based on our current and expected income and assets (taking into account the expected cash proceeds and our anticipated
market capitalization following this offering), we do not presently expect to be a PFIC for the current taxable year or the foreseeable
future. However, no assurance can be given in this regard because the determination of whether we are or will become a PFIC is a fact-intensive
inquiry made on an annual basis that depends, in part, upon the composition of our income and assets. In addition, there can be no assurance
that the Internal Revenue Service, or IRS, will agree with our conclusion or that the IRS would not successfully challenge our position.
Fluctuations in the market price of our Ordinary Shares may cause us to become a PFIC for the current or subsequent taxable years because
the value of our assets for the purpose of the asset test may be determined by reference to the market price of our Ordinary Shares.
The composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in
this offering. If we were to be or become a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, certain adverse
U.S. federal income tax consequences could apply to such U.S. Holder.
We
may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.
We
are a foreign private issuer, and therefore, we are not required to comply with all of the periodic disclosure and current reporting
requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last business day of an
issuer's most recently completed second fiscal quarter. We would lose our foreign private issuer status if, for example, more than
50% of our Ordinary Shares are directly or indirectly held by residents of the United States and we fail to meet additional requirements
necessary to maintain our foreign private issuer status. If we lose our foreign private issuer status on this date, we will 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 will also have to mandatorily comply with U.S. federal proxy requirements, and
our officers, directors and principal shareholders will become subject to the short-swing profit disclosure and recovery provisions of
Section 16 of the Exchange Act. In addition, we will lose our ability to rely upon exemptions from certain corporate governance requirements
under the Nasdaq rules. As a U.S. listed public company that is not a foreign private issuer, we will incur significant additional legal,
accounting and other expenses that we will not incur as a foreign private issuer, and accounting, reporting and other expenses in order
to maintain a listing on a U.S. securities exchange.
28
ITEM
4. INFORMATION ON THE COMPANY
A.
History and Development of the Company.
Historical
Structure
In
May 2016, MEGL was incorporated under the laws of the BVI, as a holding company of our businesses.
In
June 2016, GFHL was incorporated under the laws of Hong Kong, as an intermediate holding company.
In
June 2016, GCL was incorporated under the laws of Hong Kong to engage in corporate finance business. GCL was licensed to undertake Type
6 (Advising on corporate finance) regulated activity and act as sponsor from the SFC in February 2017 and Type 1 (dealing in securities)
regulated activity in April 2018.
In
September 2022, GIL and MEIL were incorporated under the laws of Hong Kong as investment holding companies.
In
August 2023, GCSL was incorporated under the laws of Hong Kong to provide corporate services.
See
ITEM 4.C "Organizational structure" for our organization structure.
Increase
in authorized shares and share split
MEGL
was established under the laws of BVI on May 10, 2016. The authorized number of Ordinary Shares was 50,000 shares with a par value of
US$1.0.
On
July 14, 2021, the shareholders of the Company resolved and approved an increase in authorized shares and share split at a ratio of 150,000-for-1
to create an additional 300,000,000 of the authorized Ordinary Shares with a par value of US$0.0001 (the "Increase in Share Capital")
as part of the Company's recapitalization prior to the listing. Following the Increase in Share Capital, on July 15, 2021, the
Company newly issued 15,000,000 ordinary shares with a par value of US$0.0001 (the "Shares Issued"). Following the Shares
Issued, the Company repurchased and cancelled 100 of the outstanding shares with a par value of US$1.0 issued as well as cancelled 50,000
of the authorized shares with a par value of US$1.0.
All
Ordinary Share and per Ordinary Share amounts used elsewhere in this Annual Report and the consolidated financial statements have been
retroactively restated to reflect the share split.
Initial
Public Offering
On
August 4, 2022, MEGL entered into an underwriting agreement with Network 1 Financial Securities, Inc. and Alexander Capital, L.P. as
underwriters named thereof, in connection with its initial public offering ("IPO") of 5,000,000 Ordinary Shares at a price
of $4.00 per share. The Company's Registration Statement on Form F-1 (File No. 333-264575) for the IPO, originally filed with the
U.S. Securities and Exchange Commission (the "Commission") on April 29, 2022 (as amended, the "Registration Statement")
was declared effective by the Commission on August 4, 2022. The Company issued Representative's Warrants to purchase up to 500,000
Ordinary Shares at $6.00 per share, dated August 9, 2022, to Network 1 Financial Securities, Inc., substantially in the form attached
as Exhibit 2.2 hereto and incorporated herein by reference.
On
August 10, 2022, MEGL completed its IPO and listed its Ordinary Shares on the Nasdaq Capital Market under the symbol "MEGL".
Representative's
Warrants
On
August 12, 2022, the underwriter exercised its Representative's Warrants in full and the Company issued a total of 256,099 ordinary
shares with no cash consideration on August 26, 2022.
29
Magic
Empire Global Limited's Offices
Our
principal executive office is located at 3/F, 8 Wyndham Street, Central, Hong Kong. Our telephone number is (+852) 3577 8770. Our registered
office in the BVI is located at the office of P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, BVI, or at such other
place as the directors may from time-to-time decide. Our agent for service of process in the U.S. is Cogency Global Inc., 122 East 42nd
Street, 18th Floor New York, NY 10168. Our website is located at
www.meglmagic.com
.
B.
Business overview
Our
Business
We
are a financial services provider in Hong Kong which principally engage in the provision of corporate finance advisory services and underwriting
services. Our service offerings mainly comprise the following:
IPO
sponsorship services:
We act as sponsors to companies pursuing listing on the Main Board and GEM, advising and guiding them throughout
the listing process in return for sponsor's fee.
Financial
advisory and independent financial advisory services:
We act as (i) financial advisers (a) to our clients advising them on the terms
and structures of the proposed transactions, and the relevant implications and compliance matters under the Hong Kong regulatory framework
for listed companies such as the Listing Rules, the GEM Listing Rules and the Takeovers Code; and (b) to clients pursuing listing on
other stock exchange; and (ii) independent financial advisers giving opinions or recommendations to the independent board committee and
independent shareholders of listed companies, in return for advisory fee.
Compliance
advisory services:
We act as compliance advisers to listed companies on the Main Board and GEM and advise them on post-listing compliance
matters in return for compliance advisory fee.
Underwriting
services:
We provide underwriting services by acting as global coordinator, bookrunner, lead manager or underwriter for listing applicants
in IPOs or other fundraising activities, in return for underwriting commission.
Corporate
services
: We provide corporate services which include accounting and financial reporting advisory, company secretarial services,
internal control enhancement, investor relations advisory and other consulting services.
With
the commencement of business of GCL, which was licensed to carry out Type 6 (advising on corporate finance) regulated activities in February
2017, we started to provide corporate finance advisory services, including IPO sponsorship services, financial advisory, independent
financial advisory services and compliance advisory services. GCL was also licensed to carry out Type 1 (dealing in securities) regulated
activities under the SFO in April 2018 and we commenced to provide underwriting services to our clients. In September 2023, we commenced
to provide corporate services through GCSL.
Our
Competitive Strengths
We
believe that the following strengths distinguish us from our competitors:
We
are an active financial service providers with a proven track record
We
stand out as a reputable financial services provider specializing in corporate finance in Hong Kong since the commencement of our business.
We believe our active participation in the financial services industry, in particular corporate finance has gradually increased our brand
awareness among investors and our proven track record will continue to build trust with our clients, which together will help us secure
deals in the competitive market.
30
We
have a strong client base
We
serve a diverse and solid base of clients. We believe that market reputation and clients' confidence in our services are indispensable
to our continuous success. Our major clients are mainly listing applicants and listed companies in Hong Kong, as well as private companies
and investors. Our clients engage in a diverse spectrum of industry sectors including online advertising, property development, property
management services, supply chain management, manufacturing, chemicals, logistics, education, and natural resources and travel. A diversified
client base will mitigate the negative effect to the demand for our services from those industry sectors which have cyclical behavior
and are exposed to unpredictable downturns caused by fluctuations in market conditions.
We
provide comprehensive corporate finance advisory services to our clients
We
provide comprehensive corporate finance advisory services from pre-IPO, IPO to post-IPO stages to our clients to fulfil their varying
needs. For instance, we act as pre-IPO financial advisor to our clients to provide advice to corporate structure, financial management,
corporate governance and assist them to raise pre-IPO funding for expansion. We act as a sponsor in listing applications in Hong Kong
during the IPO stage. We act as financial adviser to listed companies in Hong Kong advising them on transactions involving the Listing
Rules, GEM Listing Rules or Takeovers Code or as an independent financial adviser to independent board committees and independent shareholders
of listed companies in Hong Kong rendering recommendations and opinions. We act as compliance adviser to listed companies in Hong Kong
to ensure their ongoing compliance with the Listing Rules, GEM Listing Rules or Takeovers Code. We also act as financial advisers to
our clients for other corporate finance advisory services and other corporate services. We believe our ability to provide comprehensive
corporate finance advisory services, including IPO sponsorship services, financial advisory, independent financial advisory services
and compliance advisory services to our clients, not only fulfils their varying needs at different stages, but also fosters our long-term
solid relationship with them.
We
believe our proven track record in the provision of corporate finance advisory services will help us retain and attract more clients
which will then enable us to create synergies across different business lines, optimize our client coverage effort, create new business
opportunities and in turn generate diversified sources of revenue and maximize our revenue.
We
have experienced and competent management and professional staff
Our
Group has a team of experienced and competent management who is responsible for directing and managing daily operations, monitoring and
supervising compliance and risk management, overseeing financial condition and performance, allocating and budgeting human resources
and formulating business strategies. Leveraging on their experience and network in the financial industry, we have been successfully
expanding our client base and source of deals and transactions. For details of the biographies of our management team, please refer to
the section headed "Directors and senior management" in this Annual Report.
In
addition to our experienced and competent senior management team, we have teams of professional staff. Together with our senior management
team, our professional staff enables us to implement our business strategies, provide quality services to clients, manage our compliance
and risks, identify and capture business opportunities, maintain relationship with clients and procure new clients.
Our
Services
IPO
sponsorship services
Our
main responsibilities as a sponsor to listing applicants include: (i) guiding and advising listing applicants through the IPO process
in respect of the Listing Rules and the GEM Listing Rules; (ii) leading, coordinating and managing the entire listing process including
formulating timetable and offering strategies, advising the clients on the engagement of professional parties, anticipated costs and
major milestones and challenges during the listing process; (iii) conducting due diligence (including conducting site visits and reviewing
clients' documents to understand clients' major business operations, financial information, legal and compliance matters,
conducting interviews with clients' customers and suppliers and reviewing clients' internal control matters and ensuring
that the due diligence standards under Practice Note 21 to the Listing Rules or Practice Note 2 to the GEM Listing Rules (as the case
may be) and the Code of Conduct are met) and assessing listing applicants' suitability for listing; (iv) making submissions and
addressing comments and matters raised by the regulators in connection with the listing application; (v) liaising with the intermediaries
and underwriting syndicates; (vi) ensuring sufficient disclosure in the prospectus and application documents in compliance with the relevant
regulatory requirements; (vii) assessing investors' interests in the proposed listing; (viii) managing the process of the public
offer to ensure it is conducted in a fair and orderly manner to ensure an open market for the shares to be issued under such public offer;
and (ix) maintaining sufficient books and records to demonstrate that proper due diligence is conducted, contentions issues are investigated
and how conclusions are reached.
31
We
charge our clients an agreed-upon sponsor fee, which is determined with reference to, among others, the estimated time and amount of
work required, the complexity of restructuring and listing issues required to be resolved before application for listing, intensity of
listing timetable and the scope of due diligence. Our sponsor fee is generally payable by four instalments upon the occurrence of the
milestone events defined in the mandate, namely, (i) signing of engagement letter; (ii) submission of listing application to the Stock
Exchange; (iii) listing hearing; and (iv) upon listing.
Financial
advisory and independent financial advisory services
As
a financial adviser, our main responsibilities include advising the clients on: (i) the engagement of professional parties and coordinating
the professional parties throughout the transaction; (ii) the structure of a transaction; (iii) legal and compliance; (iv) financial
and treasury management; (v) internal control and risk management as well as recommending potential investors.
As
an independent financial adviser, we are mainly responsible for conducting reviews and analyses on the proposed transactions and assessing
the fairness and reasonableness of the terms of the proposed transactions. Upon such assessments, we issue our opinion letters to the
independent board committee and/or independent shareholders of listed issuers with voting recommendations, which are incorporated in
the circulars pursuant to the Listing Rules, the GEM Listing Rules and the Takeovers Code. We are also responsible for assisting our
clients to obtain the necessary clearance or approval in relation to our opinion letters from the Stock Exchange and/or the SFC.
We
generally charge clients a fixed fee for our financial advisory and independent financial advisory services, which is determined on a
case-by-case basis with reference to the scope of service to be provided and the expected time spent and required manpower for performing
our services.
Compliance
advisory services
We
act as a compliance adviser for listed companies on both Main Board and GEM. Pursuant to the Listing Rules and the GEM Listing Rules,
each newly listed company in Hong Kong is required to engage a compliance adviser to assist it to comply with these rules for an initial
period commencing from the listing date to the date on which it complies with the requirements in respect of its financial results for
the first full financial year commencing after the date of listing under the Listing Rules for Main Board listings or for the second
full financial year commencing after the date of its initial listing under the GEM Listing Rules for GEM listings. At any time after
the initial period, the Stock Exchange may direct the listed company to appoint a compliance adviser for a specified period and to undertake
the compliance advisory role as may be specified by the Stock Exchange.
As
a compliance adviser, our main responsibilities include: (i) ensuring that clients are properly guided and advised as to compliance with
the Listing Rules and the GEM Listing Rules (as the case may be); (ii) upon the clients notifying us of a proposed change in the use
of proceeds of the initial public offering, discussing with the clients (a) their operating performance and financial condition by reference
to their business objectives and use of issue proceeds as stated in the listing document; (b) compliance with the terms and conditions
of any waivers granted from the Listing Rules or the GEM Listing Rules (as the case maybe); (c) whether any profit forecast or estimate
in the listing document will be or has been met by the clients and advise the clients to notify the Stock Exchange and inform the public
in a timely and appropriate manner; and (d) compliance with any undertakings provided by the clients and its directors at the time of
listing, and, in the event of non-compliance, discuss the issue with the board of directors of the clients and make recommendations to
the board regarding appropriate remedial steps; (iii) accompanying the clients to any meetings with the Stock Exchange, unless otherwise
requested by the Stock Exchange; (iv) in relation to an application by the clients for a waiver from any of the requirements in Chapter
14A of the Listing Rules or Chapter 20 of the GEM Listing Rules (as the case maybe), advising the clients on their obligations and in
particular the requirement to appoint an independent financial adviser; and (v) providing advices to the clients upon their requests
before the publication of any regulatory announcement, circular or financial report, where a transaction which might be a notifiable
or connected transaction is contemplated including share issues and share repurchases and where the clients proposes the change of the
use of the proceeds of initial public offerings.
32
We
generally charge clients a monthly fixed fee for our compliance advisory services, which is determined on a case-by-case basis with reference
to the scope of service to be provided and the expected time spent and required manpower for performing our services.
Underwriting
services
We
provide underwriting and sub-underwriting services by acting as a global coordinator, a bookrunner, a lead manager or an underwriter
(as the case may be) in IPOs or other fundraising activities.
For
underwriting exercise where we acted as global coordinator or bookrunner or lead manager or underwriter for IPOs of listing applicants,
we are obliged to take up the unsubscribed offer shares up to our maximum underwriting commitment in the event of undersubscription of
the offer shares. We charged our clients underwriting commissions for also acting as global coordinator or joint bookrunner or joint
lead manager or underwriter for IPOs based on our underwriting commitment and the aggregate offer price of the number of securities underwritten
by us and/or successfully placed by us.
Corporate
services
The
corporate services include accounting and financial reporting advisory, company secretarial services, internal control enhancement, investor
relations advisory and other consulting services.
We
generally charge clients a monthly fixed fee or a fixed fee for our corporate services, which is determined on a case-by-case basis with
reference to the scope of service to be provided and the expected time spent and required manpower for performing our services.
Our
Clients
The
clients of our corporate finance advisory business and underwriting business mainly comprise listing applicants and listed companies
in Hong Kong and their respective shareholders, as well as private companies and investors. The clients of our (i) IPO sponsorship services
are private companies seeking a listing on the Mainboard or GEM board of the Stock Exchange; (ii) independent financial advisory services
are listed companies on the Stock Exchange; (iii) financial advisory services and corporate services are either private companies or
listed companies on the Stock Exchange; (iv) compliance advisory services are listed companies on the Stock Exchange; and (v) underwriting
services are mainly our IPO sponsorship clients.
Sales
and Marketing
The
sales and marketing function is performed by our corporate finance execution team. Our projects generally originate from the networks
of our Responsible Officers, referrals from existing clients or other professional parties and direct approaches by clients due to our
market reputation or previous business relationships.
License
and Regulations
The
securities market in Hong Kong is highly regulated. The principal regulatory bodies governing our business are the SFC and the Stock
Exchange. Our principal business and our responsible personnel are subject to a number of legislations and regulations and the respective
rules of the SFC, the Stock Exchange and, upon the Listing, the Listing Rules. In particular, we are required to be licensed with the
SFC to carry on our business. As of the date of this Annual Report, GCL was licensed under the SFO to carry on Type 1 (dealing in securities)
and Type 6 (advising on corporate finance) regulated activities. The above licenses have no expiry date and remain in force until suspended
or revoked, subject to certain continuing obligations, such as payment of annual fee and submission of annual return.
We
have obtained all requisite licenses, permits and certificates necessary to conduct our operations as set out in this Annual Report and
we had complied with all applicable laws, regulations, rules, codes and guidelines in Hong Kong in connection with the business and operation
of our Group in all material respects.
33
Competition
The
financial service industry in Hong Kong is highly competitive because of the large number of participants in the market. For details
of the competitive landscape of the financial service industry in Hong Kong and the market drivers. We have to compete effectively over
competitors in terms of capital resources, pricing, client base, service coverage and quality, talents and brand recognition. Our competitors
may have stronger capital resources, greater brand recognition in the market, more human resources, a wider range of services and longer
operating histories than that of us. Apart from large multinational financial institutions, we also face competition from newly established
local small and medium-sized financial services firms which offer similar range of services.
As
of December 31, 2023, there were 302 licensed corporations and 28 registered institutions licensed or registered to carry on Type 6 (advising
on corporate finance) regulated activity in Hong Kong. In addition, 117 licensed corporations and registered institutions can conduct
IPO sponsorship business as of the date of this Annual Report. As of December 31, 2023, 1,464 licensed corporations and 112 registered
institutions licensed or registered to carry on Type 1 (dealing in securities) regulated activity in Hong Kong. With the increasing number
of listed companies in Hong Kong, equity fund raising on the Stock Exchange, either through IPOs or in the secondary market, has been
substantial. IPOs have been a main source of equity funding. While the market is active, competition in the underwriting business in
Hong Kong is intense because of the relatively large number of market players. We face keen competition in provision of corporate finance
advisory services and underwriting services in Hong Kong. Our Directors believe that competition in this market is primarily based on
quality and scope of services, market reputation, business network, pricing, human and financial resources.
COVID-19
Update
The
COVID-19 outbreak has led governments across the globe to impose a series of measures intended to contain its spread, including border
closures, travel bans, quarantine measures, social distancing, and restrictions on business operations and large gatherings. According
to WHO, the COVID-19 pandemic "has been on a downward trend" with immunity increasing due to increasing administration of
vaccines globally. Whilst there are remaining uncertainties posted by the potential evolution of COVID-19, the WHO Director-General announced
on 5 May 2023 that COVID-19 no longer constitutes a PHEIC and is now an established and ongoing health issue, concurring with the advice
of the IHR Emergency Committee of the WHO. Notwithstanding such announcement, disruptions like general slowdown in economic conditions
globally and volatility in the capital markets posed by COVID-19 are far-reaching and prevalent. The extent to which COVID-19 impacts
our business in the future will depend on future developments, which are highly uncertain and cannot be predicted, including new information
which may emerge concerning the severity of COVID-19 and the actions to contain COVID-19 or treat its impact, among others. If the disruptions
posed by COVID-19 or other matters of global concern continue for an extended period of time, our operating subsidiary's ability
to pursue its business objectives may be materially adversely affected. We will continue to closely monitor the situation throughout
2024 and beyond.
34
Regulations
Overview
of the Laws and Regulations Relating to Our Business and Operations in Hong Kong
Our
operations are subject to various laws and regulations in Hong Kong where we operate. This section sets out summaries of certain aspects
of Hong Kong laws and regulations which are relevant to our Group's operations and business.
Licensing
And Registration Under The SFO Administered By The SFC
The
SFC is an independent statutory body set up in 1989 to regulate Hong Kong's securities and futures markets. It operates independently
of the Government of Hong Kong, and is funded mainly by transaction levies and licensing fees.
The
SFC derives its investigative, remedial and disciplinary powers from the SFO and the subsidiary legislations thereunder. The SFO, in
particular, vested the SFC with multiple roles and sets out its regulatory objectives, including:
(i)
to maintain and promote the fairness, efficiency, competitiveness, transparency and orderliness of the securities and futures industry;
(ii)
to promote understanding by the public of financial services including the operation and functioning of the securities and futures industry;
(iii)
to provide protection for members of the public investing in or holding financial products;
(iv)
to minimize crime and misconduct in the securities and futures industry;
(v)
to reduce systemic risks in the securities and futures industry; and
(vi)
to assist the Financial Secretary of Hong Kong in maintaining the financial stability of Hong Kong by taking appropriate steps in relation
to the securities and futures industry.
The
SFC is one of the four financial regulators in Hong Kong charged with oversight of finance and investing, but it is the only Hong Kong
financial regulator that is given the mandate to educate the investing public.
Following
the enactment of the Securities and Futures (Amendment) Ordinance 2012, the Investor Education Centre (now known as the Investor and
Financial Education Council) was formed as a SFC subsidiary to educate the public on a broad range of retail financial products and services.
Licensing
regime under the SFO
Under
the SFO, any person who carries on a business in a regulated activity or holds itself out as carrying on a business in a regulated activity
must be licensed under the relevant provisions of the SFO to carry on that regulated activity, unless any exemption under the SFO applies.
This applies to a corporation carrying on a business in a regulated activity and to any individuals acting on behalf of that corporation
in carrying on such activities, as further described below. It is an offense for a person to conduct any regulated activity without the
appropriate license issued by the SFC.
Further,
if a person (whether by itself or another person on his behalf, and whether in Hong Kong or from a place outside of Hong Kong) actively
markets to the public in Hong Kong any services that it provides and such services, if provided in Hong Kong, would constitute a regulated
activity, then that person is also subject to the licensing requirements under the SFO.
35
Types
of regulated activities
Schedule
5 to the SFO stipulates 10 types of regulated activities, namely:
Type
1: Dealing in securities
Type
2: Dealing in futures contracts
Type
3: Leveraged foreign exchange trading
Type
4: Advising on securities
Type
5: Advising on futures contracts
Type
6: Advising on corporate finance
Type
7: Providing automated trading services
Type
8: Securities margin financing
Type
9: Asset management
Type
10: Providing credit rating services
Licensed
corporation
For
application as a licensed corporation, the applicant has to be incorporated and the licensed corporation has to satisfy the SFC that
it has proper business structure, good internal control systems and qualified personnel to ensure the proper management of risks that
it will encounter in carrying on the proposed regulated business as detailed in the business plan submitted to the SFC.
Responsible
Officers
In
order for a licensed corporation to carry on any of the regulated activities, it must appoint no less than two Responsible Officers for
each regulated activity conducted by a licensed corporation, at least one of whom must be an executive director, to supervise each regulated
activity. The same individual could apply to be a Responsible Officer for more than one regulated activity simultaneously provided that
he/she meets the fit and proper (including competence) requirements for the regulated activity concerned, and demonstrate that there
is no conflict of interest for he/she to carry on the regulated activities concurrently.
An
"executive director" of a licensed corporation is defined as a director of the corporation who (a) actively participates
in or (b) is responsible for directly supervising, the business of a regulated activity or activities for which the corporation is licensed.
Every executive director of the licensed corporation who is an individual must apply to the SFC to be approved as a Responsible Officer
of such licensed corporation in relation to the regulated activities.
Sponsors
and compliance advisers
A
sponsor is a licensed corporation or registered institution licensed or registered under the SFO for Type 6 (advising on corporate finance)
regulated activity and permitted under its license or certificate of registration to undertake work as a sponsor in respect of an application
for the listing of any securities on a recognized stock market under the GEM Listing Rules or the Listing Rules (as the case may be).
36
A
compliance adviser is a licensed corporation or registered institution licensed or registered under the SFO for Type 6 (advising on corporate
finance) regulated activity, and permitted under its license or certificate of registration to undertake work as a sponsor to act as
a compliance adviser under the GEM Listing Rules or the Listing Rules (as the case may be). The main role of a compliance adviser is
to ensure that the listed company is properly guided and advised as to compliance with the GEM Listing Rules or the Listing Rules (as
the case may be) and all other applicable rules, laws, codes and guidelines. Only firms eligible to act as sponsors are eligible to act
as compliance advisers.
Under
the sponsor regime established in January 2007, in order to act as a sponsor, apart from holding a Type 6 (advising on corporate finance)
license, an application for sponsor license should be submitted to the SFC to demonstrate that it can meet the eligibility criteria pursuant
to the Sponsor Guidelines. In considering the sponsor license application, the SFC will take into account the competency of the firm
to act as a sponsor, based on the criteria set out in the Sponsor Guidelines, and will also consider more generally the firm's
fitness and properness as a corporate finance advisory firm under the Fit and Proper Guidelines.
Effective
from October 1, 2013, the enhanced regulations on IPO sponsors and the key obligations of IPO sponsors have been consolidated in paragraph
17 of the Code of Conduct. The key requirements for a sponsor under the new sponsor regime are as follows:
●
to
    advise and guide a listing applicant in preparation for a listing;
●
to
    take reasonable due diligence steps in respect of a listing application;
●
to
    take reasonable steps to ensure that true, accurate and complete disclosure about a listing applicant is made to the public;
●
to
    deal with the regulators in a truthful, cooperative and prompt manner;
●
to
    maintain proper books and records that are sufficient to demonstrate its compliance with the Code of Conduct;
●
to
    maintain sufficient resources and effective systems and controls for proper implementation and adequate management oversight of the
    sponsor work;
●
to
    act as the overall manager of a public offer to ensure that the public offer is conducted in a fair and orderly manner; and
●
to
    take reasonable steps to ensure analysts do not receive material information not disclosed in the listing document.
In
addition, pursuant to Appendix 28 of the Listing Rules in relation to transition arrangements for eligible issuer (as defined in Rule
9A.01A of the Listing Rules) ("Eligible Issuer"), an Eligible Issuer must appoint a sponsor to conduct due
diligence in connection with the transfer of its listing from GEM to the Main Board during the transitional period of three years from
February 15, 2018 to February 14, 2021.
The
Listing Rules, the GEM Listing Rules, the Sponsor Guidelines and the CFA Code regulate sponsor's obligations and responsibilities.
The intermediary and its management (includes a sponsor's board of directors, managing director, chief executive officer, Responsible
Officers, executive officers and other senior management personnel) shall be responsible for ensuring that the firm satisfies all specific
and ongoing eligibility criteria of the Sponsor Guidelines and paragraph 17 of the Code of Conduct, as well as complies with all other
relevant codes, guidelines and regulations prescribed by the SFC.
37
In
order to maintain the eligibility as sponsor, a sponsor should have at least two sponsor principals, who should be engaged by the sponsor
for the purpose of conducting sponsor-related work on a full-time basis, at all times to discharge its role in supervising the transaction
team. The GEM Listing Rules or the Listing Rules (as the case may be) require an issuer to appoint a compliance adviser during an initial
period after being admitted to listing and the compliance adviser's core role is to assist the issuer to comply with certain obligations
under the Listing Rules or GEM Listing Rules (as the case may be) during such a period.
GCL
was licensed to carry Type 6 (advising on corporate finance) regulated activities by the SFC in February 2017 and was admitted as a sponsor.
GCL was licensed to carry out Type 1 (dealing in securities) regulated activities by the SFC in April 2018 to provide underwriting services.
Key
ongoing obligations
Remaining
fit and proper
Licensed
corporations, licensed representatives, responsible officers and registered institutions must remain fit and proper as defined under
the SFO at all times. They are required to comply with all applicable provisions of the SFO and its subsidiary legislations as well as
the codes and guidelines issued by the SFC.
Section
116(3) of the SFO provides that the SFC shall refuse to grant a license to carry on a regulated activity unless the applicant for license
satisfies the SFC that, inter alia, the applicant is a fit and proper person to be licensed for the regulated activity. The applicant
must remain fit and proper at all times after the grant of such licenses by the SFC. In simple terms, a fit and proper person means one
who is financially sound, competent, honest, reputable and reliable. Pursuant to section 129(1) of the SFO, in considering whether a
person, an individual, corporation or institution, is fit and proper for the purpose of licensing or registration, the SFC shall, in
addition to any other matter that the SFC may consider relevant, have regard to the following:
(a)
the financial status or solvency;
(b)
the educational or other qualifications or experience having regard to the nature of the functions to be performed;
(c)
the ability to carry on the regulated activity competently, honestly and fairly; and
(d)
the reputation, character, reliability and financial integrity of the applicant and other relevant persons as appropriate. The above
fit and proper criteria serve as the fundamental basis when the SFC considers each license or registration application. Detailed guidelines
are contained in the Fit and Proper Guidelines, the Licensing Handbook and the Guidelines on Competence.
Minimum
capital requirements
Section
145 of the SFO provides that depending on the types of regulated activity a licensed corporation conducts, a licensed corporation is
required to maintain at all times paid-up share capital and liquid capital not less than the specified amounts in the Securities and
Future (Financial Resources) Rules (the "FRR").
38
The
following table summarizes the minimum paid-up capital and liquid capital that a licensed corporation is required to maintain for Type
1 (dealing in securities) and Type 6 (advising on corporate finance) regulated activities:
Regulated
    activity
Minimum
paid-up
share capital
Minimum
liquid capital
Type
    1 (dealing in securities)
(a)
    in the case where the corporation is an approved introducing agent or a trader
Not
    applicable
HK$500,000
(b)
    in the case where the corporation provides securities margin financing
HK$10,000,000
HK$3,000,000
(c)
    in any other case
HK$5,000,000
HK$3,000,000
Type
    6 (advising on corporate finance)
(a)
    In the case where in relation to Type 6 (advising on corporate finance) regulated activity, the corporation is subject to the licensing
    condition that it shall not hold client assets
Not
    applicable
HK$100,000
(b)
    In the case where the corporation acts as a sponsor
HK$10,000,000
HK$3,000,000
(c)
    In any other case
HK$5,000,000
HK$3,000,000
Pursuant
to the FRR, if the licensed corporation is licensed for more than one regulated activity, the minimum paid-up share capital and liquid
capital that the corporation should maintain shall be the highest amount required among those regulated activities.
GCL
is required to have a minimum paid-up share capital of HK$10,000,000 and to maintain minimum liquid capital of HK$3,000,000.
Notification
to the SFC of certain events and changes
Pursuant
to sections 123 and 135 of the SFO and the Securities and Futures (Licensing and Registration) (Information) Rules (Chapter 571S of the
Laws of Hong Kong), licensed corporations, licensed individuals and registered institutions are required to notify the SFC within the
specified time limit of certain events and changes in their particulars, which include, inter alia, any intended cessation to carry on
any regulated activity for which he/she/it is licensed, any intended change of address at which it proposes to carry on the regulated
activity for which it is licensed and any cessation to be a director of a licensed corporation.
Submission
of audited accounts
Section
156(1) of the SFO provides that licensed corporations and associated entities of intermediaries (except those which are authorized financial
institutions) shall submit their audited accounts and other required documents within four months after the end of each financial year.
If a licensed corporation ceases carrying on all of the regulated activities for which it is licensed, it should submit to the SFC its
audited accounts and other required documents, made up to the date of cessation, not later than four months after the date of the cessation.
The same requirement applies to an associated entity (which is not an authorized financial institution) of an intermediary upon its ceasing
to be an associated entity of the intermediary under section 156(2) of the SFO.
Submission
of financial resources returns
Licensed
corporations are required to submit monthly financial resources returns to the SFC. However, pursuant to section 56 of the FRR, corporations
that are licensed only for Type 4 (advising on securities), Type 5 (advising on futures contracts), Type 6 (advising on corporate finance),
Type 9 (asset management) and/or Type 10 (providing credit rating services) regulated activities and whose licenses are subject to the
condition that they shall not hold client assets, are only required to submit semi-annual financial resources returns.
39
Payment
of annual fees
Sections
138(1) and (2) of the SFO provide that each licensed person or registered institution shall pay an annual fee to the SFC within one month
after each anniversary date of his/her/its license or registration. Failure to make full payment of the annual fee before the due date
will attract a surcharge on the outstanding amount and possible suspension and revocation of a license or registration under sections
138(3), 195(4)(a) and 195(6) of the SFO.
Pursuant
to circulars published by the SFC on March 24, 2016 and March 15, 2018, the SFC waived the obligation of all licensed corporations, registered
institutions, Responsible Officers and representatives to pay the annual licensing fees that would otherwise be payable by them during
the period from April 1, 2016 to March 31, 2019.
Pursuant
to a circular published by the SFC on March 25, 2019, the SFC decided to resume the collection of annual licensing fees at a concession
rate from April 1, 2019 to March 31, 2021.
Submission
of annual returns
Section
138(4) of the SFO stipulates that each licensed corporation or licensed individual is required to submit an annual return to the SFC
within one month after each anniversary date of his/her/its licenses. Failure to submit annual return before the due date could result
in suspension and revocation of the license under sections 195(4)(b) and 195(6) of the SFO.
Continuous
professional training ("CPT")
Licensed
corporations and registered institutions are primarily responsible for designing and implementing a continuous education program best
suited to the training needs of the Licensed Representatives or relevant individuals they engage.
The
SFC has issued in March 2003 the Guidelines on Continuous Professional Training pursuant to section 399 of the SFO. Licensed individuals
and relevant individuals of registered institutions are generally required to complete five CPT hours per calendar year for each regulated
activity which they may carry out, except for Type 7 (providing automated trading services) regulated activity. Failure to comply with
the guidelines on CPT may reflect adversely on the fitness and properness of a person to continue to carry on the regulated activity.
Obligation
for substantial shareholders
Under
section 132 of the SFO, a person (including a corporation) has to apply for the SFC's approval prior to becoming or continuing
to be, as the case may be, a substantial shareholder of a corporation licensed under section 116 of the SFO. A person who has become
aware that he/she/it has become a substantial shareholder of a licensed corporation without the SFC's prior approval should, as
soon as reasonably practicable and in any event within three business days after he/she/it becomes so aware, apply to the SFC for approval
to continue to be a substantial shareholder of the licensed corporation.
Variation
of regulated activity specified in license or certificate of registration
Under
section 127(1) of the SFO, a licensed corporation may apply in the prescribed manner and payment of the prescribed fee to the SFC to
vary the regulated activity specified in its license or certificate of registration. Prior approval would also need to be obtained from
the SFC in cases such as addition or reduction of regulated activity, modification or waiver of licensing conditions and change of financial
year end.
Modification
or waiver of licensing requirements
Under
the licensing requirements, a licensed corporation may apply in the prescribed manner and payment of the prescribed fee to the SFC for
modification or waiver of the conditions imposed or certain other requirements specified in section 134 of the SFO.
40
Maintenance
of insurance against specified risks
Under
section 116(3)(c)(ii) of the SFO, corporations that are licensed to carry on certain regulated activities are required, as a condition
of their licenses, to take out and maintain insurance in the manner prescribed by the Securities and Futures (Insurance) Rules (Chapter
571AI of the Laws of Hong Kong). In particular, before or at such time when the corporation becomes a Stock Exchange Participant and
is licensed for Type 1 (dealing in securities) regulated activity, it should take out the required insurance under the relevant approved
master policy for an insured amount of no less than HK$15,000,000 for the specified risks.
Other
key ongoing obligations
Outlined
below are other key ongoing obligations of a licensed corporation:
●
payment
    of the prescribed fees to the SFC as described in Schedule 1 to the Securities and Futures (Fees) Rules (Chapter 571AF of the Laws
    of Hong Kong);
●
keep
    records in accordance with the requirements under the Securities and Futures (Keeping of Records) Rules (Chapter 571O of the Laws
    of Hong Kong);
●
submission
    of audited accounts and other required documents in accordance with the requirements under the Securities and Futures (Accounts and
    Audit) Rules (Chapter 571P of the Laws of Hong Kong);
●
exhibit
    the printed license or certificate of registration (as the case may be) in a prominent place at its principal place of business in
    accordance with the requirements under the Securities and Futures (Miscellaneous) Rules (Chapter 571U of the Laws of Hong Kong);
    and
●
compliance
    with business conduct requirements under the Code of Conduct, the Internal Control Guidelines and other applicable codes and guidelines
    issued by the SFC.
Anti-Money
Laundering And Terrorist Financing
Licensed
corporations are required to comply with the applicable anti-money laundering and counter-terrorist financing laws and regulations in
Hong Kong as well as the Anti-Money Laundering Guideline.
In
Hong Kong, legislation dealing with money laundering and terrorist financing includes the following:
(i)
the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615 of the Laws of Hong Kong) ("AMLO").
The
AMLO imposes requirements relating to client due diligence and record-keeping and provides regulatory authorities with the powers to
supervise compliance with the requirements under the AMLO.
(ii)
the Drug Trafficking (Recovery of Proceeds) Ordinance (Chapter 405 of the Laws of Hong Kong) ("DTROP")
It
is an offence under the DTROP if a person deals with any property knowing or having reasonable grounds to believe it to represent the
proceeds of drug trafficking. The DTROP requires a person to report to an authorized officer if he/she knows or suspects that any property
(directly or indirectly) represents the proceeds of drug trafficking or is intended to be used or was used in connection with drug trafficking.
Failure to make such disclosure constitutes an offence under the DTROP.
(iii)
the Organized and Serious Crimes Ordinance (Chapter 455 of the Laws of Hong Kong) ("OSCO")
41
The
OSCO empowers officers of the Hong Kong Police Force and the Hong Kong Customs and Excise Department to investigate organized crime and
triad activities, and it gives the courts jurisdiction to confiscate the proceeds of organized and serious crimes, to issue restraint
orders and charging orders in relation to the property of defendants of specified offences. The OSCO extends the money laundering offence
to cover the proceeds of all indictable offences in addition to drug trafficking.
(iv)
the United Nations (Anti-Terrorism Measures) Ordinance (Chapter 575 of the Laws of Hong Kong) ("UNATMO")
The
UNATMO provides that it would be a criminal offence to: (i) provide or collect funds (by any means, directly or indirectly) with the
intention or knowledge that the funds will be used to commit, in whole or in part, one or more terrorist acts; or (ii) make any funds
or financial (or related) services available, directly or indirectly, to or for the benefit of a person knowing that, or being reckless
as to whether, such person is a terrorist or terrorist associate. The UNATMO also requires a person to report his knowledge or suspicion
of terrorist property to an authorized officer, and failure to make such disclosure constitutes an offence under the UNATMO.
(v)
the United Nations Sanctions Ordinance (Chapter 537 of the Laws of Hong Kong) ("UNSO")
The
UNSO implements in Hong Kong the United Nations Security Council resolutions to impose targeted sanctions against certain jurisdictions
as instructed by the Ministry of Foreign Affairs of the PRC. As of the date of this Annual Report, there were more than 80 subsidiary
legislations made under this ordinance relating to around 21 jurisdictions, including but not limited to Liberia, Libya, Afghanistan,
Eritrea and the Democratic Republic of the Congo. There are prohibitions against trade-related activities, which include making available
to, or for the benefit of, certain persons or entities, any funds or other financial assets or economic resources, or dealing with funds
or other financial assets or economic resources of certain persons or entities from the above jurisdictions.
(vi)
the Weapons of Mass Destruction (Control of Provision of Services) Ordinance (Chapter 526 of the Laws of Hong Kong) ("WMDO")
The
WMDO provides that it is a criminal offence for a person to provide services to another person where the first-mentioned person believes
or suspects, on reasonable grounds, that the services will or may assist the development, production, acquisition or stockpiling of weapons
of mass destruction. The provision of services for the purposes of the WMDO covers a wide range of activities. The WMDO also provides
for the criminal liability of the director, manager, secretary or other similar officer of a body corporate for offences committed by
the body corporate with the consent and connivance of such officials.
Further,
the Anti-Money Laundering Guideline sets out the anti-money laundering and counterfinancing of terrorism statutory and regulatory requirements,
and the anti-money laundering and counterfinancing of terrorism standards which licensed corporations should meet in order to comply
with the statutory requirements. It also provides practical guidance to assist licensed corporations and their senior management in designing
and implementing their own anti-money laundering and counter-terrorist financing policies, procedures and controls in order to meet the
relevant legal and regulatory requirements in Hong Kong.
Supervision
by the SFC
The
SFC supervises licensed corporations and intermediaries operating in the market. The SFC conducts on-site inspections and off-site monitoring
to ascertain and supervise intermediaries' business conduct and compliance with relevant regulatory requirements, as well as to
assess and monitor the financial soundness of intermediaries.
42
Disciplinary
power of the SFC
Under
Part IX of the SFO, subject to the due process for exercising disciplinary powers laid down in section 198 of the SFO, the SFC may exercise
any of the following disciplinary actions against a regulated person (including a licensed person or a registered institution) if that
person is found to be guilty of misconduct or not fit and proper to be or remain the same type of regulated person (sections 194 and
196 of the SFO):
●
revocation
    or suspension of all or part of a license or registration in relation to any of the regulated activities for which a regulated person
    is licensed or registered;
●
revocation
    or suspension of the approval granted to a Responsible Officer;
●
public
    or private reprimand on a regulated person;
●
prohibition
    of a regulated person from applying to be licensed or registered or to be approved as a Responsible Officer;
●
prohibition
    of a regulated person from, among others, applying to be licensed, registered or approved as a Responsible Officer in relation to
    such regulated activity(ies), for such period as the SFC may specify; and
●
pecuniary
    penalty of the greater of an amount not exceeding HK$10 million or three times the profit gained or loss avoided as a result of the
    conduct in question.
Takeovers
And Mergers
Financial
advisers and independent financial advisers licensed by the SFC may act for Hong Kong listed issuers as regards transactions principally
involving the Listing Rules, the GEM Listing Rules and the Takeovers Code.
In
Hong Kong, any takeover, merger, privatization and share repurchase activities affecting public companies are regulated by the Takeovers
Code which is issued by the SFC in consultation with the Takeovers and Mergers Panel. The primary purpose of the Takeovers Code is to
afford fair treatment for shareholders who are affected by takeovers, mergers, privatizations and share buy-backs. The Takeovers Code
seeks to achieve fair treatment by requiring equality of treatment of shareholders, mandating disclosure of timely and adequate information
to enable shareholders to make an informed decision as to the merits of an offer and ensuring that there is a fair and informed market
in the shares of companies affected by takeovers, mergers, privatizations and share buy-backs. The Takeovers Code also provides an orderly
framework within which takeovers, mergers, privatizations and share buy-backs activities are to be conducted.
In
addition, any other persons who issue circulars or advertisements to shareholders in connection with takeovers, mergers, privatizations
and share buy-backs must observe the highest standards of care and consult with the Executive Director of the Corporate Finance Division
of the SFC or any delegate thereof (the "Executive") prior to the release thereof.
The
roles and responsibilities of financial advisers and other professional advisers are of particular importance given the non-statutory
nature of the Takeovers Code, and it is part of their responsibilities to use all reasonable efforts, subject to any relevant requirements
of professional conduct, to ensure that their customers understand, and abide by, the requirements of the Takeovers Code, and to co-operate
to that end by responding to inquiries from the Executive or any delegate thereof, the Takeovers and Mergers Panel or the Takeovers Appeal
Committee.
The
Stock Exchange
Apart
from the SFC, the Stock Exchange also plays a leading role in regulating companies seeking admission to the Hong Kong markets and supervising
those companies once they are listed. The Stock Exchange is a recognized exchange controller under the SFO. It owns and operates the
only stock exchange and futures exchange in Hong Kong, namely the Stock Exchange and Hong Kong Futures Exchange Limited, and their related
clearing houses. The duty of the Stock Exchange is to ensure orderly and fair markets and that risks are managed prudently, and shall
act in the interest of the public and in particular, the interests of the investing public.
43
In
its role as the operator and frontline regulator of the central securities and derivatives marketplace in Hong Kong, the Stock Exchange
(i) regulates listed issuers; (ii) administers listing, trading and clearing rules; and (iii) provides services at the wholesale level,
to participants and users of its exchanges and clearing houses, including issuers and intermediaries (such as investment banks or sponsors,
securities and derivatives brokers, custodian banks and information vendors) which service investors directly. These services comprise
trading, clearing and settlement, depository and nominee services, and information services.
C.
Organizational structure.
The
following diagram sets forth our corporate structure as of the date of this Annual Report:
Name
Background
Ownership
GFHL
-
    A Hong Kong company
-
    Incorporated on June 24, 2016
-
    An intermediate holding company
-
    Issued Share Capital of HK$10,000
100%
    owned by MEGL
GCL
-
    A Hong Kong company
-
    Incorporated on June 28, 2016
-
    Issued Share Capital of HK$10,000,000
-
    licensed to undertake Type 1 (dealing in securities) and Type 6 (Advising on corporate finance) regulated activities by the SFC
100%
    owned by GFHL
GIL
-
    A Hong Kong company
-
    Incorporated on September 22, 2022
-
    Issued Share Capital of HK$100
-
    an investment holding company
100%
    owned by GFHL
MEIL
-
    A Hong Kong company
-
    Incorporated on September 22, 2022
-
    Issued Share Capital of HK$100
-
    an investment holding company
100%
    owned by GFHL
GCSL
-
    A Hong Kong company
-
    Incorporated on August 3, 2023
-
    Issued Share Capital of HK$100
-
    provide corporate services
100%
    owned by GFHL
44
D.
Property, plant and equipment.
Our
principal executive office is located at 3/F, 8 Wyndham Street Central, Hong Kong, where we lease all of third floor of the building. We leased this space under one lease that will terminate
on November 15, 2024.
ITEM
4A. UNRESOLVED STAFF COMMENTS
None.
ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
The
following discussion should be read in conjunction with the audited consolidated financial statements and related notes which appear
elsewhere in this Annual Report. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual
results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including
those discussed elsewhere in this Annual Report, including those set forth under "Item 3. Key Information — D. Risk Factors."
Exchange
rate information
MEGL
is a holding company with operations conducted in Hong Kong through its operating subsidiaries in Hong Kong using Hong Kong dollars with
reporting currency in Hong Kong dollars. Translations of amounts from HK$ into US$ are solely for the convenience of the reader and were
calculated at the noon buying rate of US$1 = HK$7.8109 on December 29, 2023, as published in H.10 statistical release of the United States
Federal Reserve Board. We make no representation that the HKD or U.S. dollar amounts referred to in this Annual Report could have been
or could be converted into U.S. dollars or HKD, as the case may be, at any particular rate or at all.
A.
Operating results
We
are a financial services provider in Hong Kong which principally engage in the provision of corporate finance advisory services and underwriting
services. Its service offerings mainly comprise (i) IPO sponsorship services; (ii) financial advisory and independent financial advisory
services; (iii) compliance advisory services; (iv) underwriting services; and (v) corporate services.
45
Key
factors affecting our results of operations
Our
results of operations have been and will continue to be affected by a number of factors, including those set out below:
General
market conditions of the capital market and corporate finance industry in Hong Kong
Our business is closely related to
the capital market and corporate finance industry in Hong Kong. We provide corporate finance advisory services comprising of (i) IPO sponsorship
services; (ii) financial advisory and independent financial advisory services; (iii) compliance advisory services; (iv) underwriting services;
and (v) corporates services.
O
ur services are affected by the
capital market and corporate finance industry in Hong Kong. Any material deterioration in the financial and economic conditions of the
financial and capital market in Hong Kong could materially and adversely affect our business and prospects. The Hong Kong financial and
capital market is susceptible to changes in the global as well as domestic economic, social and political conditions including but not
limited to interest rate fluctuations, volatility of foreign currency exchange rates, monetary policy changes and legal and regulatory
changes. When there are unfavorable changes to the global or local market conditions, the financial and securities market in Hong Kong
may experience negative fluctuations in its performance. It may directly affect the demand for our services, our pricing strategies, the
level of our business activities and consequently our revenue derived therefrom. This may materially and adversely affect our financial
condition and results of operations.
Our
ability to manage our staff costs
Our
staff costs are the largest cost we incur in our business operations and our ability to manage our staff costs affects our results of
operations. Our staff costs consist primarily of salaries, bonuses and mandatory provident fund contribution. Any upward changes in the
staff costs would impact our results of operations negatively.
Rules
and regulations governing listed companies on the Stock Exchange
We
provide corporate finance advisory services to clients who are listing applicants or listed companies or their shareholders on the Stock
Exchange. These clients are required to comply with the Listing Rules, the GEM Listing Rules, the Takeovers Code and other rules and
regulations where applicable. Any changes to such rules and regulations, particularly those affecting the appointment and the role of
sponsor in listing applications and the appointment and role of financial adviser in specific transactions, may affect the demand for
and scope of our corporate finance advisory services which may in turn materially and adversely affect our results of operations.
Competition
in the financial services industry in Hong Kong
There
is a significant number of existing market participants in the financial and securities services industry in Hong Kong providing services
similar to ours. Our larger competitors may have advantages over us such as having better brand recognition and reputation in the market,
wider range of value adding services, stronger human and financial resources, longer operating histories, and operational presence in
more geographic locations. We also face competition from local medium and small-sized financial services providers which offer similar
range of services. New participants may enter into the market insofar as they have engaged appropriate qualified professionals and obtained
the requisite regulatory licenses. In addition, competition creates an unfavorable pricing environment in the market in which we operate.
Intensified competition may cause us to reduce our service fees in order to compete with other market players, which could place significant
pressure on our ability to maintain profitability and is particularly acute during market slowdowns, and will in turn materially and
adversely affect our market share, financial condition and results of operations.
46
Results
of operations
For the years ended December 31,
2021
2022
2023
2023
HK$
HK$
HK$
US$
REVENUE
IPO Sponsorship services
6,775,000
1,600,000
4,500,000
576,119
FA and IFA services
4,927,550
5,035,000
7,105,000
909,626
CA services
5,168,198
4,563,252
1,987,030
254,391
Corporate services
—
—
200,000
25,605
16,870,748
11,198,252
13,792,030
1,765,741
OPERATING EXPENSES:
Selling, general and administrative expenses
(15,140,959
)
(15,700,930
)
(16,604,828
)
(2,125,852
)
Total operating expenses
(15,140,959
)
(15,700,930
)
(16,604,828
)
(2,125,852
)
INCOME (LOSS) FROM OPERATIONS
1,729,789
(4,502,678
)
(2,812,798
)
(360,111
)
OTHER INCOME (EXPENSE)
Interest income
1,219
1,058,222
4,258,450
545,193
Other income
—
216,000
172,832
22,127
Other expenses
(82,200
)
(232,002
)
(139,296
)
(17,834
)
Loss due to mark-to-market of a
derivative
asset
—
—
(1,963,000
)
(251,315
)
Total other income (expense), net
(80,981
)
1,042,220
2,328,986
298,171
INCOME (LOSS) BEFORE INCOME TAXES
1,648,808
(3,460,458
)
(483,812
)
(61,940
)
INCOME TAXES EXPENSES
(70,184
)
(381,820
)
-
-
NET INCOME (LOSS)
1,578,624
(3,842,278
)
(483,812
)
(61,940
)
47
Year
ended December 31, 2023 compared with year ended December 31, 2022
Revenue
Our
revenue increased by HK$2,593,778, or 23.2% from HK$11,198,252 for the year ended December 31, 2022 to HK$13,792,030 (US$1,765,741)
for the year ended December 31, 2023, which was mainly due to the increase in revenue we recognized for our IPO sponsorship services
and financial advisory and independent financial advisory services. Our revenue for IPO sponsorship services increased by
HK$2,900,000, or 181.3% from HK$1,600,000 for the year ended December 31, 2022 to HK$4,500,000 (US$576,119) for the year ended
December 31, 2023 as we completed one IPO project during the year ended December 31, 2023 and recognized the relevant
revenue.
During
the year ended December 31, 2023, Hong Kong market was continued to be affected by uncertainties caused by the Sino-US tension, the Russo-Ukrainian
war and the credit crisis of property developers of the PRC. The general business environment remained difficult in Hong Kong in general.
Hang Seng Index plummeted by approximately 18.2%, or 3,101 points, from approximately 20,145 points on January 2, 2023 to approximately
17,044 points on December 29, 2023. The sluggish capital markets in Hong Kong throughout 2023 significantly reduce primary capital markets
and fund-raising activities in Hong Kong. The number of IPO launched decreased from 89 for the year ended December 31, 2022 to 68 for
the year ended December 31, 2023, with total funds raised decreased from approximately HK$104.6 billion for the year ended December 31,
2022 to approximately HK$46.3 billion for the year ended December 31, 2023, respectively during the same period. Accordingly, our IPO
sponsorship and underwriting services were adversely affected.
As
a result of the sluggish IPO market of HK, our compliance advisory services were also negatively affected due to the significant
decrease in number of newly listed company. Our revenue from compliance advisory services decreased by HK$2,576,222, or 56.5%, from
HK$4,563,252 for the year ended December 31, 2022, to HK$1,987,030 (US$254,391) for the year ended December 31, 2023, primarily due
to the completion of several compliance advisory projects during the year and the decrease in the number of compliance advisory
customers.
During
the year ended December 31, 2022, in order to diversify our revenue stream, we expanded our financial advisory services to clients who
are pursuing listing on other stock exchange, including but not limited to Nasdaq. During the year ended December 31, 2023, our revenue
derived from financial advisory and independent financial advisory services increased by HK$2,070,000, or 41.1% from HK$5,035,000 for
the year ended December 31, 2022 to HK$7,105,000 (US$909,626) for the year ended December 31, 2023.
During
the year ended December 31, 2023, we commenced the provision of corporate services and we recorded revenue of HK$200,000 (US$25,605).
48
Selling,
general and administrative expenses
The
following table set forth the breakdown of our selling, general and administrative expenses for the periods indicated:
For
    the years ended December 31,
2021
2022
2023
2023
HK$
HK$
HK$
US$
Staff costs
8,770,259
9,370,621
9,715,985
1,243,901
Amortization of right-of-use assets
2,350,116
1,895,294
1,895,294
242,647
Professional fee
1,963,583
2,227,358
1,714,170
219,459
Depreciation charge
695,045
62,683
209,966
26,881
Travelling, accommodation and entertainment
370,100
278,587
1,006,746
128,890
Office building management fee
309,828
326,096
365,028
46,733
Insurance
71,515
435,766
408,618
52,314
Others
610,513
1,104,525
1,289,021
165,027
15,140,959
15,700,930
16,604,828
2,125,852
Selling,
general and administrative expenses increased by HK$903,898, or 5.8%, from HK$15,700,930 for the year ended December 31, 2022 to HK$16,604,828
(US$2,125,852) for the year ended December 31, 2023, primarily due to the increase in our staff costs and travelling, accommodation and
entertainment expenses.
Our
staff costs mainly represented salaries, bonuses and pension contribution of our directors and employees. Our staff costs moderately
increased by HK$345,364, or 3.7% from HK$9,370,621 for the year ended December 31, 2022 to HK$9,715,985 (US$1,243,901) for the year ended
December 31, 2023, mainly due to a general increase in wages of our staff.
Our
amortization of right-of-use assets mainly represented our operating lease of our Hong Kong office. Our amortization of right-of-use
assets remained relatively stable at HK$1,895,294 (US$242,647) for the year ended December 31, 2023, compared to HK$1,895,294 for the
year ended December 31, 2022.
Our
professional fee mainly represented audit fees and fees to our legal counsels.
Our
depreciation charge mainly represented depreciation charge of our renovation of our Hong Kong office and motor vehicles. Our depreciation
charge increased by approximately HK$147,283, or 235.0% from HK$62,683 for the year ended December 31, 2022 to HK$209,966 (US$26,881)
for the year ended December 31, 2023 due to the addition of motor vehicles during the year ended December 31, 2023.
Our
travelling, accommodation and entertainment expenses increased by HK$728,159, or 261.4%, from HK$278,587 for the year ended December
31, 2022 to HK$1,006,746 (US$128,890) for the year ended December 31, 2023 due to increased business development initiatives during the
year ended December 31, 2023.
Other
income/(expense), net
Other income significantly increased by HK$1,286,766, or 123.5%, from
HK$1,042,220 for the year ended December 31, 2022 to HK$2,328,986 (US$298,171) for the year ended December 31, 2023, primarily due to
the increase in bank interest income arising from increase in bank interest rates throughout the year ended December 31, 2023, partially
offset by the loss due to mark-to-market of a derivative asset of HK$1,963,000 (US$251,315).
Income
tax
We
are subject to income tax on an entity basis on profit arising in or derived from the jurisdiction in which members of our Group domicile
or operate.
BVI
We
are not subject to any income tax in the BVI.
49
Hong
Kong profits tax
Our
Hong Kong subsidiary subject to a tax rate of 16.5% on the assessable profits arising in or derived from Hong Kong. From year of assessment
of 2019/2020 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.
We
recorded nil income tax as we had no assessable profit during the year ended December 31, 2023 as interest income from bank are non-taxable
and we had available tax losses brought forward from prior year.
Net loss
We recorded net loss of HK$483,812 (US$61,940) and HK$3,842,278 for
the years ended December 31, 2023 and 2022, respectively.
Year
ended December 31, 2022 compared with year ended December 31, 2021
Revenue
Our
revenue decreased by approximately 33.6% from HK$16,870,748 for the year ended December 31, 2021 to HK$11,198,252 for the year ended
December 31, 2022, which was mainly due to the decrease in revenue we recognized for our IPO sponsorship services. Our revenue for IPO
sponsorship services decreased from HK$6,775,000 for the year ended December 31, 2021 to HK$1,600,000 for the year ended December 31,
2022.
During
the year ended December 31, 2022, Hong Kong's business activities came to a halt during the fifth wave of COVID-19 in early 2022.
In addition, Hong Kong market was continued to be affected by uncertainties caused by the Sino-US tension, the Russo-Ukrainian war and
the credit crisis of property developers of the PRC. In the second half of 2022, to ease the inflation pressures, the Federal Reserve
continuously increased the federal funds rate. The Hong Kong Monetary Authority also raised its base rate, reaching its the highest level
since March 2008. The interest rates hikes brought the market sentiment to the bottom. Hang Seng Index plummeted by approximately 37%,
or 8,732 points, from approximately 23,493 points on January 2, 2022 to approximately 14,770 points on October 23, 2022. The sluggish
capital markets in Hong Kong throughout 2022 significantly reduce primary capital markets and fund-raising activities in Hong Kong. The
number of IPO launched decreased from 96 for the year ended December 31, 2021 to 89 for the year ended December 31, 2022, with total
funds raised decreased from HK$328.9 billion to HK$99.1 billion, respectively during the same period. Accordingly, our IPO sponsorship
and underwriting services were adversely affected and we completed no IPO sponsorship project during the year ended December 31, 2022.
During
the year ended December 31, 2022, in order to diversify our revenue stream, we expanded our financial advisory services to clients who
are pursuing listing on Nasdaq and we were engaged in 11 such projects. We recognized revenue for the provision of financial advisory
and independent financial advisory services of HK$5,035,000 for the year ended December 31, 2022, an increase of 2.2%, or HK$107,450
from approximately HK$4,927,550 for the year ended December 31, 2021.
Our
revenue from compliance advisory services decreased by HK$604,946, or 11.7%, from HK$5,168,198 for the year ended December 31, 2021 to
HK$4,563,252 for the year ended December 31, 2022, primarily due to the completion of several compliance advisory projects during the
year and the decrease in the number of compliance advisory customers.
50
Selling,
general and administrative expenses
Selling,
general and administrative expenses remained relatively stable at HK$15,140,959 for the year ended December 31, 2021 and HK$15,700,930
for the year ended December 31, 2022.
Our
staff costs mainly represented salaries, bonuses and pension contribution of our directors and employees. Our staff costs remained stable
at HK$9,370,621 for the year ended December 31, 2022, compared to HK$8,770,259 for the year ended December 31, 2021.
Our
amortization of right-of-use assets mainly represented our operating lease of our Hong Kong office. Our amortization of right-of-use
assets decreased from HK$2,350,116 for the year ended December 31, 2021 to HK$1,895,294 for the year ended December 31, 2022, mainly
due to the decrease in monthly rental of our Hong Kong office upon renewal in November 2021.
Our
professional fee mainly represented audit fees.
Our
depreciation charge mainly represented depreciation charge of our renovation of our Hong Kong office. Our depreciation charge decreased
by approximately HK$632,000, or 91.0% from HK$695,045 for the year ended December 31, 2021 to approximately HK$62,683 for the year ended
December 31, 2022 as our fixed assets have been fully depreciated.
Our
insurance increased by HK$364,251, or 509.3%, from HK$71,515 for the year ended December 31, 2021 to HK$435,766 for the year ended December
31, 2022, mainly related to the D&O insurance we had in place after our listing.
Other
income/(expense), net
We
recorded other expenses of HK$80,981 for the year ended December 31, 2021 and other income of HK$1,042,220 for the year ended December
31, 2022, primarily related to the bank interest income and interest income from loans to third parties we received during the year.
Income
tax
We
are subject to income tax on an entity basis on profit arising in or derived from the jurisdiction in which members of our Group domicile
or operate.
BVI
We
are not subject to any income tax in the BVI.
Hong
Kong profits tax
Our
Hong Kong subsidiary subject to a tax rate of 16.5% on the assessable profits arising in or derived from Hong Kong. From year of assessment
of 2019/2020 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.
Our
income tax increased by HK$311,636, or 444.0%, from HK$70,184 for the year ended December 31, 2021 to HK$381,820 for the year ended December
31, 2022, primarily due to valuation allowance on deferred tax assets. Our effective tax rate was -11.0% and 4.2% for the years ended
December 31, 2022 and 2021, respectively.
Net
income/(loss)
We
recorded net income of HK$1,578,624 for the year ended December 31, 2021 and net loss of HK$3,842,278 for the year ended December 31,
2022. The net loss recorded for the year ended December 31, 2022 was mainly due to the decrease in revenue as mentioned above while our
costs were relatively fixed.
51
B.
Liquidity and capital resources
The
following table set forth our current assets and current liabilities as of the dates indicated:
As
    of December 31,
2022
2023
2023
HK$
HK$
US$
Current assets
Cash
121,814,233
92,407,813
11,830,623
Accounts receivable
1,988,403
2,302,436
294,772
Interest receivables
515,287
449,550
57,554
Deposits and prepayments
1,050,694
1,096,249
140,349
Other receivables – related parties
96,700
-
-
Tax recoverable
587,834
-
-
Total
    current assets
126,053,151
96,256,048
12,323,298
Current liabilities
Accruals and other payables
1,068,185
1,079,000
138,140
Contract liabilities
3,054,032
1,164,000
149,023
Operating lease liabilities
1,904,725
1,746,317
223,574
Total
    current liabilities
6,026,942
3,989,317
510,737
Net
    current assets
120,026,209
92,266,731
11,812,561
Accounts
Receivable
Our
accounts receivable represented receivables from clients of our corporate finance advisory services. Accounts receivable from corporate
finance advisory services included service fees billed but not yet settled. We do not grant credit terms to our clients. We issue an
invoice to our clients of corporate finance advisory services after a milestone specified under our mandate is achieved or upon completion
of the transaction.
Our
accounts receivable balance increased by HK$314,033, or 15.8% from HK$1,988,403 as of December 31, 2022 to HK$2,302,436 (US$294,772)
as of December 31, 2023. The increase was mainly due to billing made prior to year-end remained unsettled.
An impairment analysis is performed on a regular basis. During the
years ended December 31, 2022 and 2023, we had not made any
provision for credit losses in relation to our accounts receivable.
Deposits
and prepayments
Our
deposits and prepayments mainly represented rental deposit and prepayment of our office premises and other utility deposits and remained
stable.
Accruals
and other payables
Our
accruals and other payables mainly represented accrued operating expenses and remained stable.
Contract
liabilities
Our contract liabilities represented the upfront payments received
upon signing of the mandate for our clients in relation to our IPO sponsorship services, financial advisory service and independent financial
advisory services and advances from clients related to our compliance advisory services. These payments are non-refundable and are recognized
as revenue when our performance obligation is satisfied. Our contract liabilities decreased by HK$1,890,032, or 61.9%, from HK$3,054,032
as of December 31, 2022 to HK$1,164,000 (US$149,023) as of December 31, 2023 mainly due to the recognition of revenue and reversal of
contract liabilities upon milestone achieved for our projects.
52
Operating
lease liabilities
Our
operating lease liabilities represented the current portion of the operating lease of our Hong Kong office and were reduced as lease
payments were made and remained stable.
Cash
flows
Our
use of cash primarily related to operating activities, capital expenditure and payment of dividends. We have historically financed our
operations primarily through our cash flow generated from our operations and the net proceeds from the IPO. The following table sets
forth a summary of our cash flows information for the years indicated:
For
    the years ended December 31,
2021
2022
2023
2023
HK$
HK$
HK$
US$
Net cash (used in) provided by
    operating activities
678,653
(910,364
)
94,940
12,097
Net cash used in investing activities
—
(14,596,700
)
(27,919,010
)
(3,574,365
)
Net cash (used in) provided
    by financing activities
3,129,225
125,634,459
(1,581,900
)
(202,525
)
NET CHANGE IN CASH
3,807,878
110,127,395
(29,406,420
)
(3,764,793
)
CASH AT BEGINNING OF
    YEAR
7,878,960
11,686,838
121,814,233
15,595,416
CASH AT END OF YEAR
11,686,838
121,814,233
92,407,813
11,830,623
Operating
activities
Our
cash inflow from operating activities was principally from the receipt of revenue. Our cash outflow used in operating activities was
principally for payment of staff cost and operating expenses.
For
the year ended December 31, 2021, we had net cash provided by operating activities of HK$678,653 mainly arising from net income from
our operation of HK$1,578,624 as adjusted for non-cash items and changes in operating assets and liabilities. Adjustments for non-cash
items mainly consisted of (i) amortization of right-of-use asset for our Hong Kong office of HK$2,350,116; (ii) depreciation charge of
HK$695,046; and (iii) interest on lease liabilities of HK$82,200. Changes in operating assets and liabilities mainly included: (i) increase
in accounts receivable of HK$2,406,350 due to delay in settlement from one of our IPO clients as the IPO project was ongoing and several
billings made before year end remain unsettled; (ii) decrease in operating lease liabilities of HK$2,535,360 of our Hong Kong office;
(iii) decrease in tax recoverable of HK$1,290,587 as the tax recoverable was received during the year; and (iv) decrease in accruals
and other payables of HK$507,763 due to decrease in accrual for staff bonus.
For
the year ended December 31, 2022, we had net cash used in operating activities of HK$910,364 mainly arising from loss from our operation
of HK$3,842,278 as adjusted for non-cash items and changes in operating assets and liabilities. Adjustments for non-cash items consisted
mainly of (i) amortization of right-of-use asset for our Hong Kong office of HK$1,895,294 (ii) depreciation charge of HK$62,683; (iii)
deferred tax expense of HK$391,820; and (iv) interest on lease liabilities of HK$232,002. Changes in operating assets and liabilities
mainly included: (i) decrease in accounts receivable of HK$3,192,306 due to early settlement from our clients; (ii) changes in operating
lease liabilities of HK$2,044,020; (iii) increase in accruals and other payables of HK$741,339 due to accrued audit fees; (iv) increase
in tax recoverable of HK$587,834; and (v) increase in interest receivables of HK$515,287.
For
the year ended December 31, 2023, we had net cash provided by operating activities of HK$94,490 (US$12,097) mainly arising from net
loss from our operation of HK$483,812 (US$61,940) as adjusted for non-cash items and changes in operating assets and liabilities.
Adjustments for non-cash items consisted mainly of (i) amortization of right-of-use asset for our Hong Kong office of HK$1,895,294
(US$242,647); (ii) depreciation charge of HK$209,966 (US$26,881); (iii) loss due to mark-to-market
of
a derivative asset
of HK$1,963,000 (US$251,315); and (iv) interest on lease liabilities of HK$139,296 (US$17,834). Changes in
operating assets and liabilities mainly included: (i) increase in accounts receivable of HK$314,033 (US$40,204) due to billing made
prior to year-end remained unsettled; (ii) changes in operating lease liabilities of HK$2,044,020 (US$261,688); (iii) decrease in
contract liabilities of HK$1,890,032 (US$241,974) due to recognition of revenue and reversal of contract liabilities upon
achievement of milestones of our projects; and (iv) settlement of tax recoverable of HK$587,834 (US$75,258).
53
Investing
activities
Our
cash outflow used in investing activities was principally for investment.
For
the year ended December 31, 2021, our Group had no cash used in investing activities.
For
the year ended December 31, 2022, our Group had cash used in investing activities of HK$14,596,700, primarily related to an investment
of HK$14,500,000.
For
the year ended December 31, 2023, our Group had cash used in investing activities of HK$27,919,010 (US$3,574,365), primarily related
to investment of HK$26,110,738 (US$3,342,859) and purchase of motor vehicles of HK$1,904,972 (US$243,886).
Financing
activities
Our
cash inflow from financing activities was principally from the cash receipt from issuance of ordinary shares from IPO. Our cash outflow
used in financing activities was principally for dividend payment, advance from related parties and payment of deferred IPO cost.
For
the year ended December 31, 2021, our Group had net cash provided by financing activities of HK$3,129,225 primarily attributable to advance
from related parties of HK$5,000,000, partially offset by payment of deferred IPO cost of HK$1,870,775.
For
the year ended December 31, 2022, our Group had net cash provided by financing activities of HK125,634,459 primarily attributable to
the receipt from issuance of ordinary shares from IPO of HK$140,537,759, partially offset by (i) repayment of balances with related parties
of HK$10,903,300; and (ii) dividend payment of HK$4,000,000.
For
the year ended December 31, 2023, our Group had net cash used in financing activities of HK$1,581,900 (US$202,525) primarily attributable
to dividend payment.
MEGL
believes that, taking into consideration the financial resources presently available, including the current levels of cash and cash flows
from operations, will be sufficient to meet its anticipated cash needs for at least the next twelve months from the date of this Annual
Report.
Capital
Expenditures
Our
Group did not incur any capital expenditure for the years ended December 31, 2022 and 2021. For the year ended December 31, 2023, we
incurred capital expenditure of HK$1,904,972 (US$243,886) related to the purchase of motor vehicles.
Long-term
investment
As
of December 31, 2022, our Group has a long-term investment of HK$14,500,000 in a private company ("Company A"), representing
4.99% equity ownership of Company A, in which the Company does not have any significant influence and such investment does not have readily
determinable fair value. Company A is a provider of SCM services that specialize in the apparel industry and the construction materials
industry, delivering a one-stop solution to its customers for a broad range of apparel and construction materials where its solutions
are customized to meet its clients' specific needs.
As
of December 31, 2023, our Group has the following long-term investments:
(i)
HK$14,500,000 (US$1,856,380)
  in a private company ("Company A"), representing 4.99% equity ownership of Company A, in which the Company does not have
  any significant influence and such investment does not have readily determinable fair value. Company A is a provider of SCM services
  that specialize in the apparel industry and the construction materials industry, delivering a one-stop solution to its customers for
  a broad range of apparel and construction materials where its solutions are customized to meet its clients' specific needs.
54
(ii)
HK$8,500,000 (US$1,088,223) in a private company ("Company B"), representing 3.0% equity ownership of Company B, in which the Company
    does not have any significant influence and such investment does not have readily determinable fair value. Company B operates an
    e-commerce platform in Hong Kong.
(iii)
HK$15,647,738 (US$1,999,200) in an investment fund, in which the Company
does not have any significant influence and such investment does not have readily determinable fair value. The investment fund invests
in a highly diversified portfolio of revenue sharing contracts of small businesses.
(iv)
HK$1,963,000
    (US$250,000) in SAFE note of a private company ("Company C") in which the Company does not have any significant influence
    and such investment does not have readily determinable fair value. Company C is an AI company dedicated to bettering insights through
    technology and application of AI.
For
the year ended December 31, 2023, we recorded loss due to mark-to-market
of
a derivative asset
of HK$1,963,000 (US$251,315).
Contractual
obligations
The
following tables summarized the contractual obligations of the Company as of December 31, 2023:
Payments
    Due by Period
Less
    than
1 year
1
    to 3 years
3
    to 5 years
More
    than
5 years
Total
HK$
HK$
HK$
HK$
HK$
Contractual Obligations:
Operating
    lease obligation
1,746,317
-
-
-
-
Total contractual obligation
1,746,317
-
-
-
-
55
Payments
    Due by Period
Less
    than
1 year
1
    to 3 years
3
    to 5 years
More
    than
5 years
Total
US$
US$
US$
US$
US$
Contractual Obligations:
Operating
    lease obligation
223,574
-
-
-
-
Total contractual obligation
223,574
-
-
-
-
As
of December 31, 2023, we did not have any capital expenditure commitment.
Off-balance
sheet arrangements
The
Company has no off-balance sheet arrangements, including arrangements that would affect its liquidity, capital resources, market risk
support, and credit risk support or other benefits.
C.
Research and development, patents and licenses
See
ITEM 4.B "business overviews" above for our licenses.
D.
Trend information
See
ITEM 5.A "operating results" above for our trend information.
E.
Critical Accounting Estimates
We
prepare our consolidated financial statements in accordance with U.S. GAAP, which requires us to make judgments, estimates and assumptions
that affect (i) the reported amounts of our assets and liabilities; (ii) the disclosure of our contingent assets and liabilities at the
end of each reporting period; and (iii) the reported amounts of revenues and expenses during each reporting period. We continually evaluate
these judgments, estimates and assumptions based on our own historical experience, knowledge and assessment of current business and other
conditions and our expectations regarding the future based on available information, which together form our basis for making judgments
about matters that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial
reporting process, our actual results could differ from those estimates. Some of our accounting policies require a higher degree of judgment
than others in their application.
When
reading our consolidated financial statements, you should consider our selection of critical accounting policies, the judgment and other
uncertainties affecting the application of such policies and the sensitivity of reported results to changes in conditions and assumptions.
Our critical accounting policies and practices include the following: (i) revenue recognition; and (ii) long-term investment. See Note
2 — Summary of Significant Accounting Policies to our consolidated financial statements for the disclosure of these accounting
policies. We believe the following accounting estimates involve the most significant judgments used in the preparation of our consolidated
financial statements.
Fair value measurement and impairment on the investment
accounted for using the measurement alternative
We
record equity investments without significant influence and readily determinable fair values and not accounted for under the equity
method at cost, less impairment, adjusted for subsequent observable price changes on a nonrecurring basis, and report changes in the
carrying value of the equity investment in current earnings. Changes in the carrying value of the equity investment are required to
be made whenever there are observable price changes in orderly transactions for the identical or similar investment of the same
issuer. Reasonable efforts shall be made to identify price changes that are known or that can reasonably be known. We assess the
impairment on the investment accounted for using the measurement alternative on a semi-annual basis, and the assumptions and
judgment used in establishing the impairment are evaluated regularly. When an event occurs or circumstances change that indicate the
investment accounted for using the measurement alternative may be impaired, we assess qualitative factors to determine whether the
fair value of the investment is less than its carrying amount. If the carrying value of the investment accounted for using the
measurement alternative is above its fair value, an impairment loss is recognized in an amount equal to the excess. For the year
ended December 31, 2022 and 2023, the Group recorded loss due to mark-to-market
of
a derivative asset
of nil and HK$1,963,000 (US$251,315), respectively.
56
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".
ITEM
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A.
Directors and senior management.
Our
directors and executive officers are set forth in the table below followed by a brief biography.
Name
Age
Position
Mr.
    Wai Ho Chan
42
Director,
    chairman of the Board
Mr.
    Sze Hon, Johnson Chen
42
Director,
    chief executive officer
Ms.
    Yau Ting Tai
44
Chief
    financial officer
Mr.
    Yiu Sing Chan
45
Independent
    Director
Mr.
    Chi Wai Siu
42
Independent
    Director
Ms.
    Ka Lee Lam
40
Independent
    Director
Mr.
Wai Ho Chan, aged 42 is our Director and chairman of the board. Mr. Chan is a co-founder of the Group. Mr. Chan also serves as
a director of GFHL, GCL, GIL, MEIL and GCSL. Mr. Chan has more than 20 years of experience in investment banking and accounting industry.
Prior to the establishment of our Group, Mr. Chan had worked in the corporate finance division of CCB International Capital Limited for
about nine years from January 2008 to August 2016, with his last position as director of corporate finance. Prior to joining CCB International
Capital Limited, Mr. Chan had worked as an auditor at international audit firms from September 2003 to December 2007. Mr. Chan is a Chartered
Financial Analyst ("CFA"), a member of the Hong Kong Institute of Certified Public Accountants ("HKICPA"), and
a fellow member of the Association of Chartered Certified Accountants ("FCCA"). Mr. Chan graduated from the Faculty of Business
Administration of the Chinese University of Hong Kong, with major in Professional Accountancy in December 2003.
Mr.
Sze Hon, Johnson Chen, aged 42, is our Director and chief executive officer. Mr. Chen also serves as a director of GFHL, GCL,
GIL, MEIL and GCSL. Mr. Chen has more than 19 years of experience in investment banking and auditing services. Prior to the establishment
of our Group, Mr. Chen had worked in the corporate finance division of Guotai Junan Capital Limited for more than 8 years from 2008 to
2016. Prior to joining Guotai Junan Capital Limited, Mr. Chen had worked as an auditor in KPMG from 2004 to 2007. Mr. Chen is a CFA,
Certified Financial Risk Manager, a member of the HKICPA and American Institute of Certified Public Accountants ("AICPA")
and a FCCA. Mr. Chen graduated from the Faculty of Business Administration of the Chinese University of Hong Kong, with major in Professional
Accountancy and minors in Economics and French Studies in 2004.
Ms.
Yau Ting Tai, aged 44, is our chief financial officer. She joined us in September 2016 since our establishment and is primarily responsible
for our accounting, financial and treasury management, internal control and compliance function. Prior to joining our Group, from February
2008 to March 2015, Ms. Tai served as the chief financial officer at Exceed Company Limited (a company listed on the Nasdaq) where she
was mainly responsible for the accounting, financial management, internal control and investor relation. From November 2004 to February
2008, Ms. Tai worked as an auditor at Ernst & Young. Ms. Tai has been a member of the AICPA since August 2007 and a member of CPA
Australia since April 2009. Ms. Tai graduated from the University of Toronto with a Bachelor's degree in Applied Science in 2002
and a Master's degree in Applied Science in 2004.
57
Mr.
Yiu Sing Chan, aged 45, is our independent director and is the chairman of the audit committee and is a member of the compensation committee
and nominating and corporate governance committee. Mr. Chan has over 15 years of experience in audit, investment, accounting and finance.
He joined an international audit firm in February 2006 and was an audit manager of such audit firm until May 2012 prior to joining Best
Pacific International Holdings Limited as chief financial officer since February 2013. Best Pacific International Holdings Limited was
listed on the Stock Exchange (stock code: 2111) in May 2014, and Mr. Chan was appointed as chief financial officer and company secretary
since January 2014 and as executive director since February 2021. Mr. Chan graduated from the University of New South Wales in Australia
with a master's degree in commerce in June 2005 and a bachelor's degree in accounting and finance in October 2003. He has
been a member of the HKICPA since September 2009.
Mr.
Chi Wai Siu, aged 42, is our independent Director and is the chairman of the compensation committee and a member of the audit committee
and nominating and corporate governance committee. Mr. Siu has over 15 years of experience in investment banking, transaction advisory
and valuation fields. From October 2005 to April 2008, Mr. Siu began his career as a financial analyst with Canada's Ministry of
Finance. Between September 2008 and December 2010, Mr. Siu worked as a Senior Analyst in GCA Professional Services Group, a financial
advisory firm providing valuation, advisory, mining and mineral consultancy as well as corporate services. From December 2010 to December
2014, Mr. Siu worked as an Associate Director in the Investment Banking Division at Daiwa Capital Markets Hong Kong Limited. From January
2015 to December 2015, Mr. Siu joined UBS AG as a director where he originated and executed public and private fundraising transactions.
In January 2016, Mr. Siu founded and worked as the chief executive officer of Impressed Technology Limited, which operates an on-demand,
door-to-door pickup and delivery dry cleaning and laundry online platform in Hong Kong. Since January 2021, Mr. Siu has re-joined GCA
Professional Service Group as the chief executive officer. Mr. Siu graduated from the University of Toronto in commerce in 2005 and is
a CFA and a member of AICPA.
Ms.
Ka Lee Lam, aged 40, is our independent Director and is chairlady of the nominating and corporate governance committee, a member of the
audit committee and compensation committee. Ms. Lam has over 10 years of experience in business management, investment banking and operation
control. From June 2016 to September 2019, Ms. Lam served as an executive director of Huisheng International Holdings Limited (a company
listed on the Stock Exchange with stock code: 01340). From June 2009 to October 2011, Ms. Lam worked in the operations department at
Bank of America Merrill Lynch. From October 2011 to August 2012, Ms. Lam worked as an analyst at Barclays Capital Asia Ltd. From September
2012 to August 2016, Ms. Lam worked in the operations department at ABN AMRO Clearing Hong Kong Limited. Ms. Lam obtained a Bachelor
of Business (Accounting) degree from Swinburne University of Technology in Australia in April 2008.
Family
Relationships
Save
for Ms. Yau Ting Tai being the spouse of Mr. Wai Ho Chan, none of our directors or executive officers has a family relationship as defined
in Item 401 of Regulation S-K.
B.
Compensation.
The
primary objectives of our compensation policies regarding executive compensation are to attract and retain the best possible executives
to lead us and to properly motivate these executives to perform at the highest levels of which they are capable. Compensation levels
established for our executives are designed to promote loyalty, long-term commitment and the achievement of its goals, to motivate the
best possible performance and to award achievement of budgetary goals to the extent such responsibility is within the executive's
job description. Compensation decisions regarding our named executive officers have historically focused on attracting and retaining
individuals who could help us to meet and exceed our financial and operational goals. Our Board of Directors considers the growth of
the Company, individual performance and market trends when setting individual compensation levels.
58
For the years ended December 31, 2023 and 2022, we paid an aggregate
of HK$5,760,000 (US$737,431) and HK$4,250,000, respectively, in cash (including salaries and mandatory provident fund) to our Directors.
Our Hong Kong subsidiaries are required by law to make contributions equal to certain percentages of each employee's salary for
his or her mandatory provident fund. We have not made any agreements with our directors or executive officers to provide benefits upon
termination of employment.
Employment
Agreements
We
have entered into employment agreements with each of our executive officers. The executive officers are entitled to a fixed salary and
other company benefits, each as determined by the Board from time to time. We may terminate an executive officer's employment under
Hong Kong Labor Law and under other applicable laws and regulations.
Each
executive officer has agreed during and after the termination or expiry of his or her employment agreement, not to reveal to any person
or use all information, know-how and records that is confidential or not, which may come to their knowledge during their employment,
except as authorized or required by their duties to do so. The restriction shall cease to apply to information or knowledge which may
come into the public domain.
Involvement
in Certain Legal Proceedings
To
the best of our knowledge, none of our directors or executive officers has, during the past 10 years, been involved in any legal proceedings
described in subparagraph (f) of Item 401 of Regulation S-K.
C.
Board Practices.
Board
of Directors
Our
board of directors consists of 5 Directors, comprising 2 executive directors and 3 independent directors. A director is not required
to hold any shares in our Company to qualify to serve as a director. Subject to making appropriate disclosures to the board of directors
in accordance with our post-offering amended and restated memorandum and articles of association, a director may vote with respect to
any contract, proposed contract, or arrangement in which he or she is interested, in voting in respect of any such matter, such director
should take into account his or her directors duties. A director may exercise all the powers of the company to borrow money, mortgage
its business, property and uncalled capital, and issue debentures or other securities whenever money is borrowed or as security for any
obligation of the company or of any third party.
Board
diversity
We
seek to achieve board diversity through the consideration of a number of factors when selecting the candidates to our Board, including
but not limited to gender, skills, age, professional experience, knowledge, cultural, education background, ethnicity and length of service.
The ultimate decision of the appointment will be based on merit and the contribution which the selected candidates will bring to our
Board.
Our
directors have a balanced mix of knowledge and skills. We have three independent directors with different industry backgrounds, representing
a majority of the members of our Board. We also achieved gender diversity by having one female independent director out of the total
of three independent directors. Our Board is well balanced and diversified in alignment with the business development and strategy of
our Group.
Committees
of the Board of Directors
We
have established an audit committee, a compensation committee and a nominating and corporate governance committee under the board of
directors. We have adopted a charter for each of the three committees. Each committee's members and functions are described below.
59
Audit
Committee
Our
audit committee consists of Mr. Yiu Sing Chan, Mr. Chi Wai Siu and Ms. Ka Lee Lam and is chaired by Mr. Yiu Sing Chan. We have determined
that each of these three director nominees satisfies the "independence" requirements of the Nasdaq Listing Rules and meet
the independence standards under Rule 10A-3 under the Securities Exchange Act of 1934, as amended. We have determined that Yiu Sing Chan
qualifies as an "audit committee financial expert." The audit committee oversees our accounting and financial reporting processes
and the audits of our financial statements. The audit committee is responsible for, among other things:
●
selecting
    the independent registered public accounting firm and pre-approving all auditing and non-auditing services permitted to be performed
    by the independent registered public accounting firm;
●
reviewing
    with the independent registered public accounting firm any audit problems or difficulties and management's responses;
●
reviewing
    and approving all proposed related party transactions, as defined in Item 404 of Regulation S-K under the Securities Act;
●
discussing
    the annual audited financial statements with management and the independent registered public accounting firm;
●
reviewing
    the adequacy and effectiveness of our accounting and internal control policies and procedures and any special steps taken to monitor
    and control major financial risk exposures;
●
annually
    reviewing and reassessing the adequacy of our audit committee charter;
●
meeting
    separately and periodically with management and the independent registered public accounting firm;
●
monitoring
    compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to
    ensure proper compliance; and
●
reporting
    regularly to the board.
Compensation
Committee
Our
compensation committee consists of Mr. Yiu Sing Chan, Mr. Chi Wai Siu and Ms. Ka Lee Lam and is chaired by Mr. Chi Wai Siu. We have determined
that each of these directors satisfies the "independence" requirements of the Nasdaq Listing Rules. The compensation committee
assists the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors
and executive officers. Our chief executive officer may not be present at any committee meeting during which their compensation is deliberated
upon. The compensation committee is responsible for, among other things:
●
reviewing
    and approving, or recommending to the board for its approval, the compensation for our chief executive officer and other executive
    officers;
●
reviewing
    and recommending to the board for determination with respect to the compensation of our non-employee directors;
●
reviewing
    periodically and approving any incentive compensation or equity plans, programs or other similar arrangements; and
●
selecting
    compensation consultant, legal counsel or other adviser only after taking into consideration all factors relevant to that person's
    independence from management.
60
Nominating
and Corporate Governance Committee
Our
nominating and corporate governance committee consists of Mr. Yiu Sing Chan, Mr. Chi Wai Siu and Ms. Ka Lee Lam and is chaired by Ms.
Ka Lee Lam. We have determined that each of these directors satisfies the "independence" requirements of the Nasdaq Listing
Rules. The nominating and corporate governance committee assists the board in selecting individuals qualified to become our directors
and in determining the composition of the board and its committees. The nominating and corporate governance committee is responsible
for, among other things:
●
recommending
    nominees to the board for election or re-election to the board, or for appointment to fill any vacancy on the board;
●
reviewing
    annually with the board the current composition of the board with regards to characteristics such as independence, knowledge, skills,
    experience, expertise, diversity and availability of service to us;
●
selecting
    and recommending to the board the names of directors to serve as members of the audit committee and the compensation committee, as
    well as of the nominating and corporate governance committee itself;
●
developing
    and reviewing the corporate governance principles adopted by the board and advising the board with respect to significant developments
    in the law and practice of corporate governance and our compliance with such laws and practices; and
●
evaluating
    the performance and effectiveness of the board as a whole.
Foreign
Private Issuer Exemption
We
are a "foreign private issuer," as defined by the SEC. As a result, in accordance with the rules and regulations of Nasdaq,
we may choose to comply with home country governance requirements and certain exemptions thereunder rather than complying with Nasdaq
corporate governance standards. We may choose to take advantage of the following exemptions afforded to foreign private issuers:
●
Exemption
    from filing quarterly reports on Form 10-Q, from filing proxy solicitation materials on Schedule 14A or 14C in connection with annual
    or special meetings of shareholders, or from providing current reports on Form 8-K disclosing significant events within four (4)
    days of their occurrence, and from the disclosure requirements of Regulation FD.
●
Exemption
    from Section 16 rules regarding sales of Ordinary Shares by insiders, which will provide less data in this regard than shareholders
    of U.S. companies that are subject to the Exchange Act.
●
Exemption
    from the Nasdaq rules applicable to domestic issuers requiring disclosure within four (4) business days of any determination to grant
    a waiver of the code of business conduct and ethics to directors and officers. Although we will require board approval of any such
    waiver, we may choose not to disclose the waiver in the manner set forth in the Nasdaq rules, as permitted by the foreign private
    issuer exemption.
Furthermore,
Nasdaq Rule 5615(a)(3) provides that a foreign private issuer, such as us, may rely on our home country corporate governance practices
in lieu of certain of the rules in the Nasdaq Rule 5600 Series and Rule 5250(d), provided that we nevertheless comply with Nasdaq's
Notification of Noncompliance requirement (Rule 5625), the Voting Rights requirement (Rule 5640) and that we have an audit committee
that satisfies Rule 5605(c)(3), consisting of committee members that meet the independence requirements of Rule 5605(c)(2)(A)(ii). If
we rely on our home country corporate governance practices in lieu of certain of the rules of Nasdaq, our shareholders may not have the
same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq. If
we choose to do so, we may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.
Although
we are permitted to follow certain corporate governance rules that conform to BVI requirements in lieu of many of the Nasdaq corporate
governance rules, we intend to comply with the Nasdaq corporate governance rules applicable to foreign private issuers, including the
requirement to hold annual meetings of shareholders.
61
Equity
Compensation Plan Information
We
have not adopted any equity compensation plans.
Outstanding
Equity Awards at Fiscal Year-End
As
of December 31, 2023, we had no outstanding equity awards.
Clawback
Policy
On
October 30, 2023, our board of directors adopted a clawback policy (the "Clawback Policy") permitting the Company to seek the
recoupment of incentive compensation received by any of the Company's current and former executive officers (as determined by the board
in accordance with Section 10D of the Exchange Act and the Nasdaq rules) and such other senior executives/employees who may from time
to time be deemed subject to the Clawback Policy by the board (collectively, the "Covered Executives"). The amount to be recovered
will be the excess of the incentive compensation paid to the Covered Executive based on the erroneous data over the incentive compensation
that would have been paid to the Covered Executive had it been based on the restated results, as determined by the board. If the board
cannot determine the amount of excess incentive compensation received by the Covered Executive directly from the information in the accounting
restatement, then it will make its determination based on a reasonable estimate of the effect of the accounting restatement. Refer to
Exhibit 97.1 of this Annual Report for the Company's Clawback Policy. For the year ended December 31, 2023, we have not sought
any recoupment of incentive compensation of the Covered Executives.
D.
Employees.
As
of December 31, 2023, we had 8 employees, comprising of 2 management personnel, 2 finance, administrative and compliance staff and 4
project execution staff.
We
enter into standard confidentiality and employment agreements with our employees. We believe that we maintain a good working relationship
with our employees and we have not experienced any material labor dispute.
E.
Share Ownership.
The
following table sets forth information regarding the beneficial ownership of our Ordinary Shares as of the date of this Annual Report
by our officers, directors, and 5% or greater beneficial owners of Ordinary Shares. There is no other person or group of affiliated persons
known by us to beneficially own more than 5% of our Ordinary Shares. The following table assumes that none of our officers, directors
or 5% or greater beneficial owners of our Ordinary Shares will purchase shares in this offering. Holders of our Ordinary Shares are entitled
to one (1) vote per share and vote on all matters submitted to a vote of our shareholders, except as may otherwise be required by law.
We
have determined beneficial ownership in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of
securities to persons who possess sole or shared voting power or investment power with respect to those securities. The person is also
deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Unless
otherwise indicated, the person identified in this table has sole voting and investment power with respect to all shares shown as beneficially
owned by him, subject to applicable community property laws.
Directors
Number
    of
Ordinary
Shares
Approximate
percentage of
outstanding
Ordinary Shares
Directors and executive
    officers
Mr. Wai Ho Chan
(1)
6,390,000
31.5
%
Mr. Sze Hon, Johnson Chen
4,226,906
20.9
%
Ms. Yau Ting Tai
(1)
—
—
Mr. Yiu Sing Chan
—
—
Mr. Chi Wai Siu
—
—
Mr. Ka Lee Lam
—
—
Directors and executive
    officers as a group
10,616,906
52.4
%
5% principal shareholders:
Mr. Wai Ho Chan
(1)
6,390,000
31.5
%
Mr. Sze Hon, Johnson Chen
4,226,906
20.9
%
(1)
Ms. Tai is the spouse of Mr. Chan.
F.
Disclosure of a registrant's action to recover erroneously awarded compensation.
Not
applicable.
62
ITEM
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A.
Major Shareholders.
Please
refer to "Item 6. Directors, Senior Management and Employees — E. Share Ownership."
B.
Related Party Transactions.
As
of December 31, 2022, our Group had fund advance to our Directors: Wai Ho Chan of HK$38,066 and Sze Hon Johnson Chen of HK$58,634,
respectively.
As
of December 31, 2021, our Group had fund advance from our Directors: Wai Ho Chan of HK$4,961,934 and Sze Hon Johnson Chen of HK$5,941,366,
respectively.
The
balances are unsecured and interest-free. All balances with related parties have been settled as of the date of this Annual Report.
Policies
and Procedures for Related Party Transactions
Our
board of directors has created an audit committee in connection with this offering which will be tasked with review and approval of all
related party transactions.
C.
Interests of Experts and Counsel
Not
applicable.
ITEM
8. FINANCIAL INFORMATION
A.
Consolidated Statements and Other Financial Information.
See
"Item 18. Financial Statements" for our audited consolidated financial statements.
Legal
Proceedings
As
of the date of this Annual Report, we are not a party to, and we are not aware of any threat of, any legal proceeding that, in the opinion
of our management, is likely to have a material adverse effect on our business, financial condition or operations.
Dividend
Policy
We
currently intend to retain all available funds and future earnings, if any, for the operation and expansion of our business and do not
anticipate declaring or paying any dividends in the foreseeable future. Any future determination related to our dividend policy will
be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements,
contractual requirements, business prospects and other factors the board of directors deems relevant, and subject to the restrictions
contained in any future financing instruments.
63
For
the years ended December 31, 2023, 2022 and 2021, we declared and paid dividend of HK$1,581,900 (US$202,525), HK$4,000,000 and nil, respectively
in relation to our retained profit.
The
declaration, amount and payment of any future dividends will be at the sole discretion of our board of directors, subject to compliance
with applicable BVI laws regarding solvency. Our board of directors will take into account general economic and business conditions,
our financial condition and results of operations, our available cash and current and anticipated cash needs, capital requirements, contractual,
legal, tax and regulatory restrictions and other implications on the payment of dividends by us to our shareholders or by our subsidiaries
to us, and such other factors as our board of directors may deem relevant.
Under
BVI law, our board of directors may authorize payment of a dividend to shareholders at such time and of such an amount as they determine
if they are satisfied on reasonable grounds that immediately following the dividend the value of our assets will exceed our liabilities
and we will be able to pay our debts as they become due. There is no further BVI statutory restriction on the amount of funds which may
be distributed by us by dividend.
As
we are a holding company, we rely on dividends paid to us by our subsidiaries for our cash requirements, including funds to pay any dividends
and other cash distributions to our shareholders, service any debt we may incur and pay our operating expenses. Our ability to pay dividends
to our shareholders will depend on, among other things, the availability of dividends from our Hong Kong subsidiary GCL.
Cash
dividends, if any, on our Ordinary Shares will be paid in U.S. dollars.
Under
the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect of dividends paid by us.
B.
Significant Changes.
Except
as disclosed elsewhere in this Annual Report, we have not experienced any significant changes since the date of our audited consolidated
financial statements included in this Annual Report.
ITEM
9. THE OFFER AND LISTING
A.
Offer and Listing Details.
Not
applicable.
B.
Plan of Distribution.
Not
applicable.
C.
Markets.
Not
applicable.
D.
Selling Shareholders.
Not
applicable.
64
E.
Dilution.
Not
applicable.
F.
Expenses of the Issue.
Not
applicable.
ITEM
10. ADDITIONAL INFORMATION
A.
Share Capital.
As
of the date of this Annual Report, we are authorized to issue a maximum of 300,000,000 Ordinary Shares, $0.0001 par value per share and
300,000,000 Non-voting Ordinary Shares with a par value of US$0.0001 each.
B.
Memorandum and Articles of Association.
We
incorporate by reference into this Annual Report the description of our amended and restated memorandum and articles of association contained
in our registration statement on Form F-1 (File No. 333-264575) originally filed with the Securities and Exchange Commission on April
29, 2022, as amended.
The
following are summaries of material provisions of our Amended and Restated Memorandum and Articles of Association as they relate to the
material terms of our ordinary shares.
Ordinary
Shares
General
All
of our issued 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 BVI may freely hold and vote their Ordinary Shares. As at the date of this Annual
Report, there are 20,256,099 Ordinary Shares issued and outstanding.
Transfer
Agent and Registrar
The
transfer agent and registrar for the Ordinary Shares is VStock Transfer, LLC, at 18 Lafayette Place, Woodmere, NY 11598.
Distributions
The
holders of our Ordinary Shares are entitled to such dividends as may be declared by our board of directors subject to the BVI Act.
Voting
rights
Any
action required or permitted to be taken by the shareholders must be effected at a duly called annual or special meeting of the
shareholders entitled to vote on such action and may be effected by a resolution in writing. At each general meeting, each
shareholder who is present in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized
representative) will have one vote for each common share which such shareholder holds and no vote for holders of Non-voting Ordinary Shares. There are no prohibitions to cumulative
voting under the laws of the BVI, but our amended and restated memorandum and articles of association do not provide for cumulative
voting.
Qualification
There
is currently no shareholding qualification for directors, although a shareholding qualification for directors may be fixed by our shareholders
by ordinary resolution.
65
Meetings
We
must provide written notice of all meetings of shareholders, stating the time, date and place and, in the case of a special meeting of
shareholders, the purpose or purposes thereof, at least seven days before the date of the proposed meeting to those persons whose names
appear as shareholders in the register of members on the date of the notice and are entitled to vote at the meeting. Our board of directors
shall call a special meeting upon the written request of shareholders holding at least 30% of our outstanding voting shares. In addition,
our board of directors may call a special meeting of shareholders on its own motion. A meeting of shareholders held in contravention
of the requirement to give notice is valid if shareholders holding at least 90 percent of the total voting rights on all the matters
to be considered at the meeting have waived notice of the meeting and, for this purpose, the presence of a shareholder at the meeting
shall constitute waiver in relation to all the shares which that shareholder holds.
At
any meeting of shareholders, a quorum will be present if there are shareholders present in person or by proxy representing not less than
50% of the issued Ordinary Shares entitled to vote on the resolutions to be considered at the meeting. Such quorum may be represented
by only a single shareholder or proxy. If no quorum is present within two hours of the start time of the meeting, the meeting shall be
dissolved if it was requested by shareholders. In any other case, the meeting shall be adjourned to the next business day, and if shareholders
representing not less than one-third of the votes of the Ordinary Shares or each class of shares entitled to vote on the matters to be
considered at the meeting are present within one hour of the start time of the adjourned meeting, a quorum will be present. No business
may be transacted at any general meeting unless a quorum is present at the commencement of business. If present, the chair of our board
of directors shall be the chair presiding at any meeting of the shareholders. If the chair of our board is not present then the shareholders
present shall choose a shareholder to chair the meeting of shareholders. If there shareholders are unable to choose a chairman for any
reason, then the person representing the greatest number of voting shares present in person or by proxy at the meeting shall preside
as chairman.
A
corporation that is a shareholder shall be deemed for the purpose of our Memorandum and Articles of Association to be present in person
if represented by its duly authorized representative. This duly authorized representative shall be entitled to exercise the same powers
on behalf of the corporation which he represents as that corporation could exercise if it were our individual shareholder.
Protection
of minority shareholders
The
BVI Act offers some limited protection of minority shareholders. The principal protection under statutory law is that shareholders may
apply to the BVI court for an order directing the company or its director(s) to comply with, or restraining the company or a director
from engaging in conduct that contravenes, the BVI Act or the company's memorandum and articles of association. Under the BVI Act,
the minority shareholders have a statutory right to bring a derivative action in the name of and on behalf of the company in circumstances
where a company has a cause of action against its directors. This remedy is available at the discretion of the BVI court. A shareholder
may also bring an action against the company for breach of duty owed to him as a member. A shareholder who considers that the affairs
of the company have been, are being or likely to be, conducted in a manner that is, or any act or acts of the company have been, or are,
likely to be oppressive, unfairly discriminatory, or unfairly prejudicial to him in that capacity, may apply to the BVI court for an
order to remedy the situation.
There
are common law rights for the protection of shareholders that may be invoked, largely dependent on English company law. Under the general
rule pursuant to English company law known as the rule in Foss v. Harbottle, a court will generally refuse to interfere with the management
of a company at the insistence of a minority of its shareholders who express dissatisfaction with the conduct of the company's
affairs by the majority or the board of directors. However, every shareholder is entitled to have the affairs of the company conducted
properly according to BVI law and the constituent documents of the company. As such, if those who control the company have persistently
disregarded the requirements of company law or the provisions of the company's memorandum and articles of association, then the
courts may grant relief. Generally, the areas in which the courts will intervene are the following: (1) an act complained of which is
outside the scope of the authorized business or is illegal or not capable of ratification by the majority; (2) acts that constitute fraud
on the minority where the wrongdoers control the company; (3) acts that infringe or are about to infringe on the personal rights of the
shareholders, such as the right to vote; and (4) where the company has not complied with provisions requiring approval of a special or
extraordinary majority of shareholders.
66
Pre-emptive
rights
There
are no pre-emptive rights applicable to the issue by us of new Ordinary Shares under either BVI law or our Memorandum and Articles of
Association.
Transfer
of Ordinary Shares
Subject
to the restrictions in our Memorandum and Articles of Association and applicable securities laws, any of our shareholders may transfer
all or any of his or her ordinary shares by written instrument of transfer signed by the transferor and containing the name and address
of the transferee. Our board of directors may resolve by resolution to refuse or delay the registration of the transfer of any Ordinary
Shares. If our board of directors resolves to refuse or delay any transfer, it shall specify the reasons for such refusal in the resolution.
Our directors may not resolve or refuse or delay the transfer of the Ordinary Shares unless the person transferring the Ordinary Shares
has failed to pay any amount due in respect of any of those shares; or (b) such refusal or delay is deemed necessary or advisable in
our view or that of our legal counsel in order to avoid violation of, or in order to ensure compliance with, any applicable, corporate,
securities and other laws and regulations.
Liquidation
As
permitted by BVI law and our Memorandum and Articles of Association, the Company may be voluntarily liquidated by a resolution of members
or, if permitted under section 199(2) of the BVI Act, by a resolution of directors if we have no liabilities or we are able to pay our
debts as they fall due and the value of our assets equals or exceeds our liabilities by resolution of directors and resolution of shareholders.
Calls
on Ordinary Shares and forfeiture of Ordinary Shares
Our
board of directors may from time to time make calls upon shareholders for any amounts unpaid on their Ordinary Shares in a notice served
to such shareholders at least fourteen days prior to the specified time of payment. The Ordinary Shares that have been called upon and
remain unpaid are subject to forfeiture. For the avoidance of doubt, if the issued shares have been fully paid in accordance with the
terms of its issuance and subscription, the board of directors shall not have the right to make calls on such fully paid shares and such
fully paid shares shall not be subject to forfeiture.
Redemption
of Ordinary Shares
Subject
to the provisions of the BVI Act, we may issue shares on terms that are subject to redemption, at our option or at the option of the
holders, on such terms and in such manner as may be determined by our Memorandum and Articles of Association and subject to any applicable
requirements imposed from time to time by, the BVI Act, the SEC, the Nasdaq Capital Market, or by any recognized stock exchange on which
our securities are listed.
Modifications
of rights
All
or any of the special rights attached to any class of shares may, subject to the provisions of the BVI Act, be amended only pursuant
to a resolution passed at a meeting by the holders of not less than fifty percent of the issued shares in that class.
Changes
in the number of shares we are authorized to issue and those in issue
We
may from time to time by a resolution of shareholders or resolution of our board of directors:
●
amend
    our Memorandum and Articles of Association to increase or decrease the maximum number of shares we are authorized to issue;
●
subject
    to our Memorandum and Articles of Association, sub-divide our authorized and issued shares into a larger number of shares than our
    existing number of shares; and
●
subject
    to our Memorandum and Articles of Association, consolidate our authorized and issued shares into a smaller number of shares.
67
Untraceable
shareholders
Our
Memorandum and Articles of Association do not entitle us to sell the shares of a shareholder who is untraceable.
Inspection
of books and records
Under
BVI Law, holders of our Ordinary Shares are entitled, upon giving written notice to us, to inspect (i) our Memorandum and Articles of
Association (our charter), (ii) the register of members, (iii) the register of directors and (iv) minutes of meetings and resolutions
of members (shareholders), and to make copies and take extracts from the documents and records. However, our directors can refuse access
if they are satisfied that to allow such access would be contrary to our interests.
Rights
of non-resident or foreign shareholders
There
are no limitations imposed by our Memorandum and Articles of Association (our charter) 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 Memorandum and Articles of Association governing
the ownership threshold above which shareholder ownership must be disclosed.
Issuance
of additional Ordinary Shares
Our
Memorandum and Articles of Association (our charter) authorizes our board of directors to issue additional Ordinary Shares from authorized
but unissued Ordinary Shares, to the extent available, from time to time as our board of directors shall determine.
C.
Material Contracts.
We
have not entered into any material contracts other than in the ordinary course of business and other than those described in this Annual
Report.
D.
Exchange controls.
Under
BVI law, there are currently no restrictions on the export or import of capital, including foreign exchange controls or restrictions
that affect the remittance of dividends, interest or other payments to nonresident holders of our shares.
E.
Taxation.
The
following summary of the material BVI, Hong Kong and U.S. federal income tax consequences of an investment in or ownership of our ordinary
shares is based upon laws and relevant interpretations thereof in effect as of the date of this Annual Report, all of which are subject
to change. This summary does not deal with all possible tax consequences regarding investing investment in our ordinary shares, such
as the tax consequences under state, local and other tax laws.
BVI
Taxation
Our
Company and all distributions, interest and other amounts paid by our Company to persons who are not resident in the BVI are exempt from
the Income Tax Ordinance in the BVI. No estate, inheritance, succession or gift tax, rate, duty, levy or other charge is payable by persons
who are not resident in the BVI with respect to any shares, debt obligation or other securities of our Company. All instruments relating
to transfers of property to or by our Company and all instruments relating to transactions in respect of the shares, debt obligations
or other securities of our Company and all instruments relating to other transactions relating to the business of our Company are exempt
from payment of stamp duty in the BVI provided that they do not relate to real estate in the BVI. There are currently no withholding
taxes or exchange control regulations in the BVI applicable to our Company or its shareholders.
68
Material
U.S. Federal Income Tax Considerations for U.S. Holders
The
following discussion describes the material U.S. federal income tax consequences relating to the ownership and disposition of our Ordinary
Shares by U.S. Holders (as defined below). This discussion applies to U.S. Holders that purchase our Ordinary Shares pursuant to this
offering and hold such Ordinary Shares as capital assets. This discussion is based on the U.S. Internal Revenue Code of 1986, as amended,
U.S. Treasury regulations promulgated thereunder and administrative and judicial interpretations thereof, all as in effect on the date
hereof and all of which are subject to change, possibly with retroactive effect. This discussion does not address all of the U.S. federal
income tax consequences that may be relevant to specific U.S. Holders in light of their particular circumstances or to U.S. Holders subject
to special treatment under U.S. federal income tax law (such as certain financial institutions, insurance companies, dealers or traders
in securities or other persons that generally mark their securities to market for U.S. federal income tax purposes, tax-exempt entities
or governmental organizations, retirement plans, regulated investment companies, real estate investment trusts, grantor trusts, brokers,
dealers or traders in securities, commodities, currencies or notional principal contracts, certain former citizens or long-term residents
of the United States, persons who hold our Ordinary Shares as part of a "straddle," "hedge," "conversion
transaction," "synthetic security" or integrated investment, persons that have a "functional currency"
other than the U.S. dollar, persons that own directly, indirectly or through attribution 10% or more of the voting power of our Ordinary
Shares, corporations that accumulate earnings to avoid U.S. federal income tax, partnerships and other pass-through entities, and investors
in such pass-through entities). This discussion does not address any U.S. state or local or non-U.S. tax consequences or any U.S. federal
estate, gift or alternative minimum tax consequences.
As
used in this discussion, the term "U.S. Holder" means a beneficial owner of our Ordinary Shares who is, for U.S. federal
income tax purposes, (i) an individual who is a citizen or resident of the United States, (ii) a corporation (or entity treated as a
corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof,
or the District of Columbia, (iii) an estate the income of which is subject to U.S. federal income tax regardless of its source or (iv)
a trust (x) with respect to which a court within the United States is able to exercise primary supervision over its administration and
one or more United States persons have the authority to control all of its substantial decisions or (y) that has elected under applicable
U.S. Treasury regulations to be treated as a domestic trust for U.S. federal income tax purposes.
If
an entity treated as a partnership for U.S. federal income tax purposes holds our Ordinary Shares, the U.S. federal income tax consequences
relating to an investment in such Ordinary Shares will depend in part upon the status and activities of such entity and the particular
partner. Any such entity should consult its own tax advisor regarding the U.S. federal income tax consequences applicable to it and its
partners of the purchase, ownership and disposition of our Ordinary Shares.
Persons
considering an investment in our Ordinary Shares should consult their own tax advisors as to the particular tax consequences applicable
to them relating to the purchase, ownership and disposition of our Ordinary Shares including the applicability of U.S. federal, state
and local tax laws and non-U.S. tax laws.
Passive
Foreign Investment Company Consequences
In
general, a corporation organized outside the United States will be treated as a PFIC for any taxable year in which either (i) at least
75% of its gross income is "passive income", or the PFIC income test, or (ii) on average at least 50% of its assets, determined
on a quarterly basis, are assets that produce passive income or are held for the production of passive income, or the PFIC asset test.
Passive income for this purpose generally includes, among other things, dividends, interest, royalties, rents, and gains from the sale
or exchange of property that gives rise to passive income. Assets that produce or are held for the production of passive income generally
include cash, even if held as working capital or raised in a public offering, marketable securities, and other assets that may produce
passive income. Generally, in determining whether a non-U.S. corporation is a PFIC, a proportionate share of the income and assets of
each corporation in which it owns, directly or indirectly, at least a 25% interest (by value) is taken into account.
69
Although
PFIC status is determined on an annual basis and generally cannot be determined until the end of a taxable year, based on the nature
of our current and expected income and the current and expected value and composition of our assets, we do not presently expect to be
a PFIC for our current taxable year or the foreseeable future. However, there can be no assurance given in this regard because the determination
of whether we are or will become a PFIC is a fact-intensive inquiry made on an annual basis that depends, in part, upon the composition
of our income and assets. In addition, there can be no assurance that the IRS will agree with our conclusion or that the IRS would not
successfully challenge our position.
If
we are a PFIC in any taxable year during which a U.S. Holder owns our Ordinary Shares, the U.S. Holder could be liable for additional
taxes and interest charges under the "PFIC excess distribution regime" upon (i) a distribution paid during a taxable year
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 our Ordinary Shares, and (ii) any gain recognized on a sale, exchange or other disposition, including a pledge, of
our Ordinary Shares, whether or not we continue to be a PFIC. Under the PFIC excess distribution regime, the tax on such distribution
or gain would be determined by allocating the distribution or gain ratably over the U.S. Holder's holding period for our Ordinary
Shares. The amount allocated to the current taxable year (i.e., the year in which the distribution occurs or the gain is recognized)
and any year prior to the first taxable year in which we are a PFIC will be taxed as ordinary income earned in the current taxable year.
The amount allocated to other taxable years will be taxed at the highest marginal rates in effect for individuals or corporations, as
applicable, to ordinary income for each such taxable year, and an interest charge, generally applicable to underpayments of tax, will
be added to the tax.
If
we are a PFIC for any year during which a U.S. Holder holds our Ordinary Shares, we must generally continue to be treated as a PFIC by
that holder for all succeeding years during which the U.S. Holder holds such Ordinary Shares, unless we cease to meet the requirements
for PFIC status and the U.S. Holder makes a "deemed sale" election with respect to our Ordinary Shares. If the election is
made, the U.S. Holder will be deemed to sell our Ordinary Shares it holds at their fair market value on the last day of the last taxable
year in which we qualified as a PFIC, and any gain recognized from such deemed sale would be taxed under the PFIC excess distribution
regime. After the deemed sale election, the U.S. Holder's Ordinary Shares would not be treated as shares of a PFIC unless we subsequently
become a PFIC.
If
we are a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares and one of our non-United States subsidiaries
is also a PFIC (i.e., 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 and would be taxed under the PFIC excess distribution regime on distributions by the lower-tier PFIC and on gain
from the disposition of shares of the lower-tier PFIC even though such U.S. Holder would not receive the proceeds of those distributions
or dispositions. Any of our non-United States subsidiaries that have elected to be disregarded as entities separate from us or as partnerships
for U.S. federal income tax purposes would not be corporations under U.S. federal income tax law and accordingly, cannot be classified
as lower-tier PFICs. However, non-United States subsidiaries that have not made the election may be classified as a lower-tier PFIC if
we are a PFIC during your holding period and the subsidiary meets the PFIC income test or PFIC asset test. Each U.S. Holder is advised
to consult its tax advisors regarding the application of the PFIC rules to any of our non-United States subsidiaries.
If
we are a PFIC, a U.S. Holder will not be subject to tax under the PFIC excess distribution regime on distributions or gain recognized
on our Ordinary Shares if a valid "mark-to-market" election is made by the U.S. Holder for our Ordinary Shares. An electing
U.S. Holder generally would take into account as ordinary income each year, the excess of the fair market value of our Ordinary Shares
held at the end of such taxable year over the adjusted tax basis of such Ordinary Shares. The U.S. Holder would also take into account,
as an ordinary loss each year, the excess of the adjusted tax basis of such Ordinary Shares over their fair market value at the end of
the taxable year, but only to the extent of the excess of amounts previously included in income over ordinary losses deducted as a result
of the mark-to-market election. The U.S. Holder's tax basis in our Ordinary Shares would be adjusted to reflect any income or loss
recognized as a result of the mark-to-market election. Any gain from a sale, exchange or other disposition of our Ordinary Shares in
any taxable year in which we are a PFIC would be treated as ordinary income and any loss from such sale, exchange or other disposition
would be treated first as ordinary loss (to the extent of any net mark-to-market gains previously included in income) and thereafter
as capital loss. If, after having been a PFIC for a taxable year, we cease to be classified as a PFIC because we no longer meet the PFIC
income or PFIC asset test, the U.S. Holder would not be required to take into account any latent gain or loss in the manner described
above and any gain or loss recognized on the sale or exchange of the Ordinary Shares would be classified as a capital gain or loss.
70
A
mark-to-market election is available to a U.S. Holder only for "marketable stock." Generally, stock will be considered marketable
stock if it is "regularly traded" on a "qualified exchange" within the meaning of applicable U.S. Treasury regulations.
A class of stock is regularly traded during any calendar year during which such class of stock is traded, other than in de minimis quantities,
on at least fifteen (15) days during each calendar quarter.
Our
Ordinary Shares will be marketable stock as long as they remain listed on the Nasdaq Capital Market and are regularly traded. A mark-to-market
election will not apply to the Ordinary Shares for any taxable year during which we are not a PFIC, but will remain in effect with respect
to any subsequent taxable year in which we become a PFIC. Such election will not apply to any of our non-U.S. subsidiaries. Accordingly,
a U.S. Holder may continue to be subject to tax under the PFIC excess distribution regime with respect to any lower-tier PFICs notwithstanding
the U.S. Holder's mark-to-market election for the Ordinary Shares.
Our
Company and all distributions, interest and other amounts paid by us in respect of our shares to persons who are not resident in the
BVI are exempt from all provisions of the Income Tax Ordinance in the BVI. No estate, inheritance, succession or gift tax, rate, duty,
levy or other charge is payable by persons who are not resident in the BVI with respect to any of our shares, debt obligations or other
securities. All instruments relating to transactions in respect of our shares, debt obligations or other securities and all instruments
relating to other transactions relating to our business are exempt from payment of stamp duty in the BVI provided that they do not relate
to real estate in the BVI. There are currently no withholding taxes or exchange control regulations in the BVI applicable to us or our
shareholders.
The
tax consequences that would apply if we are a PFIC would also be different from those described above if a U.S. Holder were able to make
a valid qualified electing fund, or QEF, election. As we do not expect to provide U.S. Holders with the information necessary for a U.S.
Holder to make a QEF election, prospective investors should assume that a QEF election will not be available.
The
U.S. federal income tax rules relating to PFICs are very complex. Prospective U.S. investors are strongly urged to consult their own
tax advisors with respect to the impact of PFIC status on the purchase, ownership and disposition of our Ordinary Shares, the consequences
to them of an investment in a PFIC, any elections available with respect to the Ordinary Shares and the IRS information reporting obligations
with respect to the purchase, ownership and disposition of Ordinary Shares of a PFIC.
Distributions
Subject
to the discussion above under "— Passive Foreign Investment Company Consequences," a U.S. Holder that receives a distribution
with respect to our Ordinary Shares generally will be required to include the gross amount of such distribution in gross income as a
dividend when actually or constructively received to the extent of the U.S. Holder's pro rata share of our current and/or accumulated
earnings and profits (as determined under U.S. federal income tax principles). To the extent a distribution received by a U.S. Holder
is not a dividend because it exceeds the U.S. Holder's pro rata share of our current and accumulated earnings and profits, it will
be treated first as a tax-free return of capital and reduce (but not below zero) the adjusted tax basis of the U.S. Holder's Ordinary
Shares. To the extent the distribution exceeds the adjusted tax basis of the U.S. Holder's Ordinary Shares, the remainder will
be taxed as capital gain. Because we may not account for our earnings and profits in accordance with U.S. federal income tax principles,
U.S. Holders should expect all distributions to be reported to them as dividends.
Distributions
on our Ordinary Shares that are treated as dividends generally will constitute income from sources outside the United States for foreign
tax credit purposes and generally will constitute passive category income. Such dividends will not be eligible for the "dividends
received" deduction generally allowed to corporate shareholders with respect to dividends received from U.S. corporations.
Dividends paid by a "qualified foreign corporation" to certain non-corporate U.S. Holders may be are eligible for
taxation at a reduced capital gains rate rather than the marginal tax rates generally applicable to ordinary income provided that a holding
period requirement (more than sixty (60) days of ownership, without protection from the risk of loss, during the 121-day period beginning
sixty (60) days before the ex-dividend date) and certain other requirements are met. Each U.S. Holder is advised to consult its tax advisors
regarding the availability of the reduced tax rate on dividends to its particular circumstances. However, if we are a PFIC for the taxable
year in which the dividend is paid or the preceding taxable year (see discussion above under "— Passive Foreign Investment
Company Consequences"), we will not be treated as a qualified foreign corporation, and therefore the reduced capital gains
tax rate described above will not apply.
71
Dividends
will be included in a U.S. Holder's income on the date of the depositary's receipt of the dividend. The amount of any dividend
income paid in BVI dollars will be the U.S. dollar amount calculated by reference to the exchange rate in effect on the date of receipt,
regardless of whether the payment is in fact converted into U.S. dollars. If the dividend is converted into U.S. dollars on the date
of receipt, a U.S. Holder should not be required to recognize foreign currency gain or loss in respect to the dividend income. A U.S.
Holder may have foreign currency gain or loss if the dividend is converted into U.S. dollars after the date of receipt.
A
non-United States corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid
or the preceding taxable year) generally will be considered to be a qualified foreign corporation with respect to any dividend it pays
on Ordinary Shares that are readily tradable on an established securities market in the United States.
Sale,
Exchange or Other Disposition of Our Ordinary Shares
Subject
to the discussion above under "— Passive Foreign Investment Company Consequences," a U.S. Holder generally will
recognize capital gain or loss for U.S. federal income tax purposes upon the sale, exchange or other disposition of our Ordinary Shares
in an amount equal to the difference, if any, between the amount realized (i.e., the amount of cash plus the fair market value of any
property received) on the sale, exchange or other disposition and such U.S. Holder's adjusted tax basis in the Ordinary Shares.
Such capital gain or loss generally will be long-term capital gain taxable at a reduced rate for non-corporate U.S. Holders or long-term
capital loss if, on the date of sale, exchange or other disposition, the Ordinary Shares were held by the U.S. Holder for more than one
year. Any capital gain of a non-corporate U.S. Holder that is not long-term capital gain is taxed at ordinary income rates. The deductibility
of capital losses is subject to limitations. Any gain or loss recognized from the sale or other disposition of our Ordinary Shares will
generally be gain or loss from sources within the United States for U.S. foreign tax credit purposes.
Medicare
Tax
Certain
U.S. Holders that are individuals, estates or trusts and whose income exceeds certain thresholds generally are subject to a 3.8% tax
on all or a portion of their net investment income, which may include their gross dividend income and net gains from the disposition
of our Ordinary Shares. If you are a United States person that is an individual, estate or trust, you are encouraged to consult your
tax advisors regarding the applicability of this Medicare tax to your income and gains in respect of your investment in our Ordinary
Shares.
Information
Reporting and Backup Withholding
U.S.
Holders may be required to file certain U.S. information reporting returns with the IRS with respect to an investment in our Ordinary
Shares, including, among others, IRS Form 8938 (Statement of Specified Foreign Financial Assets). As described above under "Passive
Foreign Investment Company Consequences", each U.S. Holder who is a shareholder of a PFIC must file an annual report containing
certain information. U.S. Holders paying more than $100,000 for our Ordinary Shares may be required to file IRS Form 926 (Return by a
U.S. Transferor of Property to a Foreign Corporation) reporting this payment. Substantial penalties may be imposed upon a U.S. Holder
that fails to comply with the required information reporting.
72
Dividends
on and proceeds from the sale or other disposition of our Ordinary Shares may be reported to the IRS unless the U.S. Holder establishes
a basis for exemption. Backup withholding may apply to amounts subject to reporting if the holder (i) fails to provide an accurate U.S.
taxpayer identification number or otherwise establish a basis for exemption, or (ii) is described in certain other categories of persons.
However, U.S. Holders that are corporations generally are excluded from these information reporting and backup withholding tax rules.
Backup
withholding is not an additional tax. Any amounts withheld under the backup withholding rules generally will be allowed as a refund or
a credit against a U.S. Holder's U.S. federal income tax liability if the required information is furnished by the U.S. Holder
on a timely basis to the IRS.
U.S.
Holders should consult their own tax advisors regarding the backup withholding tax and information reporting rules.
EACH
PROSPECTIVE INVESTOR IS URGED TO CONSULT ITS OWN TAX ADVISOR ABOUT THE TAX CONSEQUENCES TO IT OF AN INVESTMENT IN OUR ORDINARY SHARES
IN LIGHT OF THE INVESTOR'S OWN CIRCUMSTANCES.
Prospective
investors should consult their professional advisers on the possible tax consequences of buying, holding or selling any Ordinary Shares
under the laws of their country of citizenship, residence or domicile.
The
following is a discussion on certain BVI and Hong Kong income tax consequences of an investment in the Ordinary Shares. The discussion
is a general summary of present law, which is subject to prospective and retroactive change. It is not intended as tax advice, does not
consider any investor's particular circumstances, and does not consider tax consequences other than those arising under BVI and
Hong Kong laws.
BVI
Taxation
The
BVI currently levies no taxes on individuals or corporations who are not persons resident in the BVI based upon profits, income, gains
or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material
to us levied by the government of the BVI except for stamp duties which may be applicable on instruments executed in, or brought within
the jurisdiction of the British Virgin Islands. The BVI is not party to any double tax treaties that are applicable to any payments made
to or by our company. There are no exchange control regulations or currency restrictions in the BVI.
Hong
Kong Profits Taxation
Our
subsidiaries incorporated in Hong Kong were subject to 16.5% Hong Kong profits tax on their taxable income assessable profits generated
from operations arising in or derived from Hong Kong for the year of assessment of 2019/2020 and 2018/2019. As from year of assessment
of 2019/2020 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 subsidiary to us are not subject to any withholding
tax in Hong Kong.
F.
Dividends and paying agents.
Not
applicable.
G.
Statement by experts.
Not
applicable.
73
H.
Documents on display.
We
are subject to the periodic reporting and other informational requirements of the Exchange Act. Under the Exchange Act, we are required
to file reports and other information with the SEC. Specifically, we are required to file annually a Form 20-F no later than four months
after the close of each fiscal year and submit other information under cover of Form 6-K. Annual Reports and other information we file
with the SEC may be inspected at the public reference facilities maintained by the SEC at Room 1024, 100 F. Street, N.E., Washington,
D.C. 20549, and copies of all or any part thereof may be obtained from such offices upon payment of the prescribed fees. You may call
the SEC at 1-800-SEC-0330 for further information on the operation of the public reference rooms and you can request copies of the documents
upon payment of a duplicating fee, by writing to the SEC. In addition, the SEC maintains a web site that contains reports and other information
regarding registrants (including us) that file electronically with the SEC which can be accessed at
www.sec.gov
.
Our
Internet website is
www.meglmagic.com
. We make our Annual Reports on Form 20-F and any amendments to such reports available free
of charge on our website as soon as reasonably practicable following the electronic filing of each report with the SEC. In addition,
we provide copies of our filings free of charge upon request. The information contained on our website is not part of this or any other
report filed with or furnished to the SEC.
As
a foreign private issuer, we are exempt from the proxy requirements of Section 14 of the Exchange Act and our officers, directors and
principal shareholders will be exempt from the insider short-swing disclosure and profit recovery rules of Section 16 of the Exchange
Act.
I.
Subsidiary Information
See
ITEM 4.C and Exhibit 8.1 for our list of subsidiaries.
ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
Credit
risk
Assets
that potentially subject the Group to a significant concentration of credit risk primarily consist of cash, accounts receivable and other
current assets.
Our
Group believes that there is no significant credit risk associated with cash, which were held by reputable financial institutions in
the jurisdictions where the Company and its subsidiaries are located. The Hong Kong Deposit Protection Board pays compensation up to
a limit of HK$500,000 (approximately US$64,013) if the bank with which an individual/a company hold its eligible deposit fails. As of
December 31, 2023, cash balance of HK$92,407,813 (approximately US$11,830,623) was maintained at financial institutions in Hong Kong
and an aggregate of HK$2,022,039 were insured by the Hong Kong Deposit Protection Board.
Our
Group has designed their credit policies with an objective to minimize their exposure to credit risk. Our Group's "Receivables"
are very short term in nature and the associated risk is minimal. Our Group conducts credit evaluations on its customers and generally
does not require collateral or other security from such customers. The Group periodically evaluates the creditworthiness of the existing
customers in determining an allowance for credit losses primarily based upon the age of the receivables and factors surrounding the
credit risk of specific customers.
Interest
rate risk
Our
Group's exposure on fair value interest rate risk mainly arises from its fixed deposits with bank. We also have exposure on cash
flow interest rate risk which is mainly arising from its deposits with banks.
In
respect of the exposure to cash flow interest rate risk arising from floating rate non-derivative financial instruments held by our Group,
such as cash, our Group is not exposed to significant interest rate risk as the interest rates of cash at bank are not expected to change
significantly.
Foreign
currency risk
Our
Group is exposed to foreign currency risk primarily through service income or expenses that are denominated in a currency other than
the functional currency of the operations to which they relate. The currencies giving rise to this risk are primarily US$. As HK$ is
currently pegged to US$, our exposure to foreign exchange fluctuations is minimal.
ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
Not
applicable.
74
PART
II
ITEM
13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
We
have not had a default of any indebtedness, and there has not been any arrearage in the payment of dividends.
ITEM
14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
See
"Item 10. Additional Information" for a description of the rights of shareholders, which remain unchanged.
Use
of Proceeds
On
August 4, 2022, MEGL entered into an underwriting agreement with Network 1 Financial Securities, Inc. and Alexander Capital, L.P. as
underwriters named thereof, in connection with its initial public offering ("IPO") of 5,000,000 Ordinary Shares at a price
of $4.00 per share. The Company's Registration Statement on Form F-1 (File No. 333-264575) for the IPO, originally filed with the
U.S. Securities and Exchange Commission (the "Commission") on April 29, 2022 (as amended, the "Registration Statement")
was declared effective by the Commission on August 4, 2022. The total expenses incurred for our company's account in connection
with our IPO was approximately HK$17.4 million (US$2.2 million), which included US$1.4 million in underwriting discounts and commissions
for the IPO and approximately US$0.8 million in other costs and expenses for our IPO. We received net proceeds of approximately HK$138.7
million (US$17.8) million from our IPO. None of the transaction expenses included payments to directors or officers of our company or
their associates, persons owning more than 10% or more of our equity securities or our affiliates. None of the net proceeds from the
IPO were paid, directly or indirectly, to any of our directors or officers or their associates, persons owning 10% or more of our equity
securities or our affiliates.
The
unutilized net proceeds received from our IPO were mainly kept as bank deposits. As of December 31, 2023, we had utilized approximately
US$2.9 million and approximately US$5.2 million for strengthening of our corporate finance advisory
business and other general corporate purposes, respectively.
As
disclosed in the registration statement on Form F-1, we plan to use the net proceeds of the offering as follows:
●
Approximately
    50% for strengthening of our corporate finance advisory business in Hong Kong and expanding market presence in other international
    capital markets, in particular the US;
●
Approximately
    10% for expanding into the asset management business;
●
Approximately
    10% for enhancing our brand and expanding our office operation; and
●
The
    balance of 30% to fund working capital and for other general corporate purposes.
Due
to a change in market condition, we intend to reallocate (i) 10% net proceeds originally allocated for enhancing our brand and expanding
our office operation;
and (ii) 10% originally allocated
for
expanding into the asset management business
to fund our working capital and for other general corporate purposes. We intend to use the remainder of the proceeds
from our IPO as disclosed in our registration statement on Form F-1.
ITEM
15. CONTROLS AND PROCEDURES
a.
Disclosure Controls and Procedures
Our
management, with the participation of our chief executive officer and chief financial officer, has performed an evaluation of the effectiveness
of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by
this Annual Report, as required by Rule 13a-15(b) under the Exchange Act.
Based
upon that evaluation, our management has concluded that, as of December 31, 2023, our disclosure controls and procedures were effective.
b.
Management's Annual Report on Internal Control Over Financial Reporting
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15
(f) under the Exchange Act. Our management, with the participation of our chief executive officer and our chief financial officer, evaluated
the effectiveness of our internal control over financial reporting based on criteria established in the framework in Internal Control—Integrated
Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our management
has concluded that our internal control over financial reporting was effective as of December 31, 2023.
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 and procedures may deteriorate.
75
c.
Attestation report of the registered public accounting firm
This
Annual Report does not include an attestation report of our registered public accounting firm regarding internal control over financial
reporting. Management's report was not subject to attestation by our registered public accounting firm pursuant to the rules of
the SEC.
d.
Changes in internal control over financial reporting
Except
for the matters described above, there have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f)
of the Exchange Act) that occurred during the year ended December 31, 2023 that have materially affected, or are reasonably likely to
materially affect, our internal controls over financial reporting.
ITEM
16A. AUDIT COMMITTEE FINANCIAL EXPERT
Our
Board of Directors has determined that Yiu Sing Chan qualifies as an "audit committee financial expert", and is independent
for the purposes of the Nasdaq Listing Rules and Rule 10A-3 under the Exchange Act.
ITEM
16B. CODE OF BUSINESS CONDUCT AND ETHICS
We
have adopted a Code of Business Conduct and Ethics that applies to our directors, officers and employees. The Code of Business Conduct
and Ethics is designed to deter wrongdoing and to promote ethical conduct and full, fair, accurate, timely and understandable reports
that the Company files or submits to the SEC and others. We have filed our Code of Business Conduct and Ethics as an exhibit to this
Annual Report.
ITEM
16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
The
following table sets forth the aggregate fees by categories specified below in connection with certain professional services rendered
by our principal external independent registered public accountant firms in 2022 and 2023.
2022
2023
2023
HK$
HK$
US$
Audit Fees
2,122,710
972,967
124,565
Audit-Related Fees
—
—
—
Tax Fees
—
—
—
All Other Fees
—
—
—
Total
2,122,710
972,967
124,565
Audit
Fees
Audit
fees represent the aggregate fees billed for the audit of our annual financial statements, review of our interim financial statements,
review of registration statements or services that are normally provided in connection with statutory and regulatory filings or engagements
for those fiscal years.
76
Audit-Related
Fees
There
were no other audit-related fees billed by the principal accountant during the last two fiscal years for assurance and related services
that were reasonably related to the performance of the audit not reported under "Audit Fees" above.
Audit
Committee Pre-Approval Policies and Procedures
The
Audit Committee of the Board of Directors on an annual basis reviews audit and non-audit services performed by the independent auditors.
All audit and non-audit services are pre-approved by the Audit Committee, which considers, among other things, the possible effect of
the performance of such services on the auditors' independence.
ITEM
16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
None.
ITEM
16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
Not
applicable.
ITEM
16F. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
Based
on information provided by the independent registered public accounting firm, Friedman LLP ("Friedman"), effective September
1, 2022, Friedman combined with Marcum LLP. On November 7, 2022, the Audit Committee of the Company's Board of Directors approved
the dismissal of Friedman LLP and the engagement of Marcum Asia CPAs LLP ("Marcum Asia") to serve as the independent registered
public accounting firm of the Company. The services previously provided by Friedman LLP will now be provided by Marcum Asia.
Friedman's
reports on the Company's financial statements for the fiscal years ended December 31, 2021 and 2020 did not contain an adverse
opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles. Furthermore,
during the Company's two most recent fiscal years and through November 7, 2022, there have been no disagreements with Friedman
on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements,
if not resolved to Friedman's satisfaction, would have caused Friedman to make reference to the subject matter of the disagreement
in connection with its reports on the Company's financial statements for such periods.
For
the fiscal years ended December 31, 2021 and 2020 and through November 7, 2022, there were no "reportable events" as that
term is described in Item 304(a)(1)(v) of Regulation S-K.
During
the Company's two most recent fiscal years and through November 7, 2022, neither the Company nor anyone acting on the Company's
behalf consulted Marcum Asia with respect to any of the matters or reportable events set forth in Item 304(a)(1)(v) of Regulation S-K.
ITEM
16G. CORPORATE GOVERNANCE
There
are no material differences in our corporate governance practices from those of U.S. domestic companies under the listing standards of
NASDAQ.
ITEM
16H. MINE SAFETY DISCLOSURE
Not
applicable.
ITEM
16I. DISCLOSURE REGARDIGN FOREIGN JURISDICTION THAT PREVENT INSPECTIONS
Not
applicable.
77
PART
III
ITEM
17. FINANCIAL STATEMENTS
We
have elected to provide financial statements pursuant to Item 18.
ITEM
18. FINANCIAL STATEMENTS
Our
consolidated financial statements are included at the end of this Annual Report.
ITEM
19. EXHIBITS
Exhibit
Number
Description
    of Exhibit
1.1**
Amended and Restated Memorandum and Articles of Association of the Company (incorporated by reference to Exhibit 3.1 to the Company's Form F-1 (file no. 333-264575) filed on April 29, 2022)
2.2**
Form of Representative's Warrants (incorporated by reference to Exhibit 4.1 of the Company's Form 6-K filed on August 10, 2022)
8.1*
List of Subsidiaries
11.1**
Code of Business Conduct and Ethics (incorporated by reference to Exhibit 99.1 to the Company's Form F-1 (file no. 333-264575) filed April 29, 2022)
12.1*
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12.2*
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
13.1*
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
97.1*
Clawback Policy
101
    *
The
    following financial information from the Annual Report on Form 20-F for the fiscal year ended December 31, 2023, formatted
    in XBRL (Extensible Business Reporting Language) and filed electronically herewith: (i) the Consolidated Balance Sheets; (ii) the
    Consolidated Statements of Operations; (iii) the Consolidated Statements of Changes in Shareholders' Equity; (iv) the Consolidated
    Statements of Cash Flows; and (v) the Notes to the Consolidated Financial Statements.
*
Filed herewith
**Previously
filed
78
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.
MAGIC
    EMPIRE GLOBAL LIMITED
Date:
    April 22, 2024
By:
/s/
    Sze Hon, Johnson Chen
Name:
Sze
    Hon, Johnson Chen
Title:
Chief
    Executive Officer
MAGIC
EMPIRE GLOBAL LIMITED
INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS
Pages
Report
    of Independent Registered Public Accounting Firm
(Marcum Asia CPAs LLP, PCAOB ID
5395
)
F-2
Report
    of Independent Registered Public Accounting Firm
(Friedman LLP, PCAOB ID
711
)
F-3
Financial
    Statements:
Consolidated Balance Sheets as of December 31, 2023 and 2022
F-4
Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021
F-5
Consolidated Statements of Change in Shareholders' Equity for the years ended December 31, 2023, 2022 and 2021
F-6
Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021
F-7
Notes to Consolidated Financial Statements
F-8
    – F-30
F-
1
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Board of Directors and Shareholders of
Magic
Empire Global Limited
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheets of Magic Empire Global Limited (the "Company") as of December 31,
2022 and 2023, and the related consolidated statements of operations, changes in shareholders' equity, and cash flows for each
of the years in the two-year period ended December 31, 2023, and the related notes (collectively referred to as the "consolidated
financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial
position of the Company as of December 31, 2022 and 2023, and the results of its operations and its cash flows for each of the years
in the two-year 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.
We believe that our audits provide a reasonable basis for our opinion.
/s/
Marcum Asia CPAs LLP
Marcum
Asia CPAs LLP
We
have served as the Company's auditor since 2021 (such date takes into account the acquisition of certain assets of Friedman LLP
by Marcum Asia CPAs LLP effective September 1, 2022).
New
York, New York
April
22, 2024
NEW
YORK OFFICE ● 7 Penn Plaza ● Suite 830 ● New York, New York ● 10001
Phone
646.442.4845 • Fax 646.349.5200 • www.marcumasia.com
F-
2
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Board of Directors and Shareholders of
Magic
Empire Global Limited
Opinion
on the Financial Statements
We
have audited the accompanying consolidated statements of operations, changes in shareholders' equity, and cash flows of Magic Empire
Global Limited (the "Company") for the year ended December 31, 2021, and the related notes (collectively referred to as the
"consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material
respects, the results of its operations and its cash flows for the year ended December 31, 2021, in conformity with accounting principles
generally accepted in the United States of America.
Basis
for Opinion
These
consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion
on the Company's consolidated financial statements based on our audit. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.
We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing
an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due
to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audit provides a reasonable basis for our opinion.
/s/
Friedman LLP
Friedman
LLP
We
served as the Company's auditor from 2021 through 2022.
New
York, New York
April
8, 2022
F-
3
MAGIC
EMPIRE GLOBAL LIMITED
CONSOLIDATED BALANCE SHEETS
As
    of December 31,
2022
2023
2023
HK$
HK$
US$
ASSETS
Current
    assets:
Cash
121,814,233
92,407,813
11,830,623
Accounts
    receivable
1,988,403
2,302,436
294,772
Interest
    receivables
515,287
449,550
57,554
Deposits
    and prepayments
1,050,694
1,096,249
140,349
Other
    receivables – related parties
96,700
—
—
Tax
    recoverable
587,834
—
—
Total
    current assets
126,053,151
96,256,048
12,323,298
Non-current
    assets:
Property
    and equipment, net
—
1,695,006
217,005
Right-of-use
    assets
3,553,677
1,658,382
212,316
Long-term
    investment
14,500,000
38,647,738
4,947,924
Total
    non-current assets
18,053,677
42,001,126
5,377,245
Total
    assets
144,106,828
138,257,174
17,700,543
LIABILITIES
    AND SHAREHOLDERS' EQUITY
Current
    liabilities:
Accruals
    and other payables
1,068,185
1,079,000
138,140
Contract
    liabilities
3,054,032
1,164,000
149,023
Operating
    lease liabilities
1,904,725
1,746,317
223,574
Total
    current liabilities
6,026,942
3,989,317
510,737
Non-current
    liabilities:
Operating
    lease liabilities
1,746,317
—
—
Total
    non-current liabilities
1,746,317
—
—
Total
    liabilities
7,773,259
3,989,317
510,737
COMMITMENTS
    AND CONTINGENCIES
SHAREHOLDERS'
    EQUITY
Ordinary
    shares, US$
0.0001
par value,
300,000,000
shares authorized, and
15,000,000
and
20,256,099
shares outstanding as of December 31, 2022
    and 2023, respectively
*
15,826
15,826
2,026
Additional
    paid-in capital
138,662,858
138,662,858
17,752,482
Retained
    earnings (Accumulated deficit)
(
2,345,115
)
(
4,410,827
)
(
564,702
)
Total
    shareholders' equity
136,333,569
134,267,857
17,189,806
Total
    liabilities and shareholders' equity
144,106,828
138,257,174
17,700,543
*
Giving
    retroactive effect to the
150,000
-for-1 share split effected on July 15, 2021.
The
accompanying notes are an integral part of these consolidated financial statements.
F-
4
MAGIC
EMPIRE GLOBAL LIMITED
CONSOLIDATED
STATEMENTS OF OPERATIONS
2021
2022
2023
2023
HK$
HK$
HK$
US$
REVENUE
16,870,748
11,198,252
13,792,030
1,765,741
OPERATING
    EXPENSES:
Selling,
    general and administrative expenses
(
15,140,959
)
(
15,700,930
)
(
16,604,828
)
(
2,125,852
)
Total
    operating expenses
(
15,140,959
)
(
15,700,930
)
(
16,604,828
)
(
2,125,852
)
INCOME
    (LOSS) FROM OPERATIONS
1,729,789
(
4,502,678
)
(
2,812,798
)
(
360,111
)
OTHER
    INCOME (EXPENSE)
Interest
    income
1,219
1,058,222
4,258,450
545,193
Other
    income
—
216,000
172,832
22,127
Other
    expenses
(
82,200
)
(
232,002
)
(
139,296
)
(
17,834
)
Loss due to
    mark-to-market of a derivative asset
—
—
(
1,963,000
)
(
251,315
)
Total
    other income (expense), net
(
80,981
)
1,042,220
2,328,986
298,171
INCOME
    (LOSS) BEFORE INCOME TAXES
1,648,808
(
3,460,458
)
(
483,812
)
(
61,940
)
INCOME
    TAX (EXPENSES) BENEFITS
(
70,184
)
(
381,820
)
—
—
NET
    INCOME (LOSS)
1,578,624
(
3,842,278
)
(
483,812
)
(
61,940
)
WEIGHTED
    AVERAGE NUMBER OF ORDINARY SHARES
Basic
*
15,000,000
17,076,111
20,256,099
20,256,099
Diluted
*
15,000,000
17,076,111
20,256,099
20,256,099
EARNINGS
    (LOSS) PER SHARE
Basic
*
0.11
(
0.23
)
(
0.02
)
(
0.003
)
Diluted
*
0.11
(
0.23
)
(
0.02
)
(
0.003
)
*
Giving
    retroactive effect to the
150,000
-for-1 share split effected on July 15, 2021.
The
accompanying notes are an integral part of these consolidated financial statements.
F-
5
MAGIC
EMPIRE GLOBAL LIMITED
CONSOLIDATED STATEMENTS OF CHANGE IN SHAREHOLDERS' EQUITY
Ordinary
    shares
Additional
Retained earnings (Accumulated
Shares*
Amount
paid-in
deficit)
Total
HK$
Capital
HK$
HK$
BALANCE, January 1, 2021
15,000,000
11,700
—
3,918,539
3,930,239
Net
    income
—
—
—
1,578,624
1,578,624
BALANCE, December 31,
    2021
15,000,000
11,700
—
5,497,163
5,508,863
Net loss
—
—
—
(
3,842,278
)
(
3,842,278
)
Issuance of ordinary shares
    upon IPO, net
5,000,000
3,925
138,662,858
—
138,666,783
Exercise of warrants
256,099
201
—
—
201
Dividend
    distribution
—
—
—
(
4,000,000
)
(
4,000,000
)
BALANCE, December 31,
    2022
20,256,099
15,826
138,662,858
(
2,345,115
)
136,333,569
Net loss
—
—
—
(
483,812
)
(
483,812
)
Dividend
    distribution
—
—
—
(
1,581,900
)
(
1,581,900
)
BALANCE, December 31,
    2023
20,256,099
15,826
138,662,858
(
4,410,827
)
134,267,857
US$
US$
US$
US$
BALANCE, December 31,
    2023
20,256,099
2,026
17,752,482
(
564,702
)
17,189,806
*
Giving
    retroactive effect to the
150,000
-for-1 share split effected on July 15, 2021.
The
accompanying notes are an integral part of these consolidated financial statements.
F-
6
MAGIC
EMPIRE GLOBAL LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
2021
2022
2023
2023
HK$
HK$
HK$
US$
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)
1,578,624
(
3,842,278
)
(
483,812
)
(
61,940
)
Adjustments to reconcile net income (loss)
    to net cash provided by (used in) operating activities:
Depreciation
695,046
62,683
209,966
26,881
Amortization of right-of-use
    asset
2,350,116
1,895,294
1,895,294
242,647
Loss due to mark-to-market of a derivative asset
—
—
1,963,000
251,315
Interest of lease liabilities
82,200
232,002
139,296
17,834
Deferred tax (benefit)
    expense
(
391,820
)
391,820
—
—
Change in operating assets and liabilities
Accounts receivable
(
2,406,350
)
3,192,306
(
314,033
)
(
40,204
)
Interest receivables
—
(
515,287
)
65,737
8,416
Deposits and prepayments
314,594
2,576
(
45,555
)
(
5,832
)
Tax recoverable
1,290,587
(
587,834
)
587,834
75,258
Accruals and other payables
(
507,763
)
741,339
10,815
1,385
Contract liabilities
(
33,614
)
(
196,572
)
(
1,890,032
)
(
241,974
)
Operating lease liabilities
(
2,535,360
)
(
2,044,020
)
(
2,044,020
)
(
261,688
)
Taxes
    payable
242,393
(
242,393
)
—
—
Net cash provided by
    (used in) operating activities
678,653
(
910,364
)
94,490
12,097
CASH FLOWS FROM INVESTING ACTIVITIES:
Other receivables –
    related parties
—
(
96,700
)
96,700
12,380
Purchase of property and
    equipment
—
—
(
1,904,972
)
(
243,886
)
Payment
    for long-term investment
—
(
14,500,000
)
(
26,110,738
)
(
3,342,859
)
Net cash used in investing
    activities
—
(
14,596,700
)
(
27,919,010
)
(
3,574,365
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from IPO, net
—
140,537,759
—
—
Deferred IPO cost
(
1,870,775
)
—
—
—
Dividend distribution
—
(
4,000,000
)
(
1,581,900
)
(
202,525
)
Other
    payables – related parties
5,000,000
(
10,903,300
)
—
—
Net cash provided by
    (used in) financing activities
3,129,225
125,634,459
(
1,581,900
)
(
202,525
)
NET CHANGE IN CASH
3,807,878
110,127,395
(
29,406,420
)
(
3,764,793
)
CASH AT BEGINNING OF
    YEAR
7,878,960
11,686,838
121,814,233
15,595,416
CASH AT END OF YEAR
11,686,838
121,814,233
92,407,813
11,830,623
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash
    paid for income tax
—
820,227
—
—
Cash
    received from tax refund
1,070,976
—
587,834
75,258
Cash
    paid for interest
—
—
—
—
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Supplemental schedule of non-cash investing
    and financing activities:
Deferred
    IPO costs recognized as additional paid-in capital
—
1,870,775
—
—
Operating
    lease right-of-use assets obtained in exchange for operating lease liabilities
5,527,942
—
—
—
The
accompanying notes are an integral part of these consolidated financial statements.
F-
7
MAGIC
EMPIRE GLOBAL LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1.
ORGANIZATION AND BUSINESS OVERVIEW
Magic
Empire Global Limited ("MEGL" or the "Company") is a limited liability company incorporated in British Virgin
Islands on May 10, 2016. The Company's registered office is located at the office of P.O. Box 957, Offshore Incorporations Centre,
Road Town, Tortola, British Virgin Islands and its principal place of business is situated at 3/F, 8 Wyndham Street, Central, Hong Kong.
The
Company and its subsidiaries (collectively referred to as the "Group") provide financial services in Hong Kong which principally
engages in the provision of corporate finance advisory services, underwriting services and corporate services.
As
of December 31, 2023, the Company has direct or indirect interests in the following subsidiaries:
Name
Place
    and date of incorporation
Issued
    ordinary
share capital
Ownership
Principal
activity
Giraffe
    Financial Holdings Limited ("GFHL")
Hong
Kong June 24, 2016
HK$
10,000
100
%
    owned by MEGL
Investment
    holding
Giraffe
    Capital Limited ("GCL")
Hong Kong June 28, 2016
HK$
10,000,000
100
%
    owned by GHFL
Providing
    advisory services for the company to be listed in the public offerings and advising companies on corporate finance
Giraffe
    Investment Limited ("GIL")
Hong
    Kong September 22, 2022
HK$
100
100
%
    owned by GHFL
Investment
    holding
Magic
    Empire Investment Limited ("MEIL")
Hong
    Kong September 22, 2022
HK$
100
100
%
    owned by GHFL
Investment
    holding
Giraffe
    Corporate Services Limited ("GCSL")
Hong Kong August 3, 2023
HK$
100
100
%
    owned by GHFL
Providing
    corporate services
The
Group is a financial services provider in Hong Kong which principally engages in the provision of corporate finance advisory services
and underwriting services. The service offerings mainly comprise the following:
Initial
Public Offering ("IPO") sponsorship services: The Group acts as sponsors to companies pursuing listing on the Main Board
(the "Main Board") of the Stock Exchange of Hong Kong Limited (the "Stock Exchange") and GEM (formerly known
as Growth Enterprise Market) of the Stock Exchange advising and guiding them throughout the listing process in return for sponsor's
fee.
Independent
financial advisory ("IFA") services: The Group acts as an independent financial advisor to give opinions or recommendations
to the independent board committee and independent shareholders of the listed companies, in return for advisory fee.
Financial
advisory ("FA") services: The Group acts as a financial advisor to clients to advise them on the terms and structures of
the proposed transactions, and the relevant implications and compliance matters under the Hong Kong regulatory framework including the
Listing Rules, the GEM Listing Rules and the Takeovers Code.
Compliance
advisory ("CA") services: The Group acts as a compliance advisor to the listed companies on the Main Board or GEM and advise
them on post-listing compliance matters in return for compliance advisory fee.
Underwriting
services: The Group provides underwriting services by acting as a global coordinator, a bookrunner, a lead manager or an underwriter
for the listing applicants in IPOs, in return for underwriting commission income.
Corporate
services: The Company acts as a consultant to clients to advise them on the company secretarial and accountancy matter, in return for
advisory fee.
F-
8
MAGIC
EMPIRE GLOBAL LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
1.
ORGANIZATION
    AND BUSINESS OVERVIEW
(cont.)
Initial
Public Offering
On
August 4, 2022, MEGL entered into an underwriting agreement with Network 1 Financial Securities, Inc. and Alexander Capital, L.P. as
underwriters named thereof, in connection with its initial public offering ("IPO") of
5,000,000
Ordinary Shares at a price
of $
4.00
per share. The Company's Registration Statement on Form F-1 (File No. 333-264575) for the IPO, originally filed with the
U.S. Securities and Exchange Commission (the "Commission") on April 29, 2022 (as amended, the "Registration Statement")
was declared effective by the Commission on August 4, 2022. The Company issued representative's warrants to purchase up to
500,000
Ordinary Shares at $
6.00
per share, dated August 9, 2022, to Network 1 Financial Securities, Inc., based on terms set forth in warrants
agreements, including cashless exercise.
On
August 10, 2022, the Company closed its initial public offering (the "IPO") of
5,000,000
ordinary shares at a price of $
4.00
per share. The aggregate gross proceeds from the IPO were US$
20
million, before deducting underwriting discounts and other related expenses.
The ordinary shares of the Company began trading on the Nasdaq Capital Market on August 5, 2022 under the ticker symbol "MEGL."
On
August 12, 2022, the underwriter exercised its representative's warrants in full and the Company issued a total of
256,099
ordinary
shares with no cash consideration on August 26, 2022.
Recent
Business Development
Introduction
of a new business line
On
August 3, 2023, GCSL, a new subsidiary of the Company, was set up and launched its new line of business in the provision of corporate
services which include accounting and financial reporting advisory, company secretarial services, internal control enhancement, investor
relations advisory and other consulting services. The corporate services will supplement the Group's existing business by extending
its service offerings and provide comprehensive solutions to meet the evolving needs of its clients and diversify the Group's client
base.
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of presentation
The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America ("U.S. GAAP") and applicable rules and regulations of the Securities and Exchange Commission ("SEC").
Principles
of consolidation
The
consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. A subsidiary is an entity (including
a structured entity), directly or indirectly, controlled by the Company. The financial statements of the subsidiaries are prepared for
the same reporting period as the Company, using consistent accounting policies. All intra-group assets and liabilities, equity, income,
expenses and cash flows relating to transactions between members of the Group are eliminated in consolidation.
F-
9
MAGIC
EMPIRE GLOBAL LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES
(cont.)
Foreign
currency translation
The
Group uses Hong Kong Dollar ("HK$") as its reporting currency. The functional currency of the Company in British Virgin Islands
is United States Dollar ("US$") and the Company's subsidiaries in Hong Kong is HK$, which is its respective local currency
based on the criteria of ASC 830, "
Foreign Currency Matters
".
In
the consolidated financial statements of the Company, transactions in currencies other than the functional currency are measured and
recorded in the functional currency using the exchange rate in effect at the date of the transaction. At the balance sheet date, monetary
assets and liabilities that are denominated in currencies other than the functional currency are translated into the functional currency
using the exchange rate at the balance sheet date. All gains and losses arising from foreign currency transactions are recorded in the
income statements during the year in which they occur.
Convenience
translation
Translations
of amounts in the consolidated balance sheet, consolidated statements of operations and consolidated statements of cash flows from HK$
into US$ as of and for the year ended December 29, 2023 are solely for the convenience of the reader and were calculated at the noon
buying rate of US$
1
= HK$
7.8109
, as published in H.10 statistical release of the United States Federal Reserve Board. No representation
is made that the HK$ amounts could have been, or could be, converted, realized or settled into US$ at such rate or at any other rate.
Use
of estimates
The
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions
that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated
assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances,
the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent
from other sources. Significant accounting estimates reflected in the Group's consolidated financial statements include impairment assessment on long-term investment. Actual results may differ from these estimates.
Cash
Cash
mainly represent cash at bank and demand deposits which have original maturities less than three months and are unrestricted as to withdrawal
or use. As of December 31, 2023 and 2022, the Group did not have any cash equivalents. The Group maintains bank accounts in Hong Kong.
F-
10
MAGIC
EMPIRE GLOBAL LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES
(cont.)
Accounts
receivable
Accounts
receivable are stated at the original amount less an allowance for credit losses.
Accounts
receivable are recognized in the period when the Group has provided services to its customers and when its right to consideration is
unconditional. On January 1, 2023, the Company adopted ASU 2016-13, "Financial Instruments – Credit Losses (Topic 326): Measurement
on Credit Losses on Financial Instruments", including certain subsequent amendments, transitional guidance and other interpretive
guidance within ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-11, ASU 2020-02 and ASU 2020-03 (collectively, including ASU 2016-13,
"ASC 326"). ASC 326 introduces an approach based on expected losses to estimate the allowance for credit losses, replacing
the previous incurred loss impairment model, which makes allowances when there is substantial doubt as to the collectability and a loss
is determined to be probable.
The
Group adopts the current expected credit loss model ("CECL model") to estimate the expected credit losses, which is determined
by multiplying the probability of default. In determining the probability of default, the Group mainly considers factors such as aging
schedule of receivables, migration rate of receivables, assessment of receivables due from specific identifiable counter-parties that
are considered at risk or uncollectible, current market conditions, as well as reasonable and supportable forecasts of future economic
conditions. The Group concludes that there is no impact over the initial adoption of CECL model, which should be treated as cumulative-effect
adjustment on accumulated deficits as of January 1, 2023. Accounts receivable balances are written off after all collection efforts have
been exhausted.
Accounts
receivable mainly represent amounts due from clients for corporate finance services which are recorded net of allowance for the
Group's credit losses. The group does not grant credit terms to the clients. Under ASU 2016-13,
Financial
Instruments - Credit Losses (Topic 326), the Group adopted the expected loss approach using macroeconomic forecasts, referred to as
a current expected credit losses ("CECL") methodology. The allowance for credit losses reflects the Group's
estimated expected losses. The Group estimates the allowance for credit losses, mainly based on past collection experience as well
as consideration of current and future economic conditions and changes in the Group's collection trends. The Group estimates
the expected credit losses for accounts receivable with similar risk characteristics on a pool basis. For each pool, the Group first
estimates its recovery period based on relevant historical accounts receivable collection information. Then the Group estimates the
credit allowances based on the recovery period, the historical distribution of each aging bucket, and the impact of macroeconomic
factors. Accounts receivable are written off when there is no reasonable expectation of recovery. Subsequent recoveries of amounts
previously written off are credited against the same line item.
As of December 31, 2023 and 2022, the allowance for credit
losses was
nil
.
Deposits
and prepayments
Deposits
and prepayments 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. As of December 31, 2023 and 2022, management
believes that the Group's prepayments and deposits are not impaired.
Property
and equipment, net
Property
and equipment are stated at cost less accumulated depreciation and impairment if applicable. The Group computes depreciation using the
straight-line method over the estimated useful lives of the assets as follows:
Office
    equipment
1
–
3
years
Furniture
    and fixtures
3
years
Motor
    vehicles
5
years
Leasehold
    improvements
Over
    the shorter of the lease term or estimated useful life
The
cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is
included in the consolidated statements of operations. Expenditures for maintenance and repairs are charged to earnings as incurred,
while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Group also re-evaluates
the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.
F-
11
MAGIC
EMPIRE GLOBAL LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES
(cont.)
Impairment
of long-lived assets
The
Group evaluates the recoverability of its long-lived assets (asset groups), including property and equipment and operating lease right-of-use
assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of its asset (asset group) may not
be fully recoverable. When these events occur, the Group measures impairment by comparing the carrying amount of the assets to the estimated
undiscounted future cash flows expected to result from the use of the asset (asset group) and their eventual disposition. If the sum
of the expected undiscounted cash flows is less than the carrying amount of the asset (asset group), the Group recognizes an impairment
loss based on the excess of the carrying amount of the asset (asset group) over their fair value. Fair value is generally determined
by discounting the cash flows expected to be generated by the asset (asset group), when the market prices are not readily available.
The adjusted carrying amount of the asset is the new cost basis and is depreciated over the asset's remaining useful life. Long-lived
assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of
the cash flows of other assets and liabilities. For the years ended December 31, 2023, 2022 and 2021,
no
impairment of long-lived assets
was recognized.
Long-term
investment
ASU
2016-01 ("ASU 2016-01"), Recognition and Measurement of Financial Assets and Financial Liabilities amends certain aspects
of recognition, measurement, presentation and disclosure of financial instruments. The main provisions require equity investments (except
those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair
value through earnings, unless they qualify for a measurement alternative.
Equity
Investments with Readily Determinable Fair Values
Equity
investments with readily determinable fair values are measured and recorded at fair value using the market approach based on the quoted
prices in active markets at the reporting date.
Equity
investments without readily determinable fair values
After
the adoption of this new accounting standard, the Group elected to record equity investments without readily determinable fair values
and not accounted for under the equity method at cost, less impairment, adjusted for subsequent observable price changes on a nonrecurring
basis, and report changes in the carrying value of the equity investment in current earnings. Changes in the carrying value of the equity
investment are required to be made whenever there are observable price changes in orderly transactions for the identical or similar investment
of the same issuer. Reasonable efforts shall be made to identify price changes that are known or that can reasonably be known.
Derivative
investment
ASC
815-10, Derivatives and Hedging, establishes accounting and reporting standards for derivative instruments, including certain derivatives
embedded in other contracts. ASC 815-10 generally requires an entity to recognize all derivatives as either assets or liabilities, and
to measure those investments at fair value. The Group evaluates its investments to determine if investments have derivative or contain
certain features that qualify as embedded derivatives. When applicable, the Group follows ASC 815-10 and re-valued any derivative instruments
for fair value at each reporting date.
Contract
liabilities
The
Group bills its clients based upon contractual schedules. The timing of revenue recognition, billings and cash collections result in
accounts receivable and contract liabilities.
F-
12
MAGIC
EMPIRE GLOBAL LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES
(cont.)
Contract
liabilities represent the upfront payments received upon signing of the contract for initial public offering/independent financial advisory/financial
advisory services and advances from clients related to compliance advisory services. Advance payments in excess of related accounts receivable
are presented as contract liabilities on the consolidated balance sheets.
Lease
The
Group is a lessee of non-cancellable operating leases for corporate office premise. The Group determines if an arrangement is a lease
at inception. Lease assets and liabilities are recognized at the present value of the future lease payments at the leases commencement
date. The interest rate used to determine the present value of the future lease payments is the Group's incremental borrowing rate
based on the information available at the lease commencement date. The Group generally uses the base, non-cancellable lease term in calculating
the right-of-use assets and liabilities.
The
Group may recognize the lease payments in the consolidated statements of operations on a straight-line basis over the lease terms and
variable lease payments in the periods in which the obligations for those payments are incurred, if any. The lease payments under the
lease arrangements are fixed.
The
lease standard provides practical expedients for an entity ongoing accounting. The Group elected to apply the short-term lease exception
for lease arrangements with a lease term of 12 months or less at commencement. Lease terms used to compute the present value of lease
payments do not include any option to extend, renew or terminate the lease that the Group is not able to reasonably certain to exercise
upon the lease inception. Accordingly, operating lease right-of-use assets and liabilities do not include leases with a lease term of
12 months or less.
The
Group did not adopt the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease
component. Non-lease components include payments for building management, utilities and property tax. It separates the non-lease components
from the lease components to which they relate.
The
Group evaluates the impairment of its right-of-use assets consistent with the approach applied for its other long-lived assets. The Group
reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value
of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the
asset from the expected undiscounted future pre-tax cash flows of the related operations. The Group has elected to include the carrying
amount of finance and operating lease liabilities in any tested asset group and include the associated lease payments in the undiscounted
future pre-tax cash flows. For the years ended December 31, 2023, 2022 and 2021, the Group did not have any impairment loss against its
operating lease right-of-use assets.
F-
13
MAGIC
EMPIRE GLOBAL LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES
(cont.)
Fair
value of financial instruments
ASC
825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize
the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as
follows:
Level
1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level
2 — Other inputs that are directly or indirectly observable in the marketplace.
Level
3 — Unobservable inputs which are supported by little or no market activity.
The
carrying amounts of cash, accounts receivable, interest receivables, other receivables from related parties, other payables to related
parties, and accruals and other payables approximate their fair values because of their generally short maturities.
The
following tables present information about the Group's assets that were measured at fair value on a recurring basis as of December
31, 2023 and 2022 and indicate the fair value hierarchy of the valuation techniques the Group utilized to determine such fair value.
Quoted
Significant
Significant
Prices
Other
Other
In Active
Observable
Unobservable
December 31,
Markets
Inputs
Inputs
2023
(Level
    1)
(Level
    2)
(Level
    3)
HK$
HK$
HK$
HK$
Assets: -
Non-marketable
    equity securities
38,647,738
—
—
38,647,738
F-
14
MAGIC
EMPIRE GLOBAL LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES
(cont.)
Quoted
Significant
Significant
Prices
Other
Other
In Active
Observable
Unobservable
December 31,
Markets
Inputs
Inputs
2022
(Level
    1)
(Level
    2)
(Level
    3)
HK$
HK$
HK$
HK$
Assets: -
Non-marketable
    equity securities
14,500,000
—
—
14,500,000
The
Group's non-marketable equity securities are investments in privately held companies, which are without readily determinable market
values and are classified as Level 3, due to the absence of quoted market prices, the inherent lack of liquidity and the fact that inputs
used to measure fair value are unobservable and require management's judgment.
Fair
value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates
are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision.
Changes in assumptions could significantly affect the estimates.
Revenue
recognition
The
Group applied ASC Topic 606 "Revenue from Contracts with Customers" ("ASC 606") for all periods presented.
The
five-step model defined by ASC 606 requires the Group to (1) identify its contracts with customers, (2) identify its performance obligations
under those contracts, (3) determine the transaction prices of those contracts, (4) allocate the transaction prices to its performance
obligations in those contracts, and (5) recognize revenue when each performance obligation under those contracts is satisfied. Revenue
is recognized when promised goods or services are transferred to the customer in an amount that reflects the consideration expected in
exchange for those goods or services.
The
Group has elected to apply the practical expedient in paragraph ASC 606-10-50-14 and does not disclose information about remaining performance
obligations that have original expected durations of one year or less.
The
Group elected a practical expedient that it does not adjust the promised amount of consideration for the effects of a significant financing
component if the Group expects that, upon the inception of revenue contracts, the period between when the Group transfers its promised
services or deliverables to its clients and when the clients pay for those services or deliverables will be one year or less.
As
a practical expedient, the Group elected to expense the incremental costs of obtaining a contract when incurred if the amortization period
of the asset that the Group otherwise would have recognized is one year or less.
The
Group is a financial services provider in Hong Kong which principally engages in the provision of corporate finance advisory services
and underwriting services. The service offerings mainly comprise the following:
The
Group's principal revenue stream includes:
1.
IPO
    sponsorship services: The Group acts as sponsors to companies pursuing listing on the Main Board of the Stock Exchange and GEM of
    the Stock Exchange advising and guiding them throughout the listing process in return for sponsor's fee.
The
Group enters into a distinct contract with its clients for the provision of IPO sponsorship services. The revenues generated from IPO
sponsorship services are generally based on the fixed fee billing arrangements that require the clients to pay a pre-established fee
in exchange for a predetermined set of professional services. The clients agree to pay a fixed fee by instalments over the contract terms
as specified in the service agreements. The IPO sponsorship services include assisting the client to engage different professional parties
for its IPO, carrying out due diligence, preparation of and reviewing prospectus and other submission documents including accountants'
report, legal opinions and profit and cash flow forecast memorandum, assessing the suitability of listing of the client, and advising
on reorganization, assisting in preparation of roadshow materials and attending hearing for the listing application. There are generally
three performance obligations for IPO sponsorship services while fee is paid by the Group's clients by instalments subject to each
milestone being achieved as stated in the contract.
F-
15
MAGIC
EMPIRE GLOBAL LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES
(cont.)
The
Group allocates the transaction price to each performance obligation based on the best estimate of relative standalone selling price
for each performance obligation identified in the contract. The Group utilizes key assumptions to determine the standalone selling price,
which may include other comparable transactions, pricing considered in negotiating the transaction, market conditions, project complexity,
customer demographics and the estimated costs. Generally, the standalone selling prices for each performance obligation of the Group's
IPO sponsorship services are reasonably consistent across customers (that is, not highly variable), standalone selling price estimates
are derived from considering the Group's pricing history and expected cost plus a margin approach.
The
entire service fee from clients are non-refundable and the Group is entitled to receive upfront payment upon signing the contract. As
the preparation stage of a listing application involves a series of tasks which are interrelated and are not separable or distinct as
the Group's clients cannot benefit from any standalone task, the Group concludes the stage of submission of listing application
as the first performance obligation and recognizes the revenue from upfront payment and fee received upon submission of listing application
together at the time of submission of listing application. For projects which the Group receives upfront payment upon signing the contract
but no listing application is submitted by the expiry of the contract, the Group recognizes revenue from the upfront payment at the lapse
of contract.
For
service fee received upon attending the listing hearing of the Stock Exchange for the listing application, which is distinct and regarded
as the second performance obligation by the Group, revenue are recognized by the Group at the date the hearing is held and the Group
has an enforceable right to payment for such performance.
For
service fee received upon listing, which is the third performance obligation of IPO sponsorship services, revenue is recognized upon
completion of the IPO, which is evidenced by listing of the clients on the Stock Exchange.
In some cases, the Group is entitled to
the discretionary bonus only upon listing, amount of which is to be decided by the clients. The Group accounts for the discretionary
bonus as variable consideration. The amount of such variable consideration should not be included in the transaction price, since it
is not probable that a significant reversal of cumulative revenue recognized will occur resulting from a change in estimate of the consideration
the Group will receive upon client's listing. The Group will recognize the revenue of the discretionary bonus at each reporting date
when the uncertainty is resolved. During the year ended December 31, 2023, the Group received HK$
1,500,000
(US$
192,039
) of discretionary
bonus.
2.
IFA
    services: The Group acts as an independent financial advisor to give opinions or recommendations to the independent board committee
    and independent shareholders of the listed companies, in return for advisory fee.
The
Group enters a distinct contract with its clients for the provision of IFA services. The Group's IFA services include (i) conducting
reviews and analyses on the proposed transactions and assessing the fairness and reasonableness of the terms of the proposed transactions;
(ii) issuing our opinion, in the form of an IFA letter, to the independent board committee and/or independent shareholders of listed
issuers with voting recommendations, which are incorporated in the circulars pursuant to the Listing Rules, the GEM Listing Rules and
the Takeovers Code; and (iii) obtaining the necessary clearance in relation to our opinion letters from the Stock Exchange and/or the
SFC.
F-
16
MAGIC
EMPIRE GLOBAL LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES
(cont.)
The
entire service fee from clients are non-refundable and the Group is entitled to receive upfront payment upon signing the contract. As
the IFA services involve a series of tasks which are interrelated and are not separable or distinct as the Group's clients cannot
benefit from any standalone task, the Group concludes that the IFA services to be accounted for as a single performance obligation. The
entire transaction prices of IFA services are allocated to a single performance obligation and the fees received upon signing the contract
and upon issuance of circular which contains IFA letter, is recognized at the point the issue of circular on the Stock Exchange because
it is the time that the scope of work for acting as an IFA such as carrying out due diligence, preparation of IFA letter to independent
board committee and independent shareholders, and replying to queries from the Stock Exchange and/or the SFC are completed. For projects
which are terminated or lapsed at expiry of contracts, the revenue from the upfront fee is recognized at the time of termination or lapse
of contracts.
3.
FA
    services: The Group acts as a financial advisor (i) to clients to advise them on the terms and structures of the proposed transactions,
    and the relevant implications and compliance matters under the Hong Kong regulatory framework including the Listing Rules, the GEM
    Listing Rules and the Takeovers Code; and (ii) to clients pursuing listing on other stock exchange.
The
Group enters a distinct contract with its clients for the provision of FA services. The scope of work under FA services can vary from
project to project and generally involves a series of tasks which are interrelated and are not separable or distinct as the Group's
clients cannot benefit from any standalone task. Therefore, the entire transaction prices of FA services are generally allocated to a
single performance obligation.
The
entire service fee from clients are non-refundable and the Group is entitled to receive upfront payment upon signing the contract. Revenue
from upfront payment and other installments is recognized based on the point in time either (a) at the time of completion; or (b) lapse
of the FA contract.
For
FA services to clients pursuing listing on other stock exchange, the Group enters into a distinct contract with its clients. The revenues
are generally based on the fixed fee billing arrangements that require the clients to pay a pre-established fee in exchange for a predetermined
set of professional services. The clients agree to pay a fixed fee by instalments over the contract terms as specified in the service
agreements. The FA services include assisting the client to engage different professional parties for its listing exercise, advising
on reorganization, financial reporting, internal control and legal and compliance, advising on the market position of the Group, coordinating
roadshow and marketing activities. There are generally three performance obligations while fee is paid by the Group's clients by
instalments subject to each milestone being achieved as stated in the contract.
The
entire service fee from clients are non-refundable and the Group is entitled to receive upfront payment upon signing the contract. As
the preparation stage of a listing application involves a series of tasks which are interrelated and are not separable or distinct as
the Group's clients cannot benefit from any standalone task, the Group concludes the stage of submission of listing application
as the first performance obligation and recognizes the revenue from upfront payment and fee received upon submission of listing application
together at the time of submission of listing application. In some cases, the payment upon signing of the contract is for FA services
(i) up to a time limit (which is stated in the contract); or (ii) upon the submission of a listing application, whichever is earlier.
In the case when the time is reached without a submission of listing application being made, the Group concludes this time as the first
performance obligation and recognizes revenue from upfront payment and fee received accordingly. For projects which the Group receives
upfront payment upon signing the contract but no listing application is submitted by the expiry of the contract, the Group recognizes
revenue from the upfront payment at the lapse of contract.
For
service fee received upon listing, which is the third performance obligation, revenue is recognized upon completion of the FA service,
which is evidenced by listing of the clients.
F-
17
MAGIC
EMPIRE GLOBAL LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES
(cont.)
4.
CA
    services: The Group acts as a compliance advisor to the listed companies on the Main Board or GEM and advise them on post-listing
    compliance matters in return for compliance advisory fee.
The
Group enters a distinct contract with its clients for the provision of CA services. The Group concludes that each monthly CA service
(1) is distinct and (2) meets the criteria for recognizing revenue over time. In addition, the Group concludes that the services provided
each month are substantially similar and result in the transfer of substantially similar services to the clients each month. That is,
the benefit consumed by the clients is substantially similar for each month, even though the exact volume of services may vary. Therefore,
the Group concludes that the monthly CA services satisfy the requirements of ASC 606-10-25-14(b) to be accounted for as a single performance
obligation. There is no variable consideration, significant financing components or noncash consideration in the contracts. Accordingly,
based on the output methods, the Group recognizes revenues from CA services on a monthly basis when it satisfies its performance obligations
throughout the contract terms. There is no contract asset that the Group has right to consideration in exchange for its CA services that
the Group has transferred to its clients. Such right is not conditional on something other than the passage of time.
5.
Corporate
                                            services: The Company acts as a consultant to clients to advise them on the company secretarial
                                            and accountancy matter, in return for advisory fee.
The
Group enters a distinct contract with its clients for the provision of corporate services. The Group concludes that each monthly corporate
service (1) is distinct and (2) meets the criteria for recognizing revenue over time. In addition, the Group concludes that the services
provided each month are substantially similar and result in the transfer of substantially similar services to the clients each month.
That is, the benefit consumed by the clients is substantially similar for each month, even though the exact volume of services may vary.
Therefore, the Group concludes that the monthly corporate services satisfy the requirements of ASC 606-10-25-14(b) to be accounted for
as a single performance obligation. There is no variable consideration, significant financing components or noncash consideration in
the contracts. Accordingly, based on the output methods, the Group recognizes revenues from corporate services on a monthly basis when
it satisfies its performance obligations throughout the contract terms. There is no contract asset that the Group has right to consideration
in exchange for its corporate services that the Group has transferred to its clients. Such right is not conditional on something other
than the passage of time.
F-
18
MAGIC
EMPIRE GLOBAL LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES
(cont.)
Disaggregation
of revenue from contracts with clients, in accordance with ASC Topic 606, by major service lines is as follows:
For
    the years ended December 31,
2021
2022
2023
2023
HK$
HK$
HK$
US$
Revenue:
IPO Sponsorship services
6,775,000
1,600,000
4,500,000
576,119
FA and IFA services
4,927,550
5,035,000
7,105,000
909,626
Corporate services
—
—
200,000
25,605
CA services
5,168,198
4,563,252
1,987,030
254,391
16,870,748
11,198,252
13,792,030
1,765,741
Revenue
disaggregated by timing of revenue recognition for 2023, 2022 and 2021 is disclosed in the table below:
For
    the years ended December 31,
2021
2022
2023
2023
HK$
HK$
HK$
US$
Point in time
11,702,550
6,635,000
11,605,000
1,485,744
Over time
5,168,198
4,563,252
2,187,030
279,997
16,870,748
11,198,252
13,792,030
1,765,741
The
Group also selected to apply the practical expedients allowed under ASC Topic 606 to omit the disclosure of remaining performance obligations
for contracts with an original expected duration of one year or less. As of December 31, 2023 and 2022, all contracts of the Group were
with an original expected duration within one year.
Other
income
Interest
income is mainly generated from savings and time deposits and short-term loans to a company, and is recognized on an accrual basis using
the effective interest method.
In
2022, the Group successfully applied for funding support from the Employment Support Scheme ("ESS") under the Anti-epidemic
Fund, set up by the Hong Kong Government, to provide financial support to enterprises to retain their employees who may otherwise be
made redundant and to retain their current employees or even employ more staff when the business revives as soon as the epidemic situation
permits.
For
2022 ESS, the wage subsidies provided to
eligible employers under ESS are disbursed in four tranches: (i) the first tranche of 100% subsidies
were used for paying wages of employees in May 2022; (ii) the second tranche of 100% subsidies for paying wages of employees in June
2022; (iii) the third tranche of 70% of subsidies for paying wages of employees in July 2022; and (iv) the fourth tranche of 30% of subsidies
for paying wages of employees in July 2022 after deducting subsidies to be returned to the Government and penalties to be paid (if any).
If
an employer fails to use all the subsidies received to pay the wages of his/her employees, the Hong Kong Government will claw back the
unspent balance of the subsidy. If the total number of employees on the payroll in any one month of the subsidy period is less than the
"committed headcount of paid employees", the employer will have to pay a penalty to the Hong Kong Government.
For
the years ended December 31, 2023, 2022 and 2021, the Group recognized government grants of
ni
l, HK$
216,000
and
ni
l, respectively, net
in the consolidated statements of operations. As confirmed by the ESS, GCL is not required to return any subsidiary or pay any penalty
to the Hong Kong Government. There was no unfulfilled conditions nor other contingencies attached to the ESS funding. No such government
grant was incurred in 2021 and 2023.
Employee
benefits
The
principal employee's retirement scheme is under the Hong Kong Mandatory Provident Fund Schemes Ordinance. Contributions are made
by both the employer and the employee at the rate of
5
% on the employee's relevant salary income, subject to a cap of monthly relevant
income of HK$
30,000
(US$
3,841
).
F-
19
MAGIC
EMPIRE GLOBAL LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES
(cont.)
During
the years ended December 31, 2023, 2022 and 2021, the total amount charged to the consolidated statements of operations in respect of
the Group's costs incurred on the Mandatory Provident Fund Scheme were HK$
282,650
(US$
36,186
), HK$
317,758
and HK$
421,292
, respectively.
Income
tax
MEGL
is not subject to tax on income or capital gains under the current laws of the British Virgin Islands. In addition, upon payments of
dividends by MEGL and the Company's subsidiaries in Hong Kong to the Company's shareholders, no British Virgin Islands withholding
tax will be imposed.
GCL,
GIL, MEIL, GCSL and GFHL are incorporated in and carry trade and business in Hong Kong and are subject to Hong Kong profits tax under
Inland Revenue Department Ordinance. In general, the Inland Revenue Department of Hong Kong has up to seven years to conduct examinations
of the Company's tax filings. Accordingly, the tax years from 2017 to 2023 of the Company's Hong Kong subsidiaries remain
open to examination by the taxing jurisdictions.
The
charge for taxation is based on actual results for the year as adjusted for items that are non-assessable or disallowed; and it is calculated
using tax rates that have been enacted or substantively enacted by the balance sheet date. The Group is not currently subject to tax
in the British Virgin Islands.
Deferred
income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts
in the consolidated financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply
to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax
assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances
are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
An
uncertain tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained
in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on
examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. Penalties and interest
incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties
or interest relating to income taxes have been incurred during the years ended December 31, 2023, 2022 and 2021, and there are no significant unrecognized uncertain tax positions as of December 31, 2023 and 2022.
Related
parties
Parties
are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant
influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject
to common control or significant influence of the same party, such as a family member or relative, shareholder, or a related corporation.
Segment
reporting
The
Group operates and manages its business as a single segment, in accordance with ASC 280,
Segment Reporting
. The Group's
chief operating decision maker ("CODM") is the Chairman. The Group's CODM assess the Group's performance and
results of operations on a consolidated basis. The Group generates substantially all of its revenues from clients in Hong Kong. Accordingly,
no geographical segments are presented. Substantially all of the Group's long-lived assets are located in Hong Kong.
Earnings
(loss) per Share
The
Group computes earnings (loss) 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 (loss) divided by the weighted average common share 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.
F-
20
MAGIC
EMPIRE GLOBAL LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES
(cont.)
Credit
risk
Assets
that potentially subject the Group to a significant concentration of credit risk primarily consist of cash, accounts receivable and other
current assets.
The
Group believes that there is no significant credit risk associated with cash, which were held by reputable financial institutions in
the jurisdictions where the Company and its subsidiaries are located. The Hong Kong Deposit Protection Board pays compensation up to
a limit of HK$
500,000
(approximately US$
64,013
) if the bank with which an individual/a company hold its eligible deposit fails. As of
December 31, 2023, cash balance of HK$
92,407,813
(US$
11,830,623
) was maintained at financial institutions in Hong Kong and an aggregate
of HK$
2,022,039
were insured by the Hong Kong Deposit Protection Board.
The
Group has designed their credit policies with an objective to minimize their exposure to credit risk. The Group's accounts receivable
are short term in nature and the associated risk is minimal. The Group conducts credit evaluations on its clients and generally does
not require collateral or other security from such clients. The Group periodically evaluates the creditworthiness of the existing clients
in determining an allowance for credit losses primarily based upon the age of the receivables and factors surrounding the credit
risk of specific clients.
Details
of the customers accounting for 10% or more of total operating revenue are as follows:
For
    the year ended
December 31,
For
    the year ended
December 31,
For
    the year ended
December 31,
For
    the year ended
December 31,
2021
2021
2022
2022
2023
2023
2023
2023
HK$
HK$
HK$
US$
Customer A
—
—
—
—
1,600,000
11.6
%
204,842
11.6
%
Customer B
—
—
—
—
1,400,000
10.2
%
179,237
10.2
%
Customer C
2,175,000
12.9
%
—
—
—
—
—
—
Customer D
2,950,000
17.5
%
—
—
—
—
—
—
Customer E
—
—
1,600,000
14.3
%
3,900,000
28.3
%
499,302
28.3
%
Customer F
—
—
1,500,000
13.4
%
—
—
—
—
5,125,000
30.4
%
3,100,000
27.7
%
6,900,000
50.1
%
883,381
50.1
%
F-
21
MAGIC
EMPIRE GLOBAL LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES
(cont.)
Details
of the customers which accounted for 10% or more of accounts receivable are as follows:
As
    of December 31,
As
    of December 31,
As
    of December 31,
As
    of December 31,
2021
2021
2022
2022
2023
2023
2023
2023
HK$
HK$
HK$
US$
Customer A
—
—
—
—
842,496
36.6
%
107,862
36.6
%
Customer B
—
—
—
—
819,940
35.6
%
104,974
35.6
%
Customer C
1,385,893
26.8
%
336,403
16.9
%
—
—
—
—
Customer D
800,000
15.4
%
—
—
—
—
—
—
Customer E
750,000
14.5
%
—
—
—
—
—
—
Customer F
—
—
600,000
30.2
%
—
—
—
—
Customer G
—
—
500,000
25.1
%
—
—
—
—
2,935,893
56.7
%
1,436,403
72.2
%
1,662,436
72.2
%
212,836
72.2
%
Interest
rate risk
The
Group's exposure on fair value interest rate risk mainly arises from its fixed deposits with bank. It also has exposure on cash
flow interest rate risk which is mainly arising from its deposits with banks.
In
respect of the exposure to cash flow interest rate risk arising from floating rate non-derivative financial instruments held by the Group,
such as cash, at the end of the reporting period, the Group is not exposed to significant interest rate risk as the interest rates of
cash at bank are not expected to change significantly.
Foreign
currency risk
The
Group is exposed to foreign currency risk primarily through service income that are denominated in a currency other than the functional
currency of the operations to which they relate. The currencies giving rise to this risk are primarily United States dollars (US$). As
HK$ is currently pegged to US$, the Group's exposure to foreign exchange fluctuations is minimal.
F-
22
MAGIC
EMPIRE GLOBAL LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES
(cont.)
Recent
Accounting Pronouncements
In
December 2023, the FASB issued ASU 2023-09,
Income Taxes (Topic 740): Improvements to Income Tax Disclosures
, which establishes
new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. Under the new guidance,
entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation. They must also further
disaggregate income taxes paid. The requirements in ASU 2023-09 will be effective for public companies for fiscal year beginning after
December 15, 2025. The Group has not early adopted this update and it will become effective on January 1, 2026. The Group does not expect
any material impact on the Group's consolidated financial statements.
In
March 2023, the FASB has issued ASU 2023-01,
Leases (Topic 842): Common Control Arrangements
, which amends certain provisions
of ASC 842 that apply to arrangements between related parties under common control. Specifically, the ASU offers private companies, as
well as not-for-profit entities that are not conduit bond obligors, a practical expedient that gives such entities the option of using
the written terms and conditions of a common-control arrangement when determining (1) whether a lease exists and (2) the subsequent accounting
for the lease, including the lease's classification. In addition, the ASU amends the accounting for leasehold improvements in common-control
arrangements for all entities. ASU 2023-01 is effective for fiscal years beginning after December 15, 2023, including interim periods
within those fiscal years. The Group has not early adopted this update and it will become effective on January 1, 2024. The Group does
not expect any material impact on the Group's consolidated financial statements.
In
May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13,
Financial Instruments
—
Credit Losses
(Topic 326): Measurement of Credit Losses on Financial Instruments
, which introduced the expected credit losses methodology for the
measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology.
The amendments in Update 2016-13 added Topic 326, Financial Instruments — Credit Losses, and made several consequential amendments
to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed
for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments —
Credit Losses — Available-for-Sale Debt Securities. The amendments in this Update address those stakeholders' concerns by
providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis.
For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option
to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs
for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful
information. In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-02 for private companies,
not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new
effective date for these preparers is for fiscal years beginning after December 15, 2022. The Group has adopted since January 1, 2023
and the adoption of this ASU did not have a material impact on the Group's consolidated financial statements.
Except
as mentioned above, the Group does not believe other recently issued but not yet effective accounting standards, if currently adopted,
would have a material effect on the Group's consolidated balance sheets, statements of operations and statements of cash flows.
F-
23
MAGIC
EMPIRE GLOBAL LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
3.
DEPOSITS AND PREPAYMENTS
Deposits
and prepayments consist of the following:
As
    of December 31,
2022
2023
2023
HK$
HK$
US$
Prepaid rent
170,335
170,335
21,807
Prepaid building management fee
28,143
31,557
4,040
Prepaid governmental rent and rates
56,600
56,950
7,291
Rental deposit
681,340
681,340
87,229
Deposit on building management fee
103,276
103,276
13,222
Others
11,000
52,791
6,760
Total
1,050,694
1,096,249
140,349
4.
PROPERTY AND EQUIPMENT, NET
Property
and equipment, net consist of the following:
As
    of December 31,
2022
2023
2023
HK$
HK$
US$
Leasehold improvement
1,758,217
1,758,217
225,098
Furniture and fixtures
292,724
292,724
37,476
Motor vehicles
—
1,904,972
243,886
Office equipment
108,995
108,995
13,954
Total
2,159,936
4,064,908
520,414
Less: Accumulated depreciation
2,159,936
2,369,902
303,409
Net book value
—
1,695,006
217,005
Depreciation
expenses recognized for the years ended December 31, 2023, 2022 and 2021 were HK$
209,966
(US$
26,881
), HK$
62,683
and HK$
695,046
, respectively.
5.
RIGHT-OF-USE ASSETS AND OPERATING LIABILITIES
As
of December 31, 2023, the Group subsisted of the following non-cancellable lease contracts.
Description
    of lease
Lease
    term
Office
    at Central, Hong Kong
3
years from November 16, 2021 to November 15, 2024
(a)
Amounts
    recognized in the consolidated balance sheet:
As
    of December 31,
2022
2023
2023
HK$
HK$
US$
Right-of-use
    assets
3,553,677
1,658,382
212,316
Operating lease liabilities
Current
1,904,725
1,746,317
223,574
Non-current
1,746,317
—
—
3,651,042
1,746,317
223,574
F-
24
MAGIC
EMPIRE GLOBAL LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
5.
RIGHT-OF-USE ASSETS AND
  OPERATING LEASE LIABILITIES
(cont.)
(b)
A
    summary of lease cost recognized in the Group's consolidated statements of operations and supplemental cash flow information
    related to operating leases is as follows:
For
    the years ended December 31,
2021
2022
2023
2023
HK$
HK$
HK$
US$
Amortization
    charge of right-of-use assets
2,350,116
1,895,294
1,895,294
242,647
ROU assets obtained
    in exchange for operating lease liabilities
5,527,942
—
—
—
Interest of lease liabilities
82,200
232,002
139,296
17,834
Cash paid for operating
    leases
2,535,360
2,044,020
2,044,020
261,688
(c)
The
    following table shows the remaining contractual maturities of the Group's operating lease liabilities as of December 31, 2023:
Twelve
    months ended December 31,
HK$
US$
2024
1,788,518
228,977
Total future lease payments
1,788,518
228,977
Less: imputed interest
(
42,201
)
(
5,403
)
Present value of lease obligation
1,746,317
223,574
The
weighted-average discount rate used to determine the operating lease liability as of December 31, 2023 and 2022 was
5
%.
6.
LONG-TERM INVESTMENT
The
Group's long-term investments consist of equity investments in private companies and in an investment fund.
For
equity investments without readily determinable fair value, and over which we do not have the ability to exercise significant influence
and do not qualify for the NAV practical expedient of the investment, we use the measurement alternative to measure those investments
at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or
similar investments of the same issuer, if any. Significant judgments are required to determine (i) whether observable price changes
are orderly transactions and identical or similar to an investment held by us, and (ii) the selection of appropriate valuation methodologies
and underlying assumptions, including expected volatility and the probability of exit events as it relates to liquidation and redemption
features used to measure the price adjustments for the difference in rights and obligations between instruments.
Long-term
Investments
Total
Total
HK$
HK$
US$
Balance as of January 1, 2022
—
—
—
Addition
14,500,000
14,500,000
1,858,617
Balance as of December 31, 2022 and January 1, 2023
14,500,000
14,500,000
1,856,380
Addition
26,110,738
26,110,738
3,342,859
Loss due to mark-to-market of a derivative asset
(
1,963,000
)
(
1,963,000
)
(
251,315
)
Balance as of December 31, 2023
38,647,738
38,647,738
4,947,924
As
of December 31, 2023 and 2022, the Group has an investment of HK$
14,500,000
(US$
1,858,617
) in a private company ("Company
A"), representing
4.99
% equity ownership of Company A, in which the Group does not have any significant influence and such investment
does not have readily determinable fair value.
In
January 2023, the Group made an investment of HK$
8,500,000
(US$
1,089,534
) in a private company ("Company B"), representing
3.0
% equity ownership of Company B, in which the Group does not have any significant influence and such investment does not have readily
determinable fair value. Company B operates an e-commerce platform in Hong Kong.
F-
25
MAGIC
EMPIRE GLOBAL LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
6.
LONG-TERM INVESTMENT
(cont.)
In
January 2023, the Group made an investment of HK$
15,647,738
(US$
1,999,200
) into an investment fund which invests in a highly diversified
portfolio of revenue sharing contracts of small businesses. Such investment does not have readily determinable fair value and is recorded at cost less impairment, if any.
In
June 2023, the Group made an investment of HK$
1,963,000
(US$
250,000
)
in Simple agreement for future equity ("SAFE") of a private company ("Company C") in which the Group does
not have any significant influence. Company C is an AI company dedicated to bettering insights through technology and application of
AI.   SAFEs are commonly used instruments that allow early investors to invest in a startup company, in exchange for the
anticipated potential of future equity, in terms of preferred stock, at some undefined date in the future, when the first priced
preferred stock financing round occurs. This is not a transaction of a creditor, but rather that of an early equity investor.
Considering the substance and reality of that (i) the SAFE holders could never force redemption of their SAFEs (nor accrual of
interest or maturity), (ii) the SAFE holders do not have any significant influence, and (iii) the conversion does not meet the
fixed-for-fixed criterion under ASC 815-40, the Group considers that SAFE should be accounted for as a derivative asset.
The
Company has performed the investment analysis, the equity investment is determined as equity investment without a readily determinable
fair value (as defined under ASC 321-10-35), therefore the equity investment shall measure at cost less impairment, if any, adjusted
plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer. As of December
31, 2023, the total cost, net of provision, of long-term investment is HK$
38,647,738
(US$
4,947,924
).
During
the year ended December 31, 2023, the Group recorded loss due to mark-to-market of a derivative asset of HK$
1,963,000
(US$
251,315
). The
Group considered the likelihood of the triggering event to share conversion is uncertain and determined the fair value of the
investment was less than its carrying value.
7.
ACCRUALS AND OTHER PAYABLES
Accruals
and other payables consist of the following:
As
    of December 31,
2022
2023
2023
HK$
HK$
US$
Accrued professional fee
1,001,180
892,000
114,199
Accrued staff reimbursement
59,818
—
—
Other accrued expenses
7,187
187,000
23,941
Total
1,068,185
1,079,000
138,140
8.
RELATED PARTY TRANSACTIONS AND BALANCES
Fund
advance to   related parties:
Relationship
As
    of December 31,
with
2022
2023
2023
the
    Group
HK$
HK$
US$
Chan Wai Ho
Chairman
38,066
—
—
Chen Sze Hon Johnson
Chief Executive Officer
58,634
—
—
Total
96,700
—
—
F-
26
MAGIC
EMPIRE GLOBAL LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
8.
RELATED PARTY TRANSACTIONS
  AND BALANCES
(cont.)
Balances
represented the funds advanced to the Chairman and Chief Executive Officer ("CEO"), who are also the directors
of the Company. The balance is unsecured and interest-free.
In
March 2023, the related parties repaid all the outstanding balances of HK$
96,700
(US$
12,380
)
to the Group.
9.
CONTRACT LIABILITIES
The
Group's contract liabilities include the upfront payments received upon signing of the contract for IPO/IFA/FA services and advances
from clients related to CA services on the Group's consolidated balance sheets. These payments are non-refundable are recognized
as revenue as the Group's performance obligation is satisfied. The Group's contract liabilities are generally recognized
as revenue within one year.
As
of December 31, 2023 and 2022, the contract liabilities were comprised of the following:
As
    of December 31,
2022
2023
2023
HK$
HK$
US$
Contract liabilities
2,800,000
1,100,000
140,829
Advance from customers
254,032
64,000
8,194
Total
3,054,032
1,164,000
149,023
The
movement in contract liabilities is as follows:
2022
2023
2023
HK$
HK$
US$
Balance at beginning
    of the year ended December 31
2,450,000
2,800,000
358,473
Decrease in contract liabilities as a result
    of recognizing revenue during the year was included in the contract liabilities at the beginning of the year
(
1,950,000
)
(
2,300,000
)
(
294,460
)
Increase in contract
    liabilities as a result of billings in advance of performance obligation under contracts
2,300,000
600,000
76,816
Balance
    at end of the year ended December 31
2,800,000
1,100,000
140,829
10.
INCOME TAX
British
Virgin Islands
The
Company is incorporated in the British Virgin Islands and is not subject to taxation. In addition, upon payments of dividends by these
entities to their shareholders, no British Virgin Islands withholding tax will be imposed.
Hong
Kong
Entities
incorporated in Hong Kong are subject to Hong Kong profits tax at a rate of
16.5
% for taxable income earned in Hong Kong before April
1, 2018. Starting from the financial year commencing on April 1, 2018, the two-tiered profits tax regime took effect, under which the
tax rate is
8.25
% for assessable profits on the first HK$
2
million and
16.5
% for any assessable profits in excess of HK$
2
million.
The
Group's Hong Kong subsidiaries are subject to Hong Kong profits tax on their taxable income as reported in their statutory financial
statements adjusted in accordance with relevant Hong Kong tax laws.
(a)
Taxation
    in the statement of income represents:
2021
2022
2023
2023
HK$
HK$
HK$
US$
Hong Kong profits tax provision (benefits)
    for the year:
Current
462,004
(
10,000
)
—
—
Deferred
(
391,820
)
391,820
—
—
70,184
381,820
—
—
F-
27
MAGIC
EMPIRE GLOBAL LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
10.
INCOME
    TAX
(cont.)
(b)
The
    following table reconciles Hong Kong statutory rates to the Group's effective tax rate:
2021
2022
2023
Hong Kong statutory income tax
    rate
16.5
%
16.5
%
16.5
%
Preferential tax rate in Hong Kong
(
10.0
)%
—
—
Expenses not deductible for
    tax
(1)
0.8
%
—
(
76.5
)%
Effect of tax rates in foreign jurisdiction
—
(
9.8
)%
(
23.3
)%
Valuation allowance
—
(
21.3
)%
(
3.9
)%
Permanent difference
(2)
(
3.1
)%
3.6
%
87.2
%
Effective tax rate
4.2
%
(
11.0
)%
—
(1)
Non-deductible
    items mainly arise from expenses not deductible for tax purposes primarily including professional fees in relation to IPO in 2021
    and operating expenses from Hong Kong companies which do not generate any assessable profits during the year. In 2023, this also
    represents the loss due to mark-to-market of a derivative asset which is not deductible for tax.
(2)
Mainly
    represents non-taxable income due to governmental grants and other non-taxable interest. In 2022 and 2023, this also represents the
    combination of other non-taxable income and deferred true-ups due to non-deductible expenses.
(c)
Income
    (loss) before income taxes is attributable to the following geographic locations for the years ended December 31:
2021
2022
2023
2023
HK$
HK$
HK$
US$
Hong Kong
1,724,548
(
1,406,918
)
195,245
24,997
Foreign
(
75,740
)
(
2,053,540
)
(
679,057
)
(
86,937
)
Total income (loss)
    before income taxes
1,648,808
(
3,460,458
)
(
483,812
)
(
61,940
)
(d)
Deferred
tax:
Significant
components of the deferred tax assets (liabilities) are presented below:
2021
2022
2023
2023
HK$
HK$
HK$
US$
Deferred tax assets:
Net operating loss carryforwards
391,820
715,179
750,087
96,031
Others
—
21,654
—
—
Deferred tax assets
391,820
736,833
750,087
96,031
Less: Valuation allowance
—
(
736,833
)
(
750,087
)
(
96,031
)
Total deferred tax assets,
    net
391,820
—
—
—
The
Group evaluated the recoverable amounts of deferred tax assets to the extent that future taxable profits will be available against which
the net operating loss and temporary difference can be utilized. As of December 31, 2023, the Group had tax loss carryforwards of approximately
HK$
4,545,983
(US$
582,005
). The carry forward of tax losses in Hong Kong generally has no time limit. As of December 31, 2023,
the deferred tax assets were offset with a full valuation allowance as the Group does not expect to realize its deferred taxes in the
near future.
As
of December 31, 2023, the Group had
no
tax recoverable and
no
taxes payables. As of December 31, 2022, the Group had tax
recoverable of HK$
587,834
.
F-
28
MAGIC
EMPIRE GLOBAL LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
11.
OTHER INCOME
For
    the years ended December 31,
2021
2022
2023
2023
HK$
HK$
HK$
US$
Government grant
—
216,000
—
—
Sundry income
—
—
172,832
22,127
Total
—
216,000
172,832
22,127
12.
ORDINARY SHARES
The
Company was established under the laws of British Virgin Islands on May 10, 2016. The authorized number of ordinary shares was
50,000
shares with a par value of US$
1.0
.
On
July 14, 2021, the shareholders of the Company resolved to create an additional
300,000,000
of the authorized ordinary shares with a
par value of US$
0.0001
(the "Increase in Share Capital"). Following the Increase in Share Capital, on July 15, 2021, the
Company newly issued
15,000,000
ordinary shares with a par value of US$
0.0001
(the "Shares Issued"). Following the Shares
Issued, the Company repurchased and cancelled
100
of the outstanding ordinary shares with a par value of US$
1.0
issued and outstanding
as of December 31, 2020 as well as cancelled
50,000
of the authorized ordinary shares with a par value of US$
1.0
.
The
Company considered the above transactions as a
150,000-for-1
split of its ordinary shares and deemed the cancellation of
100
original
ordinary shares with par value of US$
1.0
and the new issuance of
15,000,000
ordinary shares with par value of US$
0.0001
were part of
the Company's recapitalization prior to completion of its initial public offering. The Company believed it is appropriate to reflect
the above transactions on a retroactive basis similar to stock split or dividend pursuant to ASC 260. All shares and per share amounts
used herein and in the accompanying consolidated financial statements have been retroactively restated to reflect the share split.
On
August 4, 2022, the Company entered into an underwriting agreement with Network 1 Financial Securities, Inc. and Alexander Capital, L.P.
as underwriters named thereof, in connection with its IPO of
5,000,000
Ordinary Shares at a price of $
4.00
per share. The Company's
Registration Statement on Form F-1 (File No. 333-264575) for the IPO, originally filed with the U.S. Securities and Exchange Commission
(the "Commission") on April 29, 2022 (as amended, the "Registration Statement") was declared effective by the
Commission on August 4, 2022. On August 10, 2022, the Company completed its IPO and listed its Ordinary Shares on the Nasdaq Capital
Market under the symbol "MEGL".
With
the above IPO, the Company received total gross proceeds of HK$
156,030,000
(US$
20,000,000
). After deducting a sum of HK$
15,492,241
(US$
1,985,803
)
in underwriting commission and other expenses, the Company received a total net proceeds of HK$
140,537,759
(US$
18,014,197
).
On
August 12, 2022, the underwriter exercised its warrants in full and the Company issued a total of
256,099
ordinary shares with no cash
consideration on August 26, 2022.
As
of December 31, 2023 and 2022, the authorized number of ordinary shares is
300,000,000
with a par value of US$
0.0001
and the issued number of ordinary shares is
20,256,099
.
F-
29
MAGIC
EMPIRE GLOBAL LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
13.
DIVIDEND
On
February 7, 2022, the Company's board of directors approved and declared a dividend of HK$
4,000,000
(US$
512,722
) to its shareholders.
This amount was paid in full on February 17, 2022. The dividend per share was HK$
0.27
(US$
0.03
).
On
October 3, 2023, the Company's board of directors approved and declared a special interim dividend of HK$
1,581,900
(US$
202,525
)
to its shareholders. This amount was paid in full on November 22, 2023. The dividend per share was HK$
0.08
(US$
0.01
).
14.
COMMITMENTS AND CONTINGENCIES
From
time to time, the Group is subject to certain legal proceedings, claims and disputes that arise in the ordinary course of business. Although
the outcomes of these legal proceedings cannot be predicted, the Group does not believe these actions, in the aggregate, will have a
material adverse impact on its financial position, results of operations or liquidity. As of December 31, 2023 and 2022, the Group has
no outstanding litigation.
15.
SUBSEQUENT EVENTS
The Group evaluated all events and transactions that occurred
after December 31, 2023 up through the date the Group issued the consolidated financial statements. There were no other subsequent events
occurred that would require recognition or disclosure in the Group's consolidated financial statements.
F-
30