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</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>UNITED
STATES<br/>
SECURITIES AND EXCHANGE COMMISSION<br/>
WASHINGTON, D.C. 20549</b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FORM
<ix:nonNumeric contextRef="c0" name="dei:DocumentType">20-F</ix:nonNumeric></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentRegistrationStatement">&#9744;</ix:nonNumeric>
<b>REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:DocumentAnnualReport">&#9746;</ix:nonNumeric>
<b>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the fiscal year ended <ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-year-en" name="dei:DocumentPeriodEndDate"><ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-en" name="dei:CurrentFiscalYearEndDate">December 31</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:DocumentFiscalYearFocus">2022</ix:nonNumeric></ix:nonNumeric></b></span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentTransitionReport">&#9744;</ix:nonNumeric>
<b>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentShellCompanyReport">&#9744;</ix:nonNumeric>
<b>SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
of event requiring this shell company report for the transition period from ____________to ____________<b>&#160;</b></span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: hidden-fact-0">TOP
KINGWIN LTD</span></b></span></p><div>

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt-sec:edgarprovcountryen" name="dei:EntityIncorporationStateCountryCode"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cayman
Islands</b></span></ix:nonNumeric></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine1">Room
1304, Building No. 25</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine2">Tian&#8217;an Headquarters Center, No. 555</ix:nonNumeric></b></span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_EntityAddressAddressLine3-c0_cont_1" name="dei:EntityAddressAddressLine3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>North
Panyu Avenue, Donghuan Street</b></span></p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:continuation id="_EntityAddressAddressLine3-c0_cont_1">Panyu
District,</ix:continuation> <ix:nonNumeric contextRef="c0" name="dei:EntityAddressCityOrTown">Guangzhou,</ix:nonNumeric> Guangdong Province, <span style="-sec-ix-hidden: hidden-fact-1">PRC</span><br/>
Zip: <ix:nonNumeric contextRef="c0" name="dei:EntityAddressPostalZipCode">511400</ix:nonNumeric></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelName"><ix:nonNumeric contextRef="c0" name="dei:ContactPersonnelName">Ruilin
Xu</ix:nonNumeric>,</ix:nonNumeric> </b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tel:
<ix:nonNumeric contextRef="c1" name="dei:CityAreaCode">+86</ix:nonNumeric> <ix:nonNumeric contextRef="c1" name="dei:LocalPhoneNumber">400 661 3113</ix:nonNumeric></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Email:
<ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelEmailAddress">tcjh@tcjhgw.cn</ix:nonNumeric></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine1">Room
1304, Building No. 25,</ix:nonNumeric> <ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine2">Tian&#8217;an Headquarters Center, No. 555</ix:nonNumeric></b></span></p><div>

</div><ix:nonNumeric contextRef="c1" continuedAt="_EntityAddressAddressLine3-c1_cont_1" name="dei:EntityAddressAddressLine3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>North
Panyu Avenue, Donghuan Street</b></span></p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:continuation id="_EntityAddressAddressLine3-c1_cont_1">Panyu
District,</ix:continuation> <ix:nonNumeric contextRef="c1" name="dei:EntityAddressCityOrTown">Guangzhou</ix:nonNumeric>, Guangdong Province, <span style="-sec-ix-hidden: hidden-fact-2">PRC</span><br/>
Zip: <ix:nonNumeric contextRef="c1" name="dei:EntityAddressPostalZipCode">511400</ix:nonNumeric></b></span></p><div>

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

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

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; width: 49%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title of Each Class</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 49%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name of Each Exchange on Which Registered</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:Security12bTitle"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Class A Ordinary Shares, par value $0.0001</b></span></ix:nonNumeric></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonNumeric contextRef="c0" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">Nasdaq</ix:nonNumeric> Capital Market</b></span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

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

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

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

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

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

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

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

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

</div><!-- Field: Page; Sequence: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered
by the annual report:</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, the issuer had <ix:nonFraction contextRef="c2" decimals="INF" format="ixt:num-dot-decimal" name="dei:EntityCommonStockSharesOutstanding" scale="0" unitRef="shares">8,213,040</ix:nonFraction> Class A Ordinary Shares and <ix:nonFraction contextRef="c3" decimals="INF" format="ixt:num-dot-decimal" name="dei:EntityCommonStockSharesOutstanding" scale="0" unitRef="shares">3,786,960</ix:nonFraction> Class B Class A Ordinary Shares.</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes
&#9744; <ix:nonNumeric contextRef="c0" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric> &#9746;</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes
&#9744; <ix:nonNumeric contextRef="c0" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric> &#9746;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
&#8211; Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 from their obligations under those Sections.&#160;</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c0" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric>
&#9746; No &#9744;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 and posted pursuant
to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and
post such files).&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c0" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric>
&#9746; No &#9744;</span></p><div>

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

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

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

</div><table cellpadding="0" cellspacing="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: 25%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 35%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><ix:nonNumeric contextRef="c0" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</span></ix:nonNumeric></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:EntityEmergingGrowthCompany"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></ix:nonNumeric></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">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. <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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. <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:IcfrAuditorAttestationFlag">&#9744;</ix:nonNumeric></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
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. &#9746;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b). &#9746;&#160;</span></p><div>

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

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 11%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-3">U.S. GAAP</span> &#9746;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 76%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">International Financial Reporting Standards as issued by the International Accounting <br/> Standards Board &#9744;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 11%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other &#9744;</span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes
&#9744; No <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityShellCompany">&#9746;</ix:nonNumeric></span></p><div>

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

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

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page --><div>

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

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

</div><!-- Field: Page; Sequence: 2 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

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

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

</div><table cellpadding="0" cellspacing="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 colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_032"><span style="font-size: 10pt">INTRODUCTION</span></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">iii&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span 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 colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_001"><span style="font-size: 10pt">PART
    I</span></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">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; width: 80%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10%; 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; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    1.</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_002"><span style="font-size: 10pt">IDENTITY
    OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</span></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">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <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="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><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; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    2.</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_003"><span style="font-size: 10pt">OFFER
    STATISTICS AND EXPECTED TIMETABLE</span></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">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <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="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><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; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    3.</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_004"><span style="font-size: 10pt">KEY
    INFORMATION</span></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">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <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="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><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; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    4.</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_005"><span style="font-size: 10pt">INFORMATION
    ON THE COMPANY</span></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">39</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <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="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><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; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    4A.</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_006"><span style="font-size: 10pt">UNRESOLVED
    STAFF COMMENTS</span></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">60</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <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="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><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; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    5.</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_007"><span style="font-size: 10pt">OPERATING
    AND FINANCIAL REVIEW AND PROSPECTS</span></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">60</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <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="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><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; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    6.</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_008"><span style="font-size: 10pt">DIRECTORS,
    SENIOR MANAGEMENT AND EMPLOYEES</span></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">75</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <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="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><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; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    7.</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_009"><span style="font-size: 10pt">MAJOR
    SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</span></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">80</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <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="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><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; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    8.</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_010"><span style="font-size: 10pt">FINANCIAL
    INFORMATION</span></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">83</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <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="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><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; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    9.</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_011"><span style="font-size: 10pt">THE
    OFFER AND LISTING</span></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">84</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <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="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><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; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    10.</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_012"><span style="font-size: 10pt">ADDITIONAL
    INFORMATION</span></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">84</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <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="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><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; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    11.</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_013"><span style="font-size: 10pt">QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</span></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">92</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <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="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><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; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    12.</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_014"><span style="font-size: 10pt">DESCRIPTION
    OF SECURITIES OTHER THAN EQUITY SECURITIES</span></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">92</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></td></tr></table><div>

</div><!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_015"><span style="font-size: 10pt">PART
    II</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; width: 80%"><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; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    13.</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_016"><span style="font-size: 10pt">DEFAULTS,
    DIVIDEND ARREARAGES AND DELINQUENCIES</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <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="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    14.</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_017"><span style="font-size: 10pt">MATERIAL
    MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <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="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    15.</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_018"><span style="font-size: 10pt">CONTROLS
    AND PROCEDURES</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <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="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">ITEM
    16.</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_001">[RESERVED]</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">94</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16A.</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_019"><span style="font-size: 10pt">AUDIT
    COMMITTEE FINANCIAL EXPERT</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <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="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16B.</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_020"><span style="font-size: 10pt">CODE
    OF ETHICS</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <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="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16C.</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_021"><span style="font-size: 10pt">PRINCIPAL
    ACCOUNTANT FEES AND SERVICES</span></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">94</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <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="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16D.</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_022"><span style="font-size: 10pt">EXEMPTIONS
    FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</span></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">95</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <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="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16E.</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_023"><span style="font-size: 10pt">PURCHASES
    OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</span></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">95</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <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="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16F.</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_024"><span style="font-size: 10pt">CHANGE
    IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</span></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">95</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <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="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16G.</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_025"><span style="font-size: 10pt">CORPORATE
    GOVERNANCE</span></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">95</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <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="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16H.&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_026"><span style="font-size: 10pt">MINE
    SAFETY DISCLOSURE</span></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">95</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16I.</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_027"><span style="font-size: 10pt">DISCLOSURE
    REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</span></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">95</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_028"><span style="font-size: 10pt">PART
    III</span></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">96</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <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="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    17.</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_029"><span style="font-size: 10pt">FINANCIAL
    STATEMENTS</span></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">96</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <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="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    18.</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_030"><span style="font-size: 10pt">FINANCIAL
    STATEMENTS</span></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">96</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <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="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    19.</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_031"><span style="font-size: 10pt">EXHIBITS</span></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">96</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

</div><!-- Field: Page; Sequence: 4; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><div><a id="a_032"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INTRODUCTION</b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise indicated, numerical figures included in this Annual Report on Form 20-F (the &#8220;Annual Report&#8221;) have been subject
to rounding adjustments. Accordingly, numerical figures shown as totals in various tables may not be arithmetic aggregations of the figures
that precede them.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the sake of clarity, this Annual Report follows the English naming convention of first name followed by last name, regardless of whether
an individual&#8217;s name is Chinese or English. Numerical figures included in this Annual Report have been subject to rounding adjustments.
Accordingly, numerical figures shown as totals in various tables may not be arithmetic aggregations of the figures that precede them.
Certain market data and other statistical information contained in this Annual Report are based on information from independent industry
organizations, publications, surveys and forecasts. Some market data and statistical information contained in this Annual Report are
also based on management&#8217;s estimates and calculations, which are derived from our review and interpretation of the independent
sources listed above, our internal research and our knowledge of the PRC information technology industry. While we believe such information
is reliable, we have not independently verified any third-party information and our internal data has not been verified by any independent
source.</span></p><div>

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

</div><table cellpadding="0" cellspacing="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: 24px; text-align: justify"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;AHFCAA&#8221;
    refers to the Accelerating Holding Foreign Companies Accountable Act; </span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;China&#8221;
                                            or the &#8220;PRC&#8221; refers to the People&#8217;s Republic of China. When used in the
                                            case of laws, regulations and rules, &#8220;China&#8221; or &#8220;the PRC&#8221; refers
                                            to only such laws, regulations and rules of mainland China. When used in the case of government,
                                            governmental authorities, regulatory agencies, courts, jurisdictions, tax, entities, enterprises,
                                            individuals and residents of &#8220;China&#8221; or &#8220;the PRC&#8221; or &#8220;Chinese&#8221;,
                                            it refers to only such government, governmental authorities, regulatory agencies, courts,
                                            jurisdictions, tax, entities, enterprises, individuals and residents of mainland China;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending
    on the context, &#8220;we&#8221;, &#8220;us&#8221;, &#8220;our company&#8221;, &#8220;our&#8221;, the &#8220;Company&#8221; and &#8220;KingWin&#8221;
    refer to Top KingWin Ltd, a Cayman Islands company, and its subsidiaries, Sky KingWin Ltd, <span style="text-transform: uppercase">Sky
    Kingwin (HK) Limited</span>, and Guangdong Tiancheng Jinhui Enterprise Development Co., Ltd., unless the context otherwise indicates;
    </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;CAC&#8221;
    refers to the Cyberspace Administration of China;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;CSRC&#8221;
    refers to the China Securities Regulatory Commission; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;HFCA
    Act&#8221; refers to the Holding Foreign Companies Accountable Act;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;M&amp;A
    Rules&#8221; refers to the Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors of China;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;MOFCOM&#8221;
    refers to the Ministry of Commerce of China;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Negative
    List&#8221; refers to the Special Administrative Measures for the Access of Foreign Investment (Negative List);</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="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: 24px; text-align: justify"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;NDRC&#8221;
    refers to the National Development and Reform Commission of China;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

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

</div><!-- Field: Page; Sequence: 5; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">KingWin&#8217;s reporting currency is USD. However,
substantially all of our consolidated revenues, costs, expenses and assets are denominated in RMB. This Annual Report contains translations
of certain foreign currency amounts into USD for the convenience of the reader. All translations of RMB are calculated at the rate of
$1.00=RMB6.3726 as of the year ended December 31, 2021 and $1.00=RMB6.4508 for the year ended December 31, 2021,&#160;representing the
exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2021. All translations of RMB are
calculated at the rate of $1.00=RMB6.8972 as of December 30, 2022 and $1.00=RMB6.7290 for the year ended December 31, 2022. No&#160;representation
is made that the RMB amounts could have been, or could be, converted, realized or settled into USD at such rate, or at any other rate.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Discrepancies in any table between the amounts
identified as total amounts and the sum of the amounts listed therein are due to rounding.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Annual Report includes our audited consolidated
financial statements for the years ended December 31, 2022 and 2021.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Summary of Risk Factors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">An investment in our
Class&#160;A ordinary shares involves significant risks. Below is a summary of material risks we face, organized under relevant headings.
These risks are discussed more fully in &#8220;Item 3.D. Key Information&#8212;Risk Factors.&#8221;</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Risks and uncertainties related to our business
and industry, beginning on page 1 of this Annual Report, include, but are not limited to, the following:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 24px; font-size: 10pt">&#160;</td>
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    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have a limited operating history and are subject to the risks encountered by early-stage companies. See a more detailed discussion of this risk factor on page 2 of this Annual Report.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our historical growth may not be indicative of our future performance, which is dependent upon factors beyond our control such as market conditions of the equity investment industry in China. See a more detailed discussion of this risk factor on page 2 of this Annual Report.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"></p><div>

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

</div><!-- Field: Page; Sequence: 6; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The industry in which we operate is highly fragmented and intensively competitive, and if we fail to compete effectively with current or future competitors, our business, results of operations and financial conditions could be materially and adversely affected. See a more detailed discussion of this risk factor on page 5 of this Annual Report.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unauthorized use of our intellectual property by third parties, and the expenses incurred in protecting our intellectual property rights, may adversely affect our business, reputation and competitive edge. Intellectual property is crucial to our competitiveness and success. See a more detailed discussion of this risk factor on page10 of this Annual Report.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><b><i>Risks Related
to Our Corporate Structure</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Risks related to our corporate structure, beginning
on page 14 of this Annual Report, include, but are not limited to, the following:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The dual-class structure of our ordinary shares has the effect of concentrating voting control with our Chairman and Chief Executive Officer, directors and their affiliates. See a more detailed discussion of this risk factor on page&#160;14 of this Annual Report.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As a &#8220;controlled company&#8221; under the rules of the Nasdaq Capital Market, we may choose to exempt our company from certain corporate governance requirements that could have an adverse effect on our public shareholders. See a more detailed discussion of this risk factor on page 14 of this Annual Report.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law. See a more detailed discussion of this risk factor on page 15 of this Annual Report.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are based in China and have all of our operations in China. We face risks and uncertainties related to doing business in China in general,
including, but not limited to, the following:</span></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because all of our operations are in China, our business is subject to the complex and rapidly evolving laws and regulations there. The PRC 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 Class A Ordinary Shares. See a more detailed discussion of this risk factor on page 16 of this Annual Report.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: -21pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC laws and regulations governing our current business operations are sometimes vague and uncertain. Uncertainties with respect to the PRC legal system, including uncertainties regarding the enforcement of laws, and sudden or unexpected changes in laws and regulations in China with little advance notice could have a material adverse effect on us and limit the legal protections available to you and us. See a more detailed discussion of this risk factor on page 19 of this Annual Report.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: -21pt">&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: -21pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: -21pt"></p><div>

</div><!-- Field: Page; Sequence: 7; Options: NewSection; Value: 6 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->vi<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: -21pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The transfer of funds, dividends and other distributions between us and our subsidiaries is subject to restriction. See a more detailed discussion of this risk factor on page 23 of this Annual Report.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in China against us or our management. See a more detailed discussion of this risk factor on page 27 of this Annual Report.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC regulations relating to the establishment of offshore special purpose companies by PRC residents may subject our PRC resident beneficial owners or our PRC subsidiary to liability or penalties, limit our ability to inject capital into our PRC subsidiary, limit our PRC subsidiary&#8217; ability to increase their registered capital or distribute profits to us, or may otherwise adversely affect us. See a more detailed discussion of this risk factor on page 28 of this Annual Report.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Risks Related to Our Class A Ordinary Shares
</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Risks and uncertainties related to our Class A
Ordinary Shares, beginning on page 34 of this Annual Report, include, but are not limited to, the following:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We may experience extreme stock price volatility unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares. See a more detailed discussion of this risk factor on page 34 of this Annual Report.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares eligible for future sale may adversely affect the market price of our Class A Ordinary Shares, as the future sale of a substantial amount of outstanding Class A Ordinary Shares in the public marketplace could reduce the price of our Class A Ordinary Shares. See a more detailed discussion of this risk factor on page 35 of this Annual Report.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If our financial condition deteriorates, we may not meet continued listing standards on the Nasdaq Capital Market. See a more detailed discussion of this risk factor on page 36 of this Annual Report.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></p><div>

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

</div><!-- Field: Page; Sequence: 8; Value: 6 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->vii<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Annual Report contains forward-looking statements.
These statements are made under the &#8220;safe harbor&#8221; provisions of Section&#160;21E of the Securities Exchange Act of 1934,
as amended. These forward-looking statements can be identified by terminology such as &#8220;will,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221;
&#8220;future,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;estimates,&#8221; &#8220;may,&#8221;
&#8220;intend,&#8221; &#8220;is currently reviewing,&#8221; &#8220;it is possible,&#8221; &#8220;subject to&#8221; and similar statements.
Among other things, the sections titled &#8220;Item 3. Key Information&#8212;D. Risk Factors,&#8221; &#8220;Item 4. Information on the
Company,&#8221; and &#8220;Item 5. Operating and Financial Review and Prospects&#8221; in this Annual Report, as well as our strategic
and operational plans, contain forward-looking statements. We may also make written or oral forward-looking statements in our filings
with the SEC, in our annual report to shareholders, in press releases and other written materials and in oral statements made by our
officers, directors or employees to third parties. Statements that are not historical facts, including statements about our beliefs and
expectations, are forward-looking statements and are subject to change, and such change may be material and may have a material and adverse
effect on our financial condition and results of operations for one or more prior periods. Forward-looking statements involve inherent
risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained, either expressly
or impliedly, in any of the forward-looking statements in this Annual Report. All information provided in this Annual Report and in the
exhibits is as of the date of this Annual Report, and we do not undertake any obligation to update any such information, except as required
under applicable law.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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

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

</div><!-- Field: Page; Sequence: 9; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->viii<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><div><a id="a_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Part
I</b></span></p><div>

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

</div><div><a id="a_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</b></span></p><div>

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

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

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

</div><div><a id="a_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
2. OFFER STATISTICS AND EXPECTED TIMETABLE</b></span></p><div>

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

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

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

</div><div><a id="a_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
3. KEY INFORMATION</b>&#160;</span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
<span style="text-decoration:underline">Capitalization and Indebtedness</span></span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.
<span style="text-decoration:underline">Reasons for the Offer and Use of Proceeds</span></span></p><div>

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RISKS
RELATED TO OUR BUSINESS AND INDUSTRY </b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
COVID-19 pandemic has adversely affected on our business, results of operations, financial condition and cash flow. Other epidemics or
outbreaks of infectious diseases may have a similar impact.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2020, the World Health Organization categorized COVID-19 as a pandemic. The spread of the outbreak has caused significant disruptions
in the U.S. and global economies, and the impact may continue to be significant during the rest of the calendar year and potentially
beyond. We are subject to risks and uncertainties as a result of the COVID-19 pandemic. The effects of a subvariant of the Omicron variant
of COVID-19, which may spread faster than the original Omicron variant, as well as the effects of any new variants and subvariants which
may develop, including any actions taken by governments to avoid the spread of the virus, could affect our results of operations. Because
most of our business training courses are taught in indoor conference rooms, in response to the restrictions on large-scale gathering
activities imposed by local governments in China, we recently had to cancel or delay a large number of our originally booked business
training courses. We continue to evaluate the global risks and the slowdown in business activity related to COVID-19, including the potential
impacts on our employees, clients and financial results. The COVID-19 pandemic or other epidemics or outbreaks of infectious diseases
could materially adversely impact our results of operations, financial condition and liquidity in several ways. In particular, the continued
spread of COVID-19 and efforts to contain the virus could:</span></p><div>

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

</div><table cellpadding="0" cellspacing="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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">impair
    the Company&#8217;s ability to manage day-to-day operations and service delivery;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="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: 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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">impact
    client demand of our services;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">cause
    disruptions in or closures of the Company&#8217;s operations or those of its clients;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">impact
    global liquidity and the availability of capital;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">cause
    limitations on our employees&#8217; ability to work and travel;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><table cellpadding="0" cellspacing="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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">impact
    the availability of qualified personnel;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increase
    cybersecurity risks as remote working environments may be less secure and more susceptible to hacking attacks, including phishing
    and social engineering attempts that seek to exploit the COVID-19 pandemic; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">cause
    other unpredictable events.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have a limited operating history and are subject to the risks encountered by early-stage companies.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operating entity, Tiancheng Jinhui, was established in October 2018. As a development-stage company, our business strategies and model
are constantly being tested by the market and operating results, and we work to adjust our allocation of resources accordingly. As such,
our business may be subject to significant fluctuations in operating results in terms of amounts of revenues and percentages of total
with respect to the business segments.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are, and expect for the foreseeable future to be, subject to all the risks and uncertainties, inherent in a development-stage business.
As a result, we must establish many functions necessary to operate a business, including expanding our managerial and administrative
structure, assessing and implementing our marketing program, implementing financial systems and controls and personnel recruitment. Accordingly,
you should consider our prospects in light of the costs, uncertainties, delays and difficulties frequently encountered by companies with
a limited operating history. These risks and challenges are, among other things:</span></p><div>

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

</div><table cellpadding="0" cellspacing="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">&#9679;</span></td>
    <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 require additional capital to develop and expand our operations which may not be available to us when we require it;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="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">&#9679;</span></td>
    <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
    marketing and growth strategy may not be successful;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="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">&#9679;</span></td>
    <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 may be subject to significant fluctuations in operating results; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    may not be able to attract, retain and motivate qualified professionals.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
future growth will depend substantially on our ability to address these and the other risks described in this Annual Report. If we do
not successfully address these risks, our business would be significantly harmed.<b><i>&#160;&#160;</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
historical growth may not be indicative of our future performance, which is dependent upon factors beyond our control such as market
conditions of the equity investment industry in China. </i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our
revenue increased by 372% from $1,333,930 in the fiscal year ended December 31, 2020 to $6,294,667 in the fiscal year ended December
31, 2021, but revenues decreased by 50% or $3,172,343, from $6,294,667 in the fiscal year ended December 31, 2021 to $3,122,324 in the
fiscal year ended December 31, 2022. Despite a decrease in 2022 compared to that for 2021, our revenue for 2022 data still shows a significant
increase compared to that for 2020. Our historical growth rate and results may not be indicative of our future growth or performance,
and we cannot assure you that we will grow at the same rate as we did in the past or avoid any decline. There is inherent risk in using
our historical financial information to project or estimate our financial performance in the future, as it only reflects our past performance
under particular conditions. We may not be able to sustain our historical growth rate, revenue, gross margin and return on net assets
for various reasons, some of which are beyond our control, including deterioration in the market conditions of the equity investment
industry in China, macro-economic measures taken by the PRC government to manage economic growth and intensified competition in the industry.
If we fail to successfully address any of the foregoing risks and uncertainties, our business, results of operations and financial condition
may be materially and adversely affected. In addition, our future performance will depend in part on our ability to effectively manage
our growth and deal with any and all issues that may potentially hinder our growth. As our operations grow in scale, scope and complexity,
we will need to improve and upgrade our systems and infrastructure, which will require significant expenditures and allocation of valuable
management resources. If we fail to maintain the necessary level of discipline or fail to allocate limited resources effectively in our
organization as it grows, our business, results of operations and financial condition could be materially and adversely affected. To
effectively manage our growth, we will also need to implement a variety of new and upgraded operational, technological and financial
systems, procedures and controls, including the improvement of our accounting, actuarial, claims and other internal management systems
and the enhancement of our compliance and risk control capabilities. The expansion of our business may increase our exposure to liquidity
risk, credit risk and operational risk. We expect that we will need to continue to devote substantial financial, operational and technical
resources to managing our growth and implementing our business strategies. In order to attain and maintain profitability, we will need
to recruit, develop and retain skilled and experienced personnel, which will increase our cost. Our results of operations and financial
condition may not always meet the expectations of public market analysts or investors, and may vary from period to period due to a variety
of factors beyond our control, which could cause the price of our Class A Ordinary Shares to decline.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are unable to retain existing clients or attract new ones, or to attract sufficient spending from our clients, our business, results
of operations and financial condition could be materially and adversely affected. </i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to increase our revenue and maintain our growth, we must retain existing clients and attract new ones, and encourage their usage
of our services. As is common in the industry, we do not have long-term service agreements with our clients with respect to each of our
business lines. A substantial portion of our revenue comes from agreements that are on a project-by-project basis or for a term of one
year or shorter, such as agreements for customized reports and marketing skills training. Revenue from these agreements is not recurrent
in nature, which exposes us to the risks of uncertainty and potential volatility with respect to our revenue. Our success depends in
large part on our ability to continue to offer high-quality services through our service platform in a cost-effective manner. To this
end, we must continue to expand our offline service offerings and keep abreast of user preferences and market trends. Clients may cease
their usage of our services or may only be willing to purchase our services at reduced prices if we do not deliver services in an effective
manner, or if they do not believe that their spending with us will generate a competitive return or effect as compared to alternative
service providers, which will adversely affect our business. Our ability to retain existing clients and attract new ones also depends
on the following factors, some of which are out of our control:</span></p><div>

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

</div><table cellpadding="0" cellspacing="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">&#9679;</span></td>
    <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
    brand recognition and market presence;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="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">&#9679;</span></td>
    <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
    competitiveness of our pricing and payment terms for our clients, which may, in turn, be constrained by our capital and financial
    resources;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="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">&#9679;</span></td>
    <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 acceptance of new services and functionalities we may introduce;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mergers,
    acquisitions or other consolidation among market players; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <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
    effects of domestic and global economic conditions on the development of the equity investment industry generally.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are unable to retain our existing clients and attracting new clients due to any of the foregoing factors, our business will be adversely
affected. Further, if our existing clients decrease or cease their usage of our services, we may be unable to acquire new clients that
spend similarly or even more for our services, and our ability to maintain and/or grow our revenue may be materially and adversely affected.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we lose the services of any of our key executive officers and other key employees, or are unable to retain, recruit and hire experienced
staff, our ability to effectively manage and execute our operations and meet our strategic objectives could be harmed. </i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
future success depends on the continued service of our key executive officers and other key employees. We benefit from the leadership
of a strong management team with proven vision, rich professional work experience, and extensive knowledge of China&#8217;s corporate
business training industry and corporate consulting industry. We also rely on a number of key personnel for the development and operation
of our business. In addition, we will need to continue attracting and retaining skilled and experienced staff for our businesses to maintain
our competitiveness. If one or more of our key personnel are unable or unwilling to continue in their present positions, we may not be
able to replace them easily or at all and may incur additional expenses to recruit and train new personnel, our business could be materially
and adversely affected. In addition, if any of our executive officers or key employees joins a competitor or forms a competing company,
we may lose know-how, trade secrets and clients. Substantially all of our employees, including each of our executive officers and key
employees, have entered into confidentiality agreements with us, which contains customary non-compete provisions. Although non-compete
provisions are generally enforceable under PRC laws, PRC legal practice regarding the enforceability of such provisions is not as well-developed
as in countries such as the United States. Thus, if we need to enforce our rights under the non-compete provisions, we cannot assure
you that a PRC court would enforce such provisions. If we lose the services of any of our key executive officers, senior management,
or are unable to retain, recruit and hire experienced staff, our ability to effectively manage and execute our operations and meet our
strategic objectives could be harmed.</span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business could suffer if we are unable to retain or hire quality in-house writers and editors.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
maintain a professional in-house content creation team to create high-quality original content. We intend to continue to invest resources
in our in-house writer and editorial team to maintain and improve content creation capabilities. Nevertheless, the demand and competition
for talents is intense in our industry, particularly for skilled writers and editors. Therefore, we may need to offer high compensations
and additional benefits to maintain a skilled in-house content creation team, which could increase our expenses. If we fail to compete
effectively for talents, or to retain existing writers or editors, or fail to otherwise maintain an in-house content creation team at
reasonable costs, our in-house content creation capabilities would be negatively affected. If we are unable to offer high-quality original
content in a cost-effective manner, our user experience may be adversely affected, and we may suffer from reduced user traffic. Our business,
results of operations and financial condition may be materially and adversely affected as a result.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have a substantial client concentration, with a limited number of clients accounting for a substantial portion of our revenues.</i></b></span></p><div>

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

</div><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">We
derive a significant portion of our revenues from a few major clients. For the year ended December 31, 2022, three major clients, Chongqing
Longjinyun Enterprise Management Partnership (Limited Partnership), Qingdao Yingmanli Enterprise Management Partnership (Limited Partnership)
and Qingdao Jinxinfu Enterprise Management Partnership (Limited Partnership), accounted for 21%, 20% and 16%&#160; of the Company&#8217;s
revenues respectively. The contract with Chongqing Longjinyun Enterprise Management Partnership (Limited Partnership), dated August 22,
2022, has a term of one year, and will expire on August 21, 2023. The contract with Qingdao Yingmanli Enterprise Management Partnership
(Limited Partnership), dated March 1, 2022, has a term of one year and expired on February 28, 2023. The contract with Qingdao Jinxinfu
Enterprise Management Partnership (Limited Partnership), dated March 1, 2022, has a term of one year and expired on February 28, 2023.</span></p><div>


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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
the year ended December 31, 2021, two major clients, Zhangjiajie Zhenghang Commercial Partnership (Limited Partnership) and Guangzhou
Tiancheng Capital Management Group Co., Ltd., accounted for 15% and 14% of the Company&#8217;s revenues, respectively. The contract with
Zhangjiajie Zhenghang Commercial Partnership (Limited Partnership), dated November 29, 2021, has a term of one year and expired on November
28, 2022. The contract with Guangzhou Tiancheng Capital Management Group Co., Ltd., dated July 6, 2021, has a term of one year and expired
on July 5, 2022. In the year ended December 31, 2020, three clients, Guangzhou Tiancheng Capital Management Group Co., Ltd., Chongqing
Yangyiyang Enterprise Management Co., Ltd., and Chongqing Qiyun Biotechnology Co., Ltd., each accounted for 17%, 13% and 10% of the Company&#8217;s
revenues, respectively. The contract with Chongqing Yangyiyang Enterprise Management Co., Ltd., dated June 30, 2020, had a term of one
year and expired on June 29, 2021. The contract with Chongqing Qiyun Biotechnology Co., Ltd., dated December 1, 2020, had a term of one
year and expired on November 30, 2021.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In
addition, as of December 31, 2022, no major client had a balance due to the Company. However, Chongqing Jiangbei District Taishangsai
Enterprise Management Partnership (Limited Partnership) accounted for 54% of the Company&#8217;s accounts receivable. The contract with
Chongqing Jiangbei District Taishangsai Enterprise Management Partnership (Limited Partnership), dated August 29, 2022, has a term of one
year and expired on August 28, 2023. Other than this, no other client&#8217;s balance accounted for more than
10% of accounts receivables. As of December 31, 2021, two clients, Zhangjiajie Zhenghang Commercial Partnership (Limited Partnership)
and Guangzhou Bohua Enterprise Management Consulting Co., Ltd., accounted for 37% and 27% of the Company&#8217;s accounts receivable,
respectively. The contract with Guangzhou Bohua Enterprise Management Consulting Co., Ltd., dated December 1, 2021, has a term of one
year and expired on November 30, 2022.&#160;As of December 31, 2020, two clients, Chongqing Yangyiyang Enterprise Management Co., Ltd.
and Chongqing Qiyun Biotechnology Co., Ltd., each accounted for 35% and 31% of the Company&#8217;s accounts receivable, respectively.</span></p><div>



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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inherent
risks exist whenever a large percentage of total revenues are concentrated with a limited number of clients. It is not possible for us
to predict the future level of demand for our services that will be generated by these clients or the future demand for our services
by these clients in the marketplace. If any of these clients declines our services due to market, economic or competitive conditions,
it could have an adverse effect on our margins and financial position, and could negatively affect our revenues and results of operations.&#160;</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
industry in which we operate is highly fragmented and intensively competitive, and if we fail to compete effectively with current or
future competitors, our business, results of operations and financial conditions could be materially and adversely affected.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
equity investment service industry in China is highly fragmented and intensely competitive. Market players in the equity investment service
industry primarily include service platforms for equity investment industry, referring to service providers which offer two or more types
of equity investment services, and other service providers. Our ability to grow and stand out among our peers and competitors in this
highly fragmented industry depends on many factors, including our ability to expand our geographical coverage in China, to improve our
offline service offerings and enhance online-offline synergy. We cannot assure you that we will achieve any of the foregoing goals, and
the failure to achieve such goals could materially and adversely affect our business, results of operations and financial condition.
Moreover, the highly fragmented market has presented significant likelihood for market consolidation. If one or more of our competitors,
especially other top players in the market, were to merge or partner with another of our competitors, the change in the competitive landscape
could also adversely affect our ability to compete effectively or may even cause us to lose our leading position in the market, which
may in turn materially and adversely affect our reputation, business, results of operations and financial condition.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Increasing
competition within our industries could have an impact on our business prospects.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
operate in an industry where new competitors can easily enter into since there are no significant barriers to entry. We also face many
competitors in the knowledge sharing industry where a number of competitors have been in business longer than us. Competing companies
may have significantly greater financial and other resources than we have and may offer services that are more attractive to prospective
clients; and increased competition would have a negative impact on both our revenues and our profit margins.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
failure to obtain necessary permits for our offline industry events may subject us to adjustment or cancellation of industry events and
may adversely affect our business, results of operations and financial condition. </i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
no license is required for holding offline events in general under PRC laws and regulations, we may be required to obtain an event-specific
security permit or make relevant filings for large-scale mass activities each time before we hold an offline industry event if the estimated
number of participants exceeds a certain number of people. Although we will endeavor to obtain all necessary permits or complete all
required filings according to our estimate of the condition of each specific event and currently we do not plan to hold large-scale events
requiring security permits or filings, we cannot assure you that we will be able to obtain relevant permits or complete relevant filings
in a timely manner or at all in order to organize our offline industry events as planned, as the regulatory practices with respect to
an offline industry event may vary from time to time and the local authorities retain broad discretion in enforcing the relevant requirements.
In addition, the permit requirements in China are constantly evolving, and we may be subject to more stringent regulatory requirements
due to political or economic changes in the future. If we fail to obtain relevant permits or complete relevant filings to organize our
offline industry events as planned, we may have to adjust our event coverage and other arrangements, or even cancel the relevant events.
If our offline industry events are reduced in size or even canceled, our business, results of operations and financial condition may
be materially and adversely affected. Even if we have obtained all prerequisite permits or completed all required filings, government
authorities may unexpectedly suspend our scheduled offline industry events due to a variety of reasons beyond our control. Local police
security authorities may prevent participants from entering our offline industry events and impose administrative penalties on us if
the visitor flow exceeds the prescribed limit. Such abrupt suspensions and restrictions might adversely affect the brand-building and
networking activities of our industry clients, which in turn could discourage them from participating in our future events and materially
and adversely affect our business, results of operations and financial condition.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fluctuation
in the value of the Renminbi and other currencies may have a material adverse effect on the value of your investment.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
financial statements are expressed in USD. However, all of our revenues and expenses are denominated in Renminbi (RMB). Our exposure
to foreign exchange risk primarily relates to the limited cash denominated in currencies other than the functional currencies of each
entity. We do not believe that we currently have any significant direct foreign exchange risk and have not hedged exposures denominated
in foreign currencies or any other derivative financial instruments. However, the value of your investment in our Class A Ordinary Shares
will be affected by the foreign exchange rate between USD and RMB because the primary value of our business is effectively denominated
in RMB, while the Class A Ordinary Shares will be traded in USD.&#160;</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of the RMB against the USD and other currencies is affected by, among other things, changes in China&#8217;s political and economic
conditions and China&#8217;s foreign exchange policies. The People&#8217;s Bank of China regularly intervenes in the foreign exchange
market to limit fluctuations in RMB exchange rate and achieve certain exchange rate targets, and through such intervention kept the USD-RMB
exchange rate relatively stable.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
we may rely on dividends paid to us by our PRC subsidiary, any significant revaluation of the RMB may have a material adverse effect
on our revenues and financial condition, and the value of any dividends payable on our Class A Ordinary Shares in foreign currency terms.
For example, if we decide to convert our RMB into USD for the purpose of making payments for dividends on our Class A Ordinary Share
or for other business purposes, appreciation of the USD against the RMB would have a negative effect on the USD amount available to us.
Furthermore, appreciation or depreciation in the value of the RMB relative to the USD would affect our financial results reported in
USD terms without giving effect to any underlying change in our business or results of operations. We cannot predict the impact of future
exchange rate fluctuations on our results of operations and may incur net foreign exchange losses in the future. In addition, our foreign
currency exchange losses may be magnified by PRC exchange control regulations that restrict our ability to convert into foreign currencies.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
success of our business depends on our ability to maintain and enhance our brand. </i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that maintaining and enhancing our brand is significant to the success of our business. Our operational and financial performance
is highly dependent on the strength of our well-recognized brand, which is critical for forging long-term relationships with China&#8217;s
investors, entrepreneurs and growth enterprises, and governmental agencies at low client acquisition cost. However, we cannot assure
you that we will be able to maintain and enhance our brand and remain our leadership position in China&#8217;s equity investment service
industry. In addition, negative publicity about us, our services, operations and our management could threaten the perception of our
brand. We may receive negative publicity, including negative Internet and blog postings about our Company, our business, our management,
our services or our affiliates. Such negative publicity may come from malicious harassment or unfair competition acts by third parties.
We may even be subject to government or regulatory investigation as a result of such negative publicity and may be required to spend
significant time and incur substantial costs to defend ourselves, and we may not be able to conclusively refute each of the allegations
within a reasonable period of time, or at all. Harm to our reputation and client confidence can also arise for many other reasons, including
misconduct of our employees or any third parties we conduct business with. As a result, our brand may suffer in the marketplace, our
operational and financial performance may be negatively affected and the price of our Class A Ordinary Shares may decline.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to successfully compete with our competitors, which could materially and adversely affect our business, results of operations
and financial condition. </i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
equity investment service industry in China is becoming increasingly competitive, and we expect it to remain so. We compete primarily
with other equity investment service providers including data service providers, online advertising service providers, offline event
service providers, consulting service providers, training service providers, etc. As China&#8217;s equity investment service industry
continues to evolve and grow, we may face increased competition from new market entrants. We compete based on a number of factors, including
industry experience and insights, ability to adapt to evolving needs of our clients, brand recognition, network, price, breadth of services
offered, level of service integration and technology capabilities. If we fail to compete effectively against our competitors, our business,
results of operations and financial condition would be materially and adversely affected. Our competitors may operate with different
business models, have different cost structures, participate selectively in different market segments or offer a wider range of products
and services. They may ultimately prove more successful or more adaptable to new regulatory, technological and other developments. Some
of our current and potential competitors may have significantly more financial, technical, marketing and other resources than we do and
may be able to devote greater resources to the development, promotion, sale and support of their products and services. Our competitors
may also have longer operating histories, more extensive client base, greater brand recognition and broader partner relationships than
us. Additionally, a current or potential competitor may acquire one or more of our existing competitors or form a strategic alliance
with one or more of our competitors. Our competitors may also from time to time solicit our employees in order to compete in each of
our business lines; and certain of our services are newly developed and may fail to compete effectively and achieve market adoption.
If we are unable to compete effectively with our competitors, we could experience a decline of our market share, which in turn would
materially and adversely affect our business, results of operations and financial condition.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
clients with rapidly evolving business may face inherent risks and uncertainties, which could adversely affect their demands for our
services. </i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are dedicated to serving, among others, entrepreneurs and growth enterprises and investors, whose businesses and prospects are constantly
changing and rapidly evolving. As China has witnessed significant economic development and transformation in recent years, an increasing
number of innovative business models have emerged, which further contributes to China&#8217;s economic growth and the prosperity of the
equity investment industry. However, there are significant risks and uncertainties with respect to the growth and sustained profitability
of these emerging businesses. The short-term growth of new businesses may not be as fast as we expect, while the long-term viability
and prospects of new business models remain relatively untested. Our future business, results of operations and financial condition will
depend on the development of these new businesses and the performance of our clients, which is in turn subject to the following factors:</span></p><div>

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

</div><table cellpadding="0" cellspacing="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">&#9679;</span></td>
    <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
    clients&#8217; ability to enhance their existing products and services, to introduce new products and services that meet market preferences,
    and to expand their markets;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="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">&#9679;</span></td>
    <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
    complex regulatory landscape and governmental measures affecting the emerging businesses in China;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="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">&#9679;</span></td>
    <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
    clients&#8217; ability to incorporate technological advancements and predict and adapt to market changes;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="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">&#9679;</span></td>
    <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
    appeal of the new businesses to continue to attract, retain, manage and motivate the key talents; and</span></td></tr>
  </table><div>
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    global and domestic economic fluctuations and market trends.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Most
of these factors are beyond the control of our clients and ourselves. For example, if new regulatory measures impose strict licensing
requirements on emerging businesses in which our clients operate, they may incur substantial cost in obtaining the requisite licenses
and suffer declines in their profits. Moreover, if they are unable to meet the licensing requirements, they may be compelled to discontinue
successful business operations, or be subject to warnings, fines and confiscation of gains. Such significant business interruptions may
reduce our clients&#8217; demand for our services, and therefore, materially and adversely affect our business, results of operations
and financial condition.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
implementation of our expansion plan may not be successful and may lead to increases in our costs and expenses, which may adversely affect
our profitability, business, results of operations and financial condition.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of our growth strategies, we intend to, among others, expand our geographical coverage in China. There is no assurance that we can
successfully implement such strategies to capture the market demand or that such strategies can be implemented according to our proposed
schedules and estimated costs, due to various factors, such as the sufficiency of financial resources, and our ability to employ sufficient
and competent personnel. In addition, benefits to be generated from such expansion plan, such as increase in revenue, may not be as expected
due to factors beyond our control, such as changes in general market conditions and client demands, the economic and political environment
in the areas where we intend to expand into. Furthermore, in carrying out our expansion plan, we expect to incur additional costs and
expenses, such as employee benefit expenses, selling and marketing expenses, rental expenses and depreciation and amortization. Our plan
to strengthen our sales and marketing efforts through online advertisement placements and sales and marketing employee recruitment is
also expected to result in an increase in our selling and marketing expenses. Such factors may cause a delay in realizing the benefits
of our expansion plan and an increase in our overall costs and expenses, or even prevent us from generating sufficient earnings to cover
the costs and hence, our results of operations, in particular our profitability, may be adversely affected.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
continued expansion of our business may also place significant strain on our managerial, operational, technological, financial and other
resources. To manage and support our growth, we may need to improve our existing operational and administrative systems, improve our
financial and management controls, and enhance our ability to recruit, train and retain additional qualified personnel. All of these
endeavors will require substantial attention and time from management and may incur significant additional expenditures. We cannot assure
you that we will be able to manage our future growth effectively and efficiently, and our ability to capitalize on new business opportunities
may be materially and adversely affected if we fail to do so, which could in turn materially and adversely affect our business, results
of operations, financial condition and prospects.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
view of the above-mentioned uncertainties, there is no assurance that our expansion plan will materialize, or be completed by the predetermined
timeframe, or that our objectives will be fully or partially achieved. In the event that we fail to implement our expansion plan as planned,
or our expansion plan fails to achieve expected benefits, our profitability, results of operations and financial condition may be materially
and adversely affected.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
improvements of our existing services and introduction of new services may not be successful or may fall short of expected results. </i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
success depends in large part on our ability to improve our existing services, introduce new services and enhance our market competitiveness.
The success of any improvement or new service depends on a number of factors, including actual performance, pricing level, market competition,
industry trend and client demand, many of which are beyond our control. However, our future plans may require us to devote significant
financial and managerial resources, and we cannot assure you that we will achieve our goals to successfully improve our existing services
and achieve market acceptance of our new services, which could compromise our ability to serve our users and clients effectively. If
our equity investment services become less attractive to existing and potential users and clients, our business, results of operations
and financial condition may be materially and adversely affected.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we fail to help facilitate the brand-building and networking of the sponsors and participants of our offline industry events due to factors
beyond our control, our operational and financial results might suffer. </i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sponsors
and participants are attracted to our offline industry events due to the brand-building and networking prospects. The brand-building
and networking results at our offline industry events might fail to meet the expectation of those sponsors and participants due to factors
beyond our control, including among others, changes in the regulatory environment, a downturn or unfavorable development in the equity
investment industry in China, overall domestic or global economic downturn and the resulting decrease in investment ability and willingness,
and contingencies that occur on event dates such as inclement weather or sudden public security measures which affect our ability to
host the events effectively, or at all. Other factors may also affect our ability to host satisfactory offline industry events, such
as conflicts with other local events, road traffic control, outbreaks of contagious disease or the potential for infection, or acts of
nature, such as earthquakes, storms, and typhoons. If we fail to help facilitate the brand-building and networking of offline industry
event sponsors and participants, they might be less inclined to participate in our future events, which could materially and adversely
affect our business, results of operations and financial condition.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
failure to honor our obligations may lead to our refund obligation, client dissatisfaction, or even clients&#8217; disputes with us,
which may adversely affect our reputation, business, results of operations and financial condition. </i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clients
for customized reports, offline industry events and offline course offerings generally prepay us a majority of the total contract values
upon signing. Our contract liabilities primarily consisted of these prepayments. We had contract liabilities of $187,630 and $587,396
as of December 31, 2022 and December 31, 2021. As of the same date, we had cash of $2,654,185 and $3,816,940, respectively. Our contract
liabilities are generally not refundable. However, if we fail to honor our obligations in respect of our contract liabilities, clients
may request to cancel their agreements with us or ask for a partial or full refund, which may lead to our refund obligation, client dissatisfaction
or even clients&#8217; disputes with us. In the event that we are required to refund some or all of the prepayments from our clients
pursuant to the contract provisions, we may not have the cash or other available resources to fulfill the refund obligation. Even if
we are able to fulfill the refund obligation from available resources, we may need to seek additional sources of capital to fund our
operations, which funding may not be available when needed or on acceptable terms. In either of those circumstances, our business, results
of operations, financial condition and reputation may be materially and adversely affected. Furthermore, in the future, clients may elect
not to prepay us for our services in which case we would have to find other sources of funding for our operations, capital expenditures
and expansion plans, which would be costly as compared to the aforementioned cost-free client prepayment funding and which may not be
available when needed or on acceptable terms.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be held liable for injuries to individual participants of our offline industry events, which may materially and adversely affect
our reputation, business, results of operations and financial condition. </i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We take event security seriously, and make every
effort to ensure the safety of the participants during our offline industry events, such as industry-wide forums and outdoor challenges.
However, we cannot guarantee that no physical injury will occur during our offline industry events, for which we could be held liable.
Under the PRC laws and regulations, the organizer of a large-scale group activity shall bear tort liability for damages to a third party
arising from such organizer&#8217;s failure to fulfill its security obligations. If the act of a third party results in damage to others
in a large-scale group activity, the organizer that failed to fulfill security obligations shall also bear supplementary liability. Therefore,
we might face negligence claims alleging that we fail to maintain our facilities or to supervise our employees. In addition, if any participants
of our offline events commit acts of violence, we could also face allegations that we failed to provide adequate security or were otherwise
responsible for his or her actions. Additionally, our offline events may be perceived to be unsafe, which may discourage prospective
sponsors, participants and media companies from attending. Any of the foregoing could materially and adversely affect our business, results
of operations and financial condition.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
consulting business is dependent on our ability to identify, execute and complete projects successfully and is subject to various risks.
</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transactions that we generally advise on, including equity and debt financing, as well as mergers and acquisitions, may be subject to
review and approvals by various regulatory authorities. The results and timing of necessary regulatory approvals are beyond our or involving
parties&#8217; control. Any failure to obtain the necessary regulatory approvals for these transactions in a timely manner may cause
substantial delays to, or even the termination of, relevant transactions. In addition, the successful conclusion of transactions depends
upon a number of other factors, such as market trends and investors&#8217; decisions, many of which are beyond our control. We generally
charge consulting fees or commissions based on a certain percentage of the deal size, and we are generally entitled to receive payment
of such fees or commissions only after the successful completion of the relevant transaction. If a transaction is not completed as scheduled
or at all for any reason, we may not be able to receive fees or commissions for services that we have provided in a timely manner or
at all, which could materially and adversely affect our business, results of operations and financial condition. Furthermore, we may
face increasing challenges in terms of deal execution, client development, pricing and legal risks in light of the constantly evolving
regulatory framework and the market conditions. If we are unable to adapt our business strategies to such economic and legal challenges,
we may not be able to compete effectively, which could in turn materially and adversely affect our business, results of operations and
financial condition.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
due diligence that we undertake in the course of our business operations is inherently limited and may not reveal all facts that may
be relevant.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the course of providing consulting services, we endeavor to conduct due diligence review that we deem reasonable and appropriate based
on relevant regulatory and market standards, as well as the facts and circumstances applicable to each deal. When conducting due diligence,
we are often required to evaluate critical and complex business, financial, tax, accounting, environmental, regulatory and legal issues.
Outside consultants, such as legal advisors and accountants, may be involved in the process in varying degrees depending on the type
of deal. Nevertheless, when conducting due diligence and making an assessment, we are limited to the resources available, including information
provided by the potential clients and, in some circumstances, third-party investigators. Our due diligence may not reveal or highlight
all relevant facts and issues that may be necessary or helpful in evaluating potential risks, which may subject us to inaccurate assessment
regarding financing opportunities and growth prospects of the potential clients. Moreover, such an investigation will not necessarily
result in the successful completion of a deal, which may increase our costs and therefore materially and adversely affect our business,
results of operations and financial condition.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are not able to continue to retain and attract clients to purchase our course offerings, our business and prospects will be materially
and adversely affected. </i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to continue to attract clients to purchase our course offerings are critical to the continued success and growth of our corporate
business training services. This in turn will depend on several factors, including our ability to engage high-level industry practitioners
as our instructors, continue to develop, adapt or enhance quality of our course offerings to meet the evolving demands of our existing
or prospective clients, and effectively market our course offerings and enhance our brand awareness to a broader base of prospective
clients. We may not always be able to meet our clients&#8217; expectations due to a variety of reasons, many of which are outside of
our control. We may face client dissatisfaction due to our clients&#8217; perceptions that we fail to help them achieve their learning
goals, as well as our clients&#8217; overall dissatisfaction with the quality of our course offerings and our instructors. We must also
manage our growth while maintaining consistent and high course quality, and respond effectively to competitive pressures. If we are unable
to continue to retain and attract clients to purchase our course offerings, our revenue for corporate business training services may
decline, which may have a material adverse effect on our business, results of operations and financial condition.&#160;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to maintain or increase our course fee level. </i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
revenue generated from corporate business training services are affected by the pricing of our training courses. We determine our course
fees primarily based on the demand for our courses, the cost of our operations, the course fees charged by our competitors, our pricing
strategy to gain market share and general economic conditions in the PRC. Leveraging our long-standing industry expertise and comprehensive
course offerings, we offer high-end equity investment training services and charge premium fees comparable to trainings services of the
same category for our course. Although we charge premium course fees for our courses compared with the majority of the equity investment
training service providers, we cannot guarantee that we will be able to maintain or increase our course fees in the future without adversely
affecting the demand for our corporate business training services.</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to timely develop our courses in a cost-effective manner to make them appealing to existing and prospective clients,
or at all. </i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
our training courses cover topics regarding China&#8217;s rapidly evolving equity investment industry, we work closely with our instructors
on developing, updating and improving our course materials to stay abreast of the latest development trends in each subsector of the
industry. The adjustments, updates and expansions of our existing course content and the development of new course materials may not
be accepted by existing or prospective clients. Even if we are able to develop acceptable new course materials, we may not be able to
introduce them as quickly as clients require or as quickly as our competitors introduce competing offerings. Furthermore, offering new
course materials or upgrading existing ones may require us to commit significant resources and make significant investments in course
content development. If we are unsuccessful in pursuing course content development and upgrading opportunities due to the financial constraints,
failure to attract qualified instructors, or other factors, our ability to attract and retain clients could be impaired and our business,
results of operations and financial condition could be materially and adversely affected.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be subject to liability claims for any inappropriate or illegal content in our courses and any misconduct of our instructors or employees,
which could cause us to incur legal costs and damage our reputation. </i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
implement strict monitoring procedures to remove inappropriate or illegal content in our courses. However, we cannot assure you that
there will be no inappropriate or illegal materials included in our offline or online courses. Therefore, we may face civil, administrative
or criminal liability if an individual or corporate, governmental or other entity believes that the content of our courses violates any
laws, regulations or governmental policies or infringes upon its legal rights. In addition, in the event of accident or injuries or other
harm to our clients or other people during our course offerings, including those caused by or otherwise arising from the actions or negligence
of our employees or instructors, we could face negligence claims for inadequate security measures or lack of supervision of employees
or instructors. Even if such claim is not successful, defending such claim may cause us to incur substantial costs. Moreover, any accusation
of inappropriate or illegal content in our courses and any misconduct of our instructors or employees could lead to significant negative
publicity, which could harm our reputation and future business prospects.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Unauthorized
use of our intellectual property by third parties, and the expenses incurred in protecting our intellectual property rights, may adversely
affect our business, reputation and competitive edge. Intellectual property is crucial to our competitiveness and success. </i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unauthorized
use of our intellectual property may adversely affect our business and reputation. We rely on a combination of contractual restrictions,
confidentiality procedures, and intellectual property registrations to protect our intellectual property rights. Despite our efforts
to protect our proprietary rights, third parties may attempt to copy or otherwise obtain or use our intellectual property, including
seeking court declaration that they do not infringe upon our intellectual property rights. Monitoring unauthorized use of our intellectual
property is difficult and costly, and the steps we have taken may not fully prevent misappropriation of our intellectual property. We
may not be able to detect all such websites in a timely manner and, even if we could, technological measures may be insufficient to stop
their operations, and could require us to expend significant financial or other resources. Furthermore, the practice of intellectual
property rights enforcement action by Chinese regulatory authorities is at its early stage of development and is subject to significant
uncertainty. We may have to resort to litigation to enforce our intellectual property rights, which could result in substantial costs
and diversion of our resources, and thus may adversely affect our business. In addition, there is no assurance that we will be able to
enforce our intellectual property rights effectively or otherwise prevent others from the unauthorized use of our intellectual property.
Failure to adequately protect our intellectual property could materially and adversely affect our brand name and reputation, and our
business, results of operations and financial condition.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Third
parties may claim that we infringed their proprietary intellectual property rights, which could cause us to incur significant legal expenses
and prevent us from promoting our services.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
could be involved in litigation related to allegations of infringement of intellectual property rights. While we screen content offered
in our service offerings to avoid potential intellectual property right infringement, we may not be able to identify all instances of
infringement, especially those arising from content we source from others. Third parties may claim that, as the service provider delivering
such contents, we are also liable for any infringement upon the third parties&#8217; rights jointly with the content providers. We typically
rely on representations from third-party content providers that their contents do not infringe upon third parties&#8217; intellectual
property rights and on indemnification should any such representations become inaccurate and we suffer damages as a result, including
any damages resulting from third-party claims. However, indemnification may not be adequate in recovering our loss if the contents we
deliver indeed infringe upon valid patents, trademarks, copyrights or other intellectual property rights. Moreover, third parties may
also claim that the software or technologies we currently use in our business operations infringe their intellectual property rights,
which may subject us to potential liabilities. We have implemented operational protocols to use our best efforts to ensure compliance
with intellectual property laws. However, there can be no assurance that third-party right holders will not assert intellectual property
infringement or other related claims against us in the future. Defending against these claims is costly and can impose a significant
burden on our management and resources. Such claims may harm our reputation. Any liability or expenses resulting from such claims, or
necessary changes to our services to reduce the risk of future liability, may have a material adverse effect on our business, results
of operations and financial condition.</span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
face risk related to our collection and use of data, which could result in regulatory actions, litigations and negative publicity about
privacy and data protection practices. </i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
data capabilities are fundamental to our business operation. We face risks inherent in collecting and handling large volumes of data
and in protecting the security of such data. We could be subject to attacks to our systems by outside parties or fraudulent or inappropriate
behaviors by our employees or business partners. Third parties may also gain access to our data using computer malware, viruses, spamming,
phishing attacks or other means. Data breaches or any misconduct during the process of collection, storage and use of data, could result
in a violation of applicable data privacy and protection laws and regulations in China, and subject us to regulatory actions, investigations
or litigations. We could incur significant costs in investigating and defending against them and we could be subject to negative publicity
about our privacy and data protection practices that may affect our reputation in the marketplace. Our potential risk related to our
collection and use of data could require us to implement measures to reduce our exposure to liability, which may require us to expend
substantial resources and limit the attractiveness of our data and other services to clients.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Non-compliance
with law on the part of any third parties with which we conduct business could disrupt our business and adversely affect our results
of operations and financial condition. </i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third
parties with which we conduct business, such as third-party content providers and marketing service clients, may be subject to regulatory
penalties or punishments because of their regulatory compliance failures or may be infringing upon other parties&#8217; legal rights,
which may, directly or indirectly, disrupt our business. Although we conduct review of legal formalities and certifications before entering
into contractual relationships with third parties, and use our best efforts to take measures to reduce the risks that we may be exposed
to in case of any non-compliance by third parties, we cannot be certain whether such third party has violated any regulatory requirements
or infringed or will infringe any other parties&#8217; legal rights. For example, content providers may submit copyrighted content that
they have no right to distribute, and we may not be able to identify all instances of copyright infringement. In the event we release
content that violates copyrights of a third party on our online platforms, we may be required to pay damages to compensate such third
party. Even though we have the contractual right to seek indemnification from the relevant content provider for such payment, there can
be no assurance that we will be able to enforce such right. As a result, our business, results of operations and financial condition
could be materially and adversely affected. Similarly, advertisement content provided by our clients may also not be in full compliance
with applicable laws and regulations.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot rule out the possibility of incurring liabilities or suffering losses due to any non-compliance by third parties. We cannot assure
you that we will be able to identify irregularities or non-compliance in the business practices of third parties we conduct business
with, or that such irregularities or non-compliance will be corrected in a prompt and proper manner. Any legal liabilities and regulatory
actions affecting third parties involved in our business may affect our business activities and reputations, and may in turn affect our
business, results of operations and financial condition.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be involved in legal proceedings or arbitration claims, and the court rulings or arbitration award may not be favorable to us. </i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were not and currently are not involved in any litigation or arbitration proceedings pending or, to our knowledge, threatened against
us or any of our directors that could have a material and adverse effect on our reputation, business, financial condition or results
of operations. Therefore, no provision was made for legal proceedings or arbitration claims. However, we cannot assure you that there
will not be such proceedings or claims in the future or any proceedings or claims during the ordinary course of our business (including
but not limited to those in relation to contract disputes between us and our clients). We may also bring legal proceedings against others.
We may incur enormous legal costs and, if the outcomes of these legal proceedings or arbitration claims are unfavorable to us, we may
be confronted with significant legal liabilities, waste enormous legal costs incurred, and/or suffer financial or reputational damages,
which may materially and adversely affect our business, financial condition, and results of operations.</span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>A
severe or prolonged downturn in Chinese or global economy could materially and adversely affect our business, results of operations,
financial condition and prospects.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
global macroeconomic environment is facing challenges, including the US-China trade war, the end of quantitative easing and start of
interest rate hike by the U.S. Federal Reserve, the economic slowdown in the Eurozone since 2014, uncertainties over the impact of Brexit
and the Russian Federation&#8217;s invasion of Ukraine. The Chinese economy has shown slower growth since 2012 compared to the previous
decade and the trend may continue. There is considerable uncertainty over the long-term effects of the expansionary monetary and fiscal
policies adopted by the central banks and financial authorities of some of the world&#8217;s leading economies, including the United
States and China. There have been concerns over unrest and terrorist threats in the Middle East, Europe and Africa, which have resulted
in market volatility. There have also been concerns on the relationship between China and other countries, including the surrounding
Asian countries, which may potentially have economic effects. Recent international trade disputes, including tariff actions announced
by the United States, China and certain other countries, and the uncertainties created by such disputes may cause disruptions in the
international flow of goods and services and may adversely affect the Chinese economy as well as global markets and economic conditions.
In addition, the recent market panics over the global outbreak of COVID-19 and the drop in oil prices materially and negatively affected
the global financial markets, which may cause slowdown of the global economy. Economic conditions in China are sensitive to global economic
conditions, as well as changes in domestic economic and political policies and the expected or perceived overall economic growth rate
in China. Any severe or prolonged slowdown in Chinese or the global economy may materially and adversely affect our business, results
of operations, financial condition and prospects.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
may need additional capital, and we may be unable to obtain such capital in a timely manner or on acceptable terms, or at all. </i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
may require additional capital from time to time to grow our business, including to better serve our clients, develop new service offerings,
enhance our data collection and analytics capabilities and online platforms, improve our operating and technology infrastructure or conduct
acquisition of complementary businesses and technologies. Accordingly, we may need to sell additional equity or debt securities. Future
issuances of equity or equity-linked securities could significantly dilute our existing Shareholders, and any new equity securities we
issue could have rights, preferences and privileges superior to those of holders of our Class A Ordinary Shares. The incurrence of debt
financing would result in increased debt service obligations and could result in operating and financing covenants that would restrict
our operations or our ability to pay dividends to our shareholders.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our
ability to obtain additional capital is subject to a variety of uncertainties, including:</span></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our market
    position and competitiveness in the equity investment service industry;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our future profitability,
    overall financial condition, results of operations and cash flows;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general market conditions
    for fundraising activities by equity investment service providers in China; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">economic, political and
    other conditions in China and internationally.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
may be unable to obtain additional capital in a timely manner or on acceptable terms or at all. If we are unable to obtain adequate financing
on terms satisfactory to us when we require it, our ability to continue to support our business growth could be significantly impaired,
and our business and prospects could be materially and adversely affected.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
insurance coverage may not be adequate, which could expose us to significant costs and business disruption. </i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
have maintained insurance policies covering damages to certain of our properties. However, insurance companies in China generally do
not offer as extensive an array of insurance products as insurance companies do in countries with more developed economies. Consequently,
we do not maintain sufficient business interruption insurance, business liability insurance or key man life insurance, which are not
mandatory under PRC laws. Any business disruption, litigation or natural disasters, or any significant damages to our equipment or facilities
may cause to incur substantial costs and divert our resources, and we may have no insurance to cover such losses. As a result, our business,
results of operations and financial condition could be materially and adversely affected.</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
are an &#8220;emerging growth company&#8221; and we cannot be certain if the reduced disclosure requirements applicable to emerging growth
companies will make our Class A Ordinary Shares less attractive to investors.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
are an &#8220;emerging growth company&#8221; as defined in the JOBS Act, and we may take advantage of certain exemptions from various
reporting requirements that are applicable to other public companies that are not &#8220;emerging growth companies&#8221; including not
being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations
regarding executive compensation in our periodic reports and proxy statements and exemptions from the requirements of holding a nonbinding
advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. We cannot
predict if investors will find our Class A Ordinary Shares less attractive because we may rely on these exemptions. If some investors
find our Class A Ordinary Shares less attractive as a result, there may be a less active trading market for our Class A Ordinary Shares
and our stock price may be more volatile.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
addition, Section 107 of the JOBS Act also provides that an &#8220;emerging growth company&#8221; can take advantage of the extended
transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. An &#8220;emerging
growth company&#8221; can therefore delay the adoption of certain accounting standards until those standards would otherwise apply to
private companies. We are choosing to follow the extended transition period, and as a result, we will delay adoption of certain new or
revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
may undertake mergers, acquisition or investments to diversify or expand our business, which may pose risks to our business and dilute
the ownership of our existing shareholders, and we may not realize the anticipated benefits of these mergers, acquisition or investments.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
part of our growth and service diversification strategy, we may evaluate opportunities to acquire or invest in other business in the
industry. Mergers, investment or acquisitions that we may enter in the future entail a number of risks that could materially and adversely
affect our business, operating and financial results, including, among others:</span></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">problems integrating the
    acquired operations, technologies or products into our existing business;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">diversion of management&#8217;s
    time and attention from our core business;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">adverse effect on our existing
    business relationships with clients;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">need for financial resources
    above our planned investment levels;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">failures in realizing anticipated
    synergies;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulties in retaining
    business relationships with suppliers and clients of the acquired company;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">risks associated with entering
    markets in which we lack experience;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential loss of key employees
    of the acquired company; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential write-offs of
    acquired assets.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our
failure to address these risks successfully may have a material adverse effect on our financial condition and results of operations.
Any such acquisition or investment will likely require a significant amount of capital investment, which would decrease the amount of
cash available for working capital or capital expenditures. In addition, if we use our equity securities to pay for acquisitions; the
value of your Class A Ordinary Shares may be diluted. If we borrow funds to finance acquisitions, such debt instruments may contain restrictive
covenants that can, among other things, restrict us from distributing dividends.</span></p><div>

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


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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>RISKS
RELATED TO OUR CORPORATE STRUCTURE</b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
dual-class structure</i></b>&#160;<b><i>of our ordinary shares has the effect of concentrating voting control with our Chairman and Chief
Executive Officer, directors and their affiliates.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Each
of our Class B Ordinary Shares has 20 votes per share, and each of our Class&#160;A Ordinary Shares has 1 vote per share. Mr. Ruilin
Xu, our chairman of the board of directors and our chief executive officer, beneficially owns 4.38% of our total issued and outstanding
Class A Ordinary Shares and 100% of our total issued and outstanding Class B Ordinary Shares, representing 87.91% of our total voting
power. Because of the twenty-to-one voting ratio between our Class&#160;B and Class&#160;A Ordinary Shares, the holder of our Class&#160;B
Ordinary Shares will continue to control a majority of the combined voting power of our ordinary share and therefore be able to control
all matters submitted to our shareholders for approval so long as the collective voting power of the shares of Class&#160;B Ordinary
Shares represent more than 50%&#160;of the voting power of all outstanding shares of our Class&#160;A and Class&#160;B Ordinary Shares.
As a result, until such time as his collective voting power is below 50%, Mr. Xu as the controlling shareholder has substantial influence
over our business, including decisions regarding mergers, consolidations and the sale of all or substantially all of our assets, election
of directors and other significant corporate actions, such as (i) making amendments to our certificate of incorporation and by-laws,
(ii) whether to issue additional Class A Ordinary Shares, including to himself, (iii) employment decisions, including compensation arrangements,
and (iv) whether to enter into material transactions with related parties. The interests of Mr. Xu as the controlling shareholder may
differ from the interests of our other shareholders. He may take actions that are not in the best interests of us or our other shareholders.
These corporate actions may be taken even if they are opposed by our other shareholders.&#160;Further,&#160;concentration&#160;of ownership
of our Class B Ordinary Shares may discourage, prevent or delay the consummation of change of control transactions that shareholders
may consider favorable, including transactions in which shareholders might otherwise receive a premium for their shares. Future issuances
of Class B Ordinary Shares may also be dilutive to the holders of Class A Ordinary Shares. As a result, the market price of our Class
A Ordinary Shares could be adversely affected. The concentration in the ownership of our ordinary shares will limit the ability of holders
of our Class A Ordinary Shares to influence corporate matters for the foreseeable future and may cause a material decline in the value
of our Class A Ordinary Shares.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>As
a &#8220;controlled company&#8221; under the rules of the Nasdaq Capital Market, we may choose to exempt our company from certain corporate
governance requirements that could have an adverse effect on our public shareholders.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Mr.
Ruilin Xu, our chairman of the board of directors and our chief executive officer, beneficially owns 4.38% of our total issued and outstanding
Class A Ordinary Shares and 100%% of our total issued and outstanding Class B Ordinary Shares, representing 87.91% of our total voting
power. As such, Mr. Xu controls matters subject to a vote by our shareholders. Under Rule 4350I of the Nasdaq Capital Market, a company
of which more than 50% of the voting power is held by an individual, group or another company is a &#8220;controlled company&#8221; and
may elect&#160;not&#160;to comply with certain corporate governance requirements, including the requirement that a majority of our directors
be independent, as defined in the Nasdaq Capital Market Rules, and the requirement that our compensation and nominating and corporate
governance committees consist entirely of independent directors. Although we do not intend to rely on the &#8220;controlled company&#8221;
exemption under the Nasdaq listing rules, we could elect to rely on this exemption in the future. If we elect to rely on the &#8220;controlled
company&#8221; exemption, a majority of the members of our board of directors might not be independent directors and our nominating and
corporate governance and compensation committees might not consist entirely of independent directors. Accordingly, during any time we
remain a&#160;controlled company&#160;relying on the exemption and during any transition period following a time when we are no longer
a&#160;controlled company, you would not have the same protections afforded to shareholders of companies that are subject to all of the
Nasdaq Capital Market corporate governance requirements. Our status as a controlled company could cause our Class&#160;A Ordinary Shares
to look less attractive to certain investors or otherwise harm our trading price.</span></p><div>

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>You
may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because
we are incorporated under Cayman Islands law.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
are an exempted company incorporated under the laws of the Cayman Islands. Our corporate affairs are governed by our amended and restated
memorandum of association and articles of association, the Companies Act (As Revised) of the Cayman Islands (the &#8220;Companies Act&#8221;)
and the common law of the Cayman Islands. The rights of shareholders to take action against the directors, actions by minority shareholders
and the fiduciary duties of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman
Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands
as well as from the common law of England, the decisions of whose courts are of persuasive authority, but are not binding, on a court
in the Cayman Islands. The rights of our shareholders and the fiduciary duties of our directors under Cayman Islands law are not as clearly
established as they would be under statutes or judicial precedent in some jurisdictions in the United States. It may be difficult or
impossible for you to bring an action against us or against these individuals in the United States in the event that you believe that
your rights have been infringed under the U.S. federal securities laws or otherwise. Even if you are successful in bringing an action
of this kind, the laws of the Cayman Islands and of the PRC may render you unable to enforce a judgment against our assets or the assets
of our directors and officers. For more information regarding the relevant laws of the Cayman Islands and the PRC. In particular, the
Cayman Islands has a different body of securities laws than the United States. Some U.S. states, such as Delaware, have more fully developed
and judicially interpreted bodies of corporate law than the Cayman Islands. In addition, Cayman Islands companies may not have standing
to initiate a shareholder derivative action in a federal court of the United States. There is no statutory recognition in the Cayman
Islands of judgments obtained in the United States, although the courts of the Cayman Islands will in certain circumstances recognize
and enforce a non-penal judgment of a foreign court of competent jurisdiction without retrial on the merits.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Shareholders
of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records or to obtain
copies of lists of shareholders of these companies. Our directors have discretion under our articles of association 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. 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><div>

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>You
may be unable to present proposals before annual general meetings or extraordinary general meetings not called by shareholders.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Cayman
Islands law provides shareholders with only limited rights to convene a general meeting and does not provide shareholders with any right
to put any proposal before a general meeting. However, these rights may be provided in a company&#8217;s articles of association. Our
articles of association allow our shareholders holding shares representing in aggregate not less than 10 percent of our voting share
capital in issue, to convene a general meeting of our shareholders, in which case our directors are obliged to call such meeting. Advance
notice of at least 7 days is required for the convening of our general meetings. A quorum required for a meeting of shareholders consists
of at least one shareholder present or by proxy, representing a majority of the paid up voting share capital in the Company.</span></p><div>

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

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
Financial Action Task Force&#8217;s Increased Monitoring of the Cayman Islands.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
February 2021, the Cayman Islands was added to the Financial Action Task Force (&#8220;FATF&#8221;) list of jurisdictions whose anti-money
laundering practices are under increased monitoring, commonly referred to as the &#8220;FATF grey list.&#8221; When the FATF places a
jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies
within agreed timeframes and is subject to increased monitoring during that timeframe. In its October 2021 plenary, the FATF recognized
the progress made by the Cayman Islands to improve its anti-money laundering and counter-terrorist financing regime. Despite this recognition,
it is unclear how long this designation will remain in place and what ramifications, if any, the designation will have for the Company.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Cayman
Islands was added to the EU AML High-Risk Third Countries List.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
March 13, 2022, the European Commission (&#8220;EC&#8221;) updated its list of &#8216;high-risk third countries&#8217; (&#8220;EU AML
List&#8221;) identified as having strategic deficiencies in their anti-money laundering/counter-terrorist financing regimes to add nine
countries, including the Cayman Islands. The EC has noted it is committed to there being a greater alignment between the EU AML List
and the FATF listing process. The addition of the Cayman Islands to the EU AML List is a direct result of the inclusion of the Cayman
Islands on the FATF grey list in February 2021. It is unclear how long this designation will remain in place and what ramifications,
if any, the designation will have for the Company.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>RISKS
RELATED TO DOING BUSINESS IN CHINA</b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Because
all of our operations are in China, our business is subject to the complex and rapidly evolving laws and regulations there. The PRC 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 Class A Ordinary Shares.</i></b></span></p><div>

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

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delay or impede our development,</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Result in negative publicity
    or increase our operating costs,</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Require significant management
    time and attention, and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject us to remedies,
    administrative penalties and even criminal liabilities that may harm our business, including fines assessed for our current or historical
    operations, or demands or orders that we modify or even cease our business practices.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case that restrict or otherwise
unfavorably impact the ability or manner in which we conduct our business and could require us to change certain aspects of our business
to ensure compliance, which could decrease demand for our 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 Class A Ordinary Shares.</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Furthermore,
if the PRC&#160;government determines that our corporate structure does not comply with PRC regulations, or if these regulations change
or are interpreted differently in the future, our Class A Ordinary Shares may decline significantly in value or become worthless if the
determinations, changes or interpretations result in impermissibility of our corporate structure and our inability to assert control
over the assets of our PRC subsidiary that accordingly conduct all or substantially all of our operations.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
Chinese government&#160;has exercised and continues to exercise substantial control over virtually every sector of the Chinese economy.
Our ability to operate in China may be harmed by changes in its laws and regulations, including those relating to customer rights, taxation,
employment, property and other matters. The central or local governments of China may impose new, stricter regulations or interpretations
of existing regulations that would require additional expenditures and efforts on our part to ensure our compliance with such regulations
or interpretations. Accordingly, government actions in the future, including any decision not to continue to support recent economic
reforms and to return to a more centrally planned economy or regional or local variations in the implementation of economic policies,
could have a significant effect on economic conditions in China or particular regions thereof, and could require us to divest ourselves
of any interest we then hold in Chinese properties. Given recent statements by the Chinese government indicating an intent to exert more
oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers, any such action could
significantly limit or completely hinder our ability to continue to offer securities to investors and cause the value of such securities
to significantly decline or become worthless.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the
Opinions on Severely Cracking Down on Illegal Securities Activities According to Law, or the Opinions, which was made available to the
public on July&#160;6, 2021. The Opinions emphasized the need to strengthen the administration over illegal securities activities, and
the need to strengthen the supervision over overseas listings by Chinese companies. Effective measures, such as promoting the construction
of relevant regulatory systems, will be taken to deal with the risks and incidents of China-concept&#160;overseas listed companies. Such
future administrative measure or actions may have material adverse effects on future offering of our securities to investors, our listing
in the U.S. or our business operation, for example in the event that it is required that we should obtain permission from the Chinese
government to offer our securities to investors or list on U.S. exchanges, it is unpredictable whether such permission can be obtained
by us, as the case may be, or, if permission is obtained, whether it could be later denied or rescinded. If we, including our subsidiaries,
do not receive or maintain such permissions or approvals, or inadvertently conclude that such permissions or approvals are not required,
it could significantly limit or completely hinder our ability to offer or continue to offer our securities to investors, list in the
U.S. and cause the value of our securities to significantly decline or become worthless. As of the date of this Annual Report, we have
not received any inquiry, notice, warning, or sanctions from PRC government authorities in connection with the Opinions.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
June&#160;10, 2021, the Standing Committee of the National People&#8217;s Congress of China (the &#8220;SCNPC&#8221;), promulgated the
PRC Data Security Law, which took effect in September&#160;2021. The PRC Data Security Law imposes data security and privacy obligations
on entities and individuals carrying out data activities, and introduces a data classification and hierarchical protection system based
on the importance of data in economic and social development, and the degree of harm it will cause to national security, public interests,
or legitimate rights and interests of individuals or organizations when such data is tampered with, destroyed, leaked, illegally acquired
or used. The PRC Data Security Law also provides for a national security review procedure for data activities that may affect national
security and imposes export restrictions on certain data an information.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
early July&#160;2021, regulatory authorities in China launched cybersecurity investigations with regard to several China-based&#160;companies
that are listed in the United&#160;States. In July&#160;2021, the Chinese cybersecurity regulator launched the investigation on three
Internet platforms.</span></p><div>

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November&#160;14, 2021, the CAC released the
Regulations on the Network Data Security Management (Draft for Comments) (the &#8220;Data Security Management Regulations Draft&#8221;),
to solicit public opinion and comments. Pursuant to the Data Security Management Regulations Draft, data processor holding more than one
million users&#8217; individual information shall be subject to cybersecurity review before listing abroad. Data processing activities
refers to activities such as the collection, retention, use, processing, transmission, provision, disclosure, or deletion of data. According
to the latest amended Cybersecurity Review Measures, which was promulgated on December&#160;28, 2021 and became effective on February&#160;15,
2022, and replaced the Cybersecurity Review Measures promulgated on April&#160;13, 2020, online platform operator holding more than one
million users&#8217; individual information shall be subject to cybersecurity review before listing abroad. Since the Cybersecurity Review
Measures is new, the implementation and interpretation thereof is not yet clear. As of the date of this Annual Report, we have not been
informed by any PRC governmental authority of any requirement that we file for approval.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 30, 2021, the State Council promulgated
the Regulations on the Protection of the Security of Critical Information Infrastructure, or the Regulations, which took effect on September&#160;1,
2021. The Regulations supplement and specify the provisions on the security of critical information infrastructure as stated in the Cybersecurity
Review Measures. The Regulations provide, among others, that protection department of certain industry or sector shall notify the operator
of the critical information infrastructure in time after the identification of certain critical information infrastructure.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August&#160;20, 2021, the SCNPC promulgated
the Personal Information Protection Law of the PRC, or the Personal Information Protection Law, which took effect in November&#160;2021.
As the first systematic and comprehensive law specifically for the protection of personal information in the PRC, the Personal Information
Protection Law provides, among others, that (i)&#160;an individual&#8217;s consent shall be obtained to use sensitive personal information,
such as biometric characteristics and individual location tracking, (ii)&#160;personal information operators using sensitive personal
information shall notify individuals of the necessity of such use and impact on the individual&#8217;s rights, and (iii)&#160;where personal
information operators reject an individual&#8217;s request to exercise his or her rights, the individual may file a lawsuit with a People&#8217;s
Court.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 17, 2023, the CSRC issued the Trial
Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (the &#8220;Trial Administrative Measures&#8221;)
and relevant supporting guidelines (collectively, the &#8220;New Administrative Rules Regarding Overseas Listings&#8221;), which came
into force since March 31, 2023. According to the new administrative rules, among other things, a domestic company in the PRC that seeks
to offer and list securities in overseas markets shall fulfill the filing procedure with the CSRC as per requirement thereof. Initial
public offerings or listings in overseas markets shall be filed with the CSRC within 3 working days after the relevant application is
submitted overseas. If an issuer offers securities in the same overseas market where it has previously offered and listed securities subsequently,
filings shall be made with the CSRC within 3 working days after the offering is completed. Upon occurrence of any material event, such
as change of control, investigations or sanctions imposed by overseas securities regulatory agencies or other relevant competent authorities,
change of listing status or transfer of listing segment, or voluntary or mandatory delisting, after an issuer has offered and listed securities
in an overseas market, the issuer shall submit a report thereof to CSRC within 3 working days after the occurrence and public disclosure
of such event. Further, an overseas securities company that serves as a sponsor or lead underwriter for overseas securities offering and
listing by domestic companies shall file with the CSRC within 10 working days after signing its first engagement agreement for such business,
and submit to the CSRC, no later than January 31 each year, an Annual Report on its business activities in the previous year associated
with overseas securities offering and listing by domestic companies. If an overseas securities company has entered into engagement agreements
before the effectuation of the Trial Administrative Measures and is serving in practice as a sponsor or lead underwriter for overseas
securities offering and listing by domestic companies, it shall file with the CSRC within 30 working days after the Trial Administrative
Measures take effect.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 24, 2023, the CSRC promulgated the
Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies
(the &#8220;Confidentiality and Archives Administration Provisions&#8221;), which also became effective on March 31, 2023. The Confidentiality
and Archives Administration Provisions set out rules, requirements and procedures relating to provision of documents, materials and accounting
archives for securities companies, securities service providers, overseas regulators and other entities and individuals in connection
with overseas offering and listing, including without limitation to, domestic companies that carry out overseas offering and listing (either
in direct or indirect means) and the securities companies and securities service providers (either incorporated domestically or overseas)
that undertake relevant businesses shall not leak any state secret and working secret of government agencies, or harm national security
and public interest, and a domestic company shall first obtain approval from competent authorities according to law, and file with the
secrecy administrative department at the same level, if it plans to, either directly or through its overseas listed entity, publicly disclose
or provide any documents and materials that contain state secrets or working secrets of government agencies. Working papers produced in
the Chinese mainland by securities companies and securities service providers in the process of undertaking businesses related to overseas
offering and listing by domestic companies shall be retained in the Chinese mainland. Where such documents need to be transferred or transmitted
to outside the Chinese mainland, relevant approval procedures stipulated by regulations shall be followed.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Given that the above mentioned newly promulgated
laws, regulations and policies were recently promulgated or issued, their interpretation, application and enforcement are subject to substantial
uncertainties.</p><div>

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



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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>PRC laws and regulations governing our current
business operations are sometimes vague and uncertain. Uncertainties with respect to the PRC legal system,&#160;including uncertainties
regarding the enforcement of laws, and sudden or unexpected changes in laws and regulations in China with little advance notice could
have a material adverse effect on us and limit the legal protections available to you and us. </i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are substantial uncertainties regarding
the interpretation and application of PRC laws and regulations including, but not limited to, the laws and regulations governing our business
and the enforcement and performance of our arrangements with clients in certain circumstances. The laws and regulations are sometimes
vague and may be subject to future changes, and their official interpretation and enforcement could be unpredictable, with little advance
notice. The effectiveness and interpretation of newly enacted laws or regulations, including amendments to existing laws and regulations,
may be delayed, and our business may be affected if we rely on laws and regulations which are subsequently adopted or interpreted in a
manner different from our current understanding of these laws and regulations. New laws and regulations that affect existing and proposed
future businesses may also be applied retroactively. We cannot predict what effect the interpretation of existing or new PRC laws or regulations
may have on our business.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The PRC legal system is based on written statutes.
Prior court decisions are encouraged to be used for reference but it remains unclear to what extent the prior court decisions may impact
the current court ruling as the encouragement policy is new and there is limited judicial practice in this regard. We conduct our business
primarily through our subsidiary established in China.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This subsidiary is generally subject to laws and
regulations applicable to foreign investment in China. However, since these laws and regulations are relatively new and the PRC legal
system continues to rapidly evolve, the interpretations of many laws, regulations and rules are not always uniform and enforcement of
these laws, regulations and rules involves uncertainties, which may limit legal protections available to us. In addition, any new changes
in PRC laws and regulations related to foreign investment in China could affect the business environment and our ability to operate our
business in China. Recently, the General Office of the Central Committee of the Communist Party of China and the General Office of the
State Council jointly issued the &#8220;Opinions on Severely Cracking Down on Illegal Securities Activities According to Law,&#8221; or
the Opinions, which was made available to the public on July&#160;6, 2021. The Opinions emphasized the need to strengthen the administration
over illegal securities activities, and the need to strengthen the supervision over overseas listings by Chinese companies. Effective
measures, such as promoting the construction of relevant regulatory systems will be taken to deal with the risks and incidents of China-concept&#160;overseas
listed companies, and cybersecurity and data privacy protection requirements, etc. The Opinions and any related implementing rules to
be enacted may subject us to compliance requirement in the future. In addition, some regulatory requirements issued by certain PRC government
authorities may not be consistently applied by other government authorities (including local government authorities), thus making strict
compliance with all regulatory requirements impractical, or in some circumstances impossible. For example, we may have to resort to administrative
and court proceedings to enforce the legal protection that we enjoy either by law or contract. However, since PRC administrative and court
authorities have discretion in interpreting and implementing statutory and contractual terms, it may be more difficult to predict the
outcome of administrative and court proceedings and the level of legal protection we enjoy than in more developed legal systems. These
uncertainties may impede our ability to enforce the contracts we have entered into with our business partners, clients and suppliers.
In addition, such uncertainties, including any inability to enforce our contracts, together with any development or interpretation of
PRC law that is adverse to us, could materially and adversely affect our business and operations. Furthermore, intellectual property rights
and confidentiality protections in China may not be as effective as in the United&#160;States or other more developed countries and the
PRC legal system is based in part on government policies and internal rules, some of which are not published on a timely basis or at all
and may have retroactive effects. As a result, we may not be aware of our violation of any of these policies and rules until sometime
after the violation. Such unpredictability towards our contractual, property, and procedural rights could adversely affect our business
and impede our ability to continue our operations. We cannot predict the effect of future developments in the PRC legal system, including
the promulgation of new laws, changes to existing laws or the interpretation or enforcement thereof, or the preemption of local regulations
by national laws. These uncertainties could limit the legal protections available to us and other foreign investors, including you. In
addition, any litigation in China may be protracted and result in substantial costs and diversion of our resources and management attention.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The PRC government has
significant oversight and discretion over the conduct of our business and may intervene or influence our operations as the government
deems appropriate to further regulatory, political and societal goals. The PRC government has recently published new policies that significantly
affected certain industries such as the education and internet industries, and we cannot rule out the possibility that it will in the
future release regulations or policies regarding our industry that could adversely affect our business, financial condition and results
of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, if China adopts more stringent standards
with respect to certain areas such as corporate social responsibilities, we may incur increased compliance costs or become subject to
additional restrictions in our operations. We cannot predict the effects of future developments in the PRC legal system on our business
operations, including the promulgation of new laws, or changes to existing laws or the interpretation or enforcement thereof. These uncertainties
could limit the legal protections available to us and our investors, including you.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Recent greater oversight by the CAC over
data security, particularly for companies seeking to list on a foreign exchange, could adversely impact our business and our securities
offering.</i></b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 28, 2021, the CAC, together with 12
other governmental departments of the PRC, jointly promulgated the Cybersecurity Review Measures, which became on February 15, 2022. The
Cybersecurity Review Measures provides that, in addition to critical information infrastructure operators that intend to purchase Internet
products and services, data processing operators engaging in data processing activities that affect or may affect national security must
be subject to cybersecurity review by the Cybersecurity Review Office of the PRC. According to the Cybersecurity Review Measures, a cybersecurity
review assesses potential national security risks that may be brought about by any procurement, data processing, or overseas listing.
The Cybersecurity Review Measures further requires that critical information infrastructure operators and data processing operators that
possess personal data of at least one million users must apply for a review by the Cybersecurity Review Office of the PRC before conducting
listings in foreign countries.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 14, 2021, the CAC published the Data
Security Management Regulations Draft, which provides that data processing operators engaging in data processing activities that affect
or may affect national security must be subject to network data security review by the relevant Cyberspace Administration of the PRC.
According to the Data Security Management Regulations Draft, data processing operators who possess personal data of at least one million
users or collect data that affects or may affect national security must be subject to network data security review by the relevant Cyberspace
Administration of the PRC. On July 7, 2022, the CAC promulgated the Measures for the Security Assessment of Outbound Data Transfers, or
the Measures, which will become effective from September 1, 2022. The Measures shall apply to the security assessment of the provision
of important data and personal information collected and generated by data processors in the course of their operations within the territory
of the PRC by such data processors to overseas recipients. The Measures stipulates the circumstances under which security assessment of
outbound data transfers should be declared, including: (i) outbound transfer of important data by a data processor; (ii) outbound transfer
of personal information by a critical information infrastructure operator or a personal information processor who has processed the personal
information of more than one million people; (iii) outbound transfer of personal information by a personal information processor who has
made outbound transfers of the personal information of one million people cumulatively or the sensitive personal information of 10,000
people cumulatively since January 1 of the previous year; or (iv) other circumstances where an application for the security assessment
of an outbound data transfer is required as prescribed by the national cyberspace administration authority. Based on the relevant regulations
relating to outbound data transfer in the Cybersecurity Law, the Data Security Law, and the Personal Information Protection Law, the Measures
provide the scope, conditions and procedures of security assessment of outbound data transfer and thereby provide specific guidelines
for security assessment of outbound data transfers.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that we are in compliance with the
current data security, cybersecurity, and other regulations and policies issued by the CAC, and we have not received any inquiry, notice,
warning, or sanctions from the CAC or other PRC governmental authorities for violation of those regulations or policies to date. However,
since many of those regulations or policies are relatively new, there remains significant uncertainty as to their interpretation and implementation.
If PRC governmental authorities interpret or implement those regulations or policies in a way different from us and conclude that there
are violations by us in the future, or new laws, regulations, rules, or detailed implementation and interpretation are adopted that result
in noncompliance by us, we may be subject to fines, penalties or other sanctions, which may have a significant adverse impact on our financial
position, operations and the value of our Class A Ordinary Shares. As of the date of this Annual Report, we have not received any notice
from any authorities identifying our PRC subsidiary as a critical information infrastructure operator or requiring us to go through cybersecurity
review or network data security review by the CAC. We believe that our listing in the U.S. will not be affected by the Cybersecurity Review
Measures, Data Security Management Regulations Draft or the Measures, and our PRC operations will not be subject to cybersecurity review
or network data security review by the CAC, because our business does not rely on the collection of user data or implicate cybersecurity
and we do not possess more than one million users&#8217; individual information. There remains uncertainty, however, as to how the Cybersecurity
Review Measures, the Data Security Management Regulations Draft and the Measures will be interpreted or implemented and whether the PRC
regulatory agencies, including the CAC, may adopt new laws, regulations, rules, or detailed implementation and interpretation related
to the Cybersecurity Review Measures, the Data Security Management Regulations Draft and the Measures. If any such new laws, regulations,
rules, or implementation and interpretation come into effect, we will take all reasonable measures and actions to comply and to minimize
the adverse effect of such laws on us. We cannot guarantee, however, that we will not be subject to cybersecurity review or network data
security review in the future.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Under the rules for cross-border provision
and examination of auditing records and other materials in connection with overseas securities issuance and listing in the PRC, the PRC
government may impose more stringent requirement for domestic Chinese companies to share business and accounting records with foreign
auditing firms and other securities service institutions, which could significantly limit or completely hinder our ability to continue
to offer our Ordinary Shares to investors and could cause the value of our Ordinary Shares to significantly decline or become worthless.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Confidentiality and Archives Administration
Provisions promulgated by the CSRC on February 24, 2023, which became effective on March 31, 2023, require that, before providing or publicly
disclosing documents and materials involving state secrets or government work secrets to securities companies, securities service institutions,
or overseas regulators, the domestic enterprises shall seek approval from the relevant government regulators, and make filings with the
secret protection administration at the same level.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Confidentiality and Archives Administration
Provisions expand the scope of the regulations from &#8220;state secrets&#8221; to &#8220;state secrets and work secrets of government
agencies.&#8221; However, the provisions do not define the scope of such secrets, but merely provide that in case where it is unclear
or disputed as to whether state secrets are involved, the relevant state secret protection regulator shall make final the determination;
in case where it is unclear or disputed as to whether government work secrets are involved, the relevant government regulator shall make
final the determination.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Confidentiality and Archives Administration
Provisions mandates that domestic enterprises needs to follow due procedures in compliance with applicable national regulations before
furnishing accounting records or copies of accounting records to relevant securities companies, securities service institutions, and overseas
regulators. Working papers produced in the Chinese mainland by securities companies and securities service providers in the process of
undertaking businesses related to overseas offering and listing by domestic companies shall be retained in the Chinese mainland. Where
such documents need to be transferred or transmitted to outside the Chinese mainland, relevant approval procedures stipulated by regulations
shall be followed.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since the Confidentiality and Archives Administration
Provisions are newly promulgated, and the interpretation and implementation are not very clear, we cannot assure you that whether we will
be required to undergo any approval, filing or other procedures in relation to the provision of auditing records and other materials in
connection with our listing on the Nasdaq or we will be able to receive clearance of such regulatory requirements in a timely manner,
or at all, in the future. The PRC regulatory authorities may impose fines and penalties upon our operations in the PRC, limit our operating
privileges in the PRC, or take other actions that could have a material adverse effect upon our business, financial condition, results
of operations, reputation and prospects, as well as the trading price of our Ordinary Shares. The CSRC or other PRC regulatory agencies
may also require us, or make it advisable for us, to terminate our listing. Any failure of us to fully comply with new regulatory requirements
may significantly limit or completely hinder our ability to continue to offer the Class A Ordinary Shares, cause significant disruption
to our business operations, severely damage our reputation, materially and adversely affect our financial condition and results of operations,
and cause the Class A Ordinary Shares to significantly decline in value or become worthless.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Changes in China&#8217;s economic, political
or social conditions or government policies, which could occur quickly with little advance notice, could have a material adverse effect
on our business and operations.</i></b></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While the Chinese economy has experienced significant
growth over past decades, growth has been uneven, both geographically and among various sectors of the economy. Any adverse changes in
economic conditions in the PRC, in the policies of the PRC government or in the laws and regulations in the PRC, which may occur quickly
with little advance notice, could have a material adverse effect on the overall economic growth of the PRC. Such developments could adversely
affect our business and operating results, lead to a reduction in demand for our services and adversely affect our competitive position.
The PRC government has implemented various measures to encourage economic growth and guide the allocation of resources. Some of these
measures may benefit the overall Chinese economy, but may have a negative effect on us. For example, our financial condition and results
of operations may be adversely affected by government control over capital investments or changes in tax regulations. In addition, in
the past the PRC government has implemented certain measures, including interest rate adjustment, to control the pace of economic growth.
These measures may cause decreased economic activity in the PRC, which may adversely affect our business and operating results. In addition,
although these government involvements have been instrumental in China&#8217;s significant growth, if the PRC government&#8217;s current
or future policies fail to help the Chinese economy achieve further growth, our growth rate or strategy, our results of operations could
also be adversely affected as a result.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have been subject to stricter regulatory requirements
in terms of entering into labor contracts with our employees and paying various statutory employee benefits, including pensions, housing
fund, medical insurance, work-related injury insurance, unemployment insurance and childbearing insurance to designated government agencies
for the benefit of our employees. Pursuant to the PRC Labor Contract Law, or the Labor Contract Law, that became effective in January
2008 and was last amended in December 2012 and its implementing rules that became effective in September 2008, employers are subject to
stricter requirements in terms of signing labor contracts, minimum wages, paying remuneration, determining the term of employees&#8217;
probation and unilaterally terminating labor contracts. In the event that we decide to terminate some of our employees or otherwise change
our employment or labor practices, the Labor Contract Law and its implementation rules may limit our ability to effect those changes in
a desirable or cost-effective manner, which could adversely affect our business and results of operations. Furthermore, the Labor Contract
Law sets forth additional restrictions and increases the costs involved with dismissing employees. In addition, for employees whose employment
contracts include noncompetition terms, the Labor Contract Law requires us to pay monthly compensation after such employment is terminated,
which will increase our operating expenses. We expect that our labor costs, including wages and employee benefits, will continue to increase.
Companies operating in China are also required to withhold individual income tax on employees&#8217; salaries based on the actual salary
of each employee upon payment. We believe our current practice complies with the Labor Contract Law and its amendments. However, the relevant
governmental authorities may take a different view and impose fines on us.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As the interpretation and implementation of labor-related
laws and regulations are still evolving, we cannot assure you that our employment practice does not and will not violate labor-related
laws and regulations in China, which may subject us to labor disputes or government investigations. If we are deemed to have violated
relevant labor laws and regulations, we could be required to provide additional compensation to our employees and be subject to orders
by competent labor authorities for rectification, and failure to comply with the orders may further subject us to administrative fines.
We may also be subject to late fees and fines in relation to the under-withheld individual income tax. In any of such events, our business,
financial condition and results of operations could be materially and adversely affected.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Failure to comply with relevant regulation
regarding the leased property of our PRC subsidiary may cause interruptions to its business operations.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this Annual Report, the construction
plan for one leased property of our PRC subsidiary is inconsistent with the project planning permit, and there may be risks that the lessor
would be punished by the relevant authorities due to inconsistency, and therefore our PRC subsidiary may not be able to continue to occupy
and use such property. Our PRC subsidiary may be forced to relocate. We cannot assure you that our PRC subsidiary will be able to find
a suitable replacement sites on terms acceptable to it on a timely basis.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The transfer of funds, dividends and other
distributions between us and our subsidiaries is subject to restriction.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a holding company, we may rely on transfer
of funds, dividends and other distributions on equity paid by our subsidiaries in mainland China and Hong Kong for our cash and financing
requirements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this Annual Report, there has
been no cash flows, including dividends, transfers and distributions, between KingWin and its subsidiaries. In the future, cash proceeds
raised from overseas financing activities, will be&#160;transferred by us to our subsidiaries via capital contributions or shareholder
loans, as the case may be. Such cash proceeds will&#160;be transferred by KingWin to KingWin BVI, and then KingWin HK, then transferred
to Tiancheng Jinhui, via capital contributions or shareholder loans, as the case may be.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to keep any future earnings to re-invest
in and finance the expansion of the business of the PRC operating entity, and we do not anticipate that any cash dividends will be paid
in the foreseeable future to our U.S. investors. Under Cayman Islands law, a Cayman Islands company may pay a dividend on its shares out
of profits of the company or its share premium amount or a combination of both, provided that in no circumstances may a dividend be paid
if this would result in the company being unable to pay its debts as they fall due in the ordinary course of business. In order for us
to pay dividends to our shareholders, we may rely on the distribution of profits of the PRC operating entity to the Hong Kong subsidiary.
PRC regulations currently permit the payment of dividends only out of accumulated profits, as determined in accordance with accounting
standards and PRC regulations. The PRC government imposes controls on the conversion of RMB into foreign currencies and the remittance
of currencies out of the PRC. In addition, the Enterprise Income Tax Law and its implementation rules provide that a withholding tax at
a rate of 10% will be applicable to dividends payable by Chinese companies to enterprises outside of mainland China unless reduced under
treaties or arrangements between the PRC central government and the governments of other countries or regions where the enterprises outside
of mainland China are tax resident.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Foreign currency exchange regulation in the PRC
is primarily governed by Foreign Exchange Administration Regulations, most recently revised by the State Council on August 5, 2008, Notice
on Further Simplifying and Improving Policies of Foreign Exchange Administration on Direct Investment issued by SAFE on February 13, 2015
and most recently amended on December 30, 2019, and the Provisions on the Administration of Settlement, Sale and Payment of Foreign Exchange
promulgated by the People&#8217;s Bank of China on June 20, 1996. Currently, RMB is convertible for current account items, including the
distribution of dividends, interest payments, trade and service related foreign exchange transactions. Renminbi is generally freely convertible
for payments of current account items, such as trade and service-related foreign exchange transactions, interest and dividend payments,
but not freely convertible for capital account items, such as direct investment, loan or investment in securities outside China, unless
prior approval of State Administration of Foreign Exchange, or the SAFE, or its local office has been obtained. Capital investments by
foreign enterprises are also subject to the regulations of the National Development and Reform Commission of China (the &#8220;NDRC&#8221;),
the MOFCOM and the SAFE.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Therefore, KingWin and its subsidiaries may experience
difficulties in completing the administrative procedures necessary to obtain and remit foreign currency for the payment of dividends from
our profits, if any.</p><div>



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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>To the extent any funds or assets in the
business is in mainland China or Hong Kong or a mainland China or Hong Kong entity, the funds or assets may not be available to fund operations
or for other use outside of mainland China or Hong Kong.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>To the extent
funds are generated in our PRC operating subsidiary, and may need to be used to fund operations outside of mainland China, such funds
may not be available due to limitations placed by the PRC government. Furthermore, to the extent assets (other than cash) in our business
are located in mainland China or held by a mainland China entity, the assets may not be available to fund operations or for other use
outside of mainland China due to interventions in or the imposition of restrictions and limitations on the ability of us and our subsidiaries
to transfer assets by the PRC government. </span>Based on our understanding of the Hong Kong laws and regulations, as of the date of this
Annual Report, there is no restriction imposed by the Hong Kong government on the transfer of capital within, into and out of Hong Kong
(including funds from Hong Kong to mainland China), except transfer of funds involving money laundering and criminal activities. Notwithstanding
the foregoing, <span>if certain PRC laws and regulations, including existing laws and regulations and
those enacted or promulgated in the future were to become applicable to our Hong Kong subsidiary in the future, and to the extent cash
is generated in our Hong Kong subsidiary, and to the extent assets (other than cash) in our business are located in Hong Kong or held
by a Hong Kong entity and may need to be used to fund operations outside of Hong Kong, such funds or assets may not be available due to
interventions in or the imposition of restrictions and limitations on the ability of us and our subsidiaries to transfer funds or assets
by the PRC government. Furthermore, there can be no assurance that the PRC government will not intervene or impose restrictions or limitations
on our ability to transfer or distribute cash, which could result in an inability or prohibition on making transfers or distributions
to entities outside of mainland China and Hong Kong and adversely affect our business. </span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>PRC regulation of loans and direct investment
by offshore holding companies to PRC entities may delay or prevent us from using the proceeds of our recent initial public offering to
make loans or additional capital contributions to our PRC subsidiary, which could materially and adversely affect our liquidity and our
ability to fund and expand our business.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are an offshore holding company conducting
our operations in China through our subsidiary established in China. We may make loans to our PRC subsidiary subject to the approval from
governmental authorities and limitation of amount, or we may make additional capital contributions to our wholly foreign-owned subsidiary
in China.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any loans to our wholly foreign-owned subsidiary
in China, which are treated as foreign-invested enterprises under PRC law, are subject to PRC regulations and foreign exchange loan registrations.
For example, loans by us to our wholly foreign-owned subsidiary in China to finance their activities must be registered with the local
counterpart of SAFE. In addition, a foreign invested enterprise shall use its capital pursuant to the principle of authenticity and self-use
within its business scope. The capital of a foreign invested enterprise shall not be used for the following purposes: (i) directly or
indirectly used for payment beyond the business scope of the enterprises or the payment prohibited by relevant laws and regulations; (ii)
directly or indirectly used for investment in securities or investments other than banks&#8217; principal-secured products unless otherwise
provided by relevant laws and regulations; (iii) the granting of loans to non-affiliated enterprises, except where it is expressly permitted
in the business license; and (iv) paying the expenses related to the purchase of real estate that is not for self-use (except for the
foreign-invested real estate enterprises).</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SAFE promulgated the Notice of the State Administration
of Foreign Exchange on Reforming the Administration of Foreign Exchange Settlement of Capital of Foreign-invested Enterprises, or SAFE
Circular 19, effective June 2015, in replacement of the Circular on the Relevant Operating Issues Concerning the Improvement of the Administration
of the Payment and Settlement of Foreign Currency Capital of Foreign-Invested Enterprises, the Notice from the State Administration of
Foreign Exchange on Relevant Issues Concerning Strengthening the Administration of Foreign Exchange Businesses, and the Circular on Further
Clarification and Regulation of the Issues Concerning the Administration of Certain Capital Account Foreign Exchange Businesses. According
to SAFE Circular 19, the flow and use of the RMB capital converted from foreign currency-denominated registered capital of a foreign-invested
company is regulated such that RMB capital may not be used for the issuance of RMB entrusted loans, the repayment of inter-enterprise
loans or the repayment of banks loans that have been transferred to a third party. Although SAFE Circular 19 allows RMB capital converted
from foreign currency-denominated registered capital of a foreign-invested enterprise to be used for equity investments within China,
it also reiterates the principle that RMB converted from the foreign currency-denominated capital of a foreign-invested company may not
be directly or indirectly used for purposes beyond its business scope. SAFE promulgated the Notice of the State Administration of Foreign
Exchange on Reforming and Standardizing the Foreign Exchange Settlement Management Policy of Capital Account, or SAFE Circular 16, effective
on June 9, 2016, which reiterates some of the rules set forth in SAFE Circular 19, but changes the prohibition against using RMB capital
converted from foreign currency-denominated registered capital of a foreign-invested company to issue RMB entrusted loans to a prohibition
against using such capital to issue loans to non-associated enterprises. Violations of SAFE Circular 19 and SAFE Circular 16 could result
in administrative penalties. SAFE Circular 19 and SAFE Circular 16 may significantly limit our ability to transfer any foreign currency
we hold, including the net proceeds from our recent initial public offering, to our PRC subsidiary, which may adversely affect our liquidity
and our ability to fund and expand our business in China. On October 23, 2019, the SAFE promulgated the Notice of the State Administration
of Foreign Exchange on Further Promoting the Convenience of Cross-border Trade and Investment, or the SAFE Circular 28, which, among other
things, allows all foreign-invested companies to use Renminbi converted from foreign currency-denominated capital for equity investments
in China, as long as the equity investment is genuine, does not violate applicable laws, and complies with the negative list on foreign
investment. However, since the SAFE Circular 28 is newly promulgated, it is unclear how SAFE and competent banks will carry this out in
practice.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In light of the various requirements imposed by
PRC regulations on loans to and direct investment in PRC entities by offshore holding companies, we cannot assure you that we will be
able to complete the necessary government registrations or obtain the necessary government approvals on a timely basis, if at all, with
respect to future loans to our PRC subsidiary or future capital contributions by us to our wholly foreign-owned subsidiary in China. As
a result, uncertainties exist as to our ability to provide prompt financial support to our PRC subsidiary when needed. If we fail to complete
such registrations or obtain such approvals, our ability to use the proceeds that we received from our recent initial public offering
and to capitalize or otherwise fund our PRC operations may be negatively affected, which could materially and adversely affect our liquidity
and our ability to fund and expand our business.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may rely on dividends and other distributions
on equity paid by our PRC subsidiary to fund any cash and financing requirements we may have, and any limitation on the ability of our
PRC subsidiary to make payments to us could have a material and adverse effect on our ability to conduct our business.</i></b></p><div>

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

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

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

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

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

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

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Fluctuations in exchange rates could have
a material adverse effect on our results of operations and the price of our Class A Ordinary Shares.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our revenues and expenditures are denominated
in RMB, whereas our reporting currency is the USD. As a result, fluctuations in the exchange rate between the USD and RMB will affect
the relative purchasing power, in RMB terms, of our USD assets. Our reporting currency is the USD, while the functional currency for our
PRC subsidiary is RMB. Gains and losses from the re-measurement of assets and liabilities receivable or payable in RMB are included in
our consolidated statements of operations. The re-measurement has caused the USD value of our results of operations to vary with exchange
rate fluctuations, and the USD value of our results of operations will continue to vary with exchange rate fluctuations. A fluctuation
in the value of RMB relative to the USD could reduce our profits from operations and the translated value of our net assets when reported
in USD in our financial statements. This change in value could negatively impact our business, financial condition, or results of operations
as reported in USD. In the event that we decide to convert our RMB into USD to make payments for dividends on our Class A Ordinary Shares
or for other business purposes, appreciation of the USD against the RMB will harm the USD amount available to us. In addition, fluctuations
in currencies relative to the periods in which the earnings are generated may make it more difficult to perform period-to-period comparisons
of our reported results of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The value of the RMB against the USD and other
currencies is affected by, among other things, changes in China&#8217;s political and economic conditions and China&#8217;s foreign exchange
policies. On July 21, 2005, the PRC government changed its decades-old policy of pegging the value of the RMB to the USD, and the RMB
appreciated more than 20% against the USD over the following three years. However, the People&#8217;s Bank of China, or PBOC, regularly
intervenes in the foreign exchange market to limit fluctuations in RMB exchange rates and achieve policy goals. Between July 2008 and
June 2010, the exchange rate between the RMB and the USD had been stable and traded within a narrow range. Since June 2010, the RMB has
fluctuated against the USD, at times significantly and unpredictably. Since October 1, 2016, Renminbi has joined the International Monetary
Fund (&#8220;IMF&#8221;)&#8217;s basket of currencies that make up the Special Drawing Right (&#8220;SDR&#8221;) and includes the USD,
the Euro, the Japanese yen, and the British pound. In the fourth quarter of 2016, the RMB depreciated significantly in the backdrop of
a surging USD and persistent capital outflows of China. With the development of the foreign exchange market and progress towards interest
rate liberalization and Renminbi internationalization, the PRC government may announce further changes to the exchange rate system. We
cannot assure you that the Renminbi will not appreciate or depreciate significantly in value against the USD in the future. It is difficult
to predict how market forces or the PRC or U.S. government policy may impact the exchange rate between the Renminbi and the USD in the
future.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There remains significant international pressure
on the PRC government to adopt a flexible currency policy. Any significant appreciation or depreciation of the RMB may materially and
adversely affect our revenues, earnings and financial position, and the value of, and any dividends payable on, our Class A Ordinary Shares
in USD. For example, to the extent that we need to convert USD we receive from our initial public offering into RMB to pay our operating
expenses, appreciation of the RMB against the USD would adversely affect the RMB amount we would receive from the conversion. Conversely,
a significant depreciation of the RMB against the USD may significantly reduce the USD equivalent of our earnings, which in turn could
adversely affect the price of our Class A Ordinary Shares.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Very limited hedging options are available in
China to reduce our exposure to exchange rate fluctuations. To date, we have not entered into any hedging transactions to reduce our exposure
to foreign currency exchange risk. While we may decide to enter into hedging transactions in the future, the availability and effectiveness
of these hedges may be limited. We may not be able to hedge our exposure adequately. In addition, our currency exchange losses may be
magnified by PRC exchange control regulations that restrict our ability to convert RMB into foreign currency. As a result, fluctuations
in exchange rates may have a material adverse effect on the price of our Class A Ordinary Shares.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>There are significant legal and other obstacles
to obtaining information needed for shareholder investigations or litigation outside China or otherwise with respect to foreign entities.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conduct substantially all of our business operations
in China, and a majority of our directors and senior management are based in China, which is an emerging market. The SEC, U.S. Department
of Justice and other authorities often have substantial difficulties in bringing and enforcing actions against non-U.S. companies and
non-U.S. persons, including company directors and officers, in certain emerging markets, including China. Additionally, our public shareholders
may have limited rights and few practical remedies in emerging markets where we operate. While shareholder claims are common in the United
States, including class action securities law and fraud claims, shareholders are generally difficult to pursue as a matter of law or practicality
in many emerging markets, including China. For example, in China, there are significant legal and other obstacles to obtaining information
needed for shareholder investigations or litigation outside China or otherwise with respect to foreign entities. Although the local authorities
in China may establish a regulatory cooperation mechanism with the securities regulatory authorities of another country or region to implement
cross-border supervision and administration, the regulatory cooperation with the securities regulatory authorities in the Unities States
has not been efficient in the absence of a mutual and practical cooperation mechanism. According to Article 177 of the PRC Securities
Law which became effective in March 2020, no foreign securities regulator is allowed to directly conduct investigation or evidence collection
activities within the territory of the PRC. Accordingly, without the consent of the competent PRC securities regulators and relevant authorities,
no organization or individual may provide the documents and materials relating to securities business activities to foreign securities
regulators.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>You may experience difficulties in effecting
service of legal process, enforcing foreign judgments or bringing actions in China against us or our management.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conduct substantially all of our operations
in China, and substantially all of our assets are located in China, which is an emerging market. In addition, other than our independent
director Kenneth K. Cheng, all of our directors and officers are nationals or residents of countries other than the United States, and
a substantial portion of the assets of these persons is located outside the United States. As a result, it may be difficult for our shareholders
to effect service of process upon us or those persons inside the PRC.&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It may also be difficult for you to enforce the
U.S. courts judgments obtained in U.S. courts, including judgments based on the civil liability provisions of the U.S. federal securities
laws against us and our officers and directors, many of whom are not residents in the United States, and whose significant part of assets
are located outside of the United States. In addition, there is uncertainty as to whether the courts of the Cayman Islands or the PRC,
respectively, would recognize or enforce judgments of U.S. courts against us or such persons predicated upon the civil liability provisions
of the securities laws of the United States or any state. In addition, it is uncertain whether such Cayman Islands or PRC courts would
entertain original actions brought in the courts of the Cayman Islands or the PRC against us or such persons predicated upon the securities
laws of the United States or any state.&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Specifically, regarding judgment enforcement in
the PRC, the recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedures Law. PRC courts may recognize
and enforce foreign judgments in accordance with the requirements of the PRC Civil Procedures Law based either on treaties between China
and the country where the judgment is made or on principles of reciprocity between jurisdictions. China does not have any treaties or
other forms of reciprocal arrangement with the United States that provide for the reciprocal recognition and enforcement of foreign judgments.
In addition, according to the PRC Civil Procedures Law, the PRC courts will not enforce a foreign judgment against us or our directors
and officers if they decide that the judgment violates the basic principles of PRC laws or national sovereignty, security or public interest
of the PRC. As a result, it is uncertain whether and on what basis a PRC court would enforce a judgment rendered by a court in the U.S.</p><div>

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

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

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

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

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

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

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under SAFE Circular 37, PRC residents who make,
or have prior to the implementation of SAFE Circular 37 made, direct or indirect investments in offshore SPVs, will be required to register
such investments with SAFE or its local branches. In addition, any PRC resident who is a direct or indirect shareholder of an SPV is required
to update its filed registration with the local branch of SAFE with respect to that SPV, to reflect any material change. Moreover, any
subsidiary of such SPV in China is required to urge the PRC resident shareholders to update their registration with the local branch of
SAFE. If any PRC shareholder of such SPV fails to make the required registration or to update the previously filed registration, the subsidiary
of such SPV in China may be prohibited from distributing its profits or the proceeds from any capital reduction, share transfer or liquidation
to the SPV, and the SPV may also be prohibited from making additional capital contributions into its subsidiary in China. On February&#160;13,
2015, the SAFE promulgated a Notice on Further Simplifying and Improving Foreign Exchange Administration Policy on Direct Investment,
or SAFE Notice 13, which became effective on June&#160;1, 2015. Under SAFE Notice 13, applications for foreign exchange registration of
inbound foreign direct investments and outbound overseas direct investments, including those required under SAFE Circular 37, will be
filed with qualified banks instead of SAFE. The qualified banks will directly examine the applications and accept registrations under
the supervision of SAFE.</p><div>

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

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our business may be negatively affected
by the potential obligations if PRC subsidiary fails to comply with social insurance and housing provident fund related laws and regulations.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our PRC subsidiary is required by PRC labor-related
laws and regulations to pay various statutory employee benefits, including pensions insurance, medical insurance, work-related injury
insurance, unemployment insurance, maternity insurance and housing provident fund, to designated government agencies for the benefit of
its employees and associates. In October 2010, SCNPC promulgated the Social Insurance Law of PRC, effective on July 1, 2011 and amended
on December 29, 2018. On April 3, 1999, the State Council promulgated the Regulations on the Administration of Housing Provident Fund,
which was amended on March 24, 2002 and March 24, 2019. Companies registered and operating in China are required under the Social Insurance
Law of PRC and the Regulations on the Administration of Housing Provident Fund to apply for social insurance registration and housing
provident fund deposit registration within thirty (30) days of their establishment and to pay for their employees different social insurance
including pension insurance, medical insurance, work-related injury insurance, unemployment insurance and maternity insurance as well
as housing provident fund to the extent required by law. Our PRC subsidiary could be subject to orders by competent labor authorities
for rectification if it fails to comply with such social insurance and housing provident fund related laws and regulations, and failure
to comply with the orders may further subject to administrative fines. The relevant government agencies may examine whether an employer
has made adequate payments of the requisite statutory employee benefits, and employers who fail to make adequate payments may be subject
to late payment fees, fines and/or other penalties.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our PRC subsidiary does not make contributions
in full for the social insurance fund and housing provident fund for its employees as required under the relevant PRC laws and regulations.
Although it has not received any order or notice from the local authorities nor any claims or complaints from its current and former employees
regarding its non-compliance in this regard, we cannot assure you that it will not be subject to any order to rectify non-compliance in
the future, nor can we assure you that there are no, or will not be any, employee complaints regarding social insurance payment or housing
provident fund contributions against it, or that it will not receive any claims in respect of social insurance payment or housing provident
fund contributions under the PRC laws and regulation. In addition, our PRC subsidiary may incur additional costs to comply with such laws
and regulations by the PRC Government or relevant local authorities. Any such development could materially and adversely affect its business,
financial condition and results of operations.</p><div>

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

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we become directly subject to the recent
scrutiny involving U.S.-listed Chinese companies, we may have to expend significant resources to investigate and or defend the matter,
which could harm our business operations, stock price and reputation and could result in a complete loss of your investment in us.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Recently, U.S. public companies that have substantially
all of their operations in China have been the subject of intense scrutiny by investors, financial commentators and regulatory agencies.
Much of the scrutiny has centered around financial and accounting irregularities and mistakes, a lack of effective internal controls over
financial reporting and, in many cases, allegations of fraud. As a result of the scrutiny, the publicly traded stock of many U.S. listed
China-based companies that have been the subject of such scrutiny has sharply decreased in value. Many of these companies are now subject
to shareholder lawsuits and or SEC enforcement actions that are conducting internal and or external investigations into the allegations.
If we become the subject of any such scrutiny, whether any allegations are true or not, we may have to expend significant resources to
investigate such allegations and or defend our company. Such investigations or allegations will be costly and time-consuming and distract
our management from our business plan and could result in our reputation being harmed and our stock price could decline as a result of
such allegations, regardless of the truthfulness of the allegations.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the PRC Enterprise Income Tax Law and its
implementation rules, an enterprise established outside of the PRC with its &#8220;<i>de facto</i>&#160;management body&#8221; within
the PRC is considered a &#8220;resident enterprise&#8221; and will be subject to the enterprise income tax on its global income at the
rate of 25%. The implementation rules define the term &#8220;<i>de facto</i>&#160;management body&#8221; as the body that exercises full
and substantial control and overall management over the business, productions, personnel, accounts and properties of an enterprise. In
2009, the State Administration of Taxation, or SAT, issued a circular, known as SAT Circular 82, which provides certain specific criteria
for determining whether the &#8220;<i>de facto</i>&#160;management body&#8221; of a PRC-controlled enterprise that is incorporated offshore
is located in China. Although this circular applies only to offshore enterprises controlled by PRC enterprises or PRC enterprise groups,
not those controlled by PRC individuals or foreigners, the criteria set forth in the circular may reflect the SAT&#8217;s general position
on how the &#8220;<i>de facto</i>&#160;management body&#8221; text should be applied in determining the tax resident status of all offshore
enterprises. According to SAT Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group
will be regarded as a PRC tax resident by virtue of having its &#8220;<i>de facto</i>&#160;management body&#8221; in China, and will be
subject to PRC enterprise income tax on its global income only if all of the following conditions are met: (i)&#160;the primary location
of the day-to-day operational management is in the PRC; (ii)&#160;decisions relating to the enterprise&#8217;s financial and human resource
matters are made or are subject to approval by organizations or personnel in the PRC; (iii)&#160;the enterprise&#8217;s primary assets,
accounting books and records, company seals, and board and shareholder resolutions are located or maintained in the PRC; and (iv)&#160;at
least 50% of voting board members or senior executives habitually reside in the PRC.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe our company is not a PRC resident enterprise
for PRC tax purposes. However, the tax resident status of an enterprise is subject to determination by the PRC tax authorities and uncertainties
remain with respect to the interpretation of the term &#8220;<i>de facto</i>&#160;management body.&#8221; If the PRC tax authorities determine
that our company is a PRC resident enterprise for enterprise income tax purposes, we would be subject to PRC enterprise income on our
worldwide income at the rate of 25%. Furthermore, we would be required to withhold a 10% tax from dividends we pay to our shareholders
that are non-resident enterprises. In addition, non-resident enterprise shareholders (including the common shareholders) may be subject
to PRC tax on gains realized on the sale or other disposition of the common stock, if such income is treated as sourced from within the
PRC. Furthermore, if we are deemed a PRC resident enterprise, dividends paid to our non-PRC individual shareholders (including the common
shareholders) and any gain realized on the transfer of the common stock or ordinary shares by such shareholders may be subject to PRC
tax at a rate of 20% (which, in the case of dividends, may be withheld at source by us). These rates may be reduced by an applicable tax
treaty, but it is unclear whether non-PRC shareholders of our company would be able to claim the benefits of any tax treaties between
their country of tax residence and the PRC in the event that we are treated as a PRC resident enterprise. Any such tax may reduce the
returns on your investment in our Class A Ordinary Shares.</p><div>

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February&#160;3, 2015, the SAT issued the Public
Notice Regarding Certain Corporate Income Tax Matters on Indirect Transfer of Properties by Non-Tax Resident Enterprises, or SAT Bulletin
7. SAT Bulletin 7 extends its tax jurisdiction to transactions involving the transfer of taxable assets through offshore transfer of a
foreign intermediate holding company. In addition, SAT Bulletin 7 has introduced safe harbors for internal group restructurings and the
purchase and sale of equity through a public securities market. SAT Bulletin 7 also brings challenges to both foreign transferor and transferee
(or other person who is obligated to pay for the transfer) of taxable assets, as such persons need to determine whether their transactions
are subject to these rules and whether any withholding obligation applies.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October&#160;17, 2017, the SAT issued the Announcement
of the State Administration of Taxation on Issues Concerning the Withholding of Non-resident Enterprise Income Tax at Source, or SAT Bulletin
37, which came into effect on December&#160;1, 2017. The SAT Bulletin 37 further clarifies the practice and procedure of the withholding
of non-resident enterprise income tax.</p><div>

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Recent joint statement by the SEC and&#160;the
PCAOB, proposed rule changes submitted by Nasdaq, and an act passed by the US Senate all call for additional and more stringent criteria
to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S.&#160;auditors who
are not inspected by the&#160;PCAOB.&#160;</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May&#160;2013, the&#160;PCAOB&#160;announced
that it had entered into a Memorandum of Understanding on Enforcement Cooperation with the CSRC, and the PRC Ministry of Finance, which
establishes a cooperative framework between the parties for the production and exchange of audit documents relevant to investigations
undertaken by the&#160;PCAOB, the CSRC or the PRC Ministry of Finance in the United&#160;States and the PRC, respectively. The&#160;PCAOB&#160;continues
to be in discussions with the CSRC, and the PRC Ministry of Finance to permit joint inspections in the PRC of audit firms that are registered
with&#160;PCAOB&#160;and audit Chinese companies that trade on U.S.&#160;exchanges.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December&#160;7, 2018, the SEC and the&#160;PCAOB&#160;issued
a joint statement highlighting continued challenges faced by the U.S.&#160;regulators in their oversight of financial statement audits
of U.S.-listed companies with significant operations in China. The joint statement reflects a heightened interest in an issue that has
vexed U.S.&#160;regulators in recent&#160;years. On April&#160;21, 2020, SEC Chairman Jay Clayton and&#160;PCAOB&#160;Chairman William
D.&#160;Duhnke&#160;III, along with other senior SEC staff, released a joint statement highlighting the risks associated with investing
in companies based in or have substantial operations in emerging markets including China. The joint statement emphasized the risks associated
with lack of access for the&#160;PCAOB&#160;to inspect auditors and audit work papers in China and higher risks of fraud in emerging markets.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June&#160;4, 2020, the U.S.&#160;President
issued a memorandum ordering the President&#8217;s Working Group on Financial Markets, or the PWG, to submit a report to the President
within 60&#160;days of the memorandum that includes recommendations for actions that can be taken by the executive branch and by the SEC
or&#160;PCAOB&#160;on Chinese companies listed on U.S.&#160;stock exchanges and their audit firms, in an effort to protect investors in
the U.S.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August&#160;6, 2020, the PWG released a report
recommending that the SEC take steps to implement the five recommendations outlined in the report. In particular, to address companies
from jurisdictions that do not provide the&#160;PCAOB&#160;with sufficient access to fulfil its statutory mandate, or Non-Cooperating
Jurisdictions (&#8220;NCJs&#8221;), the PWG recommends enhanced listing standards on U.S.&#160;stock exchanges. This would require, as
a condition to initial and continued exchange listing,&#160;PCAOB&#160;access to work papers of the principal audit firm for the audit
of the listed company. Companies unable to satisfy this standard as a result of governmental restrictions on access to audit work papers
and practices in NCJs may satisfy this standard by providing a co-audit from an audit firm with comparable resources and experience where
the&#160;PCAOB&#160;determines it has sufficient access to audit work papers and practices to conduct an appropriate inspection of the
co-audit firm. There is currently no legal process under which such a co-audit may be performed in China. The report permits the new listing
standards to provide for a transition period until January&#160;1, 2022 for listed companies, but would apply immediately to new listings
once the necessary rulemakings and/or standard-setting are effective. The measures in the PWG Report are presumably subject to the standard
SEC rulemaking process before becoming effective. On August&#160;10, 2020, the SEC announced that SEC Chairman had directed the SEC staff
to prepare proposals in response to the PWG Report, and that the SEC was soliciting public comments and information with respect to these
proposals. If we fail to meet the new listing standards before the deadline specified thereunder due to factors beyond our control, we
could face possible de-listing from the Nasdaq Capital Market, deregistration from the SEC and/or other risks, which may materially and
adversely affect, or effectively terminate, our Class A Ordinary Shares trading in the United&#160;States.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore,&#160;the HFCA Act, which requires
that the PCAOB be permitted to inspect the issuer&#8217;s public accounting firm within three years, may result in the delisting of our
Company in the future if the PCAOB is unable to inspect our accounting firm at such future time.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, on June 22, 2021, the U.S. Senate
passed the AHFCAA, which, if signed into law, would amend the HFCA Act and require the SEC to prohibit an issuer&#8217;s securities from
trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive
years.</p><div>

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

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

</div><!-- Field: Page; Sequence: 41; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 5, 2021, the SEC approved the PCAOB&#8217;s
Rule 6100, Board Determinations Under the Holding Foreign Companies Accountable Act. Rule 6100 provides a framework for the PCAOB to use
when determining, as contemplated under the HFCA Act, whether it is unable to inspect or investigate completely registered public accounting
firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction. On December 16, 2021,
the PCAOB issued a Determination Report which found that the PCAOB is unable to inspect or investigate completely registered public accounting
firms headquartered in: (1) mainland China, and (2) Hong Kong. The lack of access to the&#160;PCAOB&#160;inspection in China prevents
the&#160;PCAOB&#160;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&#160;PCAOB&#160;inspections. The inability of the&#160;PCAOB&#160;to conduct inspections of auditors
in China makes it more difficult to evaluate the effectiveness of these accounting firms&#8217; audit procedures or quality control procedures
as compared to auditors outside of China that are subject to PCAOB&#160;inspections, which could cause existing and potential investors
in our stock to lose confidence in our audit procedures and reported financial information and the quality of our financial statements.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 26, 2022, a Statement of Protocol was
signed by the PCAOB, the CSRC and the Ministry of Finance of the PRC governing inspections and investigations of audit firms based in
mainland China and Hong Kong (the &#8220;Statement of Protocol&#8221;). Pursuant to the Statement of Protocol, the PCAOB conducted inspections
on select registered public accounting firms subject to the Determination Report in Hong Kong between September and November 2022. On
December 15, 2022, the PCAOB board announced that it has completed the inspections, determined that it had complete access to inspect
or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong, and voted to vacate the Determination
Report. On December 29, 2022, the CAA was signed into law by President Biden. The CAA contained, among other things, an identical provision
to the AHFCAA, which reduces the number of consecutive non-inspection years required for triggering the prohibitions under the HFCA Act
from three years to two.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our former auditor, <ix:nonNumeric contextRef="c0" name="dei:AuditorName">Friedman LLP</ix:nonNumeric>, the independent
registered public accounting firm that issued the audit report for the years ended December 31, 2021 included in this Annual Report, as
an auditor of companies that are traded publicly in the United&#160;States and a firm registered with the PCAOB, is subject to laws in
the United&#160;States pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional
standards. Friedman LLP is headquartered in Manhattan, <ix:nonNumeric contextRef="c0" name="dei:AuditorLocation">New York</ix:nonNumeric>, with no branches or offices outside of the United States, and has been
inspected by the PCAOB on a regular basis.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our current auditor, Marcum Asia CPAs LLP, an
independent registered public accounting firm that issued the audit report for the years ended December 31, 2022 included in this Annual
Report, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws
in the United States pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional
standards. Marcum Asia CPAs LLP is headquartered in Manhattan, New York, and is subject to inspection by the PCAOB on a regular basis.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Friedman LLP and Marcum Asia CPAs LLP are not
identified in the report issued by PCAOB on December 16, 2021 as a firm subject to the PCAOB&#8217;s determination. Notwithstanding the
foregoing, in the future, if there is any regulatory change or step taken by PRC regulators that does not permit Friedman LLP or Marcum
Asia CPAs LLP to provide audit workpapers to the PCAOB for inspection or investigation, or the PCAOB re-evaluates its determination as
a result of any obstruction with the implementation of the Statement of Protocol in the future, you may be deprived of the benefits of
such inspection which could result in limitation or restriction to our access to the U.S. capital markets and trading of our securities
on a national exchange or &#8220;over-the-counter&#8221; markets may be prohibited under the HFCA Act.&#160; In addition, under the HFCA
Act, our securities may be prohibited from trading on the Nasdaq or other U.S. stock exchanges if our auditor is not inspected by the
PCAOB for three consecutive years, which could be reduced to two consecutive years if the AHFCAA, passed by the U.S. Senate on June 22,
2021, is signed into law, and this ultimately could result in our Class A Ordinary Shares being delisted by the exchange. Furthermore,
we cannot assure you whether Nasdaq or regulatory authorities would apply additional and more stringent criteria to us after considering
the effectiveness of our auditor&#8217;s audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency
of resources, geographic reach or experience as it relates to the audit of our financial statements.</p><div>

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

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>RISKS RELATED TO OUR CLASS A ORDINARY SHARES</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may experience extreme stock price volatility
unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors
to assess the rapidly changing value of our Class A Ordinary Shares.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Recently, there have been instances of extreme
stock price run-ups&#160;followed by rapid price declines and strong stock price volatility with a number of recent initial public offerings,
especially among companies with relatively smaller public floats. As a relatively small-capitalization&#160;company with relatively small
public float, we may experience greater stock price volatility, extreme price run-ups, lower trading volume and less liquidity than large-capitalization&#160;companies.
In particular, our Class A Ordinary Shares may be subject to rapid and substantial price volatility, low volumes of trades and large spreads
in bid and ask prices. Such volatility, including any stock-run&#160;up, may be unrelated to our actual or expected operating performance,
financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary
Shares.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, if the trading volumes of our Class
A Ordinary Shares are low, persons buying or selling in relatively small quantities may easily influence prices of our Class A Ordinary
Shares. This low volume of trades could also cause the price of our Class A Ordinary Shares to fluctuate greatly, with large percentage
changes in price occurring in any trading day session. Holders of our Class A Ordinary Shares may also not be able to readily liquidate
their investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic
and political conditions may also adversely affect the market price of our Class A Ordinary Shares. As a result of this volatility, investors
may experience losses on their investment in our Class A Ordinary Shares. A decline in the market price of our Class A Ordinary Shares
also could adversely affect our ability to issue additional Class A Ordinary Shares or other securities and our ability to obtain additional
financing in the future. No assurance can be given that an active market in our Class A Ordinary Shares will develop or be sustained.
If an active market does not develop, holders of our Class A Ordinary Shares may be unable to readily sell the Class A Ordinary Shares
they hold or may not be able to sell their Class A Ordinary Shares at all.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, the stock market in general, and
the market prices for companies with operations in China in particular, have experienced volatility that often has been unrelated to the
operating performance of such companies. The securities of some China-based companies that have listed their securities in the United
States have experienced significant volatility since their initial public offerings in recent years, including, in some cases, substantial
declines in the trading prices of their securities. The trading performances of these companies&#8217; securities after their offerings
may affect the attitudes of investors towards China-based companies listed in the United States in general, which consequently may impact
the trading performance of our Class A Ordinary Shares, regardless of our actual operating performance. In addition, any negative news
or perceptions about inadequate corporate governance practices or fraudulent accounting, corporate structure or other matters of other
China-based companies may also negatively affect the attitudes of investors towards China-based companies in general, including us, regardless
of whether we have engaged in any inappropriate activities.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the above factors, the price and
trading volume of the Class A Ordinary Shares may be highly volatile due to multiple factors, including the&#160;following:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulatory developments affecting us, our clients or our industry;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">conditions in the financing advisory industry in China;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements of studies and reports relating to the quality of our service offerings or those of our competitors;</span></td></tr>
  <tr style="vertical-align: top">
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9679;</p></td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">investor perceptions about us, our business and
    in general companies with operations in China;</p></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in the economic performance or market valuations of other financing advisory companies;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9679;</p></td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">general economic and securities market conditions;</p></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual or anticipated fluctuations in our quarterly results of operations and changes or revisions of our expected results;</span></td></tr>
  <tr style="vertical-align: top">
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9679;</p></td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the financial projections we may provide to the
    public, any changes in these projections or our failure to meet these projections;</p></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9679;</p></td>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the absence of cash dividends on our Class A Ordinary
    Shares;</p></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in financial estimates by securities research analysts;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements by us or our competitors of new product and service offerings, acquisitions, strategic relationships, joint ventures or capital commitments;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">additions to or departures of our senior management;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">detrimental negative publicity about us, our management or our industry;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuations of exchange rates between the Renminbi and the U.S.&#160;dollar;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">release or expiry of lock-up or other transfer restrictions on our outstanding Class A Ordinary Shares;&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9679;</p></td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the development and sustainability of an active
    trading market for our Class A Ordinary Shares;</p></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">sales or perceived potential sales of additional Class A Ordinary Shares; and</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9679;</p></td>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The COVID-19 pandemic, the ensuing economic recessions
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other than the aforementioned potential factors
that may affect the price and trading volume of our Class A Ordinary Shares, there are no known factors that may add to this risk.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Shares eligible for future sale may adversely
affect the market price of our Class A Ordinary Shares, as the future sale of a substantial amount of outstanding Class A Ordinary Shares
in the public marketplace could reduce the price of our Class A Ordinary Shares.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market price of our Class A Ordinary Shares
could decline as a result of sales of substantial amounts of our Class A Ordinary Shares in the public market, or the perception that
these sales could occur. In addition, these factors could make it more difficult for us to raise funds through future offerings of our
Class A Ordinary Shares.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An aggregate of 10,963,040 Class A Ordinary Shares
are outstanding, including 2,750,000&#160;Class A Ordinary Shares sold in our recent initial public offering that are freely transferable
without restriction or further registration under the Securities Act. The non-free trading Class A Ordinary Shares are &#8220;restricted
securities&#8221; as defined in Rule 144, which may be sold without registration under the Securities Act to the extent permitted by Rule
144 or other exemptions under the Securities Act.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of our officers and directors and holders
of 5% or more of our Class A Ordinary Shares on a fully diluted and converted basis prior to our recent initial public offering have agreed
not to sell our Class A Ordinary Shares for a period of six months following the effective date of the registration statement in connection
with the initial public offering, subject to extension under specified circumstances. Class A Ordinary Shares subject to these lock-up
agreements will become eligible for sale in the public market upon expiration of these lock-up agreements, subject to limitations imposed
by Rule 144 under the Securities Act.</p><div>

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

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

</div><!-- Field: Page; Sequence: 44; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If our financial condition deteriorates,
we may not meet continued listing standards on the Nasdaq Capital Market.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The Nasdaq Capital Market
also requires companies to fulfill specific requirements in order for their shares to continue to be listed. If our Class A Ordinary Shares
are delisted from the Nasdaq Capital Market at some later date, our shareholders could find it difficult to sell our Class A Ordinary
Shares. In addition, if our Class A Ordinary Shares are delisted from the Nasdaq Capital Market at some later date, we may apply to have
our Class A Ordinary Shares quoted on the Bulletin Board or in the &#8220;pink sheets&#8221; maintained by the National Quotation Bureau,
Inc. The Bulletin Board and the &#8220;pink sheets&#8221; are generally considered to be less efficient markets than the Nasdaq Capital
Market. In addition, if our Class A Ordinary Shares are delisted at some later date, our Class A Ordinary Shares may be subject to the
&#8220;penny stock&#8221; regulations. These rules impose additional sales practice requirements on broker-dealers that sell low-priced
securities to persons other than established clients and institutional accredited investors and require the delivery of a disclosure schedule
explaining the nature and risks of the penny stock market. As a result, the ability or willingness of broker-dealers to sell or make a
market in our Class A Ordinary Shares might decline. If our Class A Ordinary Shares are delisted from the Nasdaq Capital Market at some
later date or become subject to the penny stock regulations, it is likely that the price of our Class A Ordinary Shares would decline
and that our shareholders would find it difficult to sell their shares.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are a &#8220;foreign private issuer,&#8221;
and our disclosure obligations differ from those of U.S. domestic reporting companies. As a result, we may not provide you the same information
as U.S. domestic reporting companies or we may provide information at different times, which may make it more difficult for you to evaluate
our performance and prospects.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a foreign private issuer and, as a result,
we are not subject to the same requirements as U.S. domestic issuers. Under the Exchange Act, we will be subject to reporting obligations
that, to some extent, are more lenient and less frequent than those of U.S. domestic reporting companies. For example, we will not be
required to issue quarterly reports or proxy statements. We will not be required to disclose detailed individual executive compensation
information. Furthermore, our directors and executive officers will not be required to report equity holdings under Section 16 of the
Exchange Act and will not be subject to the insider short-swing profit disclosure and recovery regime. As a foreign private issuer, we
will also be exempt from the requirements of Regulation FD (Fair Disclosure) which, generally, are meant to ensure that select groups
of investors are not privy to specific information about an issuer before other investors. However, we will still be subject to the anti-fraud
and anti-manipulation rules of the SEC, such as Rule 10b-5 under the Exchange Act. Since many of the disclosure obligations imposed on
us as a foreign private issuer differ from those imposed on U.S. domestic reporting companies, you should not expect to receive the same
information about us and at the same time as the information provided by U.S. domestic reporting companies.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The determination of our status as a foreign private
issuer is made annually on the last business day of our most recently completed second fiscal quarter. We would lose our foreign private
issuer status if (1) a majority of our outstanding voting securities are directly or indirectly held of record by U.S. residents, and
(2) a majority of our shareholders or a majority of our directors or management are U.S. citizens or residents, a majority of our assets
are located in the United States, or our business is administered principally in the United States. If we were to lose our foreign private
issuer status, the regulatory and compliance costs to us under U.S. securities laws as a U.S. domestic issuer may be significantly higher.
We may also be required to modify certain of our policies to comply with corporate governance practices associated with U.S. domestic
issuers, which would involve additional costs.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>As an &#8220;emerging growth company&#8221;
under the Jumpstart Our Business Startups Act, or JOBS Act, we are permitted to, and intend to, rely on exemptions from certain disclosure
requirements.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As an &#8220;emerging growth company&#8221; under
the JOBS Act, we are permitted to, and intend to, rely on exemptions from certain disclosure requirements. We are an emerging growth company
until the earliest of:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px; text-align: justify; font-size: 10pt">&#160;</td>
    <td style="width: 24px; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the last day of the fiscal year during which we have total annual gross revenues of $1.07 billion or more;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px; text-align: justify; font-size: 10pt">&#160;</td>
    <td style="width: 24px; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the last day of the fiscal year following the fifth anniversary of our initial public offering;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px; text-align: justify; font-size: 10pt">&#160;</td>
    <td style="width: 24px; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the date on which we have, during the previous 3-year period, issued more than $1 billion in non-convertible debt; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px; text-align: justify; font-size: 10pt">&#160;</td>
    <td style="width: 24px; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the date on which we are deemed a &#8220;large accelerated issuer&#8221; as defined under the federal securities laws.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

</div><!-- Field: Page; Sequence: 45; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For so long as we remain an emerging growth company,
we may take advantage of certain exemptions from various reporting requirements that are applicable to public companies that are not &#8220;emerging
growth companies&#8221; including, but not limited to, not being required to comply with the auditor attestation requirements of section
404 of the Sarbanes-Oxley Act for up to five fiscal years after the date of our initial public offering. We cannot predict if investors
will find our Class A Ordinary Shares less attractive because we may rely on these exemptions. If some investors find our Class A Ordinary
Shares less attractive as a result, there may be a less active trading market for our Class A Ordinary Shares and the trading price of
our Class A Ordinary Shares may be more volatile. In addition, our costs of operating as a public company may increase when we cease to
be an emerging growth company.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may be classified as a passive foreign
investment company, which could result in adverse U.S. federal income tax consequences to U.S. holders of our Class A Ordinary Shares.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not expect to be treated as a passive foreign
investment company (&#8220;PFIC&#8221;) for U.S. federal income tax purposes for the current taxable year or in the foreseeable future.
However, the application of the PFIC rules is subject to uncertainty in several respects, and we cannot assure you the U.S. Internal Revenue
Service will not take a contrary position. Furthermore, this is a factual determination that must be made annually after the close of
each taxable year. If we are a PFIC for any taxable year during which a U.S. holder holds our Class A Ordinary Shares, certain adverse
U.S. federal income tax consequences could apply to such U.S. holder, including increased U.S. federal income tax liability and additional
reporting requirements. Our status as a PFIC is a fact-intensive determination made on an annual basis. Accordingly, our U.S. counsel
expresses no opinion with respect to our PFIC status and also expresses no opinion with regard to our expectations regarding our PFIC
status.</p><div>

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors has discretion as to whether
to distribute dividends, subject to certain restrictions under Cayman Islands law, namely that our company may only pay dividends out
of profits or share premium; provided that in no circumstances may a dividend be paid if this would result in our company being unable
to pay its debts as they fall due in the ordinary course of business. In addition, our shareholders may by ordinary resolution declare
a dividend, but no dividend may exceed the amount recommended by our board of directors. Even if our board of directors decides to declare
and pay dividends, the timing, amount and form of future dividends, if any, will depend on, among other things, our future results of
operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries,
our financial condition, contractual restrictions and other factors deemed relevant by our board of directors. Accordingly, the return
on your investment in our Class A Ordinary Shares will likely depend entirely upon any future price appreciation of our Class A Ordinary
Shares. There is no guarantee that our Class A Ordinary Shares will appreciate in value in the future or even maintain the price at which
you purchased the Class A Ordinary Shares. You may not realize a return on your investment in our Class A Ordinary Shares and you may
even lose your entire investment in our&#160;Class A Ordinary Shares.</p><div>

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

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

</div><!-- Field: Page; Sequence: 46; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may require additional cash resources due to
changed business conditions or other future developments, including any investments or acquisitions we may decide to pursue. If our cash
resources are insufficient to satisfy our cash requirements, we may seek to sell additional equity or debt securities. The sale of additional
equity securities or equity-linked debt securities could result in additional dilution to our shareholders. The incurrence of indebtedness
would result in debt service obligations and could result in operating and financing covenants that would restrict our operations. We
cannot assure you that financing will be available in amounts or terms acceptable to us, if at&#160;all.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a new public company, we expect to incur significant
legal, accounting and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street
Reform and Consumer Protection Act of 2010, as well as rules subsequently implemented by the SEC and the Nasdaq Capital Market, impose
various requirements on the corporate governance practices of public companies. As a company with less than $1.235&#160;billion in net
revenues for our last fiscal year, we qualify as an &#8220;emerging growth company&#8221; pursuant to the JOBS Act. An emerging growth
company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies.
These provisions include exemption from the auditor attestation requirement under Section&#160;404 of the Sarbanes-Oxley Act of 2002 in
the assessment of the emerging growth company&#8217;s internal control over financial reporting.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect these rules and regulations to increase
our legal and financial compliance costs and to make some corporate activities more time-consuming and costly. We expect to incur significant
expenses and devote substantial management effort toward ensuring compliance with the requirements of Section&#160;404 of the Sarbanes-Oxley
Act of 2002 and the other rules and regulations of the SEC. In addition, we will incur additional costs associated with our public company
reporting requirements. It may also be more difficult for us to find qualified persons to serve on our board of directors or as executive
officers. We are currently evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict or
estimate with any degree of certainty the amount of additional costs we may incur or the timing of such&#160;costs.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the past, shareholders of a public company
often brought securities class action suits against the company following periods of instability in the market price of that company&#8217;s
securities. If we were involved in a class action suit, it could divert a significant amount of our management&#8217;s attention and other
resources from our business and operations, which could harm our results of operations and require us to incur significant expenses to
defend the suit. Any such class action suit, whether or not successful, could harm our reputation and restrict our ability to raise capital
in the future. In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could have
a material adverse effect on our financial condition and results of&#160;operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our lack of effective internal controls
over financial reporting may affect our ability to accurately report our financial results or prevent fraud which may affect the market
for and price of our Class A Ordinary Shares.</i></b></p><div>

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

</div><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Prior to our initial public offering, we were a private company with
limited accounting personnel and other resources with which to address our internal controls and procedures. We recently became a public
company in the United States subject to the Sarbanes-Oxley Act of 2002. Section 404 of the Sarbanes-Oxley Act of 2002 requires that we
include a report from management on our internal control over financial reporting in our annual report on Form 20-F. In addition, once
we cease to be an &#8220;emerging growth company&#8221; as such term is defined in the JOBS Act, our independent registered public accounting
firms must attest to and report on the effectiveness of our internal control over financial reporting. In connection with the audits of
our consolidated financial statements as of December 31, 2022 and 2021, we and our independent registered public accounting firms identified
material weaknesses and significant deficiencies in our internal control over financial reporting. As defined in the standards established
by the PCAOB, a &#8220;material weakness&#8221; is a deficiency, or a combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will
not be prevented or detected on a timely basis. The material weaknesses identified are: (i) inadequate segregation of duties for certain
key functions due to limited staff and resources; (ii) lack of documented policies and controls (including IT controls and cybersecurity
framework) which enable management and other personnel to understand and carry out their internal control responsibilities; (iii) lack
of audit committee and internal audit function to establish formal risk assessment process and internal control framework;
and (iv) lack of accounting staff and resources with appropriate knowledge of generally accepted accounting principles in the United States
(&#8220;U.S. GAAP&#8221;) and SEC reporting and compliance requirements.</p><div>


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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to implement measures designed to improve
our internal control over financial reporting to address the underlying causes of these material weaknesses, including (i) hiring more
qualified staff to fill up the key roles in the operations; (ii) setting up a financial and system control framework with formal documentation
of polices and controls in place; and (iii) hiring additional qualified financial professionals such as corporate controller familiar
with U.S. GAAP to increase the number of qualified financial reporting personnel and monitor daily transaction recording and general ledger
work. We will not be able to fully remediate these material weaknesses until these steps have been completed and have been operating effectively
for a sufficient period of time. There can be no assurance that we will be successful in pursuing these measures, or that these measures
will significantly improve or remediate the material weaknesses described above.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, in the course of preparing our financial
statements for the years ended December&#160;31, 2022 and 2021, we and our independent registered public accounting firms identified two
significant deficiencies: (i) lack of evidence or track to show management&#8217;s review performance; and (ii) lack of documentary evidence
of proper review or approval process to ensure the list of related parties is complete. To address these significant deficiencies, we
plan to adopt a remediation plan to set up a management&#8217;s review system with requirements to leave accounting supervisor /manager
or management&#8217;s signature after reviewing financial statements and the list of related parties. There can be no assurance that we
will be successful in pursuing the measures, or that the measures will significantly improve or remediate the significant deficiencies
described above.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We cannot assure you that the measures we have
taken to date, and actions we may take in the future, will be sufficient to remediate the control deficiencies that led to the material
weaknesses and significant deficiencies in our internal control over financial reporting or that they will prevent or avoid potential
future material weaknesses or significant deficiencies. Our current controls and any new controls that we develop may become inadequate
because of changes in conditions in our business. Further, material weaknesses or significant deficiencies in internal control over financial
reporting may be discovered in the future. If we fail to remediate our current or future material weaknesses or significant deficiencies
or to meet the demands that will be placed upon us as a public company, including the requirements of the Sarbanes-Oxley Act, we may be
unable to accurately report our financial results, or report them within the timeframes required by law, our consolidated financial statements
may be restated, investors may lose confidence in the accuracy and completeness of our financial reports, the market price of our Class
A Ordinary Shares could be materially and adversely affected, the Class A Ordinary Shares may be suspended or delisted from Nasdaq, and
our reputation, results of operations and financial condition may be adversely affected. Failure to comply with Section 404 could also
potentially subject us to sanctions or investigations by the SEC or other regulatory authorities.</p><div>

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

</div><div><a id="a_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 4. INFORMATION ON THE COMPANY</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A. <span style="text-decoration:underline">History and Development of the Company</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our Corporate History and Structure</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Top KingWin Ltd was incorporated under the laws
of Cayman Islands on February 16, 2022 as an exempted company and structured as a holding company. Tiancheng Jinhui, our PRC operating
subsidiary, was incorporated in the PRC on October 25, 2018.</p><div>

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



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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our principal executive offices are located at
Room 1304, Building No. 25, Tian&#8217;an Headquarters Center, No. 555, North Panyu Avenue, Donghuan Street, Panyu District, Guangzhou,
Guangdong Province, PRC. Our telephone number at this address is +86 400 661 3113. Our registered office in the Cayman Islands is currently
located at the office of 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands, which may be changed from time to time at the
discretion of our directors. Our agent for service of process in the United&#160;States&#160;is Cogency Global Inc.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 15, 2022, KingWin BVI was incorporated
under the laws of the British Virgin Islands as the Company&#8217;s wholly-owned subsidiary and its intermediate holding company to facilitate
financing. KingWin HK was incorporated on April 19, 2022 as KingWin BVI&#8217;s wholly-owned subsidiary in Hong Kong.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 1, 2022, KingWin HK entered into a share
transfer agreement with each of the four then shareholders of Tiancheng Jinhui, acquiring 100% equity interests in Tiancheng Jinhui by
cash consideration. Following the share transfers, the Company owns 100% equity interests of KingWin BVI, KingWin HK and Tiancheng Jinhui.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 23, 2022, the Company and its shareholders
undertook a series of corporate actions, including amending the Company&#8217;s authorized share capital, re-designating its ordinary
shares into Class A Ordinary Shares and Class B Ordinary Shares, and issuing a total of 68,442 of Class A Ordinary Shares and 31,558 of
Class B Ordinary Shares to 23 shareholders. Each Class A Ordinary Share of our Company is entitled to one (1) vote per share; each Class
B Ordinary Share of our Company is entitled to twenty (20) votes per share. Following the reorganization, the controlling shareholder
of the Company is the same as that of Tiancheng Jinhui prior to the reorganization.&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 10, 2023, the Company issued a total
of 8,213,040 Class A Ordinary Shares and 3,786,960 Class B ordinary shares to its existing shareholders, which increased pro rata the
number of shares each shareholder owns and did not change their respective percentage of ownership in the Company. Ordinary shares outstanding
after this issuance is 12,000,000 ordinary shares, including (i) 8,213,040 Class A ordinary shares and (ii) 3,786,960 Class B ordinary
shares.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
April 20, 2023, the Company completed its initial public offering of 2,750,000 Class A Ordinary Shares, $0.0001 par value per share (the
&#8220;IPO&#8221;). The Class A Ordinary Shares were sold at an offering price of $4.00 per share, generating gross proceeds of approximately
$11.0 million, before deducting underwriting discounts and other related expenses payable by the Company. Our Class A Ordinary Shares
began trading on the Nasdaq Capital Market on April 18, 2023 under the ticker symbol &#8220;TCJH&#8221;.&#160;</span></p><div>


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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The SEC maintains an
internet site that contains reports and other information regarding issuers, including the Company, that file electronically with the
SEC. The address of the SEC&#8217;s website is www.sec.gov.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">B. <span style="text-decoration:underline">Business Overview</span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are not a Chinese operating company, but an
offshore holding company incorporated in the Cayman Islands conducting our business through our wholly-owned subsidiary in China. We provide
a number of business services in China to young and emerging companies including (i) corporate business training services, which mainly
focus on advanced knowledge and new perspectives on the capital markets, (ii) corporate consulting services, which mainly focus on various
aspects of fundraising, and (iii) advisory and transaction services. Our main clients are entrepreneurs and executives in small and medium
enterprises (&#8220;SMEs&#8221;) in China.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Corporate business training, corporate consulting,
and advisory and transaction services constituted approximately 8%, 28% and 64% of our business, respectively, during the year ended December
31, 2022.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Supported</span>&#160;&#160;
<span style="font-family: Times New Roman, Times, Serif">by the rapid economic growth and friendly business policies in China, the number
of SMEs in China has significantly increased from 2016 to 2022. Frost &amp; Sullivan expects the number of SMEs in China will steadily
increase at 9.8% CAGR from 2021 to 2026. We believe that the increasing number of SMEs provide a solid foundation for the future development
of our business.</span></p><div>


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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With the increase in number of companies entering
the China market, most industries in China are becoming more competitive. Therefore founders, senior management teams and key employees
of companies have an increasing awareness for professional business education in order to enhance their professional knowledge, boost
their company&#8217;s strategic growth and allow the company to stay competitive in today&#8217;s economy.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">China&#8217;s economy is shifting from traditional
real estate investment and manufacturing to new economy industries such as internet-driven or technology-driven industries. Currently,
the new economy industry has been a vital driving force in the growth of the economy in China. According to Frost &amp; Sullivan, from
2016 to 2021, the market size of new economy industries by revenue in China experienced significant growth with 28.2% CAGR, which was
much higher than the synchronized growth rate of 8.9% in China&#8217;s nominal GDP, attaining $4.0 trillion (RMB25.2 trillion) by the
end of 2021. We believe that the rapid growth of new economy industries benefits the development of our business. Our mission is to provide
comprehensive services to address client&#8217;s needs throughout all phases of their development and growth.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Key Values and Drivers of Our Business</b></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>1.</i></b></span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Client-centric</i></b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have centered our business model on forming
long-standing relationships with our clients, who are mainly entrepreneurs and executives of SMEs in China. Our services focus on catalyzing
and providing guidance on every stage of our clients&#8217; business life cycle, as illustrated in the following section &#8211;&#160;<b>Business
Model</b>.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are dedicated to developing in-depth knowledge
about our clients. In order to provide valuable business intelligence to the clients, our corporate trainers and experts take effort to
learn about the clients, their industry and the competition they are facing. We believe that when we understand what our clients are trying
to achieve in their businesses, we are better equipped to find ways to assist them in the areas that matter most to them. Furthermore,
we help our clients track the progress they make through the whole process of employing our services. We strive to ensure that our clients
will have a positive experience using our services. We also focus on the client feedback, which drives us to continuously improve our
services. The continuous interactions with our clients create a positive cycle &#8211; on the one hand it constantly demonstrates to our
clients our advanced knowledge of their operations and the business sectors they operate in, while on the other hand it continues to help
us gain deeper knowledge of our clients and their industries which further enhances our ability to help them succeed throughout their
entire business life cycle.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that successful entrepreneurs will
continue to play a transformative role in China&#8217;s economy, and our long-term relationships with them allow us to develop critical
insights into a wide range of industries. Enhancing our knowledge and insights of different sectors of the economy in turn enables us
to better service and advise our clients as a whole.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Client centricity is one of our key values, which
we believe increases client satisfaction and loyalty and results in stronger client relationships. We believe this approach promotes our
brand recognition and increases client stickiness that brings recurring revenue from the same clients. Such loyalty of clients also provides
an opportunity for us to serve businesses at multiple stages in their lifecycle.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, this client-centric approach yields
powerful network effects. Over time, we continue to build a growing network of established entrepreneurs, investors, service professionals
and influencers, each of which potentially could serve as an effective referral source. We believe that our network increases the value
of services we can deliver to our clients, and therefore is critical to our long-term success.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2.</i></b></span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Value-maximizing and value-driven</i></b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our model involves identifying and engaging entrepreneurs
and the businesses they create and serving them throughout various stages of their growth. Our principal business lines are methodically
arranged to service our clients according to their aptitude/suitability and needs/goals. From informative seminars to specific and tailored
guidance and advice, we maintain a high professional standard and ensure that our services add meaningful value for clients in certain
phases of their development.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business model is to lay out a roadmap to
guide our clients in every stage of their business life-cycle, as illustrated below. We seek to understand what our clients are thinking
and doing at each stage of their business growth. These insights allow us to offer the most relevant services during each stage and turn
more prospective clients into paying clients.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_001.jpg"/></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>I. Corporate Business Training Services</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Approximately 8% of our total revenues for the
fiscal year ended December 31, 2022 was generated from our corporate business training service. As of the end of 2022, more than 10,000
attendees had attended our seminars.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We offer diverse seminars, mainly focusing on
basic knowledge and new perspectives on the capital markets. The seminars are mainly designed for entrepreneurs and executives of SMEs
at the start-up stage of their business. Our goal is to help our clients at this stage to develop a general understanding of the capital
markets and prepare them to embark on their financial journey.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are specialized in providing professional seminars
related to capital markets such as an initial understanding of the capital markets, guidance for business planning, preparation, financial
guidance, and fundraising, as well as of an introduction of being a publicly listed company, such as the advantages and disadvantages
of being a public company, the listing requirements, and basic knowledge of laws and regulations of different capital markets.</p><div>

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

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The trainings are typically delivered on-site.
There are three different levels of trainings. We start to prepare all levels of seminars from the last quarter of the previous year,
including scheduling and budgeting. First, we select topics focusing on the knowledge and skills that we consider the attendees may need
to know in the capital markets and entrepreneurship based on past feedback or recent trends. Upon selecting the specific topics, together
with a selected group of professionals in the industry, we design the syllabus for the seminars for the upcoming year. After we finish
designing the seminars, we start to formulate specific plans for each seminar. The plans include: (1) inviting experts and celebrities
in the industry to speak at our seminars, coordinating with them regarding their availability and confirming their attendance, (2) coordinating
with venue owners to secure the event venue, and (3) engaging event set-up and other service providers. After the schedules and budgets
are determined, we formulate, review and adjust the specific plan for each seminar. Sometimes we hire outside experts and celebrities
in the industry or service personnel to conduct seminars on our behalf. In order to ensure the quality of the seminars, such third-party
experts and celebrities follow our instructions and deliver the content as designed by us.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_002.jpg"/></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After the design of seminars we begin to solicit
clients to our courses. The first-level seminars are free and serve the purposes of attracting more potential clients for courses in the
subsequent stages. For clients who finish our first-level seminars and would like to further their study, they will purchase the second
and third level of courses.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Growth of Corporate Business Training Services</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We started providing corporate business training
services in the PRC in 2020. In order to promote our business and establish a strong market presence, we held these seminars frequently
to attract new clients and retain existing clients. In 2022 and 2021, we held more than one hundred seminars in the cities of Guangzhou,
Shenzhen, Chengdu, Chongqing, Jinan, etc., in China. The seminars are usually held in company conference rooms or hotel ball rooms. If
the seminars are held in a hotel ball room, we will pay a fee. Sometimes local governments invite us to offer corporate business training
to the enterprises in their municipalities, which we consider is a good opportunity for us to approach more potential enterprises and
promote our services. As of the date of this Annual Report, all of our clients are based in the PRC.</p><div>

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

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

</div><!-- Field: Page; Sequence: 52; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Levels of Seminars</span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
have developed a portfolio of private offline seminars for entrepreneurs, business managers, and equity investors, which include three
levels: (1) first-level seminar,&#160;<i>Opportunities of Capital Markets</i>; (2) second-level seminar,&#160;<i>System of Capital Markets
and Model of Capital Markets</i>; (3) third-level seminar,&#160;<i>Project Incubation Camp</i>. As of the end of 2022, we have held over
29 first-level seminars, 36 second-level seminars, and 13 third-level seminars. This offline seminar program also offers good opportunities
for us to market our corporate consulting services.</span></p><div>


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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the first and second levels, the seminars are
mostly provided by our own experts. In the third-level seminars, we hired third-party experts, including certified public accountants
and attorneys. We have employment agreements or service agreements with these experts.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">First Level:&#160;<i>Opportunities of Capital
Markets</i></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our first level of the courses,&#160;<i>Opportunities
of Capital Markets</i>, is a collection of large-scale seminars that are offered free to attendees. Each seminar usually has 150-200 attendees.
The purpose of the first-level courses is to attract more potential clients by sharing business intelligence with entrepreneurs and executive
management of SMEs, and potential equity investors. The seminars introduce basic knowledge of capital markets, discuss newly published
government policies, and share industry opportunities and perspectives on corporate growth and transformation.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Second Level: System of&#160;<i>Capital Markets
and Model of Capital Markets</i></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our second-level seminar,&#160;<i>System of Capital
Markets&#160;</i>and&#160;<i>Model of Capital Markets</i>, provides more detailed knowledge of capital markets and provides training on
real-world business skills (e.g., leadership training, corporate governance) for entrepreneurs and executive management of SMEs. The seminars
last one to two days and usually have more than 100 attendees per seminars.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Third Level:&#160;<i>Project Incubation Camp</i></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our third-level program,&#160;<i>Project Incubation
Camp</i>, provides attendees with the opportunity to discuss and share insights on topics relating to capital markets in mainland China.
The experts would also teach the attendees how to design their business and fundraising plans. This program is a small-group seminar launched
in 2021 as requested by our clients. Each seminar has less than 10 attendees.</p><div>

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

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

</div><!-- Field: Page; Sequence: 53; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Approximately 28% of our total revenues for the
fiscal year ended December 31, 2022 was generated from corporate consulting service. As of the end of 2021, we have 42 corporate consulting
services clients.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Starting from the second quarter of 2021, we have
been providing corporate consulting services to SMEs that have the intention to raise funds or to go public in domestic or overseas markets,
who are typically in the growth stage of their business. Our goal is to become a well-known corporate consulting services provider with
clients and offices throughout the PRC. Leveraging our position as a hub in China&#8217;s relevant industry and our data collection, analytics,
and presentation capabilities, we believe that we are well-positioned to provide our clients with relevant corporate consulting services.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We provide a combination of corporate consulting
services that are bundled and customized to fulfill each client&#8217;s unique financial needs. After an initial due diligence study,
if a client determines to go forward with our corporate consulting services for its fundraising or going public, we will enter into a
service agreement with the client, where client can decide to contract a single modular service or a combination of services from the
following clusters.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We charge a fixed price for our services and revenue
is recognized when we complete the services agreed upon the contract. Each of the specific services is considered as one performance obligation.
Each performance obligation is independent to each other with specific price identified in the contract.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since the clients can cancel each specific service
before it is delivered without any penalty, the Company does not have an enforceable right to payment from the client, and thus the services
and prices are excluded from the contract until the individual specific service starts or advance payment is received. Before the full
and complete delivery of the services, the clients cannot benefit from the performance and cannot control the work in progress. We control
the rights to our customized services, and the services can easily be redirected to another client without incurring significant costs.
As a result, the revenues do not meet the criteria of recognizing revenue over time, and such services shall only be useful to the client
after delivered in full. The revenue is therefore recognized at the point in time when the deliverables, in the form of reports are delivered
based on the specific terms of the contract.</p><div>

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

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 32%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Due Diligence</b></span></td>
    <td style="width: 68%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We deliver a due diligence report to the client by conducting a due diligence investigation, to provide a comprehensive exploration and explanation of the business and financial position of the client, including their business model, business outlook, management assets and liabilities, etc.;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business Model</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We deliver a business plan, assisting the clients to streamline and standardize their business model and organization structure in order to achieve more efficiently their desired results for fundraising or future listing plan; and</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Resource Planning</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We deliver a resource planning report, helping clients to identify, acquire, and allocate internal and external resources necessary to optimize their supply chain management, client service, capacity management and service competition, and ultimately achieve their plan of fundraising or future listing.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.2pt; text-align: justify; text-indent: -74.4pt">&#160;</p><div>

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 32%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reorganization</b></span></td>
    <td style="width: 68%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We assist the clients in preparation for investor presentations, due diligence materials required for interested investors or investment banks in financing the clients during the process of fundraising;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Pre-IPO</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We connect clients with capital needs to venture capital funds, banks, or other financial institutions that can provide potential assistance for their financing needs; and</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulation education</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We help clients become familiar with regulations of the capital markets and assist them in meeting the standards for going public.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

</div><!-- Field: Page; Sequence: 54; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_004.jpg"/></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>III. Advisory and Transaction Services</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Approximately 64% of our total revenues for the
fiscal year ended December 31, 2022 was generated from advisory and transaction services. Because the nature of our advisory and transaction
services requires us to dedicate a large amount of time and resources to each client, we were able to generate relatively large revenue
from a small number of clients. As of the end of 2021, we have 32 advisory and transaction services clients.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our advisory and transaction services aim to connect
entrepreneurs and businesses with diversified sources of capital. As their business grows, our clients may seek the capital required to
fund the business&#8217; ongoing operations and growth objectives at the expansion stage. However, SMEs often have limited access to resources
and capital, in part due to their lack of a sound financial plan and exposure to established, robust fundraising networks. Revenues from
advisory and transaction services represent service fees we charge associated with our tailored advisory services, which can cover a broad
range of activities from helping to design a financial plan, build up and maintain the corporate image of our clients and plan to close
the fundraising transactions. Revenues from providing advisory and transaction services to clients are recognized at a point in time when
the fundraising transaction and the advisory services performance is completed under the terms of the respective contract.</p><div>

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

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

</div><!-- Field: Page; Sequence: 55; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The service fees were charged based on a certain
percentage of the fund raised by our clients, which were only payable upon the completion of fundraising. Starting from the second half
of 2022, as the bargaining power increased as our business developed, we plan to charge the service fee at an agreed-upon amount, which
is determined on a case-by-case basis with reference to the scope of services to be provided and the size of the transactions, payable
by installments upon the occurrence of the milestone events defined in the contracts.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may introduce investors to our clients for
their fundraising needs, but such activities would be limited to: 1) identifying, screening, and contacting potential investors; 2) distributing
relevant requested materials of clients to investors; 3) discussing information included in any materials furnished to investors, provided
that we do not provide advice to the valuation or advisability of the investment; and 4) arranging or participating in meeting with clients
and investors.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our PRC counsel advised us that based on their
understanding of current PRC laws and consultation with relevant PRC administrative authority, the advisory and transaction services we
provide do not require special/broker-dealer licenses in mainland China as they do not involve brokerage, securities dealings, asset management
services, or other regulated activities under PRC law.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i><span style="text-decoration:underline">Our marketing-focused service package</span></i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the course of providing corporate business
training services and corporate consulting services, we have built a network of entrepreneurs and start-up projects, many of whom are
willing to commit their personal wealth to attractive investment opportunities. Therefore, we are able to provide our advisory and transaction
services to connect growth enterprises and entrepreneurs with potential investors.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our advisory and transaction services include
the following to provide necessary support to our clients in the whole fundraising process:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate positioning (help the client understand the nature of their business, what benefits are available to them in their industry, what are their core products, who are their consumers, where they are in the competition);</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Design and production of business plan and financing plan;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Design and production of corporate marketing materials;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assess client to prepare for the business plan, financial plan and equity structure design;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Development and maintenance of investor/potential investor relations;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Event coordination services; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i><span style="text-decoration:underline">Our engagement approach</span></i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our advisory and transaction service model begins
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of their fundraising.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Identification.</i></b>&#160;The first step
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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

</div><!-- Field: Page; Sequence: 56; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Screening.&#160;</i></b>Upon identifying
potential opportunities, we conduct preliminary due diligence and feasibility study on the potential client based on information we gather
and our understanding of the industry and capital markets. In this screening stage, we will consider the basic information about the potential
client&#8217;s business, as well as our potential ability to match the potential client with appropriate investors.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Due diligence.</i></b>&#160;If we consider
a potential client worth further consideration, our designated teams, comprised of legal and financial experts with extensive knowledge
and expertise in the industry and the market, perform due diligence on the potential client, including their assets and liabilities, share
structure, management, development prospect, and business model.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Engagement.</i></b>&#160;If we determine
the new opportunity with advisory and capital needs is likely to have success in achieving its goals of fundraising, we will engage them
as a client. Once they are engaged, we offer them our comprehensive package of services tailored to address their strategic financial
needs, ranging from assistance in the design of business and financial plan, preparation of presentation and documents to deal execution
support to chaperone clients throughout the fundraising process.</p><div>

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

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

</div><!-- Field: Page; Sequence: 57; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i><span style="text-decoration:underline">Our financing cycle coverage</span></i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our typical financing cycle coverage is illustrated
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>



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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_005.jpg"/></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We aim to deliver in-depth corporate information
of our clients to their investors/shareholders and to provide our clients with investors&#8217; views and suggestions collected through
a series of corporate activities, by way of providing services such as maintenance and development of Public Relations (&#8220;PR&#8221;)
and Investor Relations (&#8220;IR&#8221;), assist client to arrange for conferences and roadshow meetings.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our fundraising roadshow services include coordinating
and managing the overall logistics of investor presentations to ensure that the investor presentations run smoothly, which allows our
clients to concentrate on the marketing aspects of their roadshows. Our roadshow services can be categorized into (i) project management;
(ii) logistics arrangements; and (iii) roadshow desk supporting functions.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The nature of our business does not appear to
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We regard our trademarks, copyrights, patents,
domain names, know-how, proprietary technologies, and similar intellectual property as critical to our success, and we rely on copyright,
trademark and patent law in PRC, as well as confidentiality procedures and contractual provisions with our employees, contractors and
others to protect our proprietary rights.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We develop our curriculum and content with the
aim of growing our clients&#8217; capital markets knowledge. To achieve this, we have established a systematic course development and
update process that forms a virtuous cycle in producing high-quality seminar course offerings. Our content employs a large number of carefully
selected topics. Our own experts designed and produced the content and we have full rights to use and distribute the content in our seminars.</p><div>

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

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

</div><!-- Field: Page; Sequence: 58; Value: 1 --><div>
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    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has registered five (8) copyrights.
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Date</b></span></td></tr>
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and Financing in<br/>
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Tiancheng Jinhui<br/>
Enterprise<br/>
Development Co.,<br/>
Ltd.</span></td>
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    <td>&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="white-space: nowrap; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
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Tiancheng Jinhui<br/>
Enterprise<br/>
Development Co.,<br/>
Ltd.</span></td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
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Tiancheng Jinhui<br/>
Enterprise<br/>
Development Co.,<br/>
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    <td>&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="white-space: nowrap; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
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Tiancheng Jinhui<br/>
Enterprise<br/>
Development Co.,<br/>
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    <td>&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td>&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="white-space: nowrap; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
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Tiancheng Jinhui<br/>
Enterprise<br/>
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Tiancheng Jinhui<br/>
Enterprise<br/>
Development Co.,<br/>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Company has registered 90 trademarks with the following trademark names: </span><img alt="" src="image_006.jpg"/>,</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><img alt="" src="image_007.jpg" style="width: 79px; height: 32px"/>,<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span style="font-family: Sans-Serif; font-size: 9pt; color: Red"><b><img alt="" src="image_008.jpg" style="width: 39px; height: 32px"/></b></span>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>



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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that the following competitive strengths
have contributed to our success and differentiated us from our competitors:</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We launched our corporate consulting services
in 2020. Our aim was to assist these Chinese enterprises by filling the gaps and forming a bridge between SMEs in China and potential
investors. We have a team of third-party qualified and experienced personnel with legal, regulatory, and financial expertise. Our services
are designed to help SMEs in China achieve their goal of becoming public companies. We create a fundraising and/or going public strategy
for each client based on many factors, including our assessment of the client&#8217;s financial and operational situations, market conditions,
and the client&#8217;s business and financial requirements. We rely heavily on the expertise of our service providers, including corporate
trainers and experts to maintain our core competence. Our experts are professionals in their specialized fields. Our team of consultants
consists of professional with an average of five years of industrial experiences.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our management team has been selected based on
values emphasizing the importance of standardized operations, cohesiveness, continuous learning and performance excellence and places
stringent quality control on our services. They strive to keep abreast of the equity market laws and regulations in the PRC. In addition
to daily management, our CEO Mr. Xu have also participated in seminars provided by our internal corporate trainers and external experts.
Their professional knowledge and views on the trending topics in the PRC helped promote our &#8220;Tiancheng&#8221; brand.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Named for our primary brand, our corporate culture
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and is consistently cited as a key differentiator by clients, prospective clients and employees.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We incorporate our self-developed corporate business
training services in the corporate consulting projects carried out by our team, in order to enhance and expand our service offerings to
meet the evolving demands from the clients and to capture different market opportunities. For example, we regularly conduct research and
studies on the trending topics and commonly raised client enquiries in the capital finance sectors, including but not limited to questions
concerning the issuance of new related laws and regulations by the PRC government, in order to provide timely updates to our clients.</p><div>

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

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

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By keeping abreast of the relevant PRC laws and
regulations as well as economic development of the PRC, we are able to assist our clients to react and adapt to the changes through our
corporate consulting and advisory and transaction service projects. In addition, in the course of providing services to our clients, we
attempt to gain insights as to the actual needs and difficulties that our clients are facing, which would in turn provide us with first-hand
experience in our services. We believe that our ability to keep up with the fast-changing business environment in the PRC and our effects
to offer updated and timely advice to our clients may provide us with a competitive advantage in capturing growth opportunities in our
business.</p><div>

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

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<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Powerful
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our highly complementary organization and participant
offerings drive multiple revenue opportunities. The continued growth of attendances results in more participants intend to engage our
corporate consulting and advisory and transaction services. This growing audience create a powerful network effect where our platform
become increasingly valuable, driving more registrations to the participant&#8217;s activities while simultaneously offering participants
additional relevant activities from which to choose. In addition, growth in our participant audience attracts incremental clients who
view our resources as an effective medium for marketing their activities and events to a targeted demographic of participants.</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We offer corporate training and seminar tailored
for local business needs, helping them to capture the recent equity investment trend and facilitate their decision-making process regarding
equity investment opportunity. With the rise of government support funds in China in recent years, we also helped the local business community
to cut through the complexities of the funding procedure to unlock substantial financial government benefits and incentives.</p><div>

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

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We operate our business in the PRC under a legal
regime consisting of the National People&#8217;s Congress, which is the country&#8217;s highest legislative body, the State Council, which
is the highest authority of the executive branch of the PRC central government, and several ministries and agencies under its authority,
including the State Administration of Foreign Exchange (&#8220;SAFE&#8221;), the Ministry of Commerce (&#8220;MOFCOM&#8221;), the National
Development and Reform Commission (&#8220;NDRC&#8221;), the State Administration for Market Regulation (&#8220;SAMR&#8221;), formerly
known as the State Administration for Industry and Commerce (&#8220;SAIC&#8221;),&#160;the Ministry of Civil Affairs (&#8220;MCA&#8221;),
and their respective authorized local counterparts.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This section sets forth a summary of the most
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&#160;</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All limited liability companies incorporated and
operating in the PRC are governed by the&#160;<i>Company Law of the People&#8217;s Republic of China</i>, or the Company Law, which was
amended and promulgated by the Standing Committee of the National People&#8217;s Congress on October 26, 2018. However, on December 24,
2021, the Standing Committee of the National People&#8217;s Congress issued the Company Law of the People&#8217;s Republic of China (Draft
for Comments) (the &#8220;Draft Revised Company Law&#8221;), which was open for public comments until January 22, 2022. The Draft Revised
Company Law further stipulates the establishment and withdrawal of the company, the organizational structure and the capital system of
the company, and strengthens the responsibilities of shareholders and management personnel and Corporate Social Responsibility. As of
the date of this Annual Report, the Draft Revised Company Law has not been promulgated. Foreign invested projects must also comply with
the Company Law, with exceptions as specified in foreign investment laws.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to the establishment and operation
of wholly foreign-owned projects, or WFOE, the MOFCOM and NDRC, promulgated the Special Administrative Measures for the Access of Foreign
Investment (Negative List) (2021 Version) (the &#8220;2021 Negative List&#8221;) on December 27, 2021, which became effective on January
1, 2022. The 2021 Negative List will replace the Special Administrative Measures for the Access of Foreign Investment (2020 Version) (the
&#8220;2020 Negative List&#8221;) and serve as the main basis for management and guidance for the MOFCOM to manage and supervise foreign
investments. Those industries not set out on the 2021 Negative List shall be classified as industries permitted for foreign investment.
The negative List is subject to review and update by the PRC government from time to time. None of our businesses are on the 2021 Negative
List. Therefore, the Company is able to conduct its business through its wholly owned PRC subsidiary without being subject to restrictions
imposed by the foreign investment laws and regulations of the PRC.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Foreign Investment Law of the People&#8217;s
Republic of China (the &#8220;Foreign Investment Law&#8221;) was adopted by the second meeting of the 13th National People&#8217;s Congress
on March 15, 2019, which became effective on January 1, 2020. On December 26,2019, the State Council promulgated Regulation for Implementing
the Foreign Investment Law of the People&#8217;s Republic of China (the &#8220;Regulation&#8221;), which became effective on January 1,
2020.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Foreign Investment Law and the Regulation
apply the administrative system of pre-establishment national treatment plus negative list to foreign investment and clarify the state
shall develop a catalogue of industries for encouraging foreign investment to specify the industries, fields, and regions where foreign
investors are encouraged and directed to invest, which refers to the Catalogue of Industries for Guiding Foreign Investment Industries
(amended in 2020) (the &#8220;Catalogue&#8221;). Specifically, the special administrative measures to be implemented are the restricted
and prohibited industry categories as well as encouraged industry categories having shareholding and executive management requirements
prescribed in the Catalogue (the Special Administrative Measures for the Access of Foreign Investment specified in the Catalogue was replaced
by the 2020 Negative List, and the Catalogue of Industries for Encouraged Foreign Investment specified in the Catalogue was replaced by
the Catalogue of Industries for Encouraged Foreign Investment (2020 Version).</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The abovementioned Company Law of the People&#8217;s
Republic of China provides that companies established in the PRC may take the form of company of limited liability or company limited
by shares. Each company has the status of a legal person and owns its assets itself. Assets of a company may be used in full for the company&#8217;s
liability. The Company Law applies to foreign-invested companies unless relevant laws provide otherwise.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Foreign Investment Law replaced Law of the
People&#8217;s Republic of China on Wholly Foreign-owned Enterprises. It stipulates that the PRC implements a system of pre-establishment
national treatment plus negative list for the administration of foreign investment. Foreign investors are not allowed to invest in fields
or sectors prohibited in the market access negative list for foreign investment. Foreign investors that intend to invest in the fields
subject to access restrictions stipulated in market access negative list for foreign investment shall satisfy the conditions stipulated
in such negative list. The PRC policies supporting enterprise development are equally applicable to foreign-invested enterprises. The
PRC does not impose expropriation on foreign investment. Under special circumstances, if it requires imposing expropriation on foreign
investment due to the need of public interest, expropriation shall be imposed according to legal procedures, and the foreign-invested
enterprises concerned shall receive fair and reasonable compensation. Foreign-invested enterprises can raise funds through public issuance
of stocks, corporate bonds and other securities in accordance with the law. Overall, The Foreign Investment Law establishes the clear
principle of applying national treatment to FIEs except those engaged in industries on the negative List. Since our current and planned
business is not on the 2021 Negative List, to the best of our knowledge, it will not create any material adverse effect to our Company&#8217;s
business.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Regulations on Offshore Parent Holding Companies&#8217;
Direct Investment in and Loans to Their PRC Subsidiary</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An offshore company may invest equity in a PRC
company, which will become the PRC subsidiary of the offshore holding company after investment. Such equity investment is subject to a
series of laws and regulations generally applicable to any foreign-invested enterprise in China, all as amended from time to time, and
their respective implementing rules; the Administrative Provisions on Foreign Exchange in Domestic Direct Investment by Foreign Investors;
and the Notice of the State Administration on Foreign Exchange on Further Improving and Adjusting Foreign Exchange Administration Policies
for Direct Investment. Under the aforesaid laws and regulations, the increase of the registered capital of a foreign-invested enterprise
is subject to submission of information to and registration with certain PRC government authorities, including MOFCOM, SAMR, SAFE or their
local counterparts. Shareholder loans made by offshore parent holding companies to their PRC subsidiaries are regarded as foreign debts
in China for regulatory purpose, which is subject to a number of PRC laws and regulations, including the PRC Foreign Exchange Administration
Regulations, the Interim Measures on Administration on Foreign Debts, the Tentative Provisions on the Statistics Monitoring of Foreign
Debts and its implementation rules, and the Administration Rules on the Settlement, Sale and Payment of Foreign Exchange. Under these
regulations, the shareholder loans made by offshore parent holding companies to their PRC subsidiaries shall be registered with SAFE,
or its local counterparts.</p><div>

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

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

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

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In September&#160;1990, the SCNPC promulgated
the Copyright Law of the People&#8217;s Republic of China, effective in June 1991 and amended in 2001, 2010 and 2020 respectively. The
amended Copyright Law extends copyright protection to internet activities, products disseminated over the internet and software products.
In addition, there is a voluntary registration system administered by the Copyright Protection Centre of China.</p><div>

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&#160;</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&#160;</p><div>

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In August 2017, the MIIT promulgated the Administrative
Measures on Internet Domain Names, or the Domain Name Measures. The Domain Name Measures regulate the registration of domain names, such
as the top-level domain name &#8220;.cn&#8221;. The MIIT is in charge of the administration of PRC internet domain names and the domain
name services follow a &#8220;first come, first file&#8221; principle.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the&#160;Foreign Exchange Administration
Regulations, as amended in August 2008, the RMB is freely convertible for current account items, including the distribution of dividends,
interest payments, trade and service-related foreign exchange transactions, but not for capital account items, such as direct investments,
loans, repatriation of investments and investments in securities outside the PRC, unless SAFE&#8217;s prior approval is obtained and prior
registration with SAFE is made. In May 2013 SAFE promulgated the&#160;Circular of the SAFE on Printing and Distributing the Administrative
Provision on Foreign Exchange in Domestic Direct Investment by Foreign Investors and Relevant Supporting Documents&#160;which provides
for and simplifies the operational steps and regulations on foreign exchange matters related to direct investment by foreign investors,
including foreign exchange registration, account opening and use, receipt and payment of funds, and settlement and sales of foreign exchange.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the&#160;Circular on Relevant Issues
concerning Foreign Exchange Administration of Overseas Investment and Financing and Return Investments Conducted by Domestic Residents
through Overseas Special Purpose Vehicles&#160;or the SAFE Circular&#160;37, promulgated by SAFE and which became effective on July&#160;4,
2014, (a)&#160;a PRC resident shall register with the local SAFE branch before he or she contributes assets or equity interests in an
overseas SPV, that is directly established or controlled by the PRC Resident for the purpose of conducting investment or financing; and
(b)&#160;following the initial registration, the PRC Resident is also required to register with the local SAFE branch for any major change,
in respect of the Overseas SPV, including, among other things, a change of the Overseas SPV&#8217;s PRC Resident shareholder(s), name
of the Overseas SPV, term of operation, or any increase or reduction of the Overseas SPV&#8217;s registered capital, share transfer or
swap, and merger or division. Pursuant to SAFE Circular&#160;37, failure to comply with these registration procedures may result in penalties.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Circular of the State Administration
of Foreign Exchange on Further Simplifying and Improving the Direct Investment-related Foreign Exchange Administration Policies, or the
SAFE Notice 13, which was promulgated on February 13, 2015 and with effect from June 1, 2015, the foreign exchange registration under
domestic direct investment and the foreign exchange registration under overseas direct investment is directly reviewed and handled by
banks in accordance with the SAFE Notice 13, and the SAFE and its branches shall perform indirect regulation over the foreign exchange
registration via banks.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Regulation on Foreign Debt</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A loan made by a foreign entity as direct or indirect
shareholder in a FIE is considered to be foreign debt in China and is regulated by various laws and regulations, including the PRC Foreign
Exchange Administration Regulations, the Interim Provisions on the Management of Foreign Debts, the Statistical Monitoring of Foreign
Debts Tentative Provisions, and the Administrative Measures for Registration of Foreign Debts. Under these rules and regulations, a shareholder
loan in the form of foreign debt made to a PRC entity does not require the prior approval of SAFE. However, such foreign debt must be
registered with and recorded by SAFE or its local branches within fifteen (15) business days after entering into the foreign debt contract.
Pursuant to these rules and regulations, the maximum amount of the aggregate of (i) the outstanding balance of foreign debts with a term
not longer than one year, and (ii) the accumulated amount of foreign debts with a term longer than one year, of a FIE shall not exceed
the difference between its registered total investment and its registered capital, or Total Investment and Registered Capital Balance.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 12, 2017, the People&#8217;s Bank of
China, or PBOC, promulgated the Notice of the People&#8217;s Bank of China on Matters concerning the Macro-Prudential Management of Full-Covered
Cross-Border Financing, or PBOC Circular 9, which sets forth an upper limit for PRC entities, including FIEs and domestic enterprises,
regarding their foreign debts. Pursuant to PBOC Circular 9, the outstanding cross-border financing of an enterprise (the outstanding balance
drawn, here and below) shall be calculated using a risk-weighted approach, or Risk-Weighted Approach, and shall not exceed the specified
upper limit, namely: risk-weighted outstanding cross-border financing &#163; the upper limit of risk-weighted outstanding cross-border
financing. Risk-weighted outstanding cross-border financing =&#8721; outstanding amount of RMB and foreign currency denominated cross-border
financing * maturity risk conversion factor * type risk conversion factor +&#8721; outstanding foreign currency denominated cross-border
financing * exchange rate risk conversion factor. Maturity risk conversion factor shall be 1 for medium- and long-term cross-border financing
with a term of more than one year and 1.5 for short-term cross-border financing with a term of one year or less than one year. Type risk
conversion factor shall be 1 for on-balance-sheet financing and 1 for off-balance-sheet financing (contingent liabilities) for the time
being. Exchange rate risk conversion factor shall be 0.5. The PBOC Circular 9 further provides that the upper limit of risk-weighted outstanding
cross-border financing for enterprises, or Net Asset Limits, shall be 200% of its net assets. The PBOC Circular 9 does not supersede the
Interim Provisions on the Management of Foreign Debts, but rather serves as a supplement to it. PBOC Circular 9 provided for a one-year
transitional period, or the Transitional Period, from its promulgation date for FIEs, during which period FIEs could choose to calculate
their maximum amount of foreign debt based on either (i) the Total Investment and Registered Capital Balance, or (ii) the Risk-Weighted
Approach and the Net Asset Limits. Under the PBOC Circular 9, after the Transitional Period ends on January 11, 2018, the PBOC and SAFE
will determine the cross-border financing administration mechanism for the foreign-invested enterprises after evaluating the overall implementation
of PBOC Circular 9. In addition, according to PBOC Circular 9, a foreign loan must be filed with SAFE through the online filing system
of SAFE after the loan agreement is signed and at least three business days prior to the borrower withdraws any amount from such foreign
loan.</p><div>

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

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

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

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

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 17, 2023, the China Securities Regulatory
Commission (the &#8220;CSRC&#8221;) issued the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies
(the &#8220;Trial Administrative Measures&#8221;) and relevant supporting guidelines (collectively, the &#8220;New Administrative Rules
Regarding Overseas Listings&#8221;), which came into force since March 31, 2023. The New Administrative Rules Regarding Overseas Listings
refine the regulatory system for domestic company&#8217;s overseas offering and listing by subjecting both direct and indirect overseas
offering and listing activities to the filing-based administration, and clearly defines the circumstances where provisions for direct
and indirect overseas offering and listing apply and relevant regulatory requirements.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the New Administrative Rules Regarding Overseas
Listings, a domestic company is prohibited from overseas offering and listing if any of the following circumstances is involved: (1) where
such securities offering and listing is explicitly prohibited by provisions in laws, administrative regulations and relevant state rules;
(2) where the intended securities offering and listing may endanger national security as reviewed and determined by competent authorities
under the State Council in accordance with law; (3) where the domestic company intending to make the securities offering and listing,
or its controlling shareholders and the actual controller, have committed crimes such as corruption, bribery, embezzlement, misappropriation
of property or undermining the order of the socialist market economy during the latest three years; (4) where the domestic company intending
to make the securities offering and listing is suspected of committing crimes or major violations of laws and regulations, and is under
investigation according to law, and no conclusion has yet been made thereof; and (5) where there are material ownership disputes over
equity held by the domestic company&#8217;s controlling shareholder or by other shareholders that are controlled by the controlling shareholder
and/or actual controller. Moreover, a domestic company that seeks to offer and list securities in overseas markets shall abide by certain
other regulatory requirements as set out in the New Administrative Rules Regarding Overseas Listings, including without limitation to,
compliance with national secrecy, foreign investment, cybersecurity, data security, cross-border investment and financing, foreign exchange,
and other laws and relevant provisions.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 24, 2023, the CSRC promulgated the
Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies
(the &#8220;Confidentiality and Archives Administration Provisions&#8221;), which also became effective on March 31, 2023. According to
the Confidentiality and Archives Administration Provisions, domestic companies that carry out overseas offering and listing (either in
direct or indirect means) and the securities companies and securities service providers (either incorporated domestically or overseas)
that undertake relevant businesses shall institute a sound confidentiality and archives administration system, and take necessary measures
to fulfill confidentiality and archives administration obligations. They shall not leak any state secret and working secret of government
agencies, or harm national security and public interest. Therefore, a domestic company that plans to, either directly or through its overseas
listed entity, publicly disclose or provide to relevant individuals or entities including securities companies, securities service providers
and overseas regulators, any documents and materials that contain state secrets or working secrets of government agencies, shall first
obtain approval from competent authorities according to law, and file with the secrecy administrative department at the same level. Moreover,
if documents and materials that, if leaked, will be detrimental to national security or public interest, are involved, the domestic company
shall strictly fulfill relevant procedures stipulated by applicable regulations.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, the Confidentiality and Archives
Administration Provisions stipulates that a domestic company that provides accounting archives or copies of accounting archives to any
entities including securities companies, securities service providers and overseas regulators and individuals shall fulfill due procedures
in compliance with applicable regulations. Working papers produced in the Chinese mainland by securities companies and securities service
providers in the process of undertaking businesses related to overseas offering and listing by domestic companies shall be retained in
the Chinese mainland. Where such documents need to be transferred or transmitted to outside the Chinese mainland, relevant approval procedures
stipulated by regulations shall be followed.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In August 2006, six PRC regulatory authorities,
including the CSRC, jointly adopted the&#160;Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or
the M&amp;A Rules, amended in June 2009. The M&amp;A Rules, among other things, require that if an overseas company established or controlled
by PRC companies or individuals, or PRC Citizens, intends to acquire equity interests or assets of any other PRC domestic company affiliated
with the PRC Citizens, such acquisition must be submitted to the MOFCOM for approval. The M&amp;A Rules also require that an Overseas
SPV that is controlled by PRC companies or individuals and that has acquired PRC domestic companies&#8217; equities with the SPV&#8217;s
shares shall obtain CSRC approval prior to publicly listing their securities on an overseas stock exchange.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that our corporate structure and arrangements
are not subject to the approval of the CSRC or the MOFCOM under the M&amp;A Rules. However, our PRC legal counsel has further advised
us that there are substantial uncertainties as to how the M&amp;A Rules will be interpreted or implemented in the context of an overseas
offering, and its opinions summarized above are subject to any new laws, rules and regulations or detailed implementations and interpretations
in any form relating to the M&amp;A Rules.</p><div>

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Labor Contract Law, an employer shall
limit the number of dispatched workers so that they do not exceed a certain percentage of its total number of workers. In January 2014,
the MOHRSS issued the Interim Provisions on Labor Dispatching, which became effective in March 2014, pursuant to which it provides that
the number of dispatched workers used by an employer shall not exceed 10% of the total number of its employees.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The PRC governmental authorities have passed a
variety of laws and regulations regarding social insurance and housing funds from time to time, including, among others, the Social Insurance
Law of the People&#8217;s Republic of China, the Regulation of Insurance for Labor Injury, the Regulations of Insurance for Unemployment,
the Provisional Insurance Measures for Maternal Employees, the Interim Regulations Concerning the Collection and Payment of Social Insurance
Premiums and the Administrative Regulations on the Housing Provident Fund.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to the Social Insurance Law of PRC,
which issued by the SCNPC on October 28, 2010 and came into effect on July 1, 2011 and was latest revised on December 29, 2018, enterprises
and institutions in the PRC shall provide their employees with welfare schemes covering pension insurance, unemployment insurance, maternity
insurance, work-related injury insurance, medical insurance and other welfare plans. The employer shall apply to the local social insurance
agency for social insurance registration within 30 days from the date of its formation. And it shall, within 30 days from the date of
employment, apply to the social insurance agency for social insurance registration for the employee. Any employer who violates the regulations
above shall be ordered to make correction within a prescribed time limit; if the employer fails to rectify within the time limit, the
employer and its directly liable person will be fined.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to the Administrative Regulations on
the Housing Provident Fund, implemented since April 3, 1999 and latest amended on March 24, 2019, any newly established entity shall make
deposit registration at the housing accumulation fund management center within 30 days as of its establishment. After that, the entity
shall open a housing accumulation fund account for its employees in an entrusted bank. Within 30 days as of the date an employee is recruited,
the entity shall make deposit registration at the housing accumulation fund management center and seal up the employee&#8217;s housing
accumulation fund account in the bank mentioned above within 30 days from termination of the employment relationship. Any entity that
fails to make deposit registration of the housing accumulation fund or fails to open a housing accumulation fund account for its employees
shall be ordered to complete the relevant procedures within a prescribed time limit. Any entity failing to complete the relevant procedure
within the time limit will be fined RMB10,000 to RMB50,000. Any entity fails to make payment of housing provident fund within the time
limit or has shortfall in payment of housing provident fund will be ordered to make the payment or make up the shortfall within the prescribed
time limit, otherwise, the housing provident management center is entitled to apply for compulsory enforcement with the People&#8217;s
Court.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The&#160;PRC consumer Rights and Interests Protection
Law, or consumer Protection Law, as amended on October&#160;25, 2013 and effective on March&#160;15, 2014, sets out the obligations of
business operators and the rights and interests of the consumers. Pursuant to this law, business operators must guarantee that the commodities
they sell satisfy the requirements for personal or property safety, provide consumers with authentic information about the commodities,
and guarantee the quality, function, usage and term of validity of the commodities. Failure to comply with the consumer Protection Law
may subject business operators to civil liabilities such as refunding purchase prices, exchange of commodities, repairing, ceasing damages,
compensation, and restoring reputation, and even subject the business operators or the responsible individuals to criminal penalties if
business operators commit crimes by infringing the legitimate rights and interests of consumers.</p><div>

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The&#160;PRC Enterprise Income Tax Law&#160;was
promulgated in March 2007 and was most recently amended in December 2018. The&#160;PRC Enterprise Income Tax Law&#160;applies a uniform
25% enterprise income tax rate to both foreign-invested enterprises and domestic enterprises, except where tax incentives are granted
to special industries and projects. Under the&#160;PRC Enterprise Income Tax Law, an enterprise established outside China with &#8220;de
facto&#160;management bodies&#8221; within China is considered a &#8220;resident enterprise&#8221; for PRC enterprise income tax purposes
and is generally subject to a uniform 25% enterprise income tax rate on its worldwide income. Under the implementation regulations to
the&#160;PRC Enterprise Income Tax Law, a &#8220;de facto&#160;management body&#8221; is defined as the body that exercises full and substantial
control and overall management over the business, productions, personnel, accounts and properties of an enterprise.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In April 2009, the Ministry of Finance and SAT
jointly issued the&#160;Notice on Issues Concerning Process of Enterprise Income Tax in Enterprise Restructuring Business,&#160;or the
Circular 59. In December 2009, SAT issued the&#160;Notice on Strengthening Administration of Enterprise Income Tax for Share Transfers
by Non-PRC Resident Enterprises,&#160;or the Circular 698. Both Circular 59 and Circular 698 became effective retroactively as of January
2008. In March 2011, SAT issued the&#160;Notice on Several Issues Regarding the Income Tax of Non-PRC Resident Enterprises,&#160;or the
SAT Circular 24, effective in April 2011. By promulgating and implementing these circulars, the PRC tax authorities have enhanced their
scrutiny over the direct or indirect transfer of equity interests in a PRC resident enterprise by a non-resident enterprise.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2015, SAT issued the&#160;Notice on
Certain Corporate Income Tax Matters on Indirect Transfer of Properties by Non-PRC Resident Enterprises,&#160;or the SAT Circular 7, to
supersede existing provisions in relation to the indirect transfer as set forth in Circular 698, while the other provisions of Circular
698 remain in force. SAT Circular 7 introduces a new tax regime that is significantly different from that under Circular 698. SAT Circular
7 extends its tax jurisdiction to capture not only indirect transfers as set forth under Circular 698 but also transactions involving
transfer of immovable property in China and assets held under the establishment, and placement in China, of a foreign company through
the offshore transfer of a foreign intermediate holding company. SAT Circular 7 also addresses transfer of the equity interest in a foreign
intermediate holding company broadly. In addition, SAT Circular 7 provides clearer criteria than Circular 698 on how to assess reasonable
commercial purposes and introduces safe harbor scenarios applicable to internal group restructurings. However, it also brings challenges
to both the foreign transferor and transferee of the indirect transfer as they have to determine whether the transaction should be subject
to PRC tax and to file or withhold the PRC tax accordingly. In October 2017, SAT issued&#160;the Announcement on Issues Relating to Withholding
at Source of Income Tax of Non-resident Enterprises,&#160;or the SAT Circular 37, amended in June 2018. The SAT Circular 37 superseded
the Non-resident Enterprises Measures and SAT Circular 698 as a whole and partially amended some provisions in SAT Circular 24 and SAT
Circular 7. SAT Circular 37 purports to clarify certain issues in the implementation of the above regime, by providing, among others,
the definition of equity transfer income and tax basis, the foreign exchange rate to be used in the calculation of withholding amount,
and the date of occurrence of the withholding obligation. Specifically, SAT Circular 37 provides that where the transfer income subject
to withholding at source is derived by a non-PRC resident enterprise in installments, the installments may first be treated as recovery
of costs of previous investments. Upon recovery of all costs, the tax amount to be withheld must then be computed and withheld.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The PRC Provisional Regulations on Value Added
Tax were promulgated by the State Council on December 13, 1993, which became effective on January 1, 1994 and were subsequently amended
from time to time. The Detailed Rules for the Implementation of the PRC Provisional Regulations on Value Added Tax (2011 Revision) was
promulgated by the Ministry of Finance on December 25, 1993 and subsequently amended on December 15, 2008 and October 28, 2011. On November
19, 2017, the State Council promulgated the Decisions on Abolishing the PRC Provisional Regulations on Business Tax and Amending the PRC
Provisional Regulations on Value Added Tax. Pursuant to these regulations, rules and decisions, all enterprises and individuals engaged
in sale of goods, provision of processing, repair, and replacement services, sales of services, intangible assets, real property, and
the importation of goods within the PRC territory are VAT taxpayers. On March 20, 2019, the Ministry of Finance, the SAT, and the General
Administration of Customs jointly issued the Announcement on Relevant Policies on Deepen the Reform of Value Added Tax, according to which
for general VAT payers&#8217; sales activities or imports that are subject to VAT at a current applicable rate of 16% or 10%, the applicable
VAT rate is adjusted to 13% or 9%, respectively, from April 1, 2019.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Law of the People&#8217;s Republic
of China on the Administration of the Urban Real Estate, promulgated by the SCNPC on July 5, 1994 and last amended on August 26, 2019
and effective on January 1, 2020, in the lease of a house, the leaser and the lessee shall conclude a written lease contract defining
such matters as the term, purpose and price of the lease, liability for repair, as well as other rights and obligations of both parties.
They shall register the lease contract with the department of housing administration for the record. Pursuant to the Administrative Measures
on Commodity Housing Leasing, issued by Ministry of Housing and Urban-Rural Development on December 1, 2010 and became effective on February
1, 2011, without the mentioned registration above, the leaser and the lessee may be imposed a fine by the development (real estate) department.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">C. <span style="text-decoration:underline">Organizational Structure</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following diagram illustrates our corporate
structure, including our subsidiaries:</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_010.jpg"/>&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">D. <span style="text-decoration:underline">Property, Plants and Equipment</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our headquarters and executive offices are located
in Guangzhou, China and consist of approximately 1,796.26 square meters (approximately 19,334.78 square feet) of office space under two
leases which will both expire in October 2025.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We lease our facility and do not own any real
property.</p><div>

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

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

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

</div><div><a id="a_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 4A. UNRESOLVED STAFF COMMENTS</b></p><div>

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

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

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

</div><div><a id="a_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Item
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</b></span>&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>You should read the following discussion and
analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and the related
notes included elsewhere in this Annual Report on Form&#160;20-F. This discussion may contain forward-looking statements based upon current
expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking
statements as a result of various factors, including those set forth under &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8221;
or in other parts of this Annual Report on Form 20-F.</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A. <span style="text-decoration:underline">Operating
results</span></span></p><div>


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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We provide a number of business services in China
to young and emerging companies including (i) corporate business training services, which mainly focus on advanced knowledge and new perspectives
on the capital markets, (ii) corporate consulting services, which mainly focus on various aspects of fundraising, and (iii) advisory and
transaction services. Our main clients are entrepreneurs and executives in SMEs in China.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Key Factors that Affect Operating Results</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe the following key factors may affect
our financial condition and results of operations:</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Ability to acquire clients effectively</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business success depends on our ability to
acquire new clients and retain existing clients. In order to effectively acquire more new clients, we plan to provide more free or low-priced
seminars, which we consider an efficient and effective marketing tool for promoting our brand and services to prospective clients due
to the large number of attendees in each seminar. After the prospective clients gain some basic knowledge about capital markets and entrepreneurship
through our seminars, some of them may be interested in signing up for our higher margin services, such as business consulting services
or advisory and transaction services. Due to the ability of promoting our brand and services to a large number of prospective clients
through our free or low-priced seminars, we generally do not need to incur significant expenses on other promoting channels. Furthermore,
in order to retain existing clients through providing high-quality services, we intend to continue to develop and improve the quality
of our courses, especially the fee-paying ones, recruit and retain industry experts, and maintain a strong management team.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the two above-mentioned strategies
to acquire and retain clients, we also rely on the influence of our management team and existing client referrals. Early in our business,
in order to acquire new clients, we mainly marketed our services through the influence of our management team, who collectively has a
wide personal and business network and provides us a valuable source of potential new clients. In addition, we build our brand over time
through high-quality services, and our reputation in the industry has been enhanced through referrals and word of mouth of existing clients.
We believe that our services consistently meet or exceed our clients&#8217; expectations, which promotes client acquisition and retention.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any of the current client acquisition channels
becomes less effective, it may affect our cost-effective manner of attracting new clients, converting potential clients to active clients
or even lose our existing clients to our competitors. To the extent that our current client acquisition and retention efforts become less
effective, our service revenues may be significantly impacted, which would have a significant adverse effect on our revenues, financial
condition and results of operations.</p><div>

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

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Ability to attract and retain our key personnel</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the nature of our business, we heavily
rely on the leadership of our directors, officers and our expertise team to maintain our core competence. Our team has remained stable
since we started our business in 2019. Under their leadership, our business has achieved rapid expansion and growth since 2019. As our
business scope increases, we expect to continue to invest significant resources in hiring and retaining a talent pool of financial consultancy
professionals. Our ability to sustain our growth depends on our ability to attract qualified personnel and retain our current staff.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Transition to public company status</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsequent to our recent initial public offering,
our general and administrative expenses are expected to increase materially in connection with meeting our public company reporting obligations
and corporate governance requirements. The increased expenses will include legal, accounting and other professional service fees, insurance
premiums, auditing fees, investor relations, shareholders&#8217; meetings, printing and filing fees, share-based compensation expense,
as well as employee-related expenses for regulatory compliance and other costs. We are a relatively early-stage company, and therefore
our operating costs as a public company are expected to constitute a bigger proportion of revenues and net profit as compared to a larger
or more mature company.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>A severe or prolonged slowdown in the global
or Chinese economy</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The demand for advisory and transaction services
and corporate consulting services is dependent on the overall economic conditions in China as well as globally. A slowdown in the economy,
such as deterioration of overall economic condition may decrease corporate clients&#8217; desire to expand their business, which in turn
may decrease their need for corporate services and therefore affects our operating business performance.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Impact of the COVID-19 pandemic on our business
and operations</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
COVID-19 pandemic has resulted in quarantines, travel restrictions, limitations on social or public gatherings, and the temporary closure
of business venues and facilities across the world, including China from 2021 to 2022.</span><span style="font-size: 10pt">&#160;</span>&#160;
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many of the quarantine and lockdown measures within China have
been relaxed since the second quarter in 2021. Nevertheless, relaxation of restrictions on economic and social activities may lead to
new cases which may result in the return of restrictions. Our clients as well as revenue generation are all from China. Although the
Company&#8217;s operations in China have fully resumed in July 2020, the COVID-19 pandemic continued to affect the Company&#8217;s business
performance in 2021 and 2022. The negative impacts of the COVID-19 outbreak on our business include: (i) the uncertain economic conditions
may refrain clients from engaging our services; and (ii) quarantines impeded our ability to contact existing and new clients. Travel
restrictions and limitations on social and public gatherings have caused us to cancel 1 free on-site seminar (1<sup>st</sup> Level -
<i>Opportunities of Capital Markets</i>) in 2020, and 1 free (1<sup>st</sup> Level - <i>Opportunities of Capital Markets</i>) and 2 fee-paying
on-site corporate business training courses (2<sup>nd</sup> Level - <i>System of Capital Markets and Model of Capital Markets</i>) in
2021, and 20 free on-site seminars (1<sup>st</sup> Level - <i>Opportunities of Capital Markets</i>) and 2 fee-paying on-site corporate
business training courses (2<sup>nd</sup> - <i>System of Capital Markets and Model of Capital Markets)</i> for the year ended December
31, 2022. We charge each attendee $403 for 2nd Level courses during the fiscal year of 2022. Each seminar usually has 80-140 attendees
during the fiscal year of 2022. Compared to fiscal year of 2021, we charged each attendee $612 for 2nd Level courses and each seminar
usually has 100-200 attendees. We have lost $122,400 to $244,800 in corporate business training services for the year ended December
31, 2021 and $28,936 to $65,938 for the year ended December 31, 2022 in corporate business training services. However, these courses
are offered free or at low prices to attract potential clients for our other higher paying services, such as business consulting services
or advisory and transaction services. As a result of the cancellation of the courses, we lost some opportunities to promote our courses
and other higher paying services. There will be a new challenge for us to retain existing clients and attract new clients, and we believe
that this impact cannot be quantified with reasonable certainty.</span><span style="font-size: 10pt">&#160;&#160;</span></p><div>

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b><i>Comparison of Results of Operations for
the Years Ended December 31, 2022 and 2021</i></b></p><div>



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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the results of
our operations during the years ended December 31, 2022 and 2021, respectively, and provides information regarding the dollar and percentage
increase or decrease during such periods.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Years ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 9%; font-weight: bold; text-align: right">100</td><td style="width: 1%; font-weight: bold; text-align: left">%</td><td style="width: 1%; font-weight: bold">&#160;</td>
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    <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 9%; font-weight: bold; text-align: right">100</td><td style="width: 1%; font-weight: bold; text-align: left">%</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents revenues by service
categories for the year ended December 31, 2022 and 2021, respectively:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our total revenues decreased by 50% or $3,172,343,
from $6,294,667 in 2021 to $3,122,324 in 2022. This decrease was primarily due to a decline in revenue from advisory and transaction services
and corporate business training services. However, it was partly offset by an increase in revenue from corporate consulting services.&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenues from advisory and transaction services</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues from advisory and transaction services
decreased from $3,878,847 or 62% of total revenues in 2021 to $2,000,219 or 64% of total revenues in 2022. Despite having the same number
of clients (8 clients) in both years, the impact of COVID-19 led to the cancellation of relevant services and a decline in revenue from
these services.<b><i>&#160;</i></b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenues from corporate business training
services</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Revenues
from corporate business training services accounted for $256,356 or 8% of total revenues for the year ended December 31, 2022, compared
to $1,467,563 or 23% for the year ended December 31, 2021. This was primarily due to a decrease of $737,958 or 96% from set-up services
offered to new referral and marketing service companies and a decrease of $473,249 or 68% from corporate seminars. For the year ended
December 31, 2021, we attracted more new referral and marketing service companies to promote our corporate business training services
and helped them become familiar with the training and conduct business. However, during the year ended December 31, 2022, the number
of new referral and marketing service companies and revenue from corporate seminars decreased due to the negative impact of the COVID-19
pandemic in the first three quarters of the year. The pandemic resulted in quarantines, travel restrictions, limitations on social gatherings,
and temporary closures of business venues and facilities across China. As a result, some of our originally booked business training courses
were cancelled or delayed.</span></p><div>


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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenues from corporate consulting services</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We provide consulting services to small and medium-sized
enterprises to develop strategies and solutions for the following: corporate governance, leadership training, share structure consulting
services and so on. The consulting services are adapted to each client&#8217;s specific needs. Revenues from corporate consulting services
increased by $22,550, or 3% from $839,531 for the year ended December 31, 2021, to $862,081 for the year ended December 31, 2022. We enriched
and diversified the content of our corporate consulting services to meet the clients&#8217; needs, which were charged at a higher price.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenues from others</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue from others is mainly derived from referral
services and site leasing. Others decreased by $105,058 or 97% as compared to the year ended December 31, 2021 due to the decreased amount
of revenue from referral services. This reduction in referral services is within the expectation of the management, as we focused on the
expansion of the main services and relaxation in the referral services.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cost of revenues</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents cost of revenue by
service categories for the years ended December 31, 2022 and 2021, respectively:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(50,977</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Total cost</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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  </table><div>


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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from advisory and transaction and other services are recognized on net basis.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our service costs primarily include (1) referral
fees paid to referral and marketing service companies&#160;for the recommendation of potential clients, (2) service fees paid to service
providers for report editing, due diligence and, (3) commission fees of service personnel paid to third parties and the Company&#8217;s
staff. Cost of revenues for the year ended December 31, 2022 was $957,112, a decrease of $399,686, or 29%, from $1,356,798 for the year
ended December 31, 2021. The decrease was proportionally in line with the decrease of revenues.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows different categories
of services we provided for the year ended December 31, 2022 in USD:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Service category</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Advisory<br/>
and<br/>
transaction<br/>
services</b></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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business<br/>
training<br/>
services</b></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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consulting<br/>
services</b></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">8</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">28</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">24</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">76</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">%</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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and<br/>
transaction<br/>
services</b></p></td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td>
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business<br/>
training<br/>
services</b></p></td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td>
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consulting<br/>
services</b></p></td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">100</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">52</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">28</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">53</td><td style="text-align: left">%</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the foregoing, we had gross profit
of $2,165,212 and $4,937,869 with gross margins of 69% and 78% for the years ended December&#160;31, 2022 and 2021, respectively. The
overall gross profit rate decreased by 9%, which was due to the reduction of revenue generated from advisory services and corporate business
training services, but the fixed costs did not go down with revenue. And the gross profit rate of corporate consulting services decreased
by 12%, to 16% for the year ended December 31, 2022, from the year ended December 31, 2021, which is due to the fact that we incurred
more services fees to improve our corporate consulting services.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Operating expenses</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth the breakdown of
our operating expenses for the years ended December 31, 2022 and 2021:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

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

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our selling expenses decreased by $30,532 or 3%,
from $979,097 for the year ended December 31, 2021 to $948,565 for the year ended December 31, 2022. This decrease was primarily due to
a reduction in promotional expenses related to sales and marketing as a result of the impact of COVID-19, which partially offset an increase
in conference fees.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>General and administrative expenses</b></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
general and administrative expenses increased by $1,220,887 or 133%, from $915,550 for the year ended December 31, 2021 to $2,136,437
for the year ended December 31, 2022. This increase was mainly due to a $368,639 increase in salary and welfare expenses resulting from
an increase in headcount and pay raises to meet our business expansion needs, as well as a $660,093 increase in legal and professional
fees due to higher annual audit fees and other professional expenses.</span></p><div>


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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Other income and expense</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total net other income was $ 27,194 for the year
ended December 31, 2022, compared to net other income of $ 42,625 for the year ended December 31, 2021, primarily due to a decrease in
interest income of $15,477.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our
income tax benefit was $121,113 for the year ended December 31, 2022 and our income tax expense was $777,221 for the year ended December
31, 2021. </span> &#160;&#160;</p><div>


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

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

</div><!-- Field: Page; Sequence: 74; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

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

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a result of the foregoing, we reported a net loss of $ 771,483 for
the year ended December 31, 2022, compared to a net income of $ 2,308,626 for the year ended December 31, 2021.&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Comparison of Results of Operations for
Years Ended December 31, 2021 and 2020</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the results of
our operations during the years ended December 31, 2021 and 2020, respectively, and provides information regarding the dollar and percentage
increase or decrease during such periods.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents revenues by service
categories for the years ended December 31, 2021 and 2020, respectively:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our total revenues increased by $4,960,737 or
372%, from $1,333,930 for the year ended December 31, 2020, to $6,294,667 for the year ended December 31, 2021, primarily due to the increase
in the revenue generated from advisory and transaction services, corporate business training services and corporate consulting services.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenues from corporate business training
services&#160;</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues from corporate business training services
accounted for $1,467,563 or 23% of total revenues for the year ended December 31, 2021, as compared to $294,577 or 22% for the year ended
December 31, 2020, primarily due to the fact that since 2021, we have put more efforts on the development of corporate business training
services through developing and improving the quality of our fee-paying courses to attract new clients and retain existing clients. We
start with the free corporate seminars to raise prospective clients&#8217; interest in our brand and build some initial connection with
them., And then attract the attendees to enter the next level of paid courses. In 2021, we held more cost-free seminar to attract new
clients than in 2020. We also invited industry experts to share more live-time knowledge and provide tailored advice and suggestions.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenues from corporate consulting services</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We provide consulting services to small and medium-sized
enterprises to develop strategies and solutions for the following: corporate governance, leadership training, share structure consulting
services and so on. The consulting services are adapted to each client&#8217;s specific needs. Revenues from corporate consulting services
increased by $551,817, or 192% from $287,714 for the year ended December 31, 2020, to $839,531 for the year ended December 31, 2021, with
the number of clients increased from 9 in 2020 to 32 in 2021. Our revenues increased primarily because we managed to attract more corporate
training attendees to engage us for corporate consulting services. Compared to corporate business training services, corporate consulting
services are highly customized and have a higher profit margin.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenues from advisory and transaction services</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues from advisory and transaction services
accounted for $3,878,847 or approximately 62% of total revenues for the year ended December 31, 2021, as compared to $715,909 or 54% for
the year ended December 31, 2020, primarily due to the fact that the demand of advisory and transaction services among enterprise clients
increased. The number of clients for our advisory and transaction services increased from 8 in 2020 to 26 in 2021, primarily due to our
increased lead generation through our corporate business training and corporate consulting services. The advisory and transaction services
offer the highest profit margin in all our services provided.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenues from others</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue from others is mainly derived from the
small amount from referral services. Others increased by $72,996 and 204% as compared to the year ended December 31, 2020 due to the increased
amount of site leasing.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result, our revenues increased in the fiscal
year 2021 compared with the fiscal year 2020, which was due to the increase in clients demand in the advisory and transaction services
and substantial increase of the client conversion rate from corporate business training services and corporate consulting services had
a substantial increase compared with 2020.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cost of revenues</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents cost of revenue by
service categories for the years ended December 31, 2021 and 2020, respectively:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  </table><div>



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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our service costs primarily include (1) referral
fees paid to referral and marketing service companies&#160;for the recommendation of potential clients, (2) service fees paid to service
providers for report editing, due diligence and, (3) commission fees of service personnel paid to third parties and the Company&#8217;s
staff. Cost of revenues for the year ended December&#160;31, 2021 was $1,356,798, an increase of $895,760, or 194%, from $461,038 for
the year ended December&#160;31, 2020. The increase was proportionally in line with the increase of revenues.</p><div>

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

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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and<br/>
transaction<br/>
services</b></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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business<br/>
training<br/>
services</b></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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services</b></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">767,161</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">53</td><td style="text-align: left">%</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents revenues by service
categories we provided for the year ended December 31, 2020 in USD:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the foregoing, we had gross profit
of $4,937,869 and $872,892 with gross margins of 78% and 65% for the years ended December&#160;31, 2021 and 2020, respectively. The overall
gross profit rate increased by 13%, which was due to the fact that the referral fees generated from corporate business training services
significantly decrease by 29% in fiscal year 2021 compared with that in fiscal year 2020. We concentrated more resources in event hosting
business to build our brand in the Chinese market and our reputation in quality and service.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Operating expenses</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth the breakdown of
our operating expenses for the years ended December 31, 2021 and 2020:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;&#160;</b></p><div>

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

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

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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">224,778</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>n.m. = not meaningful.&#160;</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our selling expenses increased by $700,054 or
251% from $279,043 for the year ended December 31, 2020 to $979,097 for the year ended December 31, 2021. The increase was mainly due
to the growth of salary and welfare, promotional expenses and conference fee.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The increase of the salary and welfare by $309,803
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conference fee by $152,483 or 311% was due to more sales campaign being held for promotion activities, and there were 18 arrangements
in 2021 but only 3 arrangements in 2020 for conference meetings. In 2021, as the business growing, the Company incurred the new promotional
expenses of $224,778, which were used in marketing our services to the general public.</p><div>

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

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

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

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

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our general and administrative expenses increased
by $701,559 or 328%, from $213,991 for the year ended December 31, 2020 to $915,550 for the year ended December 31, 2021. Such increase
was primarily due to an increase in salary and welfare expenses of $494,222 due to increase headcount and pay raise for meeting our business
expansion needs, an increase in rental and property management fee of $129,229 due to a newly signed office rental agreement in December
2020 with higher monthly rental fee than the prior one, an increase in depreciation and amortization expenses of $25,974 due to the interior
decoration was completed and started amortization, and an increase in others of $18,161 in line with the increase of expansion of business.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Other income and expense</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total net other income was $42,625 for the year
ended December 31, 2021, compare to net other expense of $375 for the year ended December 31, 2020, primarily due to an increase in interest
income of $10,570.</p><div>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our income tax expense was $777,221 and $39,515
for the years ended December 31, 2021 and 2020, respectively. The increase resulted from the increased taxable income for year ended December
31, 2021.</p><div>

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

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

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We reported a net income of $ 2,308,626 for the year ended December
31, 2021, compared to a net income of $339,968 for the year ended December 31, 2020.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">B. <span style="text-decoration:underline">Liquidity and Capital Resources</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, our cash and restricted
cash amounted to $2,654,185 as compared to $3,895,401 as of December 31, 2021.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that our working capital is at a positive
position and sufficient to meet our operation requirement in the next 12 months from the financial statements&#8217; issuance date. It
is mainly contributed from (1) our current position of cash, (2) cash flows provided by operating activities, and (3) net proceeds received
from our initial public offering in April 2023.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of our operations are conducted in the PRC and all of our revenues and all of our expenses, cash are denominated in RMB. As of December
31, 2022, 95% of our cash were held in China and the remaining 5% of our cash was held in the U.S.</span>&#160;&#160;</p><div>


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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Cash Flows for the Years Ended December 31,
2022, compared to the Year Ended December 31, 2021</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes our cash flows for the years ended December
31, 2022 and 2021:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash used in operating activities was $1,395,937
for the year ended December 31, 2022, as compared to $3,774,372 net cash provided by operating activities for the year ended December
31, 2021. The net cash used in operating activities for the year ended December 31, 2022 was mainly due to a net loss of $771,483, a decrease
in advance from clients of $409,759, a decrease in accounts payable of $587,098 and a decrease in tax payables of $481,984.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash used in investing activities was $45,679
for the year ended December 31, 2022, as compared to $151,538 net cash used in investing activities for the year ended December 31, 2021.
The net cash used in investing activities for the years ended December 31, 2022 was mainly attributable to purchase of property, equipment
and intangible assets.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash provided by financing for the year ended
December 31, 2022 was $304,172, as compared to $52,034 net cash provided by financing activities for the year ended December 31, 2021.<b>&#160;</b>The
net cash provided by financing activities for the year ended December 31, 2022 was mainly due to advance from related parties of $392,100.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Cash Flows for the Year Ended December 31,
2021, compared to the Year Ended December 31, 2020</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes our cash flows
for the years ended December 31, 2021 and 2020:</p><div>

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

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

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

</div><!-- Field: Page; Sequence: 79; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash provided by operating activities was
$3,774,372 for the year ended December 31, 2021, as compared to $184,220 net cash provided by operating activities for the year ended
December 31, 2020. The net cash provided by operating activities for the year ended December 31, 2021 was mainly due to our net income
of $2,308,626, an increase in accounts payable of $565,127, an increase in taxes payable of $405,436, an increase in advance from clients
of $372,025, a decrease in accounts receivable - related party of $341,042 and an increase in accruals and other payables of $332,242,
partially offset by an increase in accounts receivable of $525,576. The net cash provided by operating activities for the year ended December
31, 2020 was mainly due to our net income of $339,968, an increase in accounts payable of $244,341, an increase in advance from clients
of $194,574, an increase in accruals and other payables of $93,639, and an increase in taxes payable of $90,214, partially offset by an
increase in accounts receivable of $372,277 and an increase in accounts receivable - related party of $318,647.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash used in investing activities was $151,538
for the year ended December 31, 2021, as compared to $129,589 net cash used in investing activities for the year ended December 31, 2020.
The net cash used in investing activities for the years ended December 31, 2021 was mainly attributable to loan to a shareholder of $1,550,192
(the principal of which was fully repaid as of December 31, 2021),&#160;as well as purchase of property and equipment. Tiancheng Capital,
as our former shareholder, wanted to borrow a one-time lump sum amount of $1,550,192 from us to finance its general working capital. Since
we would like to make full use of our cash surplus, we decided to loan a total of $1,550,192 to Tiancheng Capital at an interest rate
of 6.75% per annum. The net cash used in investing activities for the years ended December 31, 2020 was mainly attributable to purchase
of property and equipment.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash provided by financing for the year ended
December 31, 2021 was $52,034, as compared to $101,860 net cash provided by financing activities for the year ended December 31, 2020.
For the year ended December 31, 2021, we obtained advances of $52,034 from a related party. During the year of 2020, we obtained capital
contribution of $71,299 from a shareholder and advances of $30,561 from a related party.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span style="text-decoration:underline">Off-balance Sheet Arrangements</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have not entered into any derivative contracts
that are indexed to our shares and classified as shareholders&#8217; equity or that are not reflected in our consolidated financial statements.
Furthermore, we do not have any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit,
liquidity or market risk support to such entity. We do not have any variable interest in any unconsolidated entity that provides financing,
liquidity, market risk or credit support to us or that engages in leasing, hedging or research and development services with us.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span style="text-decoration:underline">Tabular Disclosure of Contractual Obligations</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that our current cash and financing
from our existing shareholders are sufficient to support operations for at least the next 12 months. However, we may require additional
cash resources in the future due to changing business conditions, implementation of our strategy to expand our business or other investments
or acquisitions we may decide to pursue. If our own financial resources are insufficient to satisfy our capital requirements, we may seek
to sell additional equity or debt securities. The sale of additional equity securities could result in dilution to our shareholders. Incurring
indebtedness would result in increased debt service obligations and could require us to agree to operating and financial covenants that
would restrict our operations. Financing may not be available in amounts or on terms acceptable to us, if at all. Any failure by us to
raise additional funds on terms favorable to us, or at all, could limit our ability to expand our business operations and could harm our
overall business prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Commitments and Contingencies</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, the Company may be 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 Company does not believe these actions, in the aggregate, will have a material adverse impact on
its financial position, results of operations or liquidity.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 80; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Contractual obligations</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, our contractual obligation
is as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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  <tr style="vertical-align: bottom">
    <td style="padding-left: 0pt; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">1-3 years</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding-left: 0pt; text-align: justify">Contractual Obligations</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: justify; padding-bottom: 1.5pt; padding-left: 0.125in">Operating Lease Obligations</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">605,437</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that our current cash and financing
from our existing shareholders are sufficient to support operations for at least the next 12 months. However, we may require additional
cash resources in the future due to changing business conditions, implementation of our strategy to expand our business or other investments
or acquisitions we may decide to pursue. If our own financial resources are insufficient to satisfy our capital requirements, we may seek
to sell additional equity or debt securities. The sale of additional equity securities could result in dilution to our shareholders. Incurring
indebtedness would result in increased debt service obligations and could require us to agree to operating and financial covenants that
would restrict our operations. Financing may not be available in amounts or on terms acceptable to us, if at all. Any failure by us to
raise additional funds on terms favorable to us, or at all, could limit our ability to expand our business operations and could harm our
overall business prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Contingencies</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may be involved in various legal proceedings,
claims and other disputes arising from the commercial operations, projects, employees and other matters which, in general, are subject
to uncertainties and in which the outcomes are not predictable. The Company determines whether an estimated loss from a contingency should
be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. Although the outcomes of these legal proceedings
cannot be predicted, the Company 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, 2022 and 2021, the Company was not aware of any litigations or lawsuits
against it.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C. <span style="text-decoration:underline">Research
and development, Patents and License, etc.</span></span><span style="font-size: 10pt">&#160;</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Due to the nature of our business, we do not have a research and development
policy.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D. <span style="text-decoration:underline">Trend
information</span></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other than as disclosed elsewhere in this Annual
Report, we are not aware of any trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect
on our net revenues, incomes from operations, profitability, liquidity or capital resources, or that would cause reported financial information
not necessarily to be indicative of future operating results or financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other than as disclosed elsewhere in this Form
20-F, we are not aware of any trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect
on our net revenues, income from operations, profitability, liquidity or capital resources, or that would cause reported financial information
not necessarily to be indicative of future operating results or financial condition.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 81; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify">&#160;</p><div>

</div><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">E. <span style="text-decoration:underline">Critical Accounting Estimates</span>&#160;&#160;</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following critical accounting policies rely
upon assumptions and estimates and were used in the preparation of our consolidated financial statements:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenue Recognition</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company adopted the new revenue standard Accounting
Standards Codification (&#8220;ASC&#8221;) 606 since January 1, 2020, using the modified retrospective method for contracts that were
not completed as of January 1, 2020. The adoption of ASC 606 did not have a material impact on the Company&#8217;s consolidated financial
statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following five steps are applied to achieve
the core principle of the new revenue standard: (i) identify contract(s) with a client; (ii) identify the performance obligations in the
contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and
(v) recognize revenues when (or as) the Company satisfies the performance obligation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s revenues are recognized when
persuasive evidence of an arrangement exists, service has occurred, and all performance obligations have been performed pursuant to the
terms of the agreement, the sales price is fixed or determinable and collectability is reasonably assured. The Company revenue agreements
generally do not include a right of return in relation to the delivered products or services. Depending on the terms of the agreement
and the laws that apply to the agreement, control of the services may be transferred over time or at a point in time. Control of the services
is transferred over time if the Company&#8217;s performance:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">provides all of the benefits received and consumed simultaneously by the client;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">creates and enhances an asset that the client controls as the Company performs; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance complete to date.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a service obligation is delivered over time,
revenue is recognized over the period of the agreement by reference to progress toward complete satisfaction of that service obligation.
Otherwise, revenue is recognized at a point in time when service obligation is delivered to the client.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company currently generate our revenues from
the following main sources:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Revenues from advisory and transaction services</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company delivers packaged advisory and transaction
services to help design a financial plan, build up and maintain the corporate image of our clients, connect clients with potential investors,
and present its client to the interested investors. Revenues from advisory and transaction services represent service fees associated
with private fundraising transactions, which are recognized on a net basis. The service fee is charged based on a certain percentage of
the fund raised by the clients and is only payable upon the completion of fundraising. Revenue is the amount of consideration that the
Company expects to receive upon completing the fundraising transactions, which is the only performance obligation of the service. Revenue
is recognized at the point when the advisory services have been performed and the fundraising transactions has been completed under the
relevant contractual terms. The payment term of advisory and transaction services is three days when the performance obligation is completed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Revenues from corporate consulting services</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company provides a combination of corporate
consulting services that are bundled and customized to fulfill each client&#8217;s unique financial needs. The corporate consulting services
include a variety of specific services (e.g. due diligence service, business plans, financing solutions). The Company charges a fixed
price for a specific service and recognizes revenue when the Company completes the specific services agreed in the contract. Each specific
service is considered as a performance obligation. Each performance obligation is independent of the other and has a specific price identified
in the contract. Clients can contract with the Company for any specific services. Since the clients can cancel each specific service without
penalty before delivery, the Company does not have the enforceable right to collect payment from the client. Therefore, the services and
prices are excluded from the contract until the individual specific service starts or advance payment is received. Before the full and
complete delivery of the services, the clients cannot benefit from the performance and cannot control the work in progress. The Company
control the rights to the services, and the services can easily be redirected to another client without incurring significant costs. As
a result, the revenues do not meet the criteria of recognizing revenue over time, and such services shall only be useful to the client
after delivered in full. The revenue is therefore recognized at the point in time when the deliverables, in the form of reports are delivered
based on the specific terms of the contract.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Revenues from corporate business training
services</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues from corporate business training services
consist of two types (i) training fees and (ii) set-up fees. Each type of training services is considered as one performance obligation.
Both service obligations are related to business training activities, but clients or third-party companies could contract with the Company
for any one of the training services.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Training fees</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company provides corporate business training
services through diversified courses. The courses are provided in a short-term period. The revenue is recognized when the courses are
delivered. Training fees are collected before providing any service.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Set-up fees</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company offers referral and marketing service
companies set-up services. The Company helps the referral and marketing service companies familiarize themselves with the training and
conduct the business in a short period. Thereafter, the referral and marketing service companies have the right to promote the corporate
business training services for the Company. A new partner is required to pay a non-refundable set-up fee. Any fees charged to the referral
and marketing service companies for the set-up activities are recognized as revenue at the point in time when the set-up services have
been completed and the Company has the right to bill the referral and marketing service companies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Revenues from others</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue from others is mainly derived from the small
amount from referral services. The revenue from referral services is recognized at the point when both parties are satisfied with the
performance obligation that agreed and signed on the contract.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Advance from clients</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Advance from clients is the amount will be invoiced
and recognized as revenue in future periods when the Company completes its performance obligations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our advance from clients mainly consists of the
fees for corporate consulting services and corporate business training services. The number of clients for corporate consulting services
decreased from 52 in 2021 to 28 in 2022. On the other hand, we held more large group business training programs and newly started the
small group business training programs &#8211; Project Incubation Camp in 2021. As a result of the expansion of our business, our advance
from clients significantly increased from 2020 to 2021. However, due to the impact of the COVID-19 pandemic, we held fewer large group
and small group business training programs in 2022, and the number of clients for corporate consulting services dropped to 6 by the end
of December 2022. This led to a decrease in our advance from clients.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Practical expedients </span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cost to obtain a client &#8211; we pay certain
costs to obtain a client contract such as commissions. As our client contracts have a contractual term of one year or less, we have elected
to apply the practice expedient and expense these costs in selling, general and administrative expense as incurred.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><div><a id="a_008"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A. <span style="text-decoration:underline">Directors and Senior Management</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Below is a list of our directors, senior management
and any employees upon whose work we are dependent as of the date of this Annual Report, and a brief account of the business experience
of each of them. The business address for our directors and officers is Room 1304, Building No. 25, Tian&#8217;an Headquarters Center,
No. 555 North Panyu Avenue, Donghuan Street, Panyu District, Guangzhou, Guangdong Province, PRC, 511400.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span><span style="font-size: 10pt">&#160;</span>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position(s)</b></span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="width: 25%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ruilin Xu</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 64%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer, Chairman of the Board of Directors, and Director</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dan Wu</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Siqi Cao</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kenneth K. Cheng <sup>(1)(4) </sup></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Director </span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Richard W.Y Seow <sup>(2) </sup></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Director </span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tzun Chan <sup>(3) </sup></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Director </span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chair of the Audit Committee.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chair of the Compensation Committee.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chair of the Nominating and Corporate Governance Committee.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit Committee financial expert.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Ruilin Xu</i></b> has been serving as our
Director since February 16, 2022, and Chief Executive Officer and Chairman of the board of directors since August 22, 2022. He has approximately
ten years of experience in training, consulting and advisory industry. Mr. Xu founded and has been serving as Chief Executive Officer
for our operating subsidiary, Guangdong Tiancheng Jinhui Enterprise Development Co., Ltd., since October 2018. From August 2020, he has
been serving as a Director of Chengdu Red Eagle Equity Investment Fund Management Co., Ltd., focusing on private placement, mergers and
acquisitions and investment in National Equities Exchange and Quotations and Beijing Stock Exchange. Mr. Xu founded and has been serving
as Deputy General Manager of Guangzhou Tiancheng Capital Management Group Co., Ltd., a company specialized in venture capital financing,
in July 2019, and served as Deputy General Manager until September 30, 2021. From December 2012 to February 2019, Mr. Xu served as the
Chief Executive Officer and Chief Instructor of Chengdu Chengbang Enterprise Management Consulting Co., Ltd., the main business of which
is enterprise management consulting and it has provided consulting services for hundreds of small and medium-sized enterprises in China.
Mr. Xu holds a bachelor&#8217;s degree with a major in business administration from Apollos University, USA and is currently pursuing
his MBA studies at the EU Business School, Switzerland.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 84; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Dan Wu</i></b> has been serving as our Chief
Financial Officer since July 23, 2022, where she is responsible for overseeing the Company&#8217;s financial functions including accounting,
financial and management reporting, financing, capital management and financial analysis. Ms. Wu has approximately 12 years of experience
in the industry of corporate finance and auditing. Since June 2021, Ms. Wu has been holding a senior associate position in Fern Win Capital,
a venture capital firm in China. Ms. Wu served as auditor (from August 2011 to June 2016) and corporate finance manager (from July 2016
to March 2021) in Crowe Horwath First Trust LLP (Singapore), one of the leading accounting, tax and advisory services firms in Singapore,
where she led and managed statutory audits of various listed companies, as well as provided Generally Accepted Accounting Principles (&#8220;US
GAAP&#8221;) and International Financial Reporting Standards (&#8220;IFRS&#8221;) advice to a wide range of clients. Ms. Wu holds a bachelor&#8217;s
degree with a major in economics from the China University of Mining and Technology and a Master of Science in Finance from the University
of Stirling, UK.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Siqi Cao</i></b> has served as our director
since July 23, 2022. Mr. Cao has more than 10 years of experience in investment and management. Since April 2016, he has been serving
as the managing director and Chief Executive Officer of Fern Win Capital (China) Co., Ltd., a Hong Kong based asset management and venture
capital firm, overseeing the firm&#8217;s project management and performance. In August 2012, Mr. Cao founded Beijing Shengshi Jiahe Trading
Co., Ltd., specializing in corporate advisory services, where he provided professional guidance, assistance, advice and solutions with
respect to corporate financial activities. Mr. Cao holds a bachelor&#8217;s degree with a major in business administration from the University
of Toronto, Canada and a Master of Business Administration from the EU Business School, Switzerland.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Kenneth K. Cheng</i></b> has been serving as an independent director of the Company since March
29, 2023. Mr. Cheng has over 15 years of experience in accounting, finance and operations. Between October 2021 and January 2023, he has
been serving as Senior Director of Finance &amp; Operations at Race Capital, a venture capital firm based in Silicon Valley. Between August
2016 and October 2021, he served as a Controller of 500 Startups, a global venture capital firm and accelerator program. From July 2014
to August 2016, he was the Accounting Manager for Paine &amp; Partners in San Mateo. He also had four years of experience with public
accounting firms including PricewaterhouseCoopers LLP from September 2010 to June 2014 as manager and KPMG LLP from January 2006 to December
2008 as Senior Audit Associate. He also worked as Structured Products Manager at HSBC (Hong Kong) from June 2009 to December 2009. Mr.
Cheng holds a bachelor&#8217;s degree in Economics from University of California, Berkeley. He also holds the Chartered Financial Analysis
(&#8220;CFA&#8221;) designation and is an American Institute of Certified Public Accounting (&#8220;CPA&#8221;) (inactive) in California.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Richard S.Y Seow </i></b>has been serving
an independent director of the Company since March 29, 2023. Mr. Seow currently serves as Chief Executive Officer of Frontier Capital
Advisory Pte Ltd, a business consulting company that he founded in July 2009. Mr. Seow was the Executive Director and a Board Member of
Hin Fah Medical Company Limited, a public company limited by shares registered in Singapore, from December 2012 to May 2019, and currently
is Alternate Executive Director and Alternate Board Member since May 2019. From June 2017 to September 2019, Mr. Seow served as Director
and Consultant of SBI E2 Family Advisory Company Limited, a company registered in Hong Kong, listed on the Stock Exchange of Hong Kong
Limited and registered with the Securities and Futures Commission of Hong Kong with Type 1, 4 and 9 regulated activities. Mr. Seow served
as Vice President of Rycal Asia-Pacific Group, a subsidiary of Rycal Investment Group Limited (UK), focusing on Real Estate Investment.
Mr. Seow holds a Bachelor of Science in Electrical Engineering (BSEE) from California State University, USA and Master of Business Administration
(MBA) from Oklahoma City University, USA.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Tzun Chan</i></b> has been serving as an
independent director of the Company since March 29, 2023. Mr. Chan has more than 17 years of investment banking experience advising on
public listings, mergers &amp; acquisitions and corporate advisory transactions. He has been the Chief Executive Officer of Crowe Horwath
Capital Pte. Ltd. since June 2020 and was Director from April 2017 to May 2020. Prior to joining Crowe Horwath Capital Pte Ltd, he held
positions at various financial institutions including Partners Capital (Singapore) Pte. Ltd. from November 2009 to March 2017 as Director,
Phillip Securities Pte Ltd from November 2006 to November 2009 as Assistant Vice President, and KBC Bank N.V. from December 2004 to October
2006 as Officer. Mr. Chan holds a degree of Bachelor of Science from the London School of Economics and Political Science with a First
Class Honours in Economics. &#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">B. <span style="text-decoration:underline">Compensation
</span></span>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Executive Compensation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the fiscal years ended December 31, 2022 and 2021, we paid an aggregate
of RMB627,346 (approximately $93,230) and RMB85,000 (approximately $13,177), respectively, which is the total amount of base salary plus
bonus, in cash to our CEO. We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our
directors and executive officers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our PRC subsidiary is required by law to make
contributions equal to certain percentages of each employee&#8217;s salary for his or her medical insurance, maternity insurance, workplace
injury insurance, unemployment insurance, pension benefits and housing provident fund.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Employment Agreements </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We entered into one-year employment agreements
with Ruilin Xu as CEO on August 22, 2022, and Dan Wu as CFO on July 23, 2022. Pursuant to their respective employment agreements, we agreed
to pay to each of them a monthly remuneration of $3,000. Each of the employment agreement will be renewed automatically for additional
one (1) year terms if neither the Company nor the executive officer provides a notice of termination of the employment to the other party
within thirty (30) days prior to the expiration of the applicable term. We may terminate the employment for cause, at any time, without
notice or remuneration, for certain acts of the executive officer, including but not limited to the convictions or pleads guilty to certain
criminal offenses, gross negligence, dishonesty, willful misconducts or willful disobedience of a lawful directive of the board. We may
also terminate the employment without cause, at any time, upon thirty (30) days&#8217; prior written notice to the executive officers.
An executive officer may terminate his or her employment at any time with a thirty (30) days&#8217; written notice for certain good reasons.
Each executive has agreed at all times during the term of the employment and after its termination, to hold in the strictest confidence,
and not to use, except for the benefit of the Company, or to disclose to any person, corporation or other entity without written consent
of the Company, any confidential information. In addition, each executive officer has agreed to be bound by non-competition and non-solicitation
restrictions during the term of his or her employment and for twelve (12) months following termination of the employment. In addition,
the executive officers are also eligible for cash bonus and equity incentives, as determined by the board.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Director Compensation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the fiscal year ended December 31, 2022, we
did not compensate our directors. On May 14, 2023, the Board of Directors approved the payment of a cash fee of $2,000 per month to each
independent director of the Company effective as of April 1, 2023, payable on a quarterly basis on the last day of each quarter.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">C. <span style="text-decoration:underline">Board Practices</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Composition of Board</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Board of Directors consists of five (5) directors
as of this Annual Report. Pursuant to our Amended and Restated Memorandum and Articles of Association, each of our directors holds office
until a successor has been duly elected and qualified unless the director was appointed by the board of directors, in which case such
director holds office until the next following annual meeting of shareholders at which time such director is eligible for reelection.
All of our executive officers are appointed by and serve at the discretion of our board of directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no formal requirement under the Company&#8217;s
Amended and Restated Memorandum and Articles of Association mandating that we hold an annual meeting of our shareholders. However, notwithstanding
the foregoing, we&#160;intend to hold such meetings on our annual meeting to, among other things, elect our directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Director Independence</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board has reviewed the independence of our
directors, applying the Nasdaq independence standards. Based on this review, the board determined that each of Kenneth K. Cheng, Richard
W.Y Seow and Tzun Chan is &#8220;independent&#8221; within the meaning of the Nasdaq rules. In making this determination, our board considered
the relationships that each of these non-employee directors has with us and all other facts and circumstances our board deemed relevant
in determining their independence. As required under applicable Nasdaq rules, we anticipate that our independent directors will meet on
a regular basis as often as necessary to fulfill their responsibilities, including at least annually in executive session without the
presence of non-independent directors and management.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Board Committees</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currently, three committees have been established
under the board: the Audit Committee, the Compensation Committee and the Nominating and Corporate Governance Committee.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Audit Committee</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Audit Committee consists of Kenneth K. Cheng,
Richard W.Y Seow and Tzun Chan, with Kenneth K. Cheng serving as chair of the Audit Committee. Our board has affirmatively determined
that each of the members of the Audit Committee meets the definition of &#8220;independent director&#8221; for purposes of serving on
an Audit Committee under Rule 10A-3 of the Exchange Act and Nasdaq rules. In addition, our board has determined that Kenneth K. Cheng
qualifies as an &#8220;audit committee financial expert&#8221; as such term is currently defined in Item 407(d)(5) of Regulation S-K and
meets the financial sophistication requirements of the Nasdaq rules.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Audit Committee is responsible for, among
other matters:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">appointing the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing with the independent auditors any audit problems or difficulties and management&#8217;s response;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">discussing the annual audited financial statements with management and the independent auditors;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing the adequacy and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and control major financial risk exposures;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing and approving all proposed related party transactions;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">meeting separately and periodically with management and the independent auditors; and</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Compensation Committee</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Compensation Committee consists of Kenneth
K. Cheng, Richard W.Y Seow and Tzun Chan, with Richard W.Y Seow serving as chair of the Compensation Committee. Our board has affirmatively
determined that each of the members of the Compensation Committee meets the definition of &#8220;independent director&#8221; for purposes
of serving on Compensation Committee under Nasdaq rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Compensation Committee is responsible for,
among other matters:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing and approving to the board with respect to the total compensation package for our most senior executive officers;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">approving reviewing and recommending to the board with respect to the compensation of our directors; and overseeing the total compensation package for our executives other than the most senior executive officers;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">selecting compensation consultants, legal counsel or other advisors after taking into consideration all factors relevant to that person&#8217;s independence from management; and</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">programs or similar arrangements, annual bonuses, employee pension and welfare benefit plans.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Nominating and Corporate Governance Committee</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Nominating and Corporate Governance Committee
consists of consists of Kenneth K. Cheng, Richard W.Y Seow and Tzun Chan, with Tzun Chan serving as chair of the Nominating and Corporate
Governance Committee. Our board has affirmatively determined that each of the members of the Nominating and Corporate Governance Committee
meets the definition of &#8220;independent director&#8221; for purposes of serving on a Nominating and Corporate Governance Committee
under Nasdaq rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Nominating and Corporate Governance Committee
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identifying and recommending nominees for election or re-election to our board of directors or for appointment to fill any vacancy;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identifying and recommending to our board the directors to serve as members of committees;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">advising the board periodically with respect to significant developments in the law and practice of corporate governance as well as our compliance with applicable laws and regulations, and making recommendations to our board of directors on all matters of corporate governance and on any corrective action to be taken; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Duties of Directors</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Cayman Islands law, all of our directors
owe fiduciary duties to the Company, including a duty of loyalty, a duty to act honestly and a duty to act in what they consider in good
faith to be in our best interests. Our directors must also exercise their powers only for a proper purpose. Our directors also have a
duty to exercise the skill they actually possess and such care and diligence that a reasonably prudent person would exercise in comparable
circumstances. In fulfilling their duty of care to us, our directors must ensure compliance with our memorandum and articles of association,
as amended from time to time. The Company has the right to seek damages if a duty owed by any of our directors is breached. In limited
exceptional circumstances, a shareholder may have the right to seek damages in our name if a duty owed by our directors is breached.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Interested Party Transactions</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A director may vote, attend a board meeting or
sign a document on our behalf with respect to any contract or transaction in which he or she is interested. A director must disclose the
nature of his interest to all other directors at a meeting of the board after becoming aware of the fact that he or she is interested
in a transaction we have entered into or are to enter into. A general notice given to the board by any director to the effect that he
is a member of any specified company or firm and is to be regarded as interested in any contract which may thereafter be made with that
company or firm shall be deemed a sufficient declaration of interest in regard to any contract so made.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Remuneration and Borrowing</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The directors may receive such remuneration as
our board of directors may determine from time to time. Each director is entitled to be repaid or prepaid for all traveling, hotel and
incidental expenses reasonably incurred or expected to be incurred in attending meetings of our board of directors or committees of our
board of directors or shareholder meetings or otherwise in connection with the discharge of his or her duties as a director. The compensation
committee will assist the directors in reviewing and approving the compensation structure for the directors. Our board of directors may
exercise all the powers of the company to borrow money and to mortgage or charge our undertakings, property, assets (present and future)
and uncalled capital or any part thereof, to issue debentures, debenture stock and other securities whenever money is borrowed or as security
for any debt, liability or obligation of the company or of any third party.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Board Diversity Matrix</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; ">
    <td colspan="5" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
Diversity Matrix </b></span><span style="font-size: 10pt">&#160;<span style="font-family: Times New Roman, Times, Serif"><b>(As of&#8239;May
1, 2023)</b></span></span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Country of Principal Executive Offices</span></td>
    <td colspan="4" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">People&#8217;s Republic of China</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign Private Issuer</span></td>
    <td colspan="4" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure Prohibited Under Home Country Law</span></td>
    <td colspan="4" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Number of Directors</span></td>
    <td colspan="4" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td colspan="5" style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; ">
    <td style="width: 50%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Part I: Gender Identity</b></span></td>
    <td style="width: 8%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Female </b></span></td>
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    <td style="width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Binary</b></span></td>
    <td style="width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Did Not Disclose Gender</b></span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors </span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td></tr>
  <tr style="vertical-align: top; ">
    <td colspan="5" style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td colspan="5" style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Part II: Demographic Background</b></span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underrepresented Individual in Home Country Jurisdiction</span></td>
    <td colspan="4" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LGBTQ+</span></td>
    <td colspan="4" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Did Not Disclose Demographic Background</span></td>
    <td colspan="4" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 88; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">D.
<span style="text-decoration:underline">Employees</span></span>&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this Annual Report, we have
a total of 71 full-time employees, of which 31 are in sales and marketing, 17 are in client services, 8 are in finance department, and
15 are in general administration.&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have standard employment, comprehensive confidentiality
with our management and standard confidentiality and non-compete&#160;terms with all other employees. As required by laws and regulations
in China, we participate in various social security plans that are organized by municipal and provincial governments, including pension
insurance, medical insurance, unemployment insurance, maternity insurance, job-related&#160;injury insurance and housing fund. We are
required by PRC laws to make contributions to employee social security plans at specified percentages of the salaries, bonuses and certain
allowances of our employees, up to a maximum amount specified by the local government from time to time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that we maintain a good working relationship
with our employees, and we have not experienced any labor disputes. None of our employee is represented by a labor union or covered by
collective bargaining agreements. We have not experienced any work stoppages.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">E. <span style="text-decoration:underline">Share Ownership</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See Item 7 below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">F. <span style="text-decoration:underline">Disclosure of a Registrant&#8217;s Action
to Recover Erroneously Awarded Compensation</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_009"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A. <span style="text-decoration:underline">Major Shareholders</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following tables set forth certain information
with respect to the beneficial ownership of our Class A Ordinary Shares (including Class A Ordinary Shares issuable upon the conversion
of outstanding Class B Ordinary Shares) for:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
shareholder known by us to be the beneficial owner of more than 5% of our outstanding Class A Ordinary Shares or Class B Ordinary Shares;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
of our directors;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
of our named executive officers; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
of our directors and executive officers as a group.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The beneficial ownership of our Class A Ordinary
Shares is determined in accordance with the rules of the SEC and generally includes any shares over which a person exercises sole or shared
voting or investment power, and includes the Class A Ordinary Shares issuable upon the conversion of the outstanding Class B Ordinary
Shares and the Class A Ordinary Shares issuable pursuant to share options that are exercisable within 60 days of the date of this Annual
Report. Class A Ordinary Shares issuable pursuant to share options are deemed outstanding for computing the percentage of the person holding
such options but are not outstanding for computing the percentage of any other person. As of the date of this Annual Report, there were
no Class A Ordinary Shares issuable pursuant to share options exercisable within 60 days thereof.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 89; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The percentage of beneficial ownership owned is
based on 10,963,040 Class A Ordinary Shares and 3,786,960 Class B Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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Ordinary shares</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-style: italic">Directors and Executive Officers</td><td>&#160;</td>
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">0.55</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Dan Wu</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">384,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
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and 1 holder of record entered in our Class B ordinary share register. The number of individual holders of record is based exclusively
upon our share register and does not address whether a share or shares may be held by the holder of record on behalf of more than one
person or institution who may be deemed to be the beneficial owner of a share or shares in our company.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">B. <span style="text-decoration:underline">Related Party Transactions</span>&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A related party is defined as any person who is
or was (since the beginning of the last fiscal year, even if such person does not presently serve in that role) (a) an enterprise that
directly or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Company;
(b) an associate, which is an unconsolidated enterprise in which the Company has a significant influence or which has significant influence
over the Company; (c) an individual owning, directly or indirectly, more than 10% of any class of the Company&#8217;s voting securities,
and immediate family members of such individual; (d) an executive officer, director or nominee for director of the Company and immediate
family members of such individual; and (e) an enterprise in which a substantial interest in the voting power is owned, directly or indirectly,
by any person described in (c) or (d) or over which such a person is able to exercise significant influence (which includes enterprises
owned by directors or major shareholders of the Company and enterprises that have a member of key management in common with the Company).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Set
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Material Transactions with Related Parties</b>&#160;&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>1) Related party balances</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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2022</b> &#160; <b>&#160;</b></span></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Mr. Ruilin Xu (the Company&#8217;s Chief Executive Officer)</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right">85,784</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guangzhou
Tiancheng Capital Management Group Co., Ltd. (&#8220;Tiancheng Capital&#8221;) is the former shareholder of Tiancheng Jinhui from June
18, 2020 to June 30, 2022. The Company provided advisory and transaction services for Tiancheng Capital.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The above balances are due on demand, interest-free
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>2) Related party transactions</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

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31, 2022, 2021 and 2020</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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2022</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 52%; text-align: left; text-indent: -9pt; padding-left: 9pt">Guangzhou Tiancheng Capital Management Group Co., Ltd.</td><td style="width: 1%">&#160;</td>
    <td style="width: 11%; text-align: center; padding-left: 0.25pt">(a)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Tiancheng New Retail Investment Holding (Guangdong) Co., Ltd.</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: center; padding-left: 0.25pt">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Tiancheng New Retail Investment Holding (Guangdong) Co., Ltd.</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tiancheng
New Retail Investment Holding (Guangdong) Co., Ltd. is one of the Company&#8217;s suppliers, and Tiancheng Capital holds 51% equity interest
in the party since March 3, 2020.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</span></td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">C. <span style="text-decoration:underline">Interests of Experts and Counsel</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_010"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 8. FINANCIAL INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A. <span style="text-decoration:underline">Consolidated Statements and Other Financial
Information</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See Item 19 for our audited consolidated financial
statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Legal Proceedings</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the best of our knowledge, none of our directors
or executive officers has, during the past ten years, been involved in any legal proceedings described in subparagraph (f) of Item 401
of Regulation S-K.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time we may become involved in legal
proceedings or be subject to claims arising in the ordinary course of our business. We are not currently a party to any legal proceedings
that in the opinion of the management, if determined adversely to us, would have a material adverse effect on our business, financial
condition, operating results or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense
and settlement costs, diversion of management resources and other factors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 92; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Dividend Policy</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have not previously declared or paid cash dividends
and we have no plan to declare or pay any dividends in the near future on our shares. We currently intend to retain most, if not all,
of our available funds and any future earnings to operate and expand our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a holding company incorporated in the Cayman
Islands. We may rely principally on transfer of funds, dividends and other distributions on equity paid by our PRC subsidiary for our
cash and financing requirements, including any payment of dividends to our shareholders. PRC regulations may restrict the ability of our
PRC subsidiary to pay dividends to us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors has discretion as to whether
to distribute dividends, subject to certain restrictions under Cayman Islands law, namely that our company may only pay dividends out
of profits or share premium and provided always that in no circumstances may a dividend be paid if this would result in our company being
unable to pay its debts as they fall due in the ordinary course of business. In addition, our shareholders may by ordinary resolution
declare a dividend, but no dividend may exceed the amount recommended by our board of directors. Even if our board of directors decides
to pay dividends, the form, frequency and amount will depend upon our future operations and earnings, capital requirements and surplus,
general financial condition, contractual restrictions and other factors that the board of directors may deem relevant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">B. <span style="text-decoration:underline">Significant Changes</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_011"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 9. THE OFFER AND LISTING</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A. <span style="text-decoration:underline">Offering and Listing Details.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Registration Statement on Form F-1 (File No.
333- 269290) became effective on March 29, 2023. Our Class A Ordinary Shares are currently listed on Nasdaq Capital Market under the symbol
&#8220;TCJH&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">B. <span style="text-decoration:underline">Plan of Distribution</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable. &#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C. <span style="text-decoration:underline">Markets</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Class A Ordinary Shares are currently listed
on Nasdaq Capital Market under the symbol &#8220;TCJH&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">D. <span style="text-decoration:underline">Selling Shareholders</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">E. <span style="text-decoration:underline">Dilution</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">F. <span style="text-decoration:underline">Expenses of the Issue</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_012"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 10. ADDITIONAL INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A. <span style="text-decoration:underline">Share Capital</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 93; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">B. <span style="text-decoration:underline">Memorandum and Articles of Association</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information required by Item 10.B of Form
20-F is included in the section titled &#8220;Description of Share Capital&#8221; in our Registration Statement, which section is incorporated
herein by reference. Our Amended and Restated Memorandum and Articles of Association were filed as Exhibit 3.2.1 and Exhibit 3.2.2 to
the Registration Statement filed on January 18, 2023 and are hereby incorporated by reference into this Annual Report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">C. <span style="text-decoration:underline">Material Contracts</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information required by Item 10.C of Form
20-F is included in the sections titled &#8220;Our Business,&#8221; &#8220;Directors and Executive Officers,&#8221; &#8220;Related Party
Transactions,&#8221; and &#8220;Underwriting&#8221; in our Registration Statement, which sections are incorporated herein by reference.
&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">D. <span style="text-decoration:underline">Exchange Controls</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Cayman Islands 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.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">E. <span style="text-decoration:underline">Taxation</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>The following summary of material Cayman Islands,
PRC and U.S.&#160;federal income tax consequences of an investment in Class A Ordinary Shares is based upon laws and relevant interpretations
thereof in effect as of the date of this Annual Report, all of which are subject to change. This summary does not deal with all possible
tax consequences relating to an investment in Class A Ordinary Shares, such as the tax consequences under state, local and other tax laws.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Cayman Islands Taxation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Cayman Islands currently levies no taxes on
individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax
or estate duty. There are no other taxes likely to be material to investors levied by the government of the Cayman Islands except for
stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands.
The Cayman Islands is a party to a double tax treaty entered with the United Kingdom in 2010 but is otherwise not party to any double
tax treaties which are applicable to any payments made to or by our company. There are no exchange control regulations or currency restrictions
in the Cayman Islands.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payments of dividends and capital in respect of
Class A Ordinary Shares will not be subject to taxation in the Cayman Islands and no withholding will be required under Cayman Islands
laws on the payment of a dividend or capital to any holder of Class A Ordinary Shares, nor will gains derived from the disposal of Class
A Ordinary Shares be subject to Cayman Islands income or corporation tax.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No stamp duty is payable in the Cayman Islands
in respect of the issue of our Class A Ordinary Shares or on an instrument of transfer in respect of our Class A Ordinary Shares except
those which hold interests in land in the Cayman Islands.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>People&#8217;s Republic of China Taxation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to the EIT Law, which was promulgated
by the SCNPC on March 16, 2007, became effective on January 1, 2008, and was last amended on December 29, 2018, and the Implementation
Rules of the EIT Law, which were promulgated by the State Council on December 6, 2007, became effective on January 1, 2008, and was last
amended on April 23, 2019, enterprises are divided into resident enterprises and non-resident enterprises. Resident enterprises pay enterprise
income tax on their incomes obtained in and outside the PRC at the rate of 25%. Non-resident enterprises setting up institutions in the
PRC pay enterprise income tax on the incomes obtained by such institutions in and outside the PRC at the rate of 25%. Non-resident enterprises
with no institutions in the PRC, and non-resident enterprises with income having no substantial connection with their institutions in
the PRC, pay enterprise income tax on their income obtained in the PRC at a reduced rate of 10%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a holding company incorporated in the Cayman
Islands and we gain substantial income by way of dividends paid to us from our PRC subsidiary. The EIT Law and its implementation rules
provide that China-sourced income of foreign enterprises, such as dividends paid by a PRC subsidiary to its equity holders that are non-resident
enterprises, will normally be subject to PRC withholding tax at a rate of 10%, unless any such foreign investor&#8217;s jurisdiction of
incorporation has a tax treaty with China that provides for a preferential tax rate or a tax exemption.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the PRC EIT Law and its implementation rules,
an enterprise established outside the PRC with a &#8220;de facto management body&#8221; within the PRC is considered a resident enterprise
and will be subject to the enterprise income tax at the rate of 25% on its global income. The implementation rules define the term &#8220;de
facto management body&#8221; as the body that exercises full and substantial control over and overall management of the business, production,
personnel, accounts and properties of an enterprise. In April 2009, the SAT issued the Circular of the SAT on Issues Relating to Identification
of PRC-Controlled Overseas Registered Enterprises as Resident Enterprises in Accordance With the De Facto Standards of Organizational
Management, or SAT Circular 82, which provides certain specific criteria for determining whether the &#8220;de facto management body&#8221;
of a PRC-controlled enterprise that is incorporated offshore is located in China. Although this circular only applies to offshore enterprises
controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreigners, the criteria set forth
in the circular may reflect the SAT&#8217;s general position on how the &#8220;de facto management body&#8221; test should be applied
in determining the tax resident status of all offshore enterprises. According to SAT Circular 82, an offshore incorporated enterprise
controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident by virtue of having its &#8220;de facto
management body&#8221; in the PRC only if all of the following conditions are met: (i) the primary location of the day-to-day operational
management is in the PRC; (ii) decisions relating to the enterprise&#8217;s financial and human resource matters are made or are subject
to approval by organizations or personnel in the PRC; (iii) the enterprise&#8217;s primary assets, accounting books and records, company
seals, and board and shareholder resolutions, are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior
executives habitually reside in the PRC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further to SAT Circular 82, the SAT issued the
SAT Bulletin 45, which took effect in September 2011, to provide more guidance on the implementation of SAT Circular 82. SAT Bulletin
45 provides for procedures and administration details of determination on resident status and administration on post-determination matters.
Our Company is a company incorporated outside the PRC. As a holding company, the key assets and records of our Company (including the
resolutions of its board of directors and the resolutions of its shareholders) are located and maintained, outside the PRC. In addition,
we are not aware of any offshore holding companies with a corporate structure similar to ours that has been deemed a PRC &#8220;resident
enterprise&#8221; by the PRC tax authorities. As such, we do not believe that our Company meets all of the conditions above or is a PRC
resident enterprise for PRC tax purposes. However, the tax resident status of an enterprise is subject to determination by the PRC tax
authorities and uncertainties remain with respect to the interpretation of the term &#8220;de facto management body.&#8221; There can
be no assurance that the PRC government will ultimately take a view that is consistent with us. If the PRC tax authorities determine that
our Cayman Islands holding company is a PRC resident enterprise for PRC enterprise income tax purposes, a number of unfavorable PRC tax
consequences could follow. For example, a 10% withholding tax would be imposed on dividends we pay to our non-PRC enterprise shareholders.
In addition, nonresident enterprise shareholders may be subject to PRC tax on gains realized on the sale or other disposition of ordinary
shares, as if such income is treated as sourced from within the PRC. Furthermore, if we are deemed a PRC resident enterprise, dividends
paid to our non-PRC individual shareholders and any gain realized on the transfer of ordinary shares by such shareholders may be subject
to PRC tax at a rate of 20% (which, in the case of dividends, may be withheld at source by us). These rates may be reduced by an applicable
tax treaty, but it is unclear whether in practice non-PRC shareholders of our Company would be able to obtain the benefits of any tax
treaties between their country of tax residence and the PRC in the event that we are treated as a PRC resident enterprise. We will continue
to monitor our tax status.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>United&#160;States Federal Income Taxation
Considerations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following does not address the tax consequences
to any particular investor or to person in special tax situations such as:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.75pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">banks;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">financial institutions;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pension plans;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulated investment companies;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">real estate investment trusts;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">broker-dealers;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons that elect to mark their securities to market;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 95; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.&#160;expatriates or former long-term&#160;residents of the U.S.;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">governments or agencies or instrumentalities thereof;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax-exempt&#160;entities (including private foundations);</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons liable for alternative minimum tax;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons holding our Class A Ordinary Shares as part of a straddle, hedging, conversion or integrated transaction;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons who acquired our Class A Ordinary Shares pursuant to the exercise of any employee share option or otherwise as compensation;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons holding our Class A Ordinary Shares through partnerships or other pass-through&#160;entities;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">beneficiaries of a Trust holding our Class A Ordinary Shares; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons holding our Class A Ordinary Shares through a Trust.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The discussion set forth below is addressed only
to U.S.&#160;Holders (as defined below) that purchase Class A Ordinary Shares in the initial public offering. Prospective purchasers are
urged to consult their own tax advisors about the application of the U.S.&#160;federal income tax rules to their particular circumstances
as well as the state, local, foreign and other tax consequences to them of the purchase, ownership and disposition of our Class A Ordinary
Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Material Tax Consequences Applicable to
U.S.&#160;Holders of Our Class A Ordinary Shares</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following sets forth the material U.S.&#160;federal
income tax consequences related to the ownership and disposition of our Class A Ordinary Shares. It is directed to U.S.&#160;Holders (as
defined below) of our Class A Ordinary Shares and 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 description does not deal with all possible tax consequences relating to
ownership and disposition of our Class A Ordinary Shares or U.S.&#160;tax laws, other than the U.S.&#160;federal income tax laws, such
as the tax consequences under non-U.S.&#160;tax laws, state, local and other tax laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following brief description applies only to
U.S.&#160;Holders (as defined below) that hold Class A Ordinary Shares as capital assets and that have the U.S.&#160;dollar as their functional
currency. This brief description is based on the federal income tax laws of the U.S.&#160;in effect as of the date of this Annual Report
and on U.S.&#160;Treasury regulations in effect or, in some cases, proposed, as of the date of this Annual Report, as well as judicial
and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which
change could apply retroactively and could affect the tax consequences described below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The brief description below of the U.S.&#160;federal
income tax consequences to &#8220;U.S.&#160;Holders&#8221; will apply to you if you are a beneficial owner of Class A Ordinary Shares
and you are, for U.S.&#160;federal income tax purposes,</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an individual who is a citizen or resident of the U.S.;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a corporation (or other entity taxable as a corporation for U.S.&#160;federal income tax purposes) organized under the laws of the U.S., any state thereof or the District of Columbia;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an estate whose income is subject to U.S.&#160;federal income taxation regardless of its source; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a trust that (1)&#160;is subject to the primary supervision of a court within the U.S.&#160;and the control of one or more U.S.&#160;persons for all substantial decisions or (2)&#160;has a valid election in effect under applicable U.S.&#160;Treasury regulations to be treated as a U.S.&#160;person.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a partnership (or other entities treated as
a partnership for U.S.&#160;federal income tax purposes) is a beneficial owner of our Class A Ordinary Shares, the tax treatment of a
partner in the partnership will depend upon the status of the partner and the activities of the partnership. Partnerships and partners
of a partnership holding our Class A Ordinary Shares are urged to consult their tax advisors regarding an investment in our Class A Ordinary
Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An individual is considered a resident of the
U.S.&#160;for federal income tax purposes if he or she meets either the &#8220;Green Card Test&#8221; or the &#8220;Substantial Presence
Test&#8221; described as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Green Card Test: You are a lawful permanent
resident of the United&#160;States, at any time, if you have been given the privilege, according to the immigration laws of the United&#160;States,
of residing permanently in the United&#160;States as an immigrant. You generally have this status if the U.S.&#160;Citizenship and Immigration
Services issued you an alien registration card, Form&#160;I-551, also known as a &#8220;green card.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Substantial Presence Test: If an alien is
present in the United&#160;States on at least 31&#160;days of the current calendar year, he or she will (absent an applicable exception)
be classified as a resident alien if the sum of the following equals 183&#160;days or more (<i>See&#160;</i>&#167;7701(b)(3)(A)&#160;of
the Internal Revenue Code and related Treasury Regulations):</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One-sixth&#160;of his or her&#160;days in the United&#160;States in the second preceding year.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WE URGE POTENTIAL PURCHASERS OF OUR CLASS A ORDINARY
SHARES TO CONSULT THEIR OWN TAX ADVISORS CONCERNING THE U.S. FEDERAL, STATE, LOCAL AND NON-U.S. TAX CONSEQUENCES OF PURCHASING, OWNING
AND DISPOSING OF OUR CLASS A ORDINARY SHARES.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Taxation of Dividends and Other Distributions
on our Class A Ordinary Shares</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the PFIC (as defined below) rules discussed
below, the gross amount of distributions made by us to you with respect to the Class A Ordinary Shares (including the amount of any taxes
withheld therefrom) will generally be includable in your gross income as dividend income on the date of receipt by you, but only to the
extent that the distribution is paid out of our current or accumulated earnings and profits (as determined under U.S.&#160;federal income
tax principles). With respect to corporate U.S.&#160;Holders, the dividends will not be eligible for the dividends-received&#160;deduction
allowed to corporations in respect of dividends received from other U.S.&#160;corporations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to non-corporate&#160;U.S.&#160;Holders,
including individual U.S.&#160;Holders, dividends will be taxed at the lower capital gains rate applicable to qualified dividend income,
provided that (1)&#160;the Class A Ordinary Shares are readily tradable on an established securities market in the U.S., or we are eligible
for the benefits of an approved qualifying income tax treaty with the U.S.&#160;that includes an exchange of information program, (2)&#160;we
are not a PFIC (as defined below) for either our taxable year in which the dividend is paid or the preceding taxable year, and (3)&#160;certain
holding period requirements are met. Because there is no income tax treaty between the U.S.&#160;and the Cayman Islands, clause (1) above
can be satisfied only if the Class A Ordinary Shares are readily tradable on an established securities market in the U.S.&#160;Under U.S.&#160;Internal
Revenue Service authority, Class A Ordinary Shares are considered for purpose of clause (1)&#160;above to be readily tradable on an established
securities market in the U.S.&#160;if they are listed on certain exchanges, which presently include the NYSE and the Nasdaq Stock Market.
You are urged to consult your tax advisors regarding the availability of the lower rate for dividends paid with respect to our Class A
Ordinary Shares, including the effects of any change in law after the date of this Annual Report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends will constitute foreign source income
for foreign tax credit limitation purposes. If the dividends are taxed as qualified dividend income (as discussed above), the amount of
the dividend taken into account for purposes of calculating the foreign tax credit limitation will be limited to the gross amount of the
dividend, multiplied by the reduced rate divided by the highest rate of tax normally applicable to dividends. The limitation on foreign
taxes eligible for credit is calculated separately with respect to specific classes of income. For this purpose, dividends distributed
by us with respect to our Class A Ordinary Shares will constitute &#8220;passive category income&#8221; but could, in the case of certain
U.S.&#160;Holders, constitute &#8220;general category income.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent that the amount of the distribution
exceeds our current and accumulated earnings and profits (as determined under U.S.&#160;federal income tax principles), it will be treated
first as a tax-free&#160;return of your tax basis in your Class A Ordinary Shares, and to the extent that the amount of the distribution
exceeds your tax basis, the excess will be taxed as capital gain. We do not intend to calculate our earnings and profits under U.S.&#160;federal
income tax principles. Therefore, a U.S.&#160;Holder should expect that a distribution will be treated as a dividend even if that distribution
would otherwise be treated as a non-taxable&#160;return of capital or as capital gain under the rules described above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Taxation of Dispositions of Class A Ordinary
Shares</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the passive foreign investment company
rules discussed below, you will recognize taxable gain or loss on any sale, exchange or other taxable disposition of a share equal to
the difference between the amount realized (in&#160;USD) for the share and your tax basis (in USD) in the Class A Ordinary Shares. The
gain or loss will be capital gain or loss. If you are a non-corporate&#160;U.S.&#160;Holder, including an individual U.S.&#160;Holder,
who has held the Class A Ordinary Shares for more than one year, you will generally be eligible for reduced tax rates. The deductibility
of capital losses is subject to limitations. Any such gain or loss that you recognize will generally be treated as U.S.&#160;source income
or loss for foreign tax credit limitation purposes which will generally limit the availability of foreign tax credits.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Passive Foreign Investment Company (&#8220;PFIC&#8221;)</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A non-U.S.&#160;corporation is considered a PFIC,
as defined in Section&#160;1297(a)&#160;of the US Internal Revenue Code, for any taxable year if either:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at least 75% of its gross income for such taxable year is passive income; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at least 50% of the value of its assets (based on an average of the quarterly values of the assets during a taxable year) is attributable to assets that produce or are held for the production of passive income (the&#160;&#8220;asset test&#8221;).</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Passive income generally includes dividends, interest,
rents and royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition
of passive assets. We will be treated as owning our proportionate share of the assets and earning our proportionate share of the income
of any other corporation in which we own, directly or indirectly, at least 25% (by value) of the stock. In determining the value and composition
of our assets for purposes of the PFIC asset test, (1)&#160;the cash we raise in the initial public offering will generally be considered
to be held for the production of passive income and (2)&#160;the value of our assets must be determined based on the market value of our
Class A Ordinary Shares from time to time, which could cause the value of our non-passive&#160;assets to be less than 50% of the value
of all of our assets (including the cash raised in the initial public offering) on any particular quarterly testing date for purposes
of the asset test.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on our operations and the composition of
our assets we do not expect to be treated as a PFIC under the current PFIC rules. We must make a separate determination each year as to
whether we are a PFIC, however, and there can be no assurance with respect to our status as a PFIC for our current taxable year or any
future taxable year. Depending on the amount of cash we raise in the initial public offering, together with any other assets held for
the production of passive income, it is possible that, for our current taxable year or for any subsequent taxable year, more than 50%
of our assets may be assets held for the production of passive income. We will make this determination following the end of any particular
tax year. In addition, because the value of our assets for purposes of the asset test will generally be determined based on the market
price of our Class A Ordinary Shares and because cash is generally considered to be an asset held for the production of passive income,
our PFIC status will depend in large part on the market price of our Class A Ordinary Shares and the amount of cash we raise in the initial
public offering. Accordingly, fluctuations in the market price of the Class A Ordinary Shares may cause us to become a PFIC.&#160;In addition,
the application of the PFIC rules is subject to uncertainty in several respects and the composition of our income and assets will be affected
by how, and how quickly, we spend the cash we raise in the initial public offering. We are under no obligation to take steps to reduce
the risk of our being classified as a PFIC, and as stated above, the determination of the value of our assets will depend upon material
facts (including the market price of our Class A Ordinary Shares from time to time and the amount of cash we raise in the initial public
offering) that may not be within our control. If we are a PFIC for any year during which you hold Class A Ordinary Shares, we will continue
to be treated as a PFIC for all succeeding&#160;years during which you hold Class A Ordinary Shares. If we cease to be a PFIC and you
did not previously make a timely &#8220;mark-to-market&#8221; election as described below, however, you may avoid some of the adverse
effects of the PFIC regime by making a &#8220;purging election&#8221; (as described below) with respect to the Class A Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"></p><div>

</div><!-- Field: Page; Sequence: 98; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are a PFIC for your taxable year(s)&#160;during
which you hold Class A Ordinary Shares, you will be subject to special tax rules with respect to any &#8220;excess distribution&#8221;
that you receive and any gain you realize from a sale or other disposition (including a pledge) of the Class A Ordinary Shares, unless
you make a &#8220;mark-to-market&#8221; election as discussed below. Distributions you receive in a taxable year that are greater than
125% of the average annual distributions you received during the shorter of the three preceding taxable&#160;years or your holding period
for the Class A Ordinary Shares will be treated as an excess distribution. Under these special tax rules:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the excess distribution or gain will be allocated ratably over your holding period for the Class A Ordinary Shares;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the amount allocated to your current taxable year, and any amount allocated to any of your taxable year(s)&#160;prior to the first taxable year in which we were a PFIC, will be treated as ordinary income;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the amount allocated to each of your other taxable year(s)&#160;will be subject to the highest tax rate in effect for that year and the interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an additional tax equal to the interest charge generally applicable to underpayments of tax will be imposed on the tax attributable to each prior taxable year, other than a pre-PFIC&#160;year.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The tax liability for amounts allocated to&#160;years
prior to the year of disposition or &#8220;excess distribution&#8221; cannot be offset by any net operating losses for such&#160;years,
and gains (but not losses) realized on the sale of the Class A Ordinary Shares cannot be treated as capital, even if you hold the Class
A Ordinary Shares as capital assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A U.S.&#160;Holder of &#8220;marketable stock&#8221;
(as defined below) in a PFIC may make a mark-to-market&#160;election under Section&#160;1296 of the US Internal Revenue Code for such
stock to elect out of the tax treatment discussed above. If you make a mark-to-market&#160;election for first taxable year which you hold
(or are deemed to hold) Class A Ordinary Shares and for which we are determined to be a PFIC, you will include in your income each year
an amount equal to the excess, if any, of the fair market value of the Class A Ordinary Shares as of the close of such taxable year over
your adjusted basis in such Class A Ordinary Shares, which excess will be treated as ordinary income and not capital gain. You are allowed
an ordinary loss for the excess, if any, of the adjusted basis of the Class A Ordinary Shares over their fair market value as of the close
of the taxable year. Such ordinary loss, however, is allowable only to the extent of any net mark-to-market&#160;gains on the Class A
Ordinary Shares included in your income for prior taxable&#160;years. Amounts included in your income under a mark-to-market&#160;election,
as well as gain on the actual sale or other disposition of the Class A Ordinary Shares, are treated as ordinary income. Ordinary loss
treatment also applies to any loss realized on the actual sale or disposition of the Class A Ordinary Shares, to the extent that the amount
of such loss does not exceed the net mark-to-market&#160;gains previously included for such Class A Ordinary Shares. Your basis in the
Class A Ordinary Shares will be adjusted to reflect any such income or loss amounts. If you make a valid mark-to-market&#160;election,
the tax rules that apply to distributions by corporations which are not PFICs would apply to distributions by us, except that the lower
applicable capital gains rate for qualified dividend income discussed above under &#8220;&#8212;&#160;Taxation of Dividends and Other
Distributions on our Class A Ordinary Shares&#8221; generally would not apply.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The mark-to-market&#160;election is available
only for &#8220;marketable stock,&#8221; which is stock that is traded in other than de minimis quantities on at least 15&#160;days during
each calendar quarter (&#8220;regularly traded&#8221;) on a qualified exchange or other market (as defined in applicable U.S.&#160;Treasury
regulations), including the Nasdaq Capital Market. If the Class A Ordinary Shares are regularly traded on the Nasdaq Capital Market and
if you are a holder of Class A Ordinary Shares, the mark-to-market&#160;election would be available to you were we to be or become a PFIC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Alternatively, a U.S.&#160;Holder of stock in
a PFIC may make a &#8220;qualified electing fund&#8221; election under Section&#160;1295(b)&#160;of the US Internal Revenue Code with
respect to such PFIC to elect out of the tax treatment discussed above. A U.S.&#160;Holder who makes a valid qualified electing fund election
with respect to a PFIC will generally include in gross income for a taxable year such holder&#8217;s pro rata share of the corporation&#8217;s
earnings and profits for the taxable year. The qualified electing fund election, however, is available only if such PFIC provides such
U.S.&#160;Holder with certain information regarding its earnings and profits as required under applicable U.S.&#160;Treasury regulations.
We do not currently intend to prepare or provide the information that would enable you to make a qualified electing fund election. Therefore,
prospective investors should assume that a qualified electing fund election will not be available. If you hold Class A Ordinary Shares
in any taxable year in which we are a PFIC, you will be required to file U.S.&#160;Internal Revenue Service Form&#160;8621 in each such
year and provide certain annual information regarding such Class A Ordinary Shares, including regarding distributions received on the
Class A Ordinary Shares and any gain realized on the disposition of the Class A Ordinary Shares. The failure to file IRS Form 8621 could
result in the imposition of penalties and the extension of the statute of limitations with respect to U.S. federal income tax.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you do not make a timely &#8220;mark-to-market&#8221;
election (as described above), and if we were a PFIC at any time during the period you hold our Class A Ordinary Shares, then such Class
A Ordinary Shares will continue to be treated as stock of a PFIC with respect to you even if we cease to be a PFIC in a future year, unless
you make a &#8220;purging election&#8221; for the year we cease to be a PFIC.&#160;A &#8220;purging election&#8221; creates a deemed sale
of such Class A Ordinary Shares at their fair market value on the last&#160;day of the last year in which we are treated as a PFIC.&#160;The
gain recognized by the purging election will be subject to the special tax and interest charge rules treating the gain as an excess distribution,
as described above. As a result of the purging election, you will have a new basis (equal to the fair market value of the Class A Ordinary
Shares on the last&#160;day of the last year in which we are treated as a PFIC) and holding period (which new holding period will begin
the&#160;day after such last&#160;day) in your Class A Ordinary Shares for tax purposes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IRC Section&#160;1014(a)&#160;provides for a step-up&#160;in
basis to the fair market value for our Class A Ordinary Shares when inherited from a decedent that was previously a holder of our Class
A Ordinary Shares. However, if we are determined to be a PFIC and a decedent that was a U.S.&#160;Holder did not make either a timely
qualified electing fund election for our first taxable year as a PFIC in which the U.S.&#160;Holder held (or was deemed to hold) our Class
A Ordinary Shares, or a mark-to-market&#160;election and ownership of those Class A Ordinary Shares are inherited, a special provision
in IRC Section&#160;1291(e)&#160;provides that the new U.S.&#160;Holder&#8217;s basis should be reduced by an amount equal to the Section&#160;1014
basis minus the decedent&#8217;s adjusted basis just before death. As such if we are determined to be a PFIC at any time prior to a decedent&#8217;s
passing, the PFIC rules will cause any new U.S.&#160;Holder that inherits our Class A Ordinary Shares from a U.S.&#160;Holder to not get
a step-up&#160;in basis under Section&#160;1014 and instead will receive a carryover basis in those Class A Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You are urged to consult your tax advisors regarding
the application of the PFIC rules to your investment in our Class A Ordinary Shares and the elections discussed above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Information Reporting and Backup Withholding</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividend payments with respect to our Class A
Ordinary Shares and proceeds from the sale, exchange or redemption of our Class A Ordinary Shares may be subject to information reporting
to the U.S.&#160;Internal Revenue Service and possible U.S.&#160;backup withholding under Section&#160;3406 of the US Internal Revenue
Code at a current flat rate of 24%. Backup withholding will not apply, however, to a U.S.&#160;Holder who furnishes a correct taxpayer
identification number and makes any other required certification on U.S.&#160;Internal Revenue Service Form&#160;W-9&#160;or who is otherwise
exempt from backup withholding. U.S.&#160;Holders who are required to establish their exempt status generally must provide such certification
on U.S.&#160;Internal Revenue Service Form&#160;W-9. U.S.&#160;Holders are urged to consult their tax advisors regarding the application
of the U.S.&#160;information reporting and backup withholding rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Backup withholding is not an additional tax. Amounts
withheld as backup withholding may be credited against your U.S.&#160;federal income tax liability, and you may obtain a refund of any
excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the U.S.&#160;Internal Revenue
Service and furnishing any required information. We do not intend to withhold taxes for individual shareholders. Transactions effected
through certain brokers or other intermediaries, however, may be subject to withholding taxes (including backup withholding), and such
brokers or intermediaries may be required by law to withhold such taxes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Hiring Incentives to Restore Employment
Act&#160;of&#160;2010, certain U.S.&#160;Holders are required to report information relating to our Class A Ordinary Shares, subject to
certain exceptions (including an exception for Class A Ordinary Shares held in accounts maintained by certain financial institutions),
by attaching a complete Internal Revenue Service Form&#160;8938, Statement of Specified Foreign Financial Assets, with their tax return
for each year in which they hold Class A Ordinary Shares. Failure to report such information could result in substantial penalties. You
should consult your own tax advisor regarding your obligation to file a Form&#160;8938.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">F. <span style="text-decoration:underline">Dividends and Paying Agents</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">G. <span style="text-decoration:underline">Statement by Experts</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H. <span style="text-decoration:underline">Documents on Display</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have previously filed the Registration Statement
with the SEC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 are exempt from the insider
short-swing disclosure and profit recovery rules of Section 16 of the Exchange Act. Annual reports and other information we file with
the Commission may be inspected at the public reference facilities maintained by the Commission 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 Commission 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 Commission. In addition, the Commission maintains a web site that contains
reports and other information regarding registrants (including us) that file electronically with the Commission which can be assessed
at http://www.sec.gov.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I. <span style="text-decoration:underline">Subsidiary Information</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For a listing of our subsidiaries, see &#8220;Item
4. Information on the Company &#8212; A. History and Development of the Company.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_013"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Interest Rate Risk</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our exposure to interest rate risk primarily relates
to interest income generated by excess cash, which is mostly held in interest-bearing bank deposits. While interest-earning instruments
carry a degree of interest rate risk, we have not been exposed, nor do we anticipate being exposed, to material risks due to changes in
market interest rates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Foreign Currency Risk</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A majority of the Company&#8217;s expense transactions
are denominated in RMB and a significant portion of the Company and its subsidiaries&#8217; assets and liabilities are denominated in
RMB. RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions are required by law to be
transacted only by authorized financial institutions at exchange rates set by the People&#8217;s Bank of China (&#8220;PBOC&#8221;). Remittances
in currencies other than RMB by the Company in China must be processed through the PBOC or other China foreign exchange regulatory bodies
which require certain supporting documentation in order to affect the remittance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><span style="font-family: Times New Roman, Times, Serif">Our
functional currency is the RMB, and our financial statements are presented in U.S. dollars. The RMB appreciated by 6.2% in fiscal year
2020, depreciated by 2.5% in fiscal year 2021 and depreciated by 8.2% in fiscal year 2022.</span>&#160; <span style="font-family: Times New Roman, Times, Serif">It
is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the U.S. dollar
in the future. The change in the value of the RMB relative to the U.S. dollar may affect our financial results reported in the U.S. dollar
terms without giving effect to any underlying changes in our business or results of operations. Currently, our assets, liabilities, revenues
and costs are denominated in RMB.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">To the extent that the
Company needs to convert U.S. dollars into RMB for capital expenditures and working capital and other business purposes, appreciation
of RMB against U.S. dollar would have an adverse effect on the RMB amount the Company would receive from the conversion. Conversely, if
the Company decides to convert RMB into U.S. dollar for the purpose of making payments for dividends, strategic acquisition or investments
or other business purposes, appreciation of U.S. dollar against RMB would have a negative effect on the U.S. dollar amount available to
the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Credit risk</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">Financial instruments
that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of December 31, 2022
and December 31, 2021, substantially all of the Company&#8217;s cash were held by major financial institutions located in the PRC, which
management believes are of high credit quality.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The ongoing coronavirus
pandemic that surfaced in China and is spreading throughout the world has had a material adverse effect on the Company&#8217;s industry
and the markets in which it operates. The Company&#8217;s revenues and workforce are concentrated in China. The pandemic has caused its
customers to take longer time to make payments, which subjects it to increased credit exposures.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">For the credit risk related
to trade accounts receivable, the Company performs ongoing credit evaluations of its clients and, if necessary, maintains reserves for
potential credit losses. Historically, such losses have been within management&#8217;s expectations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><div><a id="a_014"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With the exception of Items 12.D.3 and 12.D.4,
this Item 12 is not applicable for annual reports on Form 20-F. As to Items 12.D.3 and 12.D.4, this Item 12 is not applicable, as the
Company does not have any American Depositary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_015"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Part II</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_016"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_017"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS
AND USE OF PROCEEDS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See &#8220;Item 10. Additional Information&#8221; for a description
of the rights of securities holders, which remain unchanged.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Use of Proceeds</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following &#8220;Use of Proceeds&#8221; information
relates to the Registration Statement on Form F-1, in relation to our initial public offering of 2,750,000 Class A Ordinary Shares. The
Class A Ordinary Shares were sold at an offering price of $4.00 per share, generating gross proceeds of approximately $11.0 million, and
net proceeds of approximately $9.2 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have earmarked and have been using the proceeds
of the initial public offering as follows: (i) 30% of the proceeds for personnel training and recruitment of qualified personnel; (ii)
20% for system improvement, building online platforms for future online courses; (iii) 10% for enhancement of brand recognition through
multi-channel marketing; (iv) 30% for mergers and acquisitions within the industry; and (v) 10% for general corporate purposes and working
capital, including potential strategic investments and acquisitions.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_018"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Item
15. CONTROLS AND PROCEDURES</b>&#160;</span>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Disclosure Controls and Procedures</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Under
the supervision and with the participation of our management, including our chief executive officer and our chief financial officer, we
carried out an evaluation of the effectiveness of our disclosure controls and procedures, which is defined in Rules 13a-15(e) of the Exchange
Act, as of December 31, 2022. Based on that evaluation, our CEO and CFO concluded that our disclosure controls and procedures as of December
31, 2022 were not effective at the reasonable assurance level due to the material weakness </span>&#160;&#160;<span style="font-family: Times New Roman, Times, Serif">described
below.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Management&#8217;s Annual Report on Internal
Control over Financial Reporting </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined
in Exchange Act Rule 13a-15(f). Our internal control over financial reporting is a process designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. Generally
Accepted Accounting Principles (&#8220;U.S. GAAP&#8221;). 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 because the degree of compliance with policies or procedures
may deteriorate. Under the supervision and with the participation of our management, including our chief executive officer and chief
financial officer, we conducted an assessment of the effectiveness of our internal control over financial reporting as of December 31,
2022. The assessment was based on criteria established in the framework Internal Control&#8212;Integrated Framework (2013), issued by
the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management determined that, as of December
31, 2022, our internal control over financial reporting was not effective due to the existence of the following significant deficiencies
and material weaknesses: (i) inadequate segregation of duties for certain key functions due to limited staff and resources; (ii) lack
of documented policies and controls (including IT controls and cybersecurity framework) which enable management and other personnel to
understand and carry out their internal control responsibilities; (iii) lack of audit committee and internal audit function to establish
formal risk assessment process and internal control framework; and (iv) lack of accounting staff and resources with appropriate knowledge
of generally accepted accounting principles in the United States (&#8220;U.S. GAAP&#8221;) and SEC reporting and compliance requirements.</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><!-- Field: Page; Sequence: 102; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">To
remediate the material weakness and significant deficiency described above, we plan to undertake </span>&#160;&#160;<span style="font-family: Times New Roman, Times, Serif">the
following actions:&#160;(i) hiring more qualified staff to fill up the key roles in the operations; (ii) setting up a financial and system
control framework with formal documentation of polices and controls in place; and (iii) hiring additional qualified financial professionals
such as corporate controller familiar with U.S. GAAP to increase the number of qualified financial reporting personnel and monitor daily
transaction recording and general ledger work.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As defined under standards established by the
Public Company Accounting Oversight Board, a material weakness is a deficiency, or a combination of deficiencies, in internal control
over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company&#8217;s annual or interim
consolidated financial statements will not be prevented or detected on a timely basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Attestation Report of the Registered Public
Accounting Firm</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We did not include an attestation report of the
company&#8217;s registered public accounting firm in this annual report on Form 20-F due to rules of the SEC where domestic and foreign
registrants that are non-accelerated filers, which we are, and &#8220;emerging growth companies&#8221; which we also are, are not required
to provide the auditor attestation report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Changes in Internal Control over Financial
Reporting</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other than those disclosed above, there were no
changes in our internal controls over financial reporting that occurred during the period covered by this annual report on Form 20-F that
have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="b_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-variant: small-caps"><b>ITEM
16. [RESERVED]</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_019"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 16A. AUDIT COMMITTEE FINANCIAL EXPERT</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Board of Directors has determined that Kenneth
K. Cheng is an audit committee financial expert as that term is defined in Item 16A(b) of Form 20-F, and &#8220;independent&#8221; as
that term is defined in the Nasdaq listing standards.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_020"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 16B. CODE OF ETHICS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Board has adopted a code of business conduct
and ethics that applies to our directors, officers and employees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_021"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
following table </span>&#160;&#160;<span style="font-family: Times New Roman, Times, Serif">represents the approximate aggregate fees
for services rendered by Marcum Asia CPAs LLP and Friedman LLP for the periods indicated:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31, <br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31, <br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">320,000</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Tax Fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">All Other Fees</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">262,100</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">320,000</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;Audit fees&#8221; are the aggregate
fees billed for assurance and related services that are reasonably related to the performance of the audit and are not reported under
audit fees. These fees primarily include accounting consultations regarding the accounting treatment of matters that occur in the regular
course of business, implications of new accounting pronouncements and other accounting issues that occur from time to time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;Tax fees&#8221; include fees for professional
services rendered by our independent registered public accounting firm for tax compliance and tax advice on actual or contemplated transactions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;Other fees&#8221; include fees for services
rendered by our independent registered public accounting firm with respect to government incentives and other matters.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 103; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->94<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The policy of our audit committee is to pre-approve
all audit and non-audit services provided by our independent auditor including audit services, audit-related services, tax services and
other services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Audit Committee evaluated and approved in
advance the scope and cost of the engagement of an auditor before the auditor rendered its audit and non-audit services.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_022"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_023"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED
PURCHASERS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_024"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective September 1, 2022, Friedman LLP combined
with Marcum LLP and continues to operate as an independent registered public accounting firm. On November 1, 2022, our Board of Directors
dismissed Friedman LLP and engaged Marcum Asia CPAs LLP to serve as our independent registered public accounting firm. The services previously
provided by Friedman LLP are now provided by Marcum Asia CPAs LLP.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Friedman LLP&#8217;s reports on our consolidated
financial statements for the 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 our two most recent fiscal
years and through November 1, 2022, there have been no disagreements with Friedman LLP on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to Friedman LLP&#8217;s satisfaction,
would have caused Friedman LLP to make reference to the subject matter of the disagreement in connection with its reports on our financial
statements for such periods.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the years ended December 31, 2021 and 2020
and the subsequent interim period through November 1, 2022, there were no &#8216;reportable events&#8217; as that term is described in
Item 16F(a)(1)(v) of the Form 20-F, other than the material weaknesses and significant deficiencies reported by management in the Risk
Factors section of this Annual Report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We provided Friedman LLP with a copy of the above
disclosure and requested that Friedman LLP furnish us with a letter addressed to the U.S. Securities and Exchange Commission stating whether
or not it agrees with the above statement. A copy of Friedman LLP&#8217;s letter is filed as Exhibit 16.1 to this Annual Report.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the years ended December 31, 2021 and 2020
and through November 1, 2022, neither our Company nor anyone acting on our behalf consulted Marcum Asia CPAs LLP with respect to any of
the matters or reportable events set forth in Item 16F(a)(2)(i) and (ii) of the Form 20-F.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_025"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 16G. CORPORATE GOVERNANCE</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See &#8220;Item 6. Directors, Senior Management and Employees&#8221;
for more information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_026"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 16H. MINE SAFETY DISCLOSURE</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_027"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT
INSPECTIONS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 104; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_028"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Part III</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_029"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 17. FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have elected to provide financial statements pursuant to Item 18.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_030"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 18. FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The consolidated financial statements of Top KingWin Ltd, and its subsidiaries
are included at the end of this Annual Report, beginning with page F-1.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_031"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 19. EXHIBITS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>EXHIBIT INDEX</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="margin: 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1 </span></td>
    <td style="text-align: justify; width: 1%">&#160;</td>
    <td style="text-align: justify; width: 90%"><a href="http://www.sec.gov/Archives/edgar/data/1938865/000121390023003474/ea171385ex3-2i_topkingwin.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Memorandum of Association of Top KingWin Ltd, dated July 23, 2022 (Previously filed; incorporated by reference to Exhibit 3.2.1 filed with the Registration Statement on Form F-1 (File No. 333- 269290) filed with the Securities and Exchange Commission on March 22, 2023)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2 </span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1938865/000121390023003474/ea171385ex3-2ii_topkingwin.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Articles of Association of Top KingWin Ltd, dated July 23, 2022 (Previously filed; incorporated by reference to Exhibit 3.2.2 filed with the Registration Statement on Form F-1 (File No. 333- 269290) on March 22, 2023)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1938865/000121390023003474/ea171385ex4-1_topkingwin.htm">Registrant&#8217;s Specimen Certificate for Class A Ordinary Shares (Previously filed; incorporated by reference to Exhibit 4.1 filed with the Registration Statement on Form F-1 (File No. 333- 269290) on March 22, 2023)</a> <span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2*</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex2-2_topkingwin.htm">Description of Securities</a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1938865/000121390023003474/ea171385ex10-1_topkingwin.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment Agreement between&#160;Top KingWin Ltd and its CEO Ruilin Xu, dated August 22, 2022 (Previously filed; incorporated by reference to Exhibit 10.1 filed with the Registration Statement on Form F-1 (File No. 333- 269290) on March 22, 2023)&#160;&#160;</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2 </span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1938865/000121390023003474/ea171385ex10-2_topkingwin.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment Agreement between Top KingWin Ltd and its CFO, Dan Wu, dated August 22, 2022 (Previously filed; incorporated by reference to Exhibit 10.2 filed with the Registration Statement on Form F-1 (File No. 333- 269290) on March 22, 2023)&#160;&#160;</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3 </span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1938865/000121390023003474/ea171385ex10-3_topkingwin.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Indemnification Agreement with the Registrant&#8217;s directors and officers (Previously filed; incorporated by reference to Exhibit 10.3 filed with the Registration Statement on Form F-1 (File No. 333- 269290) on March 22, 2023)&#160;&#160;</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4 </span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1938865/000121390023003474/ea171385ex10-4_topkingwin.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan Agreement between Guangzhou Tiancheng Capital Management Group Co., Ltd. and Tiancheng Jinhui, dated December 8, 2021 (Previously filed; incorporated by reference to Exhibit 10.4 filed with the Registration Statement on Form F-1 (File No. 333- 269290) on March 22, 2023)&#160;&#160;</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5 </span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1938865/000121390023003474/ea171385ex10-5_topkingwin.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English Translation of Lease Agreement between Guangzhou Panyu Energy Saving Technology Park Development Co., Ltd. and Tiancheng Jinhui, dated November 26, 2021 (Previously filed; incorporated by reference to Exhibit 10.5 filed with the Registration Statement on Form F-1 (File No. 333- 269290) on March 22, 2023)&#160;&#160;</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6 </span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1938865/000121390023003474/ea171385ex10-6_topkingwin.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English Translation of Lease Agreement between Guangzhou Panyu Energy Saving Technology Park Development Co., Ltd. and Tiancheng Jinhui, dated June 6, 2022 (Previously filed; incorporated by reference to Exhibit 10.6 filed with the Registration Statement on Form F-1 (File No. 333- 269290) on March 22, 2023)&#160;&#160;</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7 </span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1938865/000121390023003474/ea171385ex10-7_topkingwin.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English Translation of Purchase Agreement between Guangdong Tiancheng Education Consulting Co., Ltd. and Guangzhou Juxing Consulting Co., Ltd, dated November 30, 2021 (Previously filed; incorporated by reference to Exhibit 10.7 filed with the Registration Statement on Form F-1 (File No. 333- 269290) on March 22, 2023)&#160;&#160;</span></a></td></tr>
</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><p style="margin: 0"></p><div>

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</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8 </span></td>
    <td style="text-align: justify; width: 1%">&#160;</td>
    <td style="text-align: justify; width: 90%"><a href="http://www.sec.gov/Archives/edgar/data/1938865/000121390023003474/ea171385ex10-8_topkingwin.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English Translation of Purchase Agreement between Guangdong Tiancheng Education Consulting Co., Ltd. and Guangzhou Baiyun District Yongping Xuqi Information Service Office, dated January 28, 2021 (Previously filed; incorporated by reference to Exhibit 10.8 filed with the Registration Statement on Form F-1 (File No. 333- 269290) on March 22, 2023)&#160;&#160;</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9*</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex4-9_topkingwin.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English Translation of the form of Sales Agreement (for a few customers)&#160;</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10 </span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1938865/000121390023003474/ea171385ex10-10_topkingwin.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English Translation of the form of Sales Agreement (for a few customers) (Previously filed; incorporated by reference to Exhibit 10.10 filed with the Registration Statement on Form F-1 (File No. 333- 269290) on March 22, 2023)&#160;&#160;</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.11*</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex4-11_topkingwin.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English Translation of the form of Sales Agreement (for a few customers)&#160;</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.12</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1938865/000121390023031374/ea177267ex1-1_topkingwin.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting Agreement (Previously filed; incorporated by reference to the identically named exhibit filed with Form 6-K filed on April 20, 2023) </span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1938865/000121390023003474/ea171385ex21-1_topkingwin.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiaries of the Registrant (Previously filed; incorporated by reference to Exhibit 21.1 filed with the Registration Statement on Form F-1 (File No. 333- 269290) on March 22, 2023)&#160;&#160;</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1 </span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1938865/000121390023003474/ea171385ex14-1_topkingwin.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Code of Business Conduct and Ethics of the Registrant (Previously filed; incorporated by reference to Exhibit 14.1 filed with the Registration Statement on Form F-1 (File No. 333- 269290) on March 22, 2023)&#160;&#160;</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1*</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex12-1_topkingwin.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of Chief Executive Officer, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2*</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex12-2_topkingwin.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of Chief Financial Officer, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1**</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex13-1_topkingwin.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350.</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2**</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex13-2_topkingwin.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350.</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.1*</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex16-1_topkingwin.htm">Letter from Friedman LLP to the U.S. Securities and Exchange Commission, dated May 16, 2023</a></span></td></tr>

<tr style="background-color: rgb(204,238,255)">
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    <td style="vertical-align: bottom; text-align: justify; width: 1%">&#160;</td>
    <td style="vertical-align: top; width: 90%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Instance Document-this instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document</span></td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.SCH*</span></td>
    <td style="vertical-align: bottom; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Scheme Document</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.CAL*</span></td>
    <td style="vertical-align: bottom; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Calculation Linkbase Document</span></td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.DEF*</span></td>
    <td style="vertical-align: bottom; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Definition Linkbase Document</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.LAB*</span></td>
    <td style="vertical-align: bottom; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Label Linkbase Document</span></td></tr>
  <tr>
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    <td style="vertical-align: bottom; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Presentation Linkbase Document</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
    <td style="vertical-align: bottom; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover Page Interactive Data File (embedded within the Inline XBRL document)</span></td></tr>
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 36px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">* </span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed herewith.</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furnished herewith.</span></td></tr>
  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 106; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->97<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Top KingWin Ltd</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="width: 60%">&#160;</td>
    <td style="width: 5%">&#160;</td>
    <td style="width: 35%">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Ruilin Xu</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ruilin Xu</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Chief Executive Officer</b>&#160;<br/>
<b>(Principal Executive Officer)</b></span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:&#160; </span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 16, 2023</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 107; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TOP
KINGWIN LTD</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FINANCIAL
STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TABLE
OF CONTENTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: center">Page</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; width: 89%; text-align: left"><a href="#f_006">Report of independent Registered Public Accounting Firms (PCAOB ID:5395)</a></td><td style="width: 1%">&#160;</td> <td style="text-align: center; width: 10%">F-2</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><a href="#f_007">Report of independent Registered Public Accounting Firms (PCAOB ID:<ix:nonNumeric contextRef="c0" name="dei:AuditorFirmId">711</ix:nonNumeric>)</a></td><td>&#160;</td> <td style="text-align: center">F-3</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in"><a href="#f_001">Consolidated Balance Sheets as of December 31, 2022 and 2021</a></td><td>&#160;</td> <td style="text-align: center">F-4</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><a href="#f_002">Consolidated Statements of&#160;(Loss) Income and Comprehensive (Loss)&#160;Income for the Years Ended December 31, 2022, 2021 and 2020</a></td><td>&#160;</td> <td style="text-align: center">F-5</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><a href="#f_003">Consolidated Statements of Changes in Shareholders&#8217; Equity for the Years Ended December 31, 2022, 2021 and 2020</a></td><td>&#160;</td> <td style="text-align: center">F-6</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><a href="#f_004">Consolidated Statements of Cash Flows for the Years Ended December 31, 2022, 2021 and 2020</a></td><td>&#160;</td> <td style="text-align: center">F-7</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><a href="#f_005">Notes to Consolidated Financial Statements</a></td><td>&#160;</td> <td style="text-align: center">F-8</td></tr> </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="image_011.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="f_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the Shareholders and Board of Directors of
Top KingWin Ltd</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Opinion on the Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying consolidated
balance sheet of Top KingWin Ltd (the &#8220;Company&#8221;) as of December 31, 2022, the related consolidated statements of loss and
comprehensive loss, changes in shareholders&#8217; equity and cash flows for the year ended December 31, 2022, and the related notes (collectively
referred to as the &#8220;financial statements&#8221;). In our opinion, the financial statements present fairly, in all material respects,
the financial position of the Company as of December 31, 2022, and the results of its operations and its cash flows for the year ended
December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also audited adjustments to the 2021 financial
statements to retroactive effect to the nominal issuance of shares as described in Note 14. In our opinion, such adjustments are appropriate
and have been properly applied. We were not engaged to audit, review, or apply any procedures to the Company&#8217;s 2021 financial statements
other than with respect to the adjustments and, accordingly, we do not express an opinion or any other form of assurance on the 2021 financial
statements as a whole.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Basis for Opinion</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These financial statements are the responsibility
of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s financial statements based on our 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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 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.</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audit included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the 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 financial statements. We believe that our audit provides a reasonable basis for our opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Marcum Asia CPAs LLP</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Marcum Asia CPAs LLP</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-variant: small-caps">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 16, 2023</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-variant: small-caps">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NEW YORK OFFICE &#9679; 7 Penn Plaza &#9679; Suite
830 &#9679; New York, New York &#9679; 10001</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Phone 646.442.4845 &#9679; Fax 646.349.5200 &#9679; www.marcumasia.com</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><img alt="" src="image_012.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="f_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the Board of Directors and</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders of Top KingWin Ltd</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Opinion on the Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying consolidated
balance sheet of Top KingWin Ltd and Subsidiaries (collectively, the &#8220;Company&#8221;) as of December 31, 2021, and the related consolidated
statements of operations and comprehensive income, change in shareholders&#8217; equity, and cash flows for each of the years in the two-year
period 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 financial position of the Company as of December&#160;31,
2021, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2021, in conformity
with accounting principles generally accepted in the United States of America.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We were not engaged to audit, review or apply
any procedures to the adjustments to retroactively apply the effects of the nominal issuance of shares described in Note 14, accordingly,
we do not express an opinion or any other form of assurance about whether such adjustments are appropriate and have been properly applied.
Those adjustments were audited by Marcum Asia CPAs LLP.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Basis for Opinion</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and
the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the 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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Friedman LLP</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We served as the Company&#8217;s auditor from
2021 through 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, New York</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">August 26, 2022</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="image_013.jpg" style="height: 64px; width: 650px"/></p><div>

</div><p style="margin: 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="f_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TOP
KINGWIN LTD</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
BALANCE SHEETS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AS
OF DECEMBER 31, 2022 AND 2021</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In
USD)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">ASSETS</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">CURRENT ASSETS</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-indent: -9pt; padding-left: 9pt">Cash</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Cash" scale="0" unitRef="usd">2,654,185</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Cash" scale="0" unitRef="usd">3,816,940</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Restricted cash</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-4">-</div></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 contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RestrictedCashAndCashEquivalentsAtCarryingValue" scale="0" unitRef="usd">78,461</ix:nonFraction></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; text-indent: -9pt; padding-left: 9pt">Accounts receivable, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsReceivableNetCurrent" scale="0" unitRef="usd">95,691</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Interest receivable - related party</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-5">-</div></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 contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestReceivableCurrent" scale="0" unitRef="usd">4,825</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PrepaidExpenseCurrent" scale="0" unitRef="usd">12,248</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssetsNoncurrent" scale="0" unitRef="usd">40,376</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredOfferingCosts" scale="0" unitRef="usd">1,306,313</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Deferred tax assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredCosts" scale="0" unitRef="usd">118,159</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Total non-current assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsNoncurrent" scale="0" unitRef="usd">2,227,994</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsNoncurrent" scale="0" unitRef="usd">916,274</ix:nonFraction></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="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">TOTAL ASSETS</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" unitRef="usd">5,878,748</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">LIABILITIES AND SHAREHOLDERS&#8217; DEFICIT</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">CURRENT LIABILITIES</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Accounts payable</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableCurrent" scale="0" unitRef="usd">264,006</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableCurrent" scale="0" unitRef="usd">836,787</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Accounts payable - related party</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-7">-</div></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 contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableRelatedPartiesCurrent" scale="0" unitRef="usd">1,285</ix:nonFraction></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; text-indent: -9pt; padding-left: 9pt">Operating lease liabilities - current</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="0" unitRef="usd">165,506</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="0" unitRef="usd">130,198</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Advance from clients</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ContractWithCustomerLiabilityCurrent" scale="0" unitRef="usd">187,630</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ContractWithCustomerLiabilityCurrent" scale="0" unitRef="usd">587,396</ix:nonFraction></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; text-indent: -9pt; padding-left: 9pt">Due to related parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueToOtherRelatedPartiesClassifiedCurrent" scale="0" unitRef="usd">1,129,005</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueToOtherRelatedPartiesClassifiedCurrent" scale="0" unitRef="usd">85,784</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Taxes payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TaxesPayableCurrent" scale="0" unitRef="usd">37,919</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TaxesPayableCurrent" scale="0" unitRef="usd">508,149</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Accruals and other payables</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent" scale="0" unitRef="usd">1,108,910</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent" scale="0" unitRef="usd">437,770</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Total current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd">2,892,976</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd">2,587,369</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Operating lease liabilities - non-current</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="0" unitRef="usd">373,068</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="0" unitRef="usd">494,425</ix:nonFraction></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="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Total non-current liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesNoncurrent" scale="0" unitRef="usd">373,068</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesNoncurrent" scale="0" unitRef="usd">494,425</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">TOTAL LIABILITIES AND SHAREHOLDERS&#8217; EQUITY</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="ix_0_footnote" xml:lang="en-US">Giving retroactive effect to the nominal issuance of shares effected on January 10, 2023 (Note 14)</ix:footnote>.</span></td></tr> </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><!-- Field: Page; Sequence: 111; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="f_002"></a></div><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>TOP
KINGWIN LTD</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>CONSOLIDATED STATEMENTS OF (LOSS) INCOME AND
COMPREHENSIVE (LOSS) INCOME&#160;</b></p><div>

</div><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"><b>FOR
THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020</b></span></p><div>

</div><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"><b>(In USD)</b></span>&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">REVENUES</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">-- Related parties</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify; font-size: 10pt"><ix:footnote id="ix_1_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Giving retroactive effect to the nominal issuance of shares effected on January 10, 2023 (Note 14).</span></ix:footnote></td></tr> </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 112; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="f_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TOP
KINGWIN LTD</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS&#8217; EQUITY</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In
USD)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
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ordinary shares</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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ordinary shares</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td></tr>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-66; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-</b></span></td>
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    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-67; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-</b></span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">*</span></td><td style="text-align: justify"><span style="font-size: 10pt">Giving retroactive effect to
the nominal issuance of shares effected on January 10, 2023 (Note 14).</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><!-- Field: Page; Sequence: 113; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="f_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TOP
KINGWIN LTD</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
STATEMENTS OF CASH FLOWS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020</b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In
USD)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <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>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Cash flows from operating activities</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><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <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></tr>
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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 style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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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 style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Accounts
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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 contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsReceivable" scale="0" sign="-" unitRef="usd">736,207</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; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Accounts
    receivable - related party</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="-sec-ix-hidden: hidden-fact-75; 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"><ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsReceivableRelatedParties" scale="0" sign="-" unitRef="usd">341,042</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 contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsReceivableRelatedParties" scale="0" unitRef="usd">318,647</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; text-indent: -9pt; padding-left: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Interest
    receivable - related party</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 contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedInterestReceivableNet" scale="0" sign="-" unitRef="usd">4,946</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; ">
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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">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInNotesPayableCurrent" scale="0" sign="-" unitRef="usd">587,098</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>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Advance
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  <tr style="vertical-align: bottom; ">
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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 contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayableRelatedParties" scale="0" sign="-" unitRef="usd">1,317</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>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt"><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; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Cash
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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></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Purchase
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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 contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" scale="0" unitRef="usd">131,577</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>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Purchase
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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="-sec-ix-hidden: hidden-fact-77; 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; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Loan
    to a shareholder</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="-sec-ix-hidden: hidden-fact-78; 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">(<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="tcjh:LoanToAShareholder" scale="0" unitRef="usd">1,550,192</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="-sec-ix-hidden: hidden-fact-79; 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; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Loan
    repaid by a shareholder</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="-sec-ix-hidden: hidden-fact-80; 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"><ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RepaymentOfNotesReceivableFromRelatedParties" scale="0" unitRef="usd">1,550,192</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="-sec-ix-hidden: hidden-fact-81; 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; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Net
    cash used in investing activities</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="usd">45,679</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="usd">151,538</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="usd">129,589</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; 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-indent: -9pt; padding-left: 9pt"><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; ">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Cash
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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 style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Capital
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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="-sec-ix-hidden: hidden-fact-82; 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="-sec-ix-hidden: hidden-fact-83; 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>
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  <tr style="vertical-align: bottom; ">
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    related parties</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 contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromRelatedPartyDebt" scale="0" unitRef="usd">52,034</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 contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromRelatedPartyDebt" scale="0" unitRef="usd">30,561</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)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt"><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="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Effect
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt"><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></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt"><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; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Cash
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt"><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; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Cash
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt"><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; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Cash
    at end of year</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: 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>
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  <tr style="vertical-align: bottom; ">
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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>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Supplemental
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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></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Borrowings
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    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="tcjh:BorrowingsFromARelatedPartyToPayDeferredOfferingCost" scale="0" unitRef="usd">706,313</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-91; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-92; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Deferred offering costs in accrual and other payables</td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-93; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-94; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><!-- Field: Page; Sequence: 114; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="f_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TOP
KINGWIN LTD</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED DECEMBER 31 2022 AND 2021</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In
USD)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
1 - ORGANIZATION AND BUSINESS</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_2" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Top
KingWin Ltd and its consolidated subsidiaries (collectively referred to as the &#8220;Group&#8221; or the &#8220;Company&#8221;) primarily
provide three main corporate services, including corporate business training, corporate consulting, advisory and transaction services
to its clients in the People&#8217;s Republic of China (the &#8220;PRC&#8221;).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_3" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Top
KingWin Ltd (&#8220;KingWin&#8221;) is a holding company incorporated in Cayman Island on February 16, 2022 under the laws of the Cayman
Islands. The Company has no substantial operations other than holding all of the outstanding share capital of Sky Kingwin Ltd (&#8220;KingWin
BVI&#8221;) established under the laws of the British Virgin Islands on March 15, 2022. KingWin BVI is also a holding company holding
all of the outstanding equity of SKY KINGWIN (HK) LIMITED (&#8220;KingWin HK&#8221;) which was incorporated in Hong Kong on April 19,
2022. KingWin HK is a holding company holding all of the outstanding equity of Guangdong Tiancheng Jinhui Enterprise Development Co.,
Ltd. (&#8220;Tiancheng Jinhui&#8221;) which was established on October 25, 2018 under the law of the PRC.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_4" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reorganization&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_5" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
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interest in Tiancheng Jinhui to KingWin HK, which is <ix:nonFraction contextRef="c62" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:VariableInterestEntityOwnershipPercentage" scale="-2" unitRef="pure">100</ix:nonFraction>% owned by KingWin through KingWin BVI. After the reorganization, KingWin owns
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</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_6" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
reorganization involved the incorporation of KingWin, and its wholly owned subsidiaries, KingWin BVI, and KingWin HK; and the transfer
of all equity ownership of Tiancheng Jinhui to KingWin HK from the former shareholders of Tiancheng Jinhui. Following the transfer, the
Company issued <ix:nonFraction contextRef="c64" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares">68,442</ix:nonFraction> of Class A ordinary shares (&#8220;Class A Ordinary Share&#8221;) and <ix:nonFraction contextRef="c65" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares">31,558</ix:nonFraction> of Class B ordinary shares (&#8220;Class
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</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_7" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As part of the reorganization, on January 10,
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which increased pro rata the number of shares each shareholder owns and did not change their respective percentage of ownership in the
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Shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_8" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_7"><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The transactions were between entities under common control, and therefore
accounted for in a manner similar to the pooling-of-interest method. Under the pooling-of-interests method, combination between two businesses
under common control is accounted for at carrying amounts with retrospective adjustment of prior period financial statements, and the
equity accounts of the combining entities are combined and the difference between the consideration paid and the net assets acquired
is reflected as an equity transaction (i.e., distribution to parent company). As opposed to the purchase method of accounting, no intangible
assets were recognized in the transaction, and no goodwill was recognized as a result of the combination.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_9" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements reflect the activities of Tiancheng Jinhui, the Company&#8217;s PRC operating subsidiary. KingWin,
KingWin BVI and KingWin HK have no operations or activity other than being the holding company of their respective immediate subsidiary.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_10" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_9"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfSubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDescriptionTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left; vertical-align: top">&#160;</td><td style="text-align: left; vertical-align: top">&#160;</td>
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    <td style="vertical-align: top; text-align: left">&#160;</td><td style="text-align: left; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: left">&#160;</td><td style="text-align: left; vertical-align: top">&#160;</td>
    <td style="text-align: left; vertical-align: top">&#160;</td><td style="text-align: left; vertical-align: top">&#160;</td>
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    Development Co., Ltd. (formerly known as &#8220;Guangdong Tiancheng Education Consulting Co., Ltd.&#8221; and &#8220;Vipshop (Guangdong)
    Food Co., Ltd.&#8221;)</td><td style="text-align: left; vertical-align: top">&#160;</td>
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</div><div>

</div><ix:continuation id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 20, 2023, the Company consummated the
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Company from the offering, before deducting commissions, expense allowance, and expenses, were approximately $<ix:nonFraction contextRef="c69" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:OtherExpenses" scale="6" unitRef="usd">11</ix:nonFraction> million.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_1" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_2" id="_SignificantAccountingPoliciesTextBlock-c0_cont_1"><ix:nonNumeric contextRef="c0" continuedAt="_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock-c0_cont_1" escape="true" name="us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(a)
Basis of Presentation</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_3" id="_SignificantAccountingPoliciesTextBlock-c0_cont_2"><ix:continuation id="_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the
United States (&#8220;U.S. GAAP&#8221;) and applicable rules and regulations of the United States Securities and Exchange Commission
(&#8220;SEC&#8221;).&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_4" id="_SignificantAccountingPoliciesTextBlock-c0_cont_3"><ix:nonNumeric contextRef="c0" continuedAt="_UseOfEstimates-c0_cont_1" escape="true" name="us-gaap:UseOfEstimates"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(b)
Use of Estimates</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_5" id="_SignificantAccountingPoliciesTextBlock-c0_cont_4"><ix:continuation id="_UseOfEstimates-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of these consolidated financial statements requires management of the Company to make estimates and judgments that affect
the reported amounts of assets, liabilities, revenues, costs and expenses, and related disclosures. On an on-going basis, the Company
evaluates its estimates based on historical experience and on various other assumptions that are believed to be reasonable under the
circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are
not readily apparent from other sources. Significant estimates required to be made by management, include, but are not limited to, the
assessment of a provision for doubtful accounts, the useful lives of property and equipment and intangible asset, and valuation of deferred
tax assets. Actual results may differ from those estimates under different assumptions or conditions.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_6" id="_SignificantAccountingPoliciesTextBlock-c0_cont_5"><ix:nonNumeric contextRef="c0" continuedAt="_ConsolidationPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:ConsolidationPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(c)
Basis of Consolidation</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_7" id="_SignificantAccountingPoliciesTextBlock-c0_cont_6"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_2" id="_ConsolidationPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant inter-company
balances and transactions have been eliminated upon consolidation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_8" id="_SignificantAccountingPoliciesTextBlock-c0_cont_7"><ix:continuation id="_ConsolidationPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
subsidiary is an entity in which (i) the Company directly or indirectly controls more than <ix:nonFraction contextRef="c4" decimals="2" format="ixt:num-dot-decimal" name="tcjh:VotingPowerPercentage" scale="-2" unitRef="pure">50</ix:nonFraction>% of the voting power; or (ii) the Company
has the power to appoint or remove a majority of the members of the board of directors or to cast a majority of votes at the meeting
of the board of directors or to govern the financial and operating policies of the investee pursuant to a statute or under an agreement
among the shareholders or equity holders.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_9" id="_SignificantAccountingPoliciesTextBlock-c0_cont_8"><ix:nonNumeric contextRef="c0" continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:FairValueMeasurementPolicyPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(d)
Fair value measurements</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_10" id="_SignificantAccountingPoliciesTextBlock-c0_cont_9"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_2" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company applies ASC Topic 820, Fair Value Measurements and Disclosures which defines fair value, establishes a framework for measuring
fair value, and expands financial statement disclosure requirements for fair value measurements.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_11" id="_SignificantAccountingPoliciesTextBlock-c0_cont_10"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_3" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
Topic 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability (an exit price)
on the measurement date in an orderly transaction between market participants in the principal or most advantageous market for the asset
or liability.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_12" id="_SignificantAccountingPoliciesTextBlock-c0_cont_11"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_4" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
Topic 820 specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable
or unobservable. The hierarchy is as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_13" id="_SignificantAccountingPoliciesTextBlock-c0_cont_12"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_5" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_14" id="_SignificantAccountingPoliciesTextBlock-c0_cont_13"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_6" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are
observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_15" id="_SignificantAccountingPoliciesTextBlock-c0_cont_14"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_7" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3 inputs to the valuation methodology are unobservable and significant to the fair value. Unobservable inputs are valuation technique
inputs that may reflect the Company&#8217;s own assumptions that cannot be corroborated with observable market data.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_16" id="_SignificantAccountingPoliciesTextBlock-c0_cont_15"><ix:continuation id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
of the Company is responsible for considering the carrying amount of cash, restricted cash, accounts receivable, net, prepayments,
other receivables, accounts receivable - related party, interest receivable - related party, accounts payable, operating lease
liabilities -current, advance from clients, accounts payable - related party, due to  related parties, taxes payable, and accruals
and other payables based on the short-term maturity of these instruments to approximate their fair values because of their
short-term nature.&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 116; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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Cash </i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_18" id="_SignificantAccountingPoliciesTextBlock-c0_cont_17"><ix:continuation id="_CashAndCashEquivalentsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
primarily consists of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use.
The Company maintains most of its bank accounts in the PRC.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

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</div><div>

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cash represents restricted cash held by banks as guarantee deposit for a contractual dispute which closed as of December 31, 2021 and
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</div><div>

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Accounts Receivable, Net</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

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on a regular basis to determine if the provision of doubtful accounts is adequate and provides provision when necessary. The provision
is based on management&#8217;s best estimates of specific losses on individual client exposures, as well as the historical trends of
collections. Account balances are charged off against the provision after all means of collection have been exhausted and the likelihood
of collection is not probable.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_23" id="_SignificantAccountingPoliciesTextBlock-c0_cont_22"><ix:nonNumeric contextRef="c0" continuedAt="tcjh_PrepaymentsPolicyTextBlock-c0_cont_1" escape="true" name="tcjh:PrepaymentsPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(h)
Prepayments</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_24" id="_SignificantAccountingPoliciesTextBlock-c0_cont_23"><ix:continuation id="tcjh_PrepaymentsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayments
primarily consist of the prepayments to the service suppliers for the Company event hosting, planning, and execution. The Company maintains
a provision for doubtful accounts to state prepayments at their estimated realizable value based on a variety of factors, including the
possibility of releasing the prepayments into service, significant one-time events, and historical experience. As of December 31, 2022
and 2021, no provision for doubtful accounts for prepayments was made.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_25" id="_SignificantAccountingPoliciesTextBlock-c0_cont_24"><ix:nonNumeric contextRef="c0" continuedAt="tcjh_OthersReceivablesPolicyTextBlock-c0_cont_1" escape="true" name="tcjh:OthersReceivablesPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>(i)
Other Receivables</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_26" id="_SignificantAccountingPoliciesTextBlock-c0_cont_25"><ix:continuation id="tcjh_OthersReceivablesPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other receivables represent advance payments
made to cooperative parties for expenses and money owed to the Company by third parties, which normally includes insignificant receivable
amounts.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

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</div><div>

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and equipment are stated at cost less accumulated depreciation and depreciated on a straight-line basis over the estimated useful lives
of the assets. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing use. The
cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired
or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in
income/loss in the year of disposition. Estimated useful lives are as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_29" id="_SignificantAccountingPoliciesTextBlock-c0_cont_28"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfPublicUtilityPropertyPlantAndEquipmentTextBlock"><ix:continuation id="_PropertyPlantAndEquipmentPolicyTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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useful lives <br/>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 117; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_30" id="_SignificantAccountingPoliciesTextBlock-c0_cont_29"><ix:nonNumeric contextRef="c0" continuedAt="_IntangibleAssetsFiniteLivedPolicy-c0_cont_1" escape="true" name="us-gaap:IntangibleAssetsFiniteLivedPolicy"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(k)
Intangible Assets, net</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_31" id="_SignificantAccountingPoliciesTextBlock-c0_cont_30"><ix:continuation continuedAt="_IntangibleAssetsFiniteLivedPolicy-c0_cont_2" id="_IntangibleAssetsFiniteLivedPolicy-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets are stated at cost less accumulated amortization and amortized in a method which reflects the pattern in which the economic benefits
of the intangible asset are expected to be consumed or otherwise used up. The balance of intangible assets represents a production copyright
that the Company purchased externally and is amortized straight-line over <ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="us-gaap:FiniteLivedIntangibleAssetUsefulLife">10</ix:nonNumeric> years in accordance with the way the Company estimates to
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</div><div>

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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify"></p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_33" id="_SignificantAccountingPoliciesTextBlock-c0_cont_32"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock"><ix:continuation id="_IntangibleAssetsFiniteLivedPolicy-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td>&#160;</td>
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_35" id="_SignificantAccountingPoliciesTextBlock-c0_cont_34"><ix:continuation id="_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived
assets, including property and equipment with finite lives and intangible assets subject to amortization, are reviewed for impairment
whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use
of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets
based on the non-discounted future cash flows generated from the assets and recognizes an impairment loss when estimated discounted future
cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than
the carrying value of the asset. If an impairment is identified, the Company would reduce the carrying amount of the asset to its estimated
fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. No impairment was
recorded by the Company as of December 31, 2022 and 2021.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_36" id="_SignificantAccountingPoliciesTextBlock-c0_cont_35"><ix:nonNumeric contextRef="c0" continuedAt="_LesseeLeasesPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:LesseeLeasesPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(m)
Lease</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_37" id="_SignificantAccountingPoliciesTextBlock-c0_cont_36"><ix:continuation continuedAt="_LesseeLeasesPolicyTextBlock-c0_cont_2" id="_LesseeLeasesPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
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if an arrangement is a lease or contains a lease at inception, operating lease liabilities are recognized based on the present value
of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. As the rate implicit in the
lease is not readily determinable for the operating lease, the Company generally uses an incremental borrowing rate based on information
available at the commencement date to determine the present value of future lease payments. Operating lease right-of-use (&#8220;ROU&#8221;)
assets represent the Company&#8217;s right to control the use of an identified asset for the lease term and lease liabilities represent
the Company&#8217;s obligation to make lease payments arising from the lease. ROU assets are generally recognized based on the amount
of the initial measurement of the operating lease liabilities. Lease expense is recognized on a straight-line basis over the lease term.
The Company elected the package of practical expedients permitted under the transition guidance to combine the lease and non-lease components
as a single lease component for operating lease associated with the Company&#8217;s office space lease, and to keep leases with an initial
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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in the Company&#8217;s ROU assets and operating lease liabilities as they are not reasonably certain of exercise. The Company regularly
evaluates the renewal option, and, when it is reasonably certain of exercise, the Company will include the renewal period in its lease
term. New lease modifications result in re-measurement of the ROU assets and operating lease liabilities. The Company&#8217;s lease agreement
does not contain any material residual value guarantees or material restrictive covenants.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>
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</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_39" id="_SignificantAccountingPoliciesTextBlock-c0_cont_38"><ix:continuation continuedAt="_LesseeLeasesPolicyTextBlock-c0_cont_4" id="_LesseeLeasesPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROU
assets are reviewed for impairment when indicators of impairment are present. ROU assets from operating leases are subject to the impairment
guidance in ASC 360, Property, Plant, and Equipment, as ROU assets are long-lived nonfinancial assets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_40" id="_SignificantAccountingPoliciesTextBlock-c0_cont_39"><ix:continuation continuedAt="_LesseeLeasesPolicyTextBlock-c0_cont_5" id="_LesseeLeasesPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROU
assets are tested for impairment individually or as part of an asset group if the cash flows related to the ROU assets are not independent
from the cash flows of other assets and liabilities. An asset group is the unit of accounting for long-lived assets to be held and used,
which represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets
and liabilities.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_41" id="_SignificantAccountingPoliciesTextBlock-c0_cont_40"><ix:continuation continuedAt="_LesseeLeasesPolicyTextBlock-c0_cont_6" id="_LesseeLeasesPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_42" id="_SignificantAccountingPoliciesTextBlock-c0_cont_41"><ix:continuation id="_LesseeLeasesPolicyTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
operating lease is included in operating lease right-of-use assets, operating lease liabilities-current and operating lease liabilities-non-current
on the consolidated balance sheets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

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Deferred Offering Costs</i></b>&#160;</span>&#160;&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_44" id="_SignificantAccountingPoliciesTextBlock-c0_cont_43"><ix:continuation continuedAt="_DeferredChargesPolicyTextBlock-c0_cont_2" id="_DeferredChargesPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to ASC 340-10-S99-1, &#160;costs directly
attributable to an offering of equity securities are deferred and would be charged against the gross proceeds of the offering as a reduction
of additional paid-in capital. Deferred offering costs consist of underwriting, legal, accounting and other expenses incurred through
the balance sheet date that are directly related to the proposed public offering.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_45" id="_SignificantAccountingPoliciesTextBlock-c0_cont_44"><ix:continuation id="_DeferredChargesPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
Company recorded related offering costs as deferred offering costs and wrote off as a reduction of equity at the time of listing, rather
than as part of the current period&#8217;s income or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_46" id="_SignificantAccountingPoliciesTextBlock-c0_cont_45"><ix:nonNumeric contextRef="c0" continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:RevenueRecognitionPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(o)
Revenue Recognition</i></b>&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_47" id="_SignificantAccountingPoliciesTextBlock-c0_cont_46"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_2" id="_RevenueRecognitionPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following five steps are applied to achieve the core principle of the new revenue standard: (i) identify contract(s) with a client; (ii)
identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the
performance obligations in the contract; and (v) recognize revenues when (or as) the Company satisfies the performance obligation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_48" id="_SignificantAccountingPoliciesTextBlock-c0_cont_47"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_3" id="_RevenueRecognitionPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s revenues are recognized when persuasive evidence of an arrangement exists, service has occurred, and all performance
obligations have been performed pursuant to the terms of the agreement, the sales price is fixed or determinable and collectability is
reasonably assured. The Company revenue agreements generally do not include a right of return in relation to the delivered products or
services. Depending on the terms of the agreement and the laws that apply to the agreement, service obligations may be delivered over
time or at a point in time. Control of the services is transferred over time if the Company&#8217;s performance:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_49" id="_SignificantAccountingPoliciesTextBlock-c0_cont_48"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_4" id="_RevenueRecognitionPolicyTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_50" id="_SignificantAccountingPoliciesTextBlock-c0_cont_49"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_5" id="_RevenueRecognitionPolicyTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_51" id="_SignificantAccountingPoliciesTextBlock-c0_cont_50"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_6" id="_RevenueRecognitionPolicyTextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_52" id="_SignificantAccountingPoliciesTextBlock-c0_cont_51"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_7" id="_RevenueRecognitionPolicyTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
control of services transfers over time, revenue is recognized over the period of the agreement by reference to progress toward complete
satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the client obtains control of the
services.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><!-- Field: Page; Sequence: 119; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_53" id="_SignificantAccountingPoliciesTextBlock-c0_cont_52"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_8" id="_RevenueRecognitionPolicyTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company currently generates its revenue from the following main sources:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_54" id="_SignificantAccountingPoliciesTextBlock-c0_cont_53"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_9" id="_RevenueRecognitionPolicyTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">Revenues
from advisory and transaction services</span></i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_55" id="_SignificantAccountingPoliciesTextBlock-c0_cont_54"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_10" id="_RevenueRecognitionPolicyTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company deliver packaged advisory and transaction
services to help design a financial plan, build up and maintain the corporate image of our clients, connect clients with potential investors,
and present its client to the interested investors. Revenues from advisory and transaction services represent service fees associated
with private fundraising transactions, which are recognized on net basis. The service fees were charged based on a certain percentage
of the fund raised by the clients, which were only payable upon the completion of fundraising. The revenues are the amount of consideration
to which the Company expects to be entitled in complete the fundraising transactions, the only performance obligation of the service.
Revenue is recognized at the point when the advisory services have been conducted and the underlying fundraising transactions are completed
under the terms of the respective contract. Payment term of advisory and transaction services is three days when the performance obligation
completed.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_56" id="_SignificantAccountingPoliciesTextBlock-c0_cont_55"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_11" id="_RevenueRecognitionPolicyTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">Revenues
from corporate consulting services</span></i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_57" id="_SignificantAccountingPoliciesTextBlock-c0_cont_56"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_12" id="_RevenueRecognitionPolicyTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company provides a combination of corporate consulting services that are bundled and customized to fulfill each client&#8217;s unique
financial needs. The corporate consulting services include various specific services (e.g., due diligence service, business plans, financing
solutions). The Company charged a fixed price for a specific service and revenue is recognized when the Company completes the specific
services agreed upon in the contract. Each of the specific services is considered as one performance obligation. Each performance obligation
is independent to each other with specific price identified in the contract and the clients could contract with the Company for any one
of the specific services. Since clients can cancel each specific service before it is delivered without any penalty, the Company does
not have an enforceable right to payment from the client, and thus the services and prices are excluded from the contract until the individual
specific service starts or advance payment is received. Before the full and complete delivery of the services, the clients cannot benefit
from the performance and cannot control the work in progress. The Company control the rights to the services, and the services can easily
be redirected to another client without incurring significant costs. As a result, the revenues do not meet the criteria of recognizing
revenue over time, and such services shall only be useful to the client after delivered in full. The revenue is therefore recognized
at the point in time when the deliverables, in the form of reports are delivered based on the specific terms of the contract.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_58" id="_SignificantAccountingPoliciesTextBlock-c0_cont_57"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_13" id="_RevenueRecognitionPolicyTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">Revenues
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_59" id="_SignificantAccountingPoliciesTextBlock-c0_cont_58"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_14" id="_RevenueRecognitionPolicyTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_60" id="_SignificantAccountingPoliciesTextBlock-c0_cont_59"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_15" id="_RevenueRecognitionPolicyTextBlock-c0_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_61" id="_SignificantAccountingPoliciesTextBlock-c0_cont_60"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_16" id="_RevenueRecognitionPolicyTextBlock-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_62" id="_SignificantAccountingPoliciesTextBlock-c0_cont_61"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_17" id="_RevenueRecognitionPolicyTextBlock-c0_cont_16"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_63" id="_SignificantAccountingPoliciesTextBlock-c0_cont_62"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_18" id="_RevenueRecognitionPolicyTextBlock-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company offers referral and marketing service
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business training services for the Company. A new partner is required to pay a non-refundable set-up fee. Any fees charged to the referral
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_65" id="_SignificantAccountingPoliciesTextBlock-c0_cont_64"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_20" id="_RevenueRecognitionPolicyTextBlock-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Revenue
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</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_66" id="_SignificantAccountingPoliciesTextBlock-c0_cont_65"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_21" id="_RevenueRecognitionPolicyTextBlock-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">Advance
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_67" id="_SignificantAccountingPoliciesTextBlock-c0_cont_66"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_22" id="_RevenueRecognitionPolicyTextBlock-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Advance from clients is the amount that will
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_68" id="_SignificantAccountingPoliciesTextBlock-c0_cont_67"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_23" id="_RevenueRecognitionPolicyTextBlock-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_70" id="_SignificantAccountingPoliciesTextBlock-c0_cont_69"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_25" id="_RevenueRecognitionPolicyTextBlock-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advance
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_71" id="_SignificantAccountingPoliciesTextBlock-c0_cont_70"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_26" id="_RevenueRecognitionPolicyTextBlock-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">Practical
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_72" id="_SignificantAccountingPoliciesTextBlock-c0_cont_71"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_27" id="_RevenueRecognitionPolicyTextBlock-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
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</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_73" id="_SignificantAccountingPoliciesTextBlock-c0_cont_72"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_28" id="_RevenueRecognitionPolicyTextBlock-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
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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
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reporting currency of the Company is the USD. Tiancheng Jinhui conducts its business in the local currency, Chinese Yuan (&#8220;RMB&#8221;),
as its functional currency. Except for Tiancheng Jinhui, the Company and its subsidiaries in Cayman Islands, BVI and HK use USD as its
functional currency. An entity&#8217;s functional currency is the currency of the primary economic environment in which it operates;
normally, that is the currency of the environment in which the entity primarily generates and expends cash. Management&#8217;s judgment
is essential to determine the functional currency by assessing various indicators, such as cash flows, sales price and market, expenses,
financing and inter-company transactions and arrangements.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_87" id="_SignificantAccountingPoliciesTextBlock-c0_cont_86"><ix:continuation continuedAt="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c0_cont_3" id="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
currency transactions denominated in currencies other than the functional currency are translated into the functional currency using
the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at
the balance sheet date are re-measured at the applicable rates of exchange in effect at that date. Gains and losses resulting from foreign
currency re-measurement are included in the consolidated statements of income and comprehensive income.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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in USD. Assets and liabilities are translated into USD at the current exchange rate in effect at the balance sheet date, and revenues
and expenses are translated at the average of the exchange rates in effect during the reporting period. Shareholders&#8217; equity accounts,
except for the change in retained earnings, are translated using the historical exchange rates at the date of entry to shareholder equity;
the change in retained earnings uses historical exchange rates of each period&#8217;s statement of income. Differences resulting from
translating functional currencies to the reporting currency are recorded in accumulated other comprehensive income in the consolidated
balance sheets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_90" id="_SignificantAccountingPoliciesTextBlock-c0_cont_89"><ix:nonNumeric contextRef="c0" escape="true" name="tcjh:ScheduleofForeignCurrencyTranslationandTransactionTableTextBlock"><ix:continuation id="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

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260, Earnings per Share (ASC 260). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic
EPS is measured as net income divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic
EPS but presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options and warrants)
as if they had been converted at the beginning of the periods presented, or issuance date, if later. The Company has no dilutive securities
as of and for the years ended December 31, 2022, 2021 and 2020.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</div><div>

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2020, respectively.</p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</div><div>

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to participate in various government sponsored employee benefit plans, including certain social insurance, housing funds and other welfare-oriented
payment obligations, and contribute to the plans in amounts equal to certain percentages of salaries, including bonuses and allowances,
of its employees up to a maximum amount specified by the local government from time to time at locations where the Company operates its
businesses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</div><div>

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Enterprises with Foreign Investment and its articles of association, a foreign-invested enterprise established in the PRC is
required to provide certain statutory reserves, namely general reserve fund, the enterprise expansion fund and staff welfare and
bonus fund which are appropriated from net profit as reported in the enterprise&#8217;s PRC statutory accounts. A foreign-invested
enterprise is required to allocate at least <ix:nonFraction contextRef="c4" decimals="2" format="ixt:num-dot-decimal" name="tcjh:ReserveAnnualAftertaxProfit" scale="-2" unitRef="pure">10</ix:nonFraction>% of its annual after-tax profit to the general reserve until such reserve has reached
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expansion fund and staff welfare and bonus fund are at the discretion of the board of directors for all foreign-invested
enterprises. The aforementioned reserves can only be used for specific purposes and are not distribute as cash dividends. Tiancheng
Jinhui was established as a foreign-invested enterprise and therefore is subject to the above mandated restrictions on attributable
profits.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><div>

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net income (loss) and other comprehensive income (loss). The foreign currency translation gain or loss resulting from translation of
the financial statements expressed in RMB to USD is reported in other comprehensive income in the consolidated statements of income (loss)
and comprehensive income (loss).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

</div><div>

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</div><div>

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standards for reporting information about operating segments on a basis consistent with the Company&#8217;s internal organizational structure
as well as information about geographical areas, business segments and major clients in financial statements for details on the Company&#8217;s
business segments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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reportable operating segments. The management approach considers the internal organization and reporting used by the Company&#8217;s
chief operating decision maker (&#8220;CODM&#8221;) for making decisions, allocating resources and assessing performance. The Company&#8217;s
CODM has been identified as the CEO, who reviews consolidated results when making decisions about allocating resources and assessing
performance of the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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Company determined that it has only one operating segment and therefore one reportable segment as defined by ASC 280. The Company&#8217;s
assets are substantially all located in the PRC and substantially all of the Company&#8217;s revenues and expenses are derived in the
PRC. Therefore, no geographical segments are presented.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</div><div>

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if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with
the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal
owners of the Company and its management, and other parties with which the Company may deal with if one party controls or can significantly
influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from
fully pursuing its own separate interests. The Company discloses all significant related party transactions in Note 10.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_108" id="_SignificantAccountingPoliciesTextBlock-c0_cont_107"><ix:continuation continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_2" id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May 2019, the FASB issued ASU 2019-05, which
is an update to ASU Update No. 2016-13, Financial Instruments&#8212;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&#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 ASU 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. ASU 2019-05 is effective for the Company for annual
and interim reporting periods beginning January 1, 2023 after FASB delayed the effective date for non-public companies with ASU 2019-10.
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</div><div>

</div><ix:continuation id="_SignificantAccountingPoliciesTextBlock-c0_cont_108"><ix:continuation id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except for the above-mentioned pronouncements,
there are no new recent issued accounting standards that will have a material impact on the consolidated financial statements.</p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_AccountsAndNontradeReceivableTextBlock-c0_cont_1" escape="true" name="us-gaap:AccountsAndNontradeReceivableTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 3 - ACCOUNTS RECEIVABLE, NET</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_AccountsAndNontradeReceivableTextBlock-c0_cont_4" id="_AccountsAndNontradeReceivableTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth the movement of provision for doubtful
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</div><div>

</div><ix:continuation id="_AccountsAndNontradeReceivableTextBlock-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:AccountsReceivableAllowanceForCreditLossTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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31, <br/>
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  <tr style="vertical-align: bottom">
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  </table></ix:nonNumeric></ix:continuation><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="tcjh_PrepaymentsTextBlock-c0_cont_1" escape="true" name="tcjh:PrepaymentsTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 4 - PREPAYMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="tcjh_PrepaymentsTextBlock-c0_cont_2" id="tcjh_PrepaymentsTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prepayments consist of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="tcjh_PrepaymentsTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="tcjh:PrepaymentsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  </table></ix:nonNumeric></ix:continuation><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="tcjh_DisclosureOfPrepaidAndOtherReceivablesTextBlock-c0_cont_1" escape="true" name="tcjh:DisclosureOfPrepaidAndOtherReceivablesTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 5 &#8211; OTHER RECEIVABLES</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="tcjh_DisclosureOfPrepaidAndOtherReceivablesTextBlock-c0_cont_2" id="tcjh_DisclosureOfPrepaidAndOtherReceivablesTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other receivables consist of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="tcjh_DisclosureOfPrepaidAndOtherReceivablesTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><!-- Field: Page; Sequence: 125; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><div>

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</div><div>

</div><ix:continuation id="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the years ended December 31, 2022, 2021 and
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_IntangibleAssetsDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:IntangibleAssetsDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 7 - INTANGIBLE ASSETS, NET</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_IntangibleAssetsDisclosureTextBlock-c0_cont_2" id="_IntangibleAssetsDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intangible assets, net, consist of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IntangibleAssetsDisclosureTextBlock-c0_cont_3" id="_IntangibleAssetsDisclosureTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c110" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FiniteLivedIntangibleAssetsGross" scale="0" unitRef="usd">14,687</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-107">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation id="_IntangibleAssetsDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the years ended December 31, 2022, 2021&#160;and 2020, amortization
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_OtherCurrentAssetsTextBlock-c0_cont_1" escape="true" name="us-gaap:OtherCurrentAssetsTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 8 - OTHER NON-CURRENT ASSETS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_OtherCurrentAssetsTextBlock-c0_cont_2" id="_OtherCurrentAssetsTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other non-current assets consist of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_OtherCurrentAssetsTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfOtherAssetsNoncurrentTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="width: 76%">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 126; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Note
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</div><div>

</div><ix:continuation continuedAt="_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock-c0_cont_2" id="_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Accruals
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</div><div>

</div><ix:continuation id="_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:nonNumeric></ix:continuation><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Note
10 - RELATED PARTY BALANCES AND TRANSACTIONS</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_2" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b><i>1)
Related parties balances</i></b>&#160;&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>



</div><div>







</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_3" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="tcjh:ScheduleOfRelatedPartyPayablesTableTextBlock"><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 style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Note</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">December&#160;31,<br/>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Interest receivable - related party</span></td><td><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><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="width: 66%; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Guangzhou
    Tiancheng Capital Management Group Co., Ltd.</span></td><td style="width: 1%; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 9%; text-align: center; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">(a)</span></td><td style="width: 1%; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-110; font-family: Times New Roman, Times, Serif">-</span></td><td style="width: 1%; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; padding-bottom: 4pt"><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 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="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">Accounts payable - related
    party</span></td><td><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><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; ">
    <td style="text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Shaanxi Tiancheng Enterprise
    Management Consulting Co., Ltd.</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">(b)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-111; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c118" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableCurrentAndNoncurrent" scale="0" unitRef="usd">1,285</ix:nonFraction></span></td><td style="padding-bottom: 4pt; 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: 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="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; ">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Due to related parties</span></td><td><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><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">Mr. Ruilin Xu (the Company&#8217;s Chief Executive
    Officer)</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><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c119" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueToRelatedPartiesCurrentAndNoncurrent" scale="0" unitRef="usd">30,592</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">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c120" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueToRelatedPartiesCurrentAndNoncurrent" scale="0" unitRef="usd">85,784</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; ">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Mr. Siqi Cao (the Company&#8217;s
    Director)</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">(c)</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 contextRef="c121" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueToRelatedPartiesCurrentAndNoncurrent" scale="0" unitRef="usd">1,098,413</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="-sec-ix-hidden: hidden-fact-112; 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: rgb(204,238,255)">
    <td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: right; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueToRelatedPartiesCurrentAndNoncurrent" scale="0" unitRef="usd">1,129,005</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueToRelatedPartiesCurrentAndNoncurrent" scale="0" unitRef="usd">85,784</ix:nonFraction></span></td><td style="padding-bottom: 4pt; 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 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_4" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(a)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Guangzhou
                                            Tiancheng Capital Management Group Co., Ltd. (&#8220;Tiancheng Capital&#8221;) is the former
                                            shareholder of Tiancheng Jinhui from June 18, 2020 to June 30, 2022. The Company provided
                                            advisory and transaction services for Tiancheng Capital.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_5" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0in; font-size: 10pt"></td> <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shaanxi Tiancheng Enterprise Management Consulting Co., Ltd. is one of the Company&#8217;s suppliers, and Tiancheng Capital held <ix:nonFraction contextRef="c112" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:MinorityInterestOwnershipPercentageByParent" scale="-2" unitRef="pure">52</ix:nonFraction>% equity interest in the party until December 8, 2021.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_6" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0px"></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Siqi Cao, a Director of the Company, paid certain professional fees on behalf the Company.</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_7" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
above balances are due on demand, interest-free and unsecured. The Company used the funds for its operations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>



</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 127; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_8" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>2)
Related party transactions</i></b>&#160;&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

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</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_9" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_8"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Name
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    <td style="padding-bottom: 1.5pt; text-align: center"><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">Year
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    Ended December 31, 2021</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">Year
    Ended December 31, 2020</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">
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    <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><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Guangzhou
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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: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c124" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="usd">1,025,937</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: 1%"><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: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c125" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="usd">717,091</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; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Guangzhou
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">(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 style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-114; 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="-sec-ix-hidden: hidden-fact-115; 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"><ix:nonFraction contextRef="c128" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="usd">81,985</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="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Tiancheng
    New Retail Investment Holding (Guangdong) Co., Ltd.</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: center"><span style="font-family: Times New Roman, Times, Serif">(d)</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="-sec-ix-hidden: hidden-fact-116; 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="-sec-ix-hidden: hidden-fact-117; 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"><ix:nonFraction contextRef="c131" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="usd">8,174</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 style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-118; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="usd">1,025,937</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="usd">807,250</ix:nonFraction></span></td><td style="padding-bottom: 4pt; 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="padding-left: 0.125in; text-indent: -0.125in"><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: 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="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; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Cost
    of revenues</span></td><td><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><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="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Tiancheng
    New Retail Investment Holding (Guangdong) Co., Ltd.</span></td><td><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">(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 style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-119; 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"><ix:nonFraction contextRef="c130" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherCostOfOperatingRevenue" scale="0" unitRef="usd">1,289</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="-sec-ix-hidden: hidden-fact-120; 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; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Shaanxi
    Tiancheng Enterprise Management Consulting Co., Ltd.</span></td><td><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">(b)</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="-sec-ix-hidden: hidden-fact-121; 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>
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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="-sec-ix-hidden: hidden-fact-122; 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="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Guangzhou
    Tiantinghui Enterprise Management Consulting Co., Ltd.</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(e)</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="-sec-ix-hidden: hidden-fact-123; 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="-sec-ix-hidden: hidden-fact-124; 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"><ix:nonFraction contextRef="c128" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherCostOfOperatingRevenue" scale="0" unitRef="usd">127,387</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 style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-125; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherCostOfOperatingRevenue" scale="0" unitRef="usd">2,546</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherCostOfOperatingRevenue" scale="0" unitRef="usd">127,387</ix:nonFraction></span></td><td style="padding-bottom: 4pt; 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="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Selling
    expense</span></td><td><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><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; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Tiancheng
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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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>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Guangzhou
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    <td style="padding-bottom: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(a)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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</div><div>

</div><ix:continuation id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tiancheng New Retail Investment Holding (Guangdong) Co., Ltd. is one of the Company&#8217;s suppliers, and Tiancheng Capital holds <ix:nonFraction contextRef="c113" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:MinorityInterestOwnershipPercentageByParent" scale="-2" unitRef="pure">51</ix:nonFraction>% equity interest in the party since March 3, 2020.</span></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Ruilin Xu, the Company&#8217;s Chief Executive Officer, held <ix:nonFraction contextRef="c114" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:MinorityInterestOwnershipPercentageByParent" scale="-2" unitRef="pure">70</ix:nonFraction>% equity interest in Guangzhou Tiantinghui Enterprise Management Consulting Co., Ltd. (&#8220;Tianting&#8221;) until October 14, 2020. Tianting is one of the Company&#8217;s suppliers before October 2020. The Company has been providing advisory and transaction services for Tianting since November 2020</span> <span style="font-size: 10pt">&#160;</span>&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></td></tr> </table></ix:continuation><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Note
11 - TAXES</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_2" id="_IncomeTaxDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>(a)
Income taxes</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_3" id="_IncomeTaxDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
Company is subject to income taxes on an entity basis on income arising in or derived from the tax jurisdiction in which each entity
is domiciled.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_4" id="_IncomeTaxDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i><span style="text-decoration:underline">Cayman
Islands</span></i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_5" id="_IncomeTaxDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Under
the current tax laws of the Cayman Islands, the Company is not subject to tax on its income or capital gains. In addition, no Cayman
Islands withholding tax will be imposed upon the payment of dividends by the Company to its shareholders.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_6" id="_IncomeTaxDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i><span style="text-decoration:underline">British
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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_7" id="_IncomeTaxDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Under
the current laws of the BVI, an entity incorporated in the BVI are not subject to tax on income or capital gains.&#160;&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_8" id="_IncomeTaxDisclosureTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i><span style="text-decoration:underline">Hong
Kong</span></i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_9" id="_IncomeTaxDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
accordance with the relevant tax laws and regulations of Hong Kong, a company registered in Hong Kong is subject to income taxes within
Hong Kong at the applicable tax rate on taxable income.&#160;KingWin HK incorporated in Hong Kong and is subject to Hong Kong Profits
Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Hong Kong tax laws.
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profits derived from or earned in Hong Kong since inception. Under Hong Kong tax law, KingWin HK is exempted from income tax on its foreign-derived
income and there are no withholding taxes in Hong Kong on remittance of dividends.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_10" id="_IncomeTaxDisclosureTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i><span style="text-decoration:underline">PRC</span></i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_12" id="_IncomeTaxDisclosureTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
January 17, 2019, the State Taxation Administration issues the notice on the scope of small-scale and low-profit corporate income tax
preferential policies of the Ministry of Finance and the State Administration of Taxation, [2019] No. 13 for small-scale and low-profit
enterprises whose annual taxable income is less than RMB<ix:nonFraction contextRef="c135" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable" scale="0" unitRef="cny">1,000,000</ix:nonFraction> (including RMB1,000,000), approximately $<ix:nonFraction contextRef="c135" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestIncomeSecuritiesTaxable" scale="0" unitRef="usd">148,610</ix:nonFraction>, their income is reduced
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enterprises were examined annually by the Tax Bureau. Tiancheng Jinhui was eligible to enjoy a preferential tax rate of 10% for the year
ended December 31, 2020.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>
</div><div>

</div><!-- Field: Page; Sequence: 128; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_13" id="_IncomeTaxDisclosureTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Significant components of the income tax (benefit)
expense consisted of the following for the years ended December 31, 2022, 2021 and 2020:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_14" id="_IncomeTaxDisclosureTextBlock-c0_cont_13"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_15" id="_IncomeTaxDisclosureTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Loss) income before income taxes is attributable
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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_16" id="_IncomeTaxDisclosureTextBlock-c0_cont_15"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_17" id="_IncomeTaxDisclosureTextBlock-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents a reconciliation
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2021 and 2020:&#160;&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_18" id="_IncomeTaxDisclosureTextBlock-c0_cont_17"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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 Ended<br/>
 December&#160;31,<br/>
 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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 Ended<br/>
 December&#160;31,<br/>
 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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 Ended<br/>
 December 31, <br/>
2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Effect of tax preferential tax rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-134">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Effect of different tax rates of subsidiary operating in other jurisdiction</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-136">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="1" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxReconciliationForeignIncomeTaxRateDifferential" scale="0" unitRef="usd">10.4</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_19" id="_IncomeTaxDisclosureTextBlock-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Tax payable
as of December 31, 2022 and 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_20" id="_IncomeTaxDisclosureTextBlock-c0_cont_19"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:SummaryOfIncomeTaxContingenciesTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <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="border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>As
    of</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>December
    31,<br/>
    2022</b></span></p></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="border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>As
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>December
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 78%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Value added tax payable</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SalesAndExciseTaxPayableCurrent" scale="0" unitRef="usd">20,605</ix:nonFraction></span></td>
    <td style="width: 1%"><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; font-size: 10pt">Income tax payable</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 style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-138; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</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><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; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedIncomeTaxesCurrent" scale="0" unitRef="usd">425,250</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other tax payable</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid"><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; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccrualForTaxesOtherThanIncomeTaxesCurrent" scale="0" unitRef="usd">30,706</ix:nonFraction></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 style="border-bottom: black 1.5pt solid"><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; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccrualForTaxesOtherThanIncomeTaxesCurrent" scale="0" unitRef="usd">62,294</ix:nonFraction></span></td>
    <td><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><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TaxesPayableCurrent" scale="0" unitRef="usd">37,919</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TaxesPayableCurrent" scale="0" unitRef="usd">508,149</ix:nonFraction></span></td>
    <td><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 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 129; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_21" id="_IncomeTaxDisclosureTextBlock-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>(b)
Deferred tax assets</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_22" id="_IncomeTaxDisclosureTextBlock-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The
following table presents the tax impact of significant temporary differences that give rise to the deferred tax assets as of December
31, 2022 and 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_23" id="_IncomeTaxDisclosureTextBlock-c0_cont_22"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif"><b>Deferred tax assets</b></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="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">As
    of<br/> December&#160;31,<br/> 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="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">As
    of<br/> December&#160;31,<br/> 2021</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: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Bad debt provision</span></td><td style="width: 1%"><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">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProvisionForOtherCreditLosses" scale="0" unitRef="usd">30,085</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-139; font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;-</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; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Tax loss carry forward</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 contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsValuationAllowance" scale="0" unitRef="usd">84,000</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 style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-140; 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="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 contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsOther" scale="0" unitRef="usd">4,074</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="-sec-ix-hidden: hidden-fact-141; 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; ">
    <td style="text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Deferred tax assets, net</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsLiabilitiesNet" scale="0" unitRef="usd">118,159</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-142; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 4pt; 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 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>




</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_24" id="_IncomeTaxDisclosureTextBlock-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2021, there was no tax loss carry-forwards of the Company PRC subsidiaries. As of December 31, 2022, the amount of tax
loss carry-forwards of the Company was as following.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_25" id="_IncomeTaxDisclosureTextBlock-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Net
Operating Loss Carry Forward:</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_26" id="_IncomeTaxDisclosureTextBlock-c0_cont_25"><ix:nonNumeric contextRef="c0" continuedAt="_SummaryOfOperatingLossCarryforwardsTextBlock-c0_cont_1" escape="true" name="us-gaap:SummaryOfOperatingLossCarryforwardsTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif"><b>Location</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>As
                                            of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>December
                                            31,<br/> 2022</b></span></p></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"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>As
                                            of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>December
                                            31,<br/> 2021</b></span></p></td><td style="padding-bottom: 1.5pt"><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: 76%"><span style="font-family: Times New Roman, Times, Serif">PRC*</span></td><td style="width: 1%"><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">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c145" decimals="0" format="ixt:num-dot-decimal" id="ix_26_fact" name="us-gaap:OperatingLossCarryforwards" scale="0" unitRef="usd">344,401</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-143; font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;-</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; ">
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Hong Kong**</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 contextRef="c142" decimals="0" format="ixt:num-dot-decimal" id="ix_27_fact" name="us-gaap:OperatingLossCarryforwards" scale="0" unitRef="usd">72</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; padding-bottom: 1.5pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-144; 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: rgb(204,238,255)">
    <td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-145; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 4pt; 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 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_27" id="_IncomeTaxDisclosureTextBlock-c0_cont_26"><ix:continuation id="_SummaryOfOperatingLossCarryforwardsTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="font-size: 10pt"><ix:footnote id="ix_2_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif">Net operating loss of PRC subsidiary will be expired, if unused, on December 31, 2027.</span></ix:footnote></td></tr> <tr style="vertical-align: top"> <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td> <td style="font-size: 10pt"><ix:footnote id="ix_3_footnote" xml:lang="en-US">Net operating loss in Hong Kong has no expiring date.</ix:footnote></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_28" id="_IncomeTaxDisclosureTextBlock-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>(c)
Uncertain tax positions </i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_29" id="_IncomeTaxDisclosureTextBlock-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
Company evaluates the level of authority for each uncertain tax position (including the potential application of interest and penalties)
based on the technical merits, and measures the unrecognized benefits associated with the tax positions. For the years ended December
31, 2022, 2021 and 2020, the Company had no unrecognized tax benefits.&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_30" id="_IncomeTaxDisclosureTextBlock-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>(d)
Value added tax</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_31" id="_IncomeTaxDisclosureTextBlock-c0_cont_30"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
Company is subject to VAT and related surcharges in China for providing member services and other in-depth services. The applicable VAT
rate is <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="tcjh:ValueAddedTax" scale="-2" unitRef="pure">6</ix:nonFraction>% for general taxpayers. The amount of VAT liability is determined by applying the applicable tax rate to the invoiced amount
of services provided (output VAT) less VAT paid on purchases made with the relevant supporting invoices (input VAT). VAT liability is
recorded in the line item of accrued expenses and other current liabilities on the consolidated balance sheets. Under the commercial
practice of the PRC, the Company pays VAT based on tax invoices issued.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_IncomeTaxDisclosureTextBlock-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">All
of the tax returns of the Company have been and remain subject to examination by the PRC tax authorities for five years from the date
of filing.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="tcjh_ChinaContributionPlanTextBlock-c0_cont_1" escape="true" name="tcjh:ChinaContributionPlanTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Note 12
- CHINA CONTRIBUTION PLAN</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><ix:continuation id="tcjh_ChinaContributionPlanTextBlock-c0_cont_1"><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Company participates in a government-mandated multi-employer defined
contribution plan pursuant to which certain retirement, and medical and other welfare benefits are provided to employees. Chinese labor
regulations require the Company to pay to the local labor bureau a monthly contribution at a stated contribution rate based on the monthly
compensation of qualified employees. The relevant local labor bureau is responsible for meeting all retirement benefit obligations; and
the Company has no further commitments beyond their monthly contributions. For the years ended December 31, 2022, 2021 and 2020, the
Company contributed a total of $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ContributionOfProperty" scale="0" unitRef="usd">270,943</ix:nonFraction>, $<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ContributionOfProperty" scale="0" unitRef="usd">180,082</ix:nonFraction> and $<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ContributionOfProperty" scale="0" unitRef="usd">36,866</ix:nonFraction>, respectively, to these funds.</p></ix:continuation><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><ix:nonNumeric contextRef="c0" continuedAt="_LesseeOperatingLeasesTextBlock-c0_cont_1" escape="true" name="us-gaap:LesseeOperatingLeasesTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Note
13 - OPERATING LEASE</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_LesseeOperatingLeasesTextBlock-c0_cont_2" id="_LesseeOperatingLeasesTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has operating lease for its office facility. The lease
for the year ended December 31, 2020 is located at Room 1301, 1302 and 1305, Building 25, Tianan Headquarters Central Road, 555, Panyu
Avenue North, Donghuan Street, Panyu District, which consists of approximately <ix:nonFraction contextRef="c4" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:AreaOfLand" scale="0" unitRef="sqm">1,306.91</ix:nonFraction> square meters. The Company&#8217;s leases have
remaining terms of approximately <ix:nonNumeric contextRef="c148" format="ixt-sec:durmonth" name="tcjh:LeaseTerm">60</ix:nonNumeric> months for a lease term commencing on October 9, 2020 and ending on October 8, 2025. The lease deposit
is $<ix:nonFraction contextRef="c149" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LeaseDepositLiability" scale="0" unitRef="usd">24,035</ix:nonFraction>, with a rent-free period from October 9, 2020 to November 8, 2020. The Company changed the leased property address and area
to Room 1302-1305, Building 25, Tianan Headquarters Central Road, 555, Panyu Avenue North, Donghuan Street, Panyu District and <ix:nonFraction contextRef="c150" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:AreaOfLand" scale="0" unitRef="sqm">1,451.04</ix:nonFraction>
square meters. The renewed lease has a term starting from December 9, 2021 and ending by October 8, 2025. The lease deposit increased
to $<ix:nonFraction contextRef="c151" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LeaseDepositLiability" scale="0" unitRef="usd">28,963</ix:nonFraction> without any rent-free period. In June 2022, the Company signed a new lease agreement for its office space located at Room <ix:nonFraction contextRef="c152" decimals="2" name="us-gaap:AreaOfLand" scale="0" unitRef="sqm">1301.01</ix:nonFraction>
&amp; <ix:nonFraction contextRef="c153" decimals="2" name="us-gaap:AreaOfLand" scale="0" unitRef="sqm">1301.02</ix:nonFraction>, Building 25, Tianan Headquarters Central Road, No. 555 Panyu Avenue North, Donghuan Street, Panyu District. The office
space covers an area of about <ix:nonFraction contextRef="c154" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:AreaOfLand" scale="0" unitRef="sqm">345.22</ix:nonFraction> square meters. The lease period is from June 9, 2022 to October 8, 2025, which is approximately <ix:nonNumeric contextRef="c155" format="ixt-sec:durmonth" name="tcjh:LeaseTerm">41</ix:nonNumeric>
months. The lease deposit is $<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LeaseDepositLiability" scale="0" unitRef="usd">6,367</ix:nonFraction>. Leases with an initial term of <ix:nonNumeric contextRef="c0" format="ixt-sec:durmonth" name="tcjh:InitialTerm">12</ix:nonNumeric> months or less are not recorded on the balance sheet; and the Company
recognizes lease expense for these leases on a straight-line basis over the lease term. The Company does not separate non-lease components
from the lease components to which they relate, and instead accounts for each separate lease and non-lease component associated with that
lease component as a single lease component for all underlying asset classes.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_LesseeOperatingLeasesTextBlock-c0_cont_3" id="_LesseeOperatingLeasesTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The following
table provides a summary of leases by balance sheet location as of December 31, 2022 and 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LesseeOperatingLeasesTextBlock-c0_cont_4" id="_LesseeOperatingLeasesTextBlock-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:OperatingLeaseLeaseIncomeTableTextBlock"><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">Assets/Liabilities</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">December&#160;31,<br/>
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    2021</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">Assets</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><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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Operating
    lease right-of-use assets</span></td><td style="width: 1%; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAsset" scale="0" unitRef="usd">522,278</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAsset" scale="0" unitRef="usd">623,236</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 4pt; text-align: left"><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><span style="font-family: Times New 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><span style="font-family: Times New Roman, Times, Serif">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></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating lease liability - current</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">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="0" unitRef="usd">165,506</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="0" unitRef="usd">130,198</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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Operating lease liability
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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 contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="0" unitRef="usd">373,068</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 contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="0" unitRef="usd">494,425</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 style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Total lease liabilities</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiability" scale="0" unitRef="usd">538,574</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiability" scale="0" unitRef="usd">624,623</ix:nonFraction></span></td><td style="padding-bottom: 4pt; 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 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LesseeOperatingLeasesTextBlock-c0_cont_5" id="_LesseeOperatingLeasesTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
operating lease expenses for the years ended December 31, 2022 and 2021 were as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LesseeOperatingLeasesTextBlock-c0_cont_6" id="_LesseeOperatingLeasesTextBlock-c0_cont_5"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfPropertySubjectToOrAvailableForOperatingLeaseTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LesseeOperatingLeasesTextBlock-c0_cont_7" id="_LesseeOperatingLeasesTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Maturities
of operating lease liabilities at December 31, 2022 were as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_LesseeOperatingLeasesTextBlock-c0_cont_8" id="_LesseeOperatingLeasesTextBlock-c0_cont_7"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">12 months ending December 31,</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; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <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">Less: interest</span></td><td style="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; ">
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</div><div>

</div><ix:continuation continuedAt="_LesseeOperatingLeasesTextBlock-c0_cont_9" id="_LesseeOperatingLeasesTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Future
minimum lease payments, which do not include the non-lease components, as of December 31, 2022 were as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>


</div><ix:continuation continuedAt="_LesseeOperatingLeasesTextBlock-c0_cont_10" id="_LesseeOperatingLeasesTextBlock-c0_cont_9"><ix:nonNumeric contextRef="c0" escape="true" name="tcjh:ScheduleOfMinimumLeasePaymentsNonleaseComponents"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>12 months ending December 31,</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">2024</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears" scale="0" unitRef="usd">175,627</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation id="_LesseeOperatingLeasesTextBlock-c0_cont_10"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:LeaseCostTableTextBlock"><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">Lease Term
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">Weighted-average remaining lease term (years)</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>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; padding-left: 0.25pt"><span style="font-family: Times New Roman, Times, Serif">Operating
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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: 9%; text-align: right"><ix:nonNumeric contextRef="c4" format="ixt-sec:duryear" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1"><span style="font-family: Times New Roman, Times, Serif">2.83</span></ix:nonNumeric></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25pt"><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; padding-left: 0.25pt"><span style="font-family: Times New Roman, Times, Serif">Weighted-average discount
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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></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 0.25pt"><span style="font-family: Times New Roman, Times, Serif">Operating leases</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 contextRef="c4" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" scale="-2" unitRef="pure">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>
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  </table></ix:nonNumeric></ix:continuation><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Note
14 - SHAREHOLDERS&#8217; EQUITY</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_2" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Ordinary
shares</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_3" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
Company was established under the laws of the Cayman Islands on February 16, 2022. The Company&#8217;s authorized share capital is $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="tcjh:AuthorizedShareCapital" scale="0" unitRef="usd">50,000</ix:nonFraction>,
divided into <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockDividendsShares" scale="0" unitRef="shares">500,000,000</ix:nonFraction> ordinary shares consisting of <ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" unitRef="shares">300,000,000</ix:nonFraction> Class A Ordinary Shares and <ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" unitRef="shares">200,000,000</ix:nonFraction> Class B Ordinary Shares, par
value $<ix:nonFraction contextRef="c55" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:CommonStockNoParValue" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction> per share. On July 23, 2022, the Company had <ix:nonFraction contextRef="c156" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares"><ix:nonFraction contextRef="c156" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesOutstanding" scale="0" unitRef="shares">68,442</ix:nonFraction></ix:nonFraction> Class A Ordinary Shares and <ix:nonFraction contextRef="c157" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares"><ix:nonFraction contextRef="c157" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesOutstanding" scale="0" unitRef="shares">31,558</ix:nonFraction></ix:nonFraction> Class B Ordinary Shares, issued
and outstanding, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_4" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 10, 2023, the Company issued a total
of <ix:nonFraction contextRef="c66" decimals="0" format="ixt:num-dot-decimal" name="tcjh:OrdinaryShares" scale="0" unitRef="shares">8,144,598</ix:nonFraction> Class A Ordinary Shares and <ix:nonFraction contextRef="c67" decimals="0" format="ixt:num-dot-decimal" name="tcjh:OrdinaryShares" scale="0" unitRef="shares">3,755,402</ix:nonFraction> Class B Ordinary Shares to its existing shareholders, which increased pro rata the
number of shares each shareholder owns and did not change their respective percentage of ownership in the Company. Ordinary shares outstanding
after this issuance included (i) <ix:nonFraction contextRef="c66" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares">8,213,040</ix:nonFraction> Class A Ordinary Shares and (ii) <ix:nonFraction contextRef="c67" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares">3,786,960</ix:nonFraction> Class B Ordinary Shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_5" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Holders
of Class&#160;A Ordinary Shares and Class&#160;B Ordinary Shares vote together as one class on all matters submitted to a vote by the
shareholders at any general meeting of the Company and have the same rights except each Class&#160;A Ordinary Share is entitled to one
(1) vote and each Class B Ordinary Share is entitled to twenty (20) votes. The Class A Ordinary Shares are not convertible into shares
of any other class. Upon any direct or indirect sale, transfer, assignment or disposition, the Class B Ordinary Shares will be automatically
and immediately convertible into Class A Ordinary Shares on a one-to-one basis.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_6" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Capital
contribution</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_7" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
July 7, 2020, Tiancheng Capital, the shareholder of Tiancheng Jinhui, contributed $<ix:nonFraction contextRef="c158" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAdditionalCapital" scale="0" unitRef="usd">71,299</ix:nonFraction> in additional paid-in capital to the Company.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_8" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Statutory
reserves</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_9" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
accordance with the Regulations on Enterprises of PRC, Tiancheng Jinhui in the PRC are required to provide for statutory reserves, which
are appropriated from net profit as reported in the Company&#8217;s PRC statutory accounts. It is required to allocate <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="tcjh:StatutoryReservesUnitPercentage" scale="-2" unitRef="pure">10</ix:nonFraction>% of its after-tax
profits to fund statutory reserves until such reserves have reached <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="tcjh:RegisteredCapitalPercentage" scale="-2" unitRef="pure">50</ix:nonFraction>% of its respective registered capital. The reserve funds, however,
may not be distributed as cash dividends.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2022 and 2021, the balances of the statutory reserves were $ <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="tcjh:StatutorysReserves" scale="0" unitRef="usd">282,545</ix:nonFraction> and $<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="tcjh:StatutorysReserves" scale="0" unitRef="usd">282,545</ix:nonFraction>, respectively.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_ConcentrationRiskDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:ConcentrationRiskDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Note
15 - CONCENTRATIONS AND CREDIT RISK</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_ConcentrationRiskDisclosureTextBlock-c0_cont_2" id="_ConcentrationRiskDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>(a)
Concentrations</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ConcentrationRiskDisclosureTextBlock-c0_cont_3" id="_ConcentrationRiskDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the year ended December 31, 2022, three third-party&#8239;clients
accounted for <ix:nonFraction contextRef="c159" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:RevenueRemainingPerformanceObligationPercentage" scale="-2" unitRef="pure">21</ix:nonFraction>%, <ix:nonFraction contextRef="c160" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:RevenueRemainingPerformanceObligationPercentage" scale="-2" unitRef="pure">20</ix:nonFraction>% and <ix:nonFraction contextRef="c161" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:RevenueRemainingPerformanceObligationPercentage" scale="-2" unitRef="pure">16</ix:nonFraction>% of the Company&#8217;s revenues, respectively. In the year ended December 31, 2021, one third-party&#8239;client
accounted for <ix:nonFraction contextRef="c162" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:RevenueRemainingPerformanceObligationPercentage" scale="-2" unitRef="pure">15</ix:nonFraction>% and one related party client accounted for&#8239;<ix:nonFraction contextRef="c163" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:RevenueRemainingPerformanceObligationPercentage" scale="-2" unitRef="pure">14</ix:nonFraction>% of the Company&#8217;s revenues, respectively. In the year ended
December 31, 2020, two third-party clients each accounted for <ix:nonFraction contextRef="c164" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:RevenueRemainingPerformanceObligationPercentage" scale="-2" unitRef="pure">17</ix:nonFraction>%, <ix:nonFraction contextRef="c165" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:RevenueRemainingPerformanceObligationPercentage" scale="-2" unitRef="pure">13</ix:nonFraction>% and one related party client accounted for&#8239;<ix:nonFraction contextRef="c166" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:RevenueRemainingPerformanceObligationPercentage" scale="-2" unitRef="pure">10</ix:nonFraction>% of the Company&#8217;s
revenues, respectively. No other client accounted for more than <ix:nonFraction contextRef="c4" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:RevenueRemainingPerformanceObligationPercentage" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c5" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:RevenueRemainingPerformanceObligationPercentage" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c32" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:RevenueRemainingPerformanceObligationPercentage" scale="-2" unitRef="pure">10</ix:nonFraction></ix:nonFraction></ix:nonFraction>% of the Company&#8217;s revenues for the years ended December 31,
2022, 2021 and 2020.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p></ix:continuation><div>
</div><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 132; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_ConcentrationRiskDisclosureTextBlock-c0_cont_4" id="_ConcentrationRiskDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, four&#8239;third-party
clients accounted for <ix:nonFraction contextRef="c167" decimals="2" format="ixt:num-dot-decimal" name="tcjh:AccountsReceivablePercentage" scale="-2" unitRef="pure">54</ix:nonFraction>%, <ix:nonFraction contextRef="c168" decimals="2" format="ixt:num-dot-decimal" name="tcjh:AccountsReceivablePercentage" scale="-2" unitRef="pure">13</ix:nonFraction>%, <ix:nonFraction contextRef="c169" decimals="2" format="ixt:num-dot-decimal" name="tcjh:AccountsReceivablePercentage" scale="-2" unitRef="pure">13</ix:nonFraction>% and <ix:nonFraction contextRef="c170" decimals="2" format="ixt:num-dot-decimal" name="tcjh:AccountsReceivablePercentage" scale="-2" unitRef="pure">13</ix:nonFraction>% of the Company&#8217;s accounts receivable, respectively. As of December 31, 2021, three&#8239;third-party
clients accounted for <ix:nonFraction contextRef="c171" decimals="2" format="ixt:num-dot-decimal" name="tcjh:AccountsReceivablePercentage" scale="-2" unitRef="pure">37</ix:nonFraction>%, <ix:nonFraction contextRef="c172" decimals="2" format="ixt:num-dot-decimal" name="tcjh:AccountsReceivablePercentage" scale="-2" unitRef="pure">27</ix:nonFraction>% and <ix:nonFraction contextRef="c173" decimals="2" format="ixt:num-dot-decimal" name="tcjh:AccountsReceivablePercentage" scale="-2" unitRef="pure">13</ix:nonFraction>% of the Company&#8217;s accounts receivable, respectively. No other client accounted for more than
<ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="tcjh:AccountsReceivablePercentage" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c8" decimals="2" format="ixt:num-dot-decimal" name="tcjh:AccountsReceivablePercentage" scale="-2" unitRef="pure">10</ix:nonFraction></ix:nonFraction>% of the Company&#8217;s accounts receivable as of ended December 31, 2022 and 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ConcentrationRiskDisclosureTextBlock-c0_cont_5" id="_ConcentrationRiskDisclosureTextBlock-c0_cont_4"><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of December 31, 2022, four third-party&#8239;suppliers each accounted
for <ix:nonFraction contextRef="c159" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableInterestBearingInterestRate" scale="-2" unitRef="pure">24</ix:nonFraction>%, <ix:nonFraction contextRef="c160" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableInterestBearingInterestRate" scale="-2" unitRef="pure">17</ix:nonFraction>%, <ix:nonFraction contextRef="c161" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableInterestBearingInterestRate" scale="-2" unitRef="pure">14</ix:nonFraction>% and <ix:nonFraction contextRef="c174" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableInterestBearingInterestRate" scale="-2" unitRef="pure">13</ix:nonFraction>% of the Company&#8217;s accounts payable, respectively. As of December 31, 2021, two third-party&#8239;suppliers
each accounted for <ix:nonFraction contextRef="c162" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableInterestBearingInterestRate" scale="-2" unitRef="pure">20</ix:nonFraction>% and <ix:nonFraction contextRef="c163" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableInterestBearingInterestRate" scale="-2" unitRef="pure">16</ix:nonFraction>% of the Company&#8217;s accounts payable, respectively. No other supplier accounted for over <ix:nonFraction contextRef="c4" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableInterestBearingInterestRate" scale="-2" unitRef="pure">10</ix:nonFraction>% of the
Company&#8217;s accounts payable as of ended December 31, 2022 and 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ConcentrationRiskDisclosureTextBlock-c0_cont_6" id="_ConcentrationRiskDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>(b)
Credit risk</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ConcentrationRiskDisclosureTextBlock-c0_cont_7" id="_ConcentrationRiskDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of
December 31, 2022 and December 31, 2021, substantially all of the Company&#8217;s cash were held by major financial institutions
located in the PRC, which management believes are of high credit quality.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_ConcentrationRiskDisclosureTextBlock-c0_cont_8" id="_ConcentrationRiskDisclosureTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
ongoing coronavirus pandemic that surfaced in China and is spreading throughout the world has had a material adverse effect on the Company&#8217;s
industry and the markets in which it operates. The Company&#8217;s revenues and workforce are concentrated in China. The pandemic has
caused its customers to take longer time to make payments, which subjects it to increased credit exposures.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_ConcentrationRiskDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For
the credit risk related to trade accounts receivable, the Company performs ongoing credit evaluations of its clients and, if necessary,
maintains reserves for potential credit losses. Historically, such losses have been within management&#8217;s expectations.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Note 16
- COMMITMENTS AND CONTINGENCIES</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_2" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>(a)
Commitment</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_3" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The Company
has following commercial commitments:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_4" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:OtherCommitmentsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="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><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">1-3
    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">3-5
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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">More
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</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_5" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>(b)
Contingencies </i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
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counterparty voluntarily withdrew the case in December 2021 and reached a settlement with Tiancheng Jinhui. Tiancheng Jinhui made a payment
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31, 2022 and 2021.&#160;</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_SubsequentEventsTextBlock-c0_cont_1" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Note
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</div><div>

</div><ix:continuation id="_SubsequentEventsTextBlock-c0_cont_1"><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">The
Company has analyzed its operations subsequent to December 31, 2022 and up to May 16, 2023, which is the date of the issuance of these consolidation
financial statements. There are no material subsequent events to be disclosed in these consolidated financial statements.</span></p></ix:continuation><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Note 18
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</div><div>

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&#8220;General Notes to Financial Statements&#8221; and concluded that it was applicable to the Company; and, therefore, the financial
statements for the parent company are included herein.</span><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</span><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

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Company did not pay any dividends to the shareholders for the periods presented. For the purpose of presenting parent only financial
information, the Company records its investment in its subsidiary under the equity method of accounting. Such investment is presented
on the separate condensed balance sheets of the Company as &#8220;Investment in subsidiary&#8221; and the income (loss) of the subsidiary
is presented as &#8220;share of income (loss) of subsidiary&#8221;. Certain information and footnote disclosures are generally included
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</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_4" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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other commitments.</span><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>TOP
KINGWIN LTD</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>BALANCE
SHEETS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>(In
USD)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: center">&#160;</p><div>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-153">&#160;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

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<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Giving
                                            retroactive effect to the nominal issuance of shares effected on January 10, 2023 (Note 14).</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>



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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>TOP
KINGWIN LTD </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>STATEMENTS
OF INCOME AND COMPREHENSIVE (LOSS) INCOME</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>(In
USD)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_7" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_6"><ix:nonNumeric contextRef="c0" escape="true" name="srt:CondensedStatementOfComprehensiveIncomeTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <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="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Years
    Ended</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="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="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,<br/>
    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="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,<br/>
    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="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">December
    31,<br/> 2020</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: 64%; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">(LOSS) INCOME
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    <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromSubsidiariesNetOfTax" scale="0" sign="-" unitRef="usd">771,483</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromSubsidiariesNetOfTax" scale="0" unitRef="usd">2,308,626</ix:nonFraction></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: 1%; 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 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">NET (LOSS) INCOME</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 contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="usd">771,483</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 contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" unitRef="usd">2,308,626</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; ">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">FOREIGN CURRENCY TRANSLATION
    ADJUSTMENTS</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 contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityForeignCurrencyTranslationAdjustments" scale="0" sign="-" unitRef="usd">203,486</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 contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityForeignCurrencyTranslationAdjustments" scale="0" unitRef="usd">39,076</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 contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityForeignCurrencyTranslationAdjustments" scale="0" unitRef="usd">25,897</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 style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">COMPREHENSIVE (LOSS) INCOME</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" scale="0" sign="-" unitRef="usd">974,969</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="usd">2,347,702</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="usd">365,865</ix:nonFraction></span></td><td style="padding-bottom: 4pt; 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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

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</div><!-- Field: Page; Sequence: 135; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>TOP
KINGWIN LTD </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>STATEMENTS
OF CASH FLOWS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>(In
USD)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><ix:continuation id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_7"><ix:nonNumeric contextRef="c0" escape="true" name="srt:ScheduleOfCondensedCashFlowStatementTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <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="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Years
    Ended</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="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="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,
    <br/> 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="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,<br/>
    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="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,
    <br/> 2020</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="text-align: left"><span style="font-family: Times New Roman, Times, Serif">CASH FLOWS FROM OPERATING 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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Net (loss) income</span></td><td style="width: 1%"><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">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd">771,483</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" unitRef="usd">2,308,626</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: 1%"><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">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" unitRef="usd">339,968</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; ">
    <td style="text-align: left; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Adjustments to reconcile
    net loss to cash used in operating 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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Equity
    loss (income) of subsidiary</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 contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromEquityMethodInvestments" scale="0" unitRef="usd">771,483</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 contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromEquityMethodInvestments" scale="0" sign="-" unitRef="usd">2,308,626</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 contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromEquityMethodInvestments" scale="0" sign="-" unitRef="usd">339,968</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; ">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 27pt"><span style="font-family: Times New Roman, Times, Serif">Net
    cash used in operating 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="-sec-ix-hidden: hidden-fact-159; 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="-sec-ix-hidden: hidden-fact-160; 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="-sec-ix-hidden: hidden-fact-161; 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: 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; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">CHANGES 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="-sec-ix-hidden: hidden-fact-162; 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="-sec-ix-hidden: hidden-fact-163; 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="-sec-ix-hidden: hidden-fact-164; 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><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; ">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">CASH, 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="-sec-ix-hidden: hidden-fact-165; 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="-sec-ix-hidden: hidden-fact-166; 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="-sec-ix-hidden: hidden-fact-167; 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: 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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</div><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"><b>&#160;&#160;</b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
20-F
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended
December 31
,
2022
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of event requiring this shell company report for the transition period from ____________to ____________
Commission
file number:
TOP
KINGWIN LTD
(Exact
Name of Registrant as Specified in its Charter)
N/A
(Translation
of Registrant's Name into English)
Cayman
Islands
(Jurisdiction
of Incorporation or Organization)
Room
1304, Building No. 25
,
Tian'an Headquarters Center, No. 555
North
Panyu Avenue, Donghuan Street
Panyu
District,
Guangzhou,
Guangdong Province,
PRC
Zip:
511400
(Address
of principal executive offices)
Ruilin
Xu
,
Chief
Executive Officer
Tel:
+86
400 661 3113
Email:
tcjh@tcjhgw.cn
Room
1304, Building No. 25,
Tian'an Headquarters Center, No. 555
North
Panyu Avenue, Donghuan Street
Panyu
District,
Guangzhou
, Guangdong Province,
PRC
Zip:
511400
(Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Securities
registered or to be registered pursuant to Section 12(b) of the Act:
Title of Each Class
Name of Each Exchange on Which Registered
Class A Ordinary Shares, par value $0.0001
Nasdaq
Capital Market
Securities
registered or to be registered pursuant to Section 12(g) of the Act:
None
(Title of Class)
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
(Title of Class)
Indicate
the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered
by the annual report:
As
of December 31, 2022, the issuer had
8,213,040
Class A Ordinary Shares and
3,786,960
Class B Class A Ordinary Shares.
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes
☐
No
☒
If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934.
Yes
☐
No
☒
Note
– Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 from their obligations under those Sections.
Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant
to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and
post 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
INTRODUCTION
iii
PART
    I
1
ITEM
    1.
IDENTITY
    OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
1
ITEM
    2.
OFFER
    STATISTICS AND EXPECTED TIMETABLE
1
ITEM
    3.
KEY
    INFORMATION
1
ITEM
    4.
INFORMATION
    ON THE COMPANY
39
ITEM
    4A.
UNRESOLVED
    STAFF COMMENTS
60
ITEM
    5.
OPERATING
    AND FINANCIAL REVIEW AND PROSPECTS
60
ITEM
    6.
DIRECTORS,
    SENIOR MANAGEMENT AND EMPLOYEES
75
ITEM
    7.
MAJOR
    SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
80
ITEM
    8.
FINANCIAL
    INFORMATION
83
ITEM
    9.
THE
    OFFER AND LISTING
84
ITEM
    10.
ADDITIONAL
    INFORMATION
84
ITEM
    11.
QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
92
ITEM
    12.
DESCRIPTION
    OF SECURITIES OTHER THAN EQUITY SECURITIES
92
i
PART
    II
93
ITEM
    13.
DEFAULTS,
    DIVIDEND ARREARAGES AND DELINQUENCIES
93
ITEM
    14.
MATERIAL
    MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
93
ITEM
    15.
CONTROLS
    AND PROCEDURES
93
ITEM
    16.
[RESERVED]
94
ITEM
    16A.
AUDIT
    COMMITTEE FINANCIAL EXPERT
94
ITEM
    16B.
CODE
    OF ETHICS
94
ITEM
    16C.
PRINCIPAL
    ACCOUNTANT FEES AND SERVICES
94
ITEM
    16D.
EXEMPTIONS
    FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
95
ITEM
    16E.
PURCHASES
    OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
95
ITEM
    16F.
CHANGE
    IN REGISTRANT'S CERTIFYING ACCOUNTANT
95
ITEM
    16G.
CORPORATE
    GOVERNANCE
95
ITEM
    16H.
MINE
    SAFETY DISCLOSURE
95
ITEM
    16I.
DISCLOSURE
    REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
95
PART
    III
96
ITEM
    17.
FINANCIAL
    STATEMENTS
96
ITEM
    18.
FINANCIAL
    STATEMENTS
96
ITEM
    19.
EXHIBITS
96
ii
INTRODUCTION
Unless
otherwise indicated, numerical figures included in this Annual Report on Form 20-F (the "Annual Report") have been subject
to rounding adjustments. Accordingly, numerical figures shown as totals in various tables may not be arithmetic aggregations of the figures
that precede them.
For
the sake of clarity, this Annual Report follows the English naming convention of first name followed by last name, regardless of whether
an individual's name is Chinese or English. Numerical figures included in this Annual Report have been subject to rounding adjustments.
Accordingly, numerical figures shown as totals in various tables may not be arithmetic aggregations of the figures that precede them.
Certain market data and other statistical information contained in this Annual Report are based on information from independent industry
organizations, publications, surveys and forecasts. Some market data and statistical information contained in this Annual Report are
also based on management's estimates and calculations, which are derived from our review and interpretation of the independent
sources listed above, our internal research and our knowledge of the PRC information technology industry. While we believe such information
is reliable, we have not independently verified any third-party information and our internal data has not been verified by any independent
source.
●
"AHFCAA"
    refers to the Accelerating Holding Foreign Companies Accountable Act;
●
"China"
                                            or the "PRC" refers to the People's Republic of China. When used in the
                                            case of laws, regulations and rules, "China" or "the PRC" refers
                                            to only such laws, regulations and rules of mainland China. When used in the case of government,
                                            governmental authorities, regulatory agencies, courts, jurisdictions, tax, entities, enterprises,
                                            individuals and residents of "China" or "the PRC" or "Chinese",
                                            it refers to only such government, governmental authorities, regulatory agencies, courts,
                                            jurisdictions, tax, entities, enterprises, individuals and residents of mainland China;
●
Depending
    on the context, "we", "us", "our company", "our", the "Company" and "KingWin"
    refer to Top KingWin Ltd, a Cayman Islands company, and its subsidiaries, Sky KingWin Ltd,
Sky
    Kingwin (HK) Limited
, and Guangdong Tiancheng Jinhui Enterprise Development Co., Ltd., unless the context otherwise indicates;
●
"CAC"
    refers to the Cyberspace Administration of China;
●
"CSRC"
    refers to the China Securities Regulatory Commission;
●
"HFCA
    Act" refers to the Holding Foreign Companies Accountable Act;
●
"M&A
    Rules" refers to the Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors of China;
●
"MOFCOM"
    refers to the Ministry of Commerce of China;
●
"Negative
    List" refers to the Special Administrative Measures for the Access of Foreign Investment (Negative List);
●
"NDRC"
    refers to the National Development and Reform Commission of China;
●
"RMB"
    or "yuan" refers to the legal currency of China;
●
"SAFE"
    refers to the State Administration of Foreign Exchange in China;
●
"SAIC"
    refers to the State Administration for Industry and Commerce in China and is currently known as State Administration for Market Regulation;
●
"SAT"
    refers to the PRC State Administration of Taxation;
iii
●
"SAMR"
    refers to the former State of Administration of Industry and Commerce of China, which has been merged into the State Administration
    for Market Regulation;
●
"SCNPC"
    refers to the Standing Committee of the National People's Congress of China;
●
"KingWin
    BVI" refers to Sky KingWin Ltd, a company organized under the laws of British Virgin Islands, which is wholly-owned by KingWin;
●
"KingWin
    HK" refers to SKY KINGWIN (HK) LIMITED, a company organized under the laws of Hong Kong, which is wholly-owned by KingWin BVI;
●
"Tiancheng
    Jinhui" refers to Guangdong Tiancheng Jinhui Enterprise Development Co., Ltd., a limited liability company organized under
    the laws of China, which is wholly-owned by KingWin HK;
●
"U.S.
    GAAP" refers to generally accepted accounting principles in the United States; and
●
"USD"
    or "$" refers to the legal currency of the United States.
KingWin's reporting currency is USD. However,
substantially all of our consolidated revenues, costs, expenses and assets are denominated in RMB. This Annual Report contains translations
of certain foreign currency amounts into USD for the convenience of the reader. All translations of RMB are calculated at the rate of
$1.00=RMB6.3726 as of the year ended December 31, 2021 and $1.00=RMB6.4508 for the year ended December 31, 2021, representing the
exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2021. All translations of RMB are
calculated at the rate of $1.00=RMB6.8972 as of December 30, 2022 and $1.00=RMB6.7290 for the year ended December 31, 2022. No representation
is made that the RMB amounts could have been, or could be, converted, realized or settled into USD at such rate, or at any other rate.
Discrepancies in any table between the amounts
identified as total amounts and the sum of the amounts listed therein are due to rounding.
This Annual Report includes our audited consolidated
financial statements for the years ended December 31, 2022 and 2021.
Summary of Risk Factors
An investment in our
Class A ordinary shares involves significant risks. Below is a summary of material risks we face, organized under relevant headings.
These risks are discussed more fully in "Item 3.D. Key Information—Risk Factors."
Risks Related to Our Business and Industry
Risks and uncertainties related to our business
and industry, beginning on page 1 of this Annual Report, include, but are not limited to, the following:
●
We have a limited operating history and are subject to the risks encountered by early-stage companies. See a more detailed discussion of this risk factor on page 2 of this Annual Report.
●
Our historical growth may not be indicative of our future performance, which is dependent upon factors beyond our control such as market conditions of the equity investment industry in China. See a more detailed discussion of this risk factor on page 2 of this Annual Report.
●
If we are unable to retain existing clients or attract new ones, or to attract sufficient spending from our clients, our business, results of operations and financial condition could be materially and adversely affected. See a more detailed discussion of this risk factor on page 3 of this Annual Report.
iv
●
If we lose the services of any of our key executive officers and other key employees, or are unable to retain, recruit and hire experienced staff, our ability to effectively manage and execute our operations and meet our strategic objectives could be harmed. See a more detailed discussion of this risk factor on page 3 of this Annual Report.
●
The industry in which we operate is highly fragmented and intensively competitive, and if we fail to compete effectively with current or future competitors, our business, results of operations and financial conditions could be materially and adversely affected. See a more detailed discussion of this risk factor on page 5 of this Annual Report.
●
Unauthorized use of our intellectual property by third parties, and the expenses incurred in protecting our intellectual property rights, may adversely affect our business, reputation and competitive edge. Intellectual property is crucial to our competitiveness and success. See a more detailed discussion of this risk factor on page10 of this Annual Report.
Risks Related
to Our Corporate Structure
Risks related to our corporate structure, beginning
on page 14 of this Annual Report, include, but are not limited to, the following:
●
The dual-class structure of our ordinary shares has the effect of concentrating voting control with our Chairman and Chief Executive Officer, directors and their affiliates. See a more detailed discussion of this risk factor on page 14 of this Annual Report.
●
As a "controlled company" under the rules of the Nasdaq Capital Market, we may choose to exempt our company from certain corporate governance requirements that could have an adverse effect on our public shareholders. See a more detailed discussion of this risk factor on page 14 of this Annual Report.
●
You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law. See a more detailed discussion of this risk factor on page 15 of this Annual Report.
Risks
Related to Doing Business in China
We
are based in China and have all of our operations in China. We face risks and uncertainties related to doing business in China in general,
including, but not limited to, the following:
●
Because all of our operations are in China, our business is subject to the complex and rapidly evolving laws and regulations there. The PRC 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 Class A Ordinary Shares. See a more detailed discussion of this risk factor on page 16 of this Annual Report.
●
PRC laws and regulations governing our current business operations are sometimes vague and uncertain. Uncertainties with respect to the PRC legal system, including uncertainties regarding the enforcement of laws, and sudden or unexpected changes in laws and regulations in China with little advance notice could have a material adverse effect on us and limit the legal protections available to you and us. See a more detailed discussion of this risk factor on page 19 of this Annual Report.
vi
●
Changes in China's economic, political or social conditions or government policies, which could occur quickly with little advance notice, could have a material adverse effect on our business and operations. See a more detailed discussion of this risk factor on page 22 of this Annual Report.
●
The transfer of funds, dividends and other distributions between us and our subsidiaries is subject to restriction. See a more detailed discussion of this risk factor on page 23 of this Annual Report.
●
To the extent any funds or assets in the business is in mainland China or Hong Kong or a mainland China or Hong Kong entity, the funds or assets may not be available to fund operations or for other use outside of mainland China or Hong Kong. See a more detailed discussion of this risk factor on page 24 of this Annual Report.
●
You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in China against us or our management. See a more detailed discussion of this risk factor on page 27 of this Annual Report.
●
PRC regulations relating to the establishment of offshore special purpose companies by PRC residents may subject our PRC resident beneficial owners or our PRC subsidiary to liability or penalties, limit our ability to inject capital into our PRC subsidiary, limit our PRC subsidiary' ability to increase their registered capital or distribute profits to us, or may otherwise adversely affect us. See a more detailed discussion of this risk factor on page 28 of this Annual Report.
Risks Related to Our Class A Ordinary Shares
Risks and uncertainties related to our Class A
Ordinary Shares, beginning on page 34 of this Annual Report, include, but are not limited to, the following:
●
We may experience extreme stock price volatility unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares. See a more detailed discussion of this risk factor on page 34 of this Annual Report.
●
Shares eligible for future sale may adversely affect the market price of our Class A Ordinary Shares, as the future sale of a substantial amount of outstanding Class A Ordinary Shares in the public marketplace could reduce the price of our Class A Ordinary Shares. See a more detailed discussion of this risk factor on page 35 of this Annual Report.
●
If our financial condition deteriorates, we may not meet continued listing standards on the Nasdaq Capital Market. See a more detailed discussion of this risk factor on page 36 of this Annual Report.
vii
FORWARD-LOOKING
INFORMATION
This Annual Report contains forward-looking statements.
These statements are made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934,
as amended. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "may,"
"intend," "is currently reviewing," "it is possible," "subject to" and similar statements.
Among other things, the sections titled "Item 3. Key Information—D. Risk Factors," "Item 4. Information on the
Company," and "Item 5. Operating and Financial Review and Prospects" in this Annual Report, as well as our strategic
and operational plans, contain forward-looking statements. We may also make written or oral forward-looking statements in our filings
with the SEC, in our annual report to shareholders, in press releases and other written materials and in oral statements made by our
officers, directors or employees to third parties. Statements that are not historical facts, including statements about our beliefs and
expectations, are forward-looking statements and are subject to change, and such change may be material and may have a material and adverse
effect on our financial condition and results of operations for one or more prior periods. Forward-looking statements involve inherent
risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained, either expressly
or impliedly, in any of the forward-looking statements in this Annual Report. All information provided in this Annual Report and in the
exhibits is as of the date of this Annual Report, and we do not undertake any obligation to update any such information, except as required
under applicable law.
viii
Part
I
Item
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not
Applicable.
Item
2. OFFER STATISTICS AND EXPECTED TIMETABLE
Not
Applicable.
Item
3. KEY INFORMATION
A.
[Reserved]
B.
Capitalization and Indebtedness
Not
applicable.
C.
Reasons for the Offer and Use of Proceeds
Not
applicable.
D.
Risk Factors
RISKS
RELATED TO OUR BUSINESS AND INDUSTRY
The
COVID-19 pandemic has adversely affected on our business, results of operations, financial condition and cash flow. Other epidemics or
outbreaks of infectious diseases may have a similar impact.
In
March 2020, the World Health Organization categorized COVID-19 as a pandemic. The spread of the outbreak has caused significant disruptions
in the U.S. and global economies, and the impact may continue to be significant during the rest of the calendar year and potentially
beyond. We are subject to risks and uncertainties as a result of the COVID-19 pandemic. The effects of a subvariant of the Omicron variant
of COVID-19, which may spread faster than the original Omicron variant, as well as the effects of any new variants and subvariants which
may develop, including any actions taken by governments to avoid the spread of the virus, could affect our results of operations. Because
most of our business training courses are taught in indoor conference rooms, in response to the restrictions on large-scale gathering
activities imposed by local governments in China, we recently had to cancel or delay a large number of our originally booked business
training courses. We continue to evaluate the global risks and the slowdown in business activity related to COVID-19, including the potential
impacts on our employees, clients and financial results. The COVID-19 pandemic or other epidemics or outbreaks of infectious diseases
could materially adversely impact our results of operations, financial condition and liquidity in several ways. In particular, the continued
spread of COVID-19 and efforts to contain the virus could:
●
impair
    the Company's ability to manage day-to-day operations and service delivery;
●
impact
    client demand of our services;
●
cause
    disruptions in or closures of the Company's operations or those of its clients;
●
impact
    global liquidity and the availability of capital;
●
cause
    limitations on our employees' ability to work and travel;
1
●
impact
    the availability of qualified personnel;
●
increase
    cybersecurity risks as remote working environments may be less secure and more susceptible to hacking attacks, including phishing
    and social engineering attempts that seek to exploit the COVID-19 pandemic; and
●
cause
    other unpredictable events.
We
have a limited operating history and are subject to the risks encountered by early-stage companies.
Our
operating entity, Tiancheng Jinhui, was established in October 2018. As a development-stage company, our business strategies and model
are constantly being tested by the market and operating results, and we work to adjust our allocation of resources accordingly. As such,
our business may be subject to significant fluctuations in operating results in terms of amounts of revenues and percentages of total
with respect to the business segments.
We
are, and expect for the foreseeable future to be, subject to all the risks and uncertainties, inherent in a development-stage business.
As a result, we must establish many functions necessary to operate a business, including expanding our managerial and administrative
structure, assessing and implementing our marketing program, implementing financial systems and controls and personnel recruitment. Accordingly,
you should consider our prospects in light of the costs, uncertainties, delays and difficulties frequently encountered by companies with
a limited operating history. These risks and challenges are, among other things:
●
we
    may require additional capital to develop and expand our operations which may not be available to us when we require it;
●
our
    marketing and growth strategy may not be successful;
●
our
    business may be subject to significant fluctuations in operating results; and
●
we
    may not be able to attract, retain and motivate qualified professionals.
Our
future growth will depend substantially on our ability to address these and the other risks described in this Annual Report. If we do
not successfully address these risks, our business would be significantly harmed.
Our
historical growth may not be indicative of our future performance, which is dependent upon factors beyond our control such as market
conditions of the equity investment industry in China.
Our
revenue increased by 372% from $1,333,930 in the fiscal year ended December 31, 2020 to $6,294,667 in the fiscal year ended December
31, 2021, but revenues decreased by 50% or $3,172,343, from $6,294,667 in the fiscal year ended December 31, 2021 to $3,122,324 in the
fiscal year ended December 31, 2022. Despite a decrease in 2022 compared to that for 2021, our revenue for 2022 data still shows a significant
increase compared to that for 2020. Our historical growth rate and results may not be indicative of our future growth or performance,
and we cannot assure you that we will grow at the same rate as we did in the past or avoid any decline. There is inherent risk in using
our historical financial information to project or estimate our financial performance in the future, as it only reflects our past performance
under particular conditions. We may not be able to sustain our historical growth rate, revenue, gross margin and return on net assets
for various reasons, some of which are beyond our control, including deterioration in the market conditions of the equity investment
industry in China, macro-economic measures taken by the PRC government to manage economic growth and intensified competition in the industry.
If we fail to successfully address any of the foregoing risks and uncertainties, our business, results of operations and financial condition
may be materially and adversely affected. In addition, our future performance will depend in part on our ability to effectively manage
our growth and deal with any and all issues that may potentially hinder our growth. As our operations grow in scale, scope and complexity,
we will need to improve and upgrade our systems and infrastructure, which will require significant expenditures and allocation of valuable
management resources. If we fail to maintain the necessary level of discipline or fail to allocate limited resources effectively in our
organization as it grows, our business, results of operations and financial condition could be materially and adversely affected. To
effectively manage our growth, we will also need to implement a variety of new and upgraded operational, technological and financial
systems, procedures and controls, including the improvement of our accounting, actuarial, claims and other internal management systems
and the enhancement of our compliance and risk control capabilities. The expansion of our business may increase our exposure to liquidity
risk, credit risk and operational risk. We expect that we will need to continue to devote substantial financial, operational and technical
resources to managing our growth and implementing our business strategies. In order to attain and maintain profitability, we will need
to recruit, develop and retain skilled and experienced personnel, which will increase our cost. Our results of operations and financial
condition may not always meet the expectations of public market analysts or investors, and may vary from period to period due to a variety
of factors beyond our control, which could cause the price of our Class A Ordinary Shares to decline.
2
If
we are unable to retain existing clients or attract new ones, or to attract sufficient spending from our clients, our business, results
of operations and financial condition could be materially and adversely affected.
In
order to increase our revenue and maintain our growth, we must retain existing clients and attract new ones, and encourage their usage
of our services. As is common in the industry, we do not have long-term service agreements with our clients with respect to each of our
business lines. A substantial portion of our revenue comes from agreements that are on a project-by-project basis or for a term of one
year or shorter, such as agreements for customized reports and marketing skills training. Revenue from these agreements is not recurrent
in nature, which exposes us to the risks of uncertainty and potential volatility with respect to our revenue. Our success depends in
large part on our ability to continue to offer high-quality services through our service platform in a cost-effective manner. To this
end, we must continue to expand our offline service offerings and keep abreast of user preferences and market trends. Clients may cease
their usage of our services or may only be willing to purchase our services at reduced prices if we do not deliver services in an effective
manner, or if they do not believe that their spending with us will generate a competitive return or effect as compared to alternative
service providers, which will adversely affect our business. Our ability to retain existing clients and attract new ones also depends
on the following factors, some of which are out of our control:
●
our
    brand recognition and market presence;
●
the
    competitiveness of our pricing and payment terms for our clients, which may, in turn, be constrained by our capital and financial
    resources;
●
the
    market acceptance of new services and functionalities we may introduce;
●
mergers,
    acquisitions or other consolidation among market players; and
●
the
    effects of domestic and global economic conditions on the development of the equity investment industry generally.
If
we are unable to retain our existing clients and attracting new clients due to any of the foregoing factors, our business will be adversely
affected. Further, if our existing clients decrease or cease their usage of our services, we may be unable to acquire new clients that
spend similarly or even more for our services, and our ability to maintain and/or grow our revenue may be materially and adversely affected.
If
we lose the services of any of our key executive officers and other key employees, or are unable to retain, recruit and hire experienced
staff, our ability to effectively manage and execute our operations and meet our strategic objectives could be harmed.
Our
future success depends on the continued service of our key executive officers and other key employees. We benefit from the leadership
of a strong management team with proven vision, rich professional work experience, and extensive knowledge of China's corporate
business training industry and corporate consulting industry. We also rely on a number of key personnel for the development and operation
of our business. In addition, we will need to continue attracting and retaining skilled and experienced staff for our businesses to maintain
our competitiveness. If one or more of our key personnel are unable or unwilling to continue in their present positions, we may not be
able to replace them easily or at all and may incur additional expenses to recruit and train new personnel, our business could be materially
and adversely affected. In addition, if any of our executive officers or key employees joins a competitor or forms a competing company,
we may lose know-how, trade secrets and clients. Substantially all of our employees, including each of our executive officers and key
employees, have entered into confidentiality agreements with us, which contains customary non-compete provisions. Although non-compete
provisions are generally enforceable under PRC laws, PRC legal practice regarding the enforceability of such provisions is not as well-developed
as in countries such as the United States. Thus, if we need to enforce our rights under the non-compete provisions, we cannot assure
you that a PRC court would enforce such provisions. If we lose the services of any of our key executive officers, senior management,
or are unable to retain, recruit and hire experienced staff, our ability to effectively manage and execute our operations and meet our
strategic objectives could be harmed.
3
Our
business could suffer if we are unable to retain or hire quality in-house writers and editors.
We
maintain a professional in-house content creation team to create high-quality original content. We intend to continue to invest resources
in our in-house writer and editorial team to maintain and improve content creation capabilities. Nevertheless, the demand and competition
for talents is intense in our industry, particularly for skilled writers and editors. Therefore, we may need to offer high compensations
and additional benefits to maintain a skilled in-house content creation team, which could increase our expenses. If we fail to compete
effectively for talents, or to retain existing writers or editors, or fail to otherwise maintain an in-house content creation team at
reasonable costs, our in-house content creation capabilities would be negatively affected. If we are unable to offer high-quality original
content in a cost-effective manner, our user experience may be adversely affected, and we may suffer from reduced user traffic. Our business,
results of operations and financial condition may be materially and adversely affected as a result.
We
have a substantial client concentration, with a limited number of clients accounting for a substantial portion of our revenues.
We
derive a significant portion of our revenues from a few major clients. For the year ended December 31, 2022, three major clients, Chongqing
Longjinyun Enterprise Management Partnership (Limited Partnership), Qingdao Yingmanli Enterprise Management Partnership (Limited Partnership)
and Qingdao Jinxinfu Enterprise Management Partnership (Limited Partnership), accounted for 21%, 20% and 16%  of the Company's
revenues respectively. The contract with Chongqing Longjinyun Enterprise Management Partnership (Limited Partnership), dated August 22,
2022, has a term of one year, and will expire on August 21, 2023. The contract with Qingdao Yingmanli Enterprise Management Partnership
(Limited Partnership), dated March 1, 2022, has a term of one year and expired on February 28, 2023. The contract with Qingdao Jinxinfu
Enterprise Management Partnership (Limited Partnership), dated March 1, 2022, has a term of one year and expired on February 28, 2023.
In
the year ended December 31, 2021, two major clients, Zhangjiajie Zhenghang Commercial Partnership (Limited Partnership) and Guangzhou
Tiancheng Capital Management Group Co., Ltd., accounted for 15% and 14% of the Company's revenues, respectively. The contract with
Zhangjiajie Zhenghang Commercial Partnership (Limited Partnership), dated November 29, 2021, has a term of one year and expired on November
28, 2022. The contract with Guangzhou Tiancheng Capital Management Group Co., Ltd., dated July 6, 2021, has a term of one year and expired
on July 5, 2022. In the year ended December 31, 2020, three clients, Guangzhou Tiancheng Capital Management Group Co., Ltd., Chongqing
Yangyiyang Enterprise Management Co., Ltd., and Chongqing Qiyun Biotechnology Co., Ltd., each accounted for 17%, 13% and 10% of the Company's
revenues, respectively. The contract with Chongqing Yangyiyang Enterprise Management Co., Ltd., dated June 30, 2020, had a term of one
year and expired on June 29, 2021. The contract with Chongqing Qiyun Biotechnology Co., Ltd., dated December 1, 2020, had a term of one
year and expired on November 30, 2021.
In
addition, as of December 31, 2022, no major client had a balance due to the Company. However, Chongqing Jiangbei District Taishangsai
Enterprise Management Partnership (Limited Partnership) accounted for 54% of the Company's accounts receivable. The contract with
Chongqing Jiangbei District Taishangsai Enterprise Management Partnership (Limited Partnership), dated August 29, 2022, has a term of one
year and expired on August 28, 2023. Other than this, no other client's balance accounted for more than
10% of accounts receivables. As of December 31, 2021, two clients, Zhangjiajie Zhenghang Commercial Partnership (Limited Partnership)
and Guangzhou Bohua Enterprise Management Consulting Co., Ltd., accounted for 37% and 27% of the Company's accounts receivable,
respectively. The contract with Guangzhou Bohua Enterprise Management Consulting Co., Ltd., dated December 1, 2021, has a term of one
year and expired on November 30, 2022. As of December 31, 2020, two clients, Chongqing Yangyiyang Enterprise Management Co., Ltd.
and Chongqing Qiyun Biotechnology Co., Ltd., each accounted for 35% and 31% of the Company's accounts receivable, respectively.
Inherent
risks exist whenever a large percentage of total revenues are concentrated with a limited number of clients. It is not possible for us
to predict the future level of demand for our services that will be generated by these clients or the future demand for our services
by these clients in the marketplace. If any of these clients declines our services due to market, economic or competitive conditions,
it could have an adverse effect on our margins and financial position, and could negatively affect our revenues and results of operations.
4
The
industry in which we operate is highly fragmented and intensively competitive, and if we fail to compete effectively with current or
future competitors, our business, results of operations and financial conditions could be materially and adversely affected.
The
equity investment service industry in China is highly fragmented and intensely competitive. Market players in the equity investment service
industry primarily include service platforms for equity investment industry, referring to service providers which offer two or more types
of equity investment services, and other service providers. Our ability to grow and stand out among our peers and competitors in this
highly fragmented industry depends on many factors, including our ability to expand our geographical coverage in China, to improve our
offline service offerings and enhance online-offline synergy. We cannot assure you that we will achieve any of the foregoing goals, and
the failure to achieve such goals could materially and adversely affect our business, results of operations and financial condition.
Moreover, the highly fragmented market has presented significant likelihood for market consolidation. If one or more of our competitors,
especially other top players in the market, were to merge or partner with another of our competitors, the change in the competitive landscape
could also adversely affect our ability to compete effectively or may even cause us to lose our leading position in the market, which
may in turn materially and adversely affect our reputation, business, results of operations and financial condition.
Increasing
competition within our industries could have an impact on our business prospects.
We
operate in an industry where new competitors can easily enter into since there are no significant barriers to entry. We also face many
competitors in the knowledge sharing industry where a number of competitors have been in business longer than us. Competing companies
may have significantly greater financial and other resources than we have and may offer services that are more attractive to prospective
clients; and increased competition would have a negative impact on both our revenues and our profit margins.
Our
failure to obtain necessary permits for our offline industry events may subject us to adjustment or cancellation of industry events and
may adversely affect our business, results of operations and financial condition.
While
no license is required for holding offline events in general under PRC laws and regulations, we may be required to obtain an event-specific
security permit or make relevant filings for large-scale mass activities each time before we hold an offline industry event if the estimated
number of participants exceeds a certain number of people. Although we will endeavor to obtain all necessary permits or complete all
required filings according to our estimate of the condition of each specific event and currently we do not plan to hold large-scale events
requiring security permits or filings, we cannot assure you that we will be able to obtain relevant permits or complete relevant filings
in a timely manner or at all in order to organize our offline industry events as planned, as the regulatory practices with respect to
an offline industry event may vary from time to time and the local authorities retain broad discretion in enforcing the relevant requirements.
In addition, the permit requirements in China are constantly evolving, and we may be subject to more stringent regulatory requirements
due to political or economic changes in the future. If we fail to obtain relevant permits or complete relevant filings to organize our
offline industry events as planned, we may have to adjust our event coverage and other arrangements, or even cancel the relevant events.
If our offline industry events are reduced in size or even canceled, our business, results of operations and financial condition may
be materially and adversely affected. Even if we have obtained all prerequisite permits or completed all required filings, government
authorities may unexpectedly suspend our scheduled offline industry events due to a variety of reasons beyond our control. Local police
security authorities may prevent participants from entering our offline industry events and impose administrative penalties on us if
the visitor flow exceeds the prescribed limit. Such abrupt suspensions and restrictions might adversely affect the brand-building and
networking activities of our industry clients, which in turn could discourage them from participating in our future events and materially
and adversely affect our business, results of operations and financial condition.
Fluctuation
in the value of the Renminbi and other currencies may have a material adverse effect on the value of your investment.
Our
financial statements are expressed in USD. However, all of our revenues and expenses are denominated in Renminbi (RMB). Our exposure
to foreign exchange risk primarily relates to the limited cash denominated in currencies other than the functional currencies of each
entity. We do not believe that we currently have any significant direct foreign exchange risk and have not hedged exposures denominated
in foreign currencies or any other derivative financial instruments. However, the value of your investment in our Class A Ordinary Shares
will be affected by the foreign exchange rate between USD and RMB because the primary value of our business is effectively denominated
in RMB, while the Class A Ordinary Shares will be traded in USD.
5
The
value of the RMB against the USD and other currencies is affected by, among other things, changes in China's political and economic
conditions and China's foreign exchange policies. The People's Bank of China regularly intervenes in the foreign exchange
market to limit fluctuations in RMB exchange rate and achieve certain exchange rate targets, and through such intervention kept the USD-RMB
exchange rate relatively stable.
As
we may rely on dividends paid to us by our PRC subsidiary, any significant revaluation of the RMB may have a material adverse effect
on our revenues and financial condition, and the value of any dividends payable on our Class A Ordinary Shares in foreign currency terms.
For example, if we decide to convert our RMB into USD for the purpose of making payments for dividends on our Class A Ordinary Share
or for other business purposes, appreciation of the USD against the RMB would have a negative effect on the USD amount available to us.
Furthermore, appreciation or depreciation in the value of the RMB relative to the USD would affect our financial results reported in
USD terms without giving effect to any underlying change in our business or results of operations. We cannot predict the impact of future
exchange rate fluctuations on our results of operations and may incur net foreign exchange losses in the future. In addition, our foreign
currency exchange losses may be magnified by PRC exchange control regulations that restrict our ability to convert into foreign currencies.
The
success of our business depends on our ability to maintain and enhance our brand.
We
believe that maintaining and enhancing our brand is significant to the success of our business. Our operational and financial performance
is highly dependent on the strength of our well-recognized brand, which is critical for forging long-term relationships with China's
investors, entrepreneurs and growth enterprises, and governmental agencies at low client acquisition cost. However, we cannot assure
you that we will be able to maintain and enhance our brand and remain our leadership position in China's equity investment service
industry. In addition, negative publicity about us, our services, operations and our management could threaten the perception of our
brand. We may receive negative publicity, including negative Internet and blog postings about our Company, our business, our management,
our services or our affiliates. Such negative publicity may come from malicious harassment or unfair competition acts by third parties.
We may even be subject to government or regulatory investigation as a result of such negative publicity and may be required to spend
significant time and incur substantial costs to defend ourselves, and we may not be able to conclusively refute each of the allegations
within a reasonable period of time, or at all. Harm to our reputation and client confidence can also arise for many other reasons, including
misconduct of our employees or any third parties we conduct business with. As a result, our brand may suffer in the marketplace, our
operational and financial performance may be negatively affected and the price of our Class A Ordinary Shares may decline.
We
may not be able to successfully compete with our competitors, which could materially and adversely affect our business, results of operations
and financial condition.
The
equity investment service industry in China is becoming increasingly competitive, and we expect it to remain so. We compete primarily
with other equity investment service providers including data service providers, online advertising service providers, offline event
service providers, consulting service providers, training service providers, etc. As China's equity investment service industry
continues to evolve and grow, we may face increased competition from new market entrants. We compete based on a number of factors, including
industry experience and insights, ability to adapt to evolving needs of our clients, brand recognition, network, price, breadth of services
offered, level of service integration and technology capabilities. If we fail to compete effectively against our competitors, our business,
results of operations and financial condition would be materially and adversely affected. Our competitors may operate with different
business models, have different cost structures, participate selectively in different market segments or offer a wider range of products
and services. They may ultimately prove more successful or more adaptable to new regulatory, technological and other developments. Some
of our current and potential competitors may have significantly more financial, technical, marketing and other resources than we do and
may be able to devote greater resources to the development, promotion, sale and support of their products and services. Our competitors
may also have longer operating histories, more extensive client base, greater brand recognition and broader partner relationships than
us. Additionally, a current or potential competitor may acquire one or more of our existing competitors or form a strategic alliance
with one or more of our competitors. Our competitors may also from time to time solicit our employees in order to compete in each of
our business lines; and certain of our services are newly developed and may fail to compete effectively and achieve market adoption.
If we are unable to compete effectively with our competitors, we could experience a decline of our market share, which in turn would
materially and adversely affect our business, results of operations and financial condition.
6
Our
clients with rapidly evolving business may face inherent risks and uncertainties, which could adversely affect their demands for our
services.
We
are dedicated to serving, among others, entrepreneurs and growth enterprises and investors, whose businesses and prospects are constantly
changing and rapidly evolving. As China has witnessed significant economic development and transformation in recent years, an increasing
number of innovative business models have emerged, which further contributes to China's economic growth and the prosperity of the
equity investment industry. However, there are significant risks and uncertainties with respect to the growth and sustained profitability
of these emerging businesses. The short-term growth of new businesses may not be as fast as we expect, while the long-term viability
and prospects of new business models remain relatively untested. Our future business, results of operations and financial condition will
depend on the development of these new businesses and the performance of our clients, which is in turn subject to the following factors:
●
our
    clients' ability to enhance their existing products and services, to introduce new products and services that meet market preferences,
    and to expand their markets;
●
the
    complex regulatory landscape and governmental measures affecting the emerging businesses in China;
●
our
    clients' ability to incorporate technological advancements and predict and adapt to market changes;
●
the
    appeal of the new businesses to continue to attract, retain, manage and motivate the key talents; and
●
the
    global and domestic economic fluctuations and market trends.
Most
of these factors are beyond the control of our clients and ourselves. For example, if new regulatory measures impose strict licensing
requirements on emerging businesses in which our clients operate, they may incur substantial cost in obtaining the requisite licenses
and suffer declines in their profits. Moreover, if they are unable to meet the licensing requirements, they may be compelled to discontinue
successful business operations, or be subject to warnings, fines and confiscation of gains. Such significant business interruptions may
reduce our clients' demand for our services, and therefore, materially and adversely affect our business, results of operations
and financial condition.
The
implementation of our expansion plan may not be successful and may lead to increases in our costs and expenses, which may adversely affect
our profitability, business, results of operations and financial condition.
As
part of our growth strategies, we intend to, among others, expand our geographical coverage in China. There is no assurance that we can
successfully implement such strategies to capture the market demand or that such strategies can be implemented according to our proposed
schedules and estimated costs, due to various factors, such as the sufficiency of financial resources, and our ability to employ sufficient
and competent personnel. In addition, benefits to be generated from such expansion plan, such as increase in revenue, may not be as expected
due to factors beyond our control, such as changes in general market conditions and client demands, the economic and political environment
in the areas where we intend to expand into. Furthermore, in carrying out our expansion plan, we expect to incur additional costs and
expenses, such as employee benefit expenses, selling and marketing expenses, rental expenses and depreciation and amortization. Our plan
to strengthen our sales and marketing efforts through online advertisement placements and sales and marketing employee recruitment is
also expected to result in an increase in our selling and marketing expenses. Such factors may cause a delay in realizing the benefits
of our expansion plan and an increase in our overall costs and expenses, or even prevent us from generating sufficient earnings to cover
the costs and hence, our results of operations, in particular our profitability, may be adversely affected.
The
continued expansion of our business may also place significant strain on our managerial, operational, technological, financial and other
resources. To manage and support our growth, we may need to improve our existing operational and administrative systems, improve our
financial and management controls, and enhance our ability to recruit, train and retain additional qualified personnel. All of these
endeavors will require substantial attention and time from management and may incur significant additional expenditures. We cannot assure
you that we will be able to manage our future growth effectively and efficiently, and our ability to capitalize on new business opportunities
may be materially and adversely affected if we fail to do so, which could in turn materially and adversely affect our business, results
of operations, financial condition and prospects.
In
view of the above-mentioned uncertainties, there is no assurance that our expansion plan will materialize, or be completed by the predetermined
timeframe, or that our objectives will be fully or partially achieved. In the event that we fail to implement our expansion plan as planned,
or our expansion plan fails to achieve expected benefits, our profitability, results of operations and financial condition may be materially
and adversely affected.
7
Our
improvements of our existing services and introduction of new services may not be successful or may fall short of expected results.
Our
success depends in large part on our ability to improve our existing services, introduce new services and enhance our market competitiveness.
The success of any improvement or new service depends on a number of factors, including actual performance, pricing level, market competition,
industry trend and client demand, many of which are beyond our control. However, our future plans may require us to devote significant
financial and managerial resources, and we cannot assure you that we will achieve our goals to successfully improve our existing services
and achieve market acceptance of our new services, which could compromise our ability to serve our users and clients effectively. If
our equity investment services become less attractive to existing and potential users and clients, our business, results of operations
and financial condition may be materially and adversely affected.
If
we fail to help facilitate the brand-building and networking of the sponsors and participants of our offline industry events due to factors
beyond our control, our operational and financial results might suffer.
Sponsors
and participants are attracted to our offline industry events due to the brand-building and networking prospects. The brand-building
and networking results at our offline industry events might fail to meet the expectation of those sponsors and participants due to factors
beyond our control, including among others, changes in the regulatory environment, a downturn or unfavorable development in the equity
investment industry in China, overall domestic or global economic downturn and the resulting decrease in investment ability and willingness,
and contingencies that occur on event dates such as inclement weather or sudden public security measures which affect our ability to
host the events effectively, or at all. Other factors may also affect our ability to host satisfactory offline industry events, such
as conflicts with other local events, road traffic control, outbreaks of contagious disease or the potential for infection, or acts of
nature, such as earthquakes, storms, and typhoons. If we fail to help facilitate the brand-building and networking of offline industry
event sponsors and participants, they might be less inclined to participate in our future events, which could materially and adversely
affect our business, results of operations and financial condition.
Our
failure to honor our obligations may lead to our refund obligation, client dissatisfaction, or even clients' disputes with us,
which may adversely affect our reputation, business, results of operations and financial condition.
Clients
for customized reports, offline industry events and offline course offerings generally prepay us a majority of the total contract values
upon signing. Our contract liabilities primarily consisted of these prepayments. We had contract liabilities of $187,630 and $587,396
as of December 31, 2022 and December 31, 2021. As of the same date, we had cash of $2,654,185 and $3,816,940, respectively. Our contract
liabilities are generally not refundable. However, if we fail to honor our obligations in respect of our contract liabilities, clients
may request to cancel their agreements with us or ask for a partial or full refund, which may lead to our refund obligation, client dissatisfaction
or even clients' disputes with us. In the event that we are required to refund some or all of the prepayments from our clients
pursuant to the contract provisions, we may not have the cash or other available resources to fulfill the refund obligation. Even if
we are able to fulfill the refund obligation from available resources, we may need to seek additional sources of capital to fund our
operations, which funding may not be available when needed or on acceptable terms. In either of those circumstances, our business, results
of operations, financial condition and reputation may be materially and adversely affected. Furthermore, in the future, clients may elect
not to prepay us for our services in which case we would have to find other sources of funding for our operations, capital expenditures
and expansion plans, which would be costly as compared to the aforementioned cost-free client prepayment funding and which may not be
available when needed or on acceptable terms.
We
may be held liable for injuries to individual participants of our offline industry events, which may materially and adversely affect
our reputation, business, results of operations and financial condition.
We take event security seriously, and make every
effort to ensure the safety of the participants during our offline industry events, such as industry-wide forums and outdoor challenges.
However, we cannot guarantee that no physical injury will occur during our offline industry events, for which we could be held liable.
Under the PRC laws and regulations, the organizer of a large-scale group activity shall bear tort liability for damages to a third party
arising from such organizer's failure to fulfill its security obligations. If the act of a third party results in damage to others
in a large-scale group activity, the organizer that failed to fulfill security obligations shall also bear supplementary liability. Therefore,
we might face negligence claims alleging that we fail to maintain our facilities or to supervise our employees. In addition, if any participants
of our offline events commit acts of violence, we could also face allegations that we failed to provide adequate security or were otherwise
responsible for his or her actions. Additionally, our offline events may be perceived to be unsafe, which may discourage prospective
sponsors, participants and media companies from attending. Any of the foregoing could materially and adversely affect our business, results
of operations and financial condition.
8
Our
consulting business is dependent on our ability to identify, execute and complete projects successfully and is subject to various risks.
The
transactions that we generally advise on, including equity and debt financing, as well as mergers and acquisitions, may be subject to
review and approvals by various regulatory authorities. The results and timing of necessary regulatory approvals are beyond our or involving
parties' control. Any failure to obtain the necessary regulatory approvals for these transactions in a timely manner may cause
substantial delays to, or even the termination of, relevant transactions. In addition, the successful conclusion of transactions depends
upon a number of other factors, such as market trends and investors' decisions, many of which are beyond our control. We generally
charge consulting fees or commissions based on a certain percentage of the deal size, and we are generally entitled to receive payment
of such fees or commissions only after the successful completion of the relevant transaction. If a transaction is not completed as scheduled
or at all for any reason, we may not be able to receive fees or commissions for services that we have provided in a timely manner or
at all, which could materially and adversely affect our business, results of operations and financial condition. Furthermore, we may
face increasing challenges in terms of deal execution, client development, pricing and legal risks in light of the constantly evolving
regulatory framework and the market conditions. If we are unable to adapt our business strategies to such economic and legal challenges,
we may not be able to compete effectively, which could in turn materially and adversely affect our business, results of operations and
financial condition.
The
due diligence that we undertake in the course of our business operations is inherently limited and may not reveal all facts that may
be relevant.
In
the course of providing consulting services, we endeavor to conduct due diligence review that we deem reasonable and appropriate based
on relevant regulatory and market standards, as well as the facts and circumstances applicable to each deal. When conducting due diligence,
we are often required to evaluate critical and complex business, financial, tax, accounting, environmental, regulatory and legal issues.
Outside consultants, such as legal advisors and accountants, may be involved in the process in varying degrees depending on the type
of deal. Nevertheless, when conducting due diligence and making an assessment, we are limited to the resources available, including information
provided by the potential clients and, in some circumstances, third-party investigators. Our due diligence may not reveal or highlight
all relevant facts and issues that may be necessary or helpful in evaluating potential risks, which may subject us to inaccurate assessment
regarding financing opportunities and growth prospects of the potential clients. Moreover, such an investigation will not necessarily
result in the successful completion of a deal, which may increase our costs and therefore materially and adversely affect our business,
results of operations and financial condition.
If
we are not able to continue to retain and attract clients to purchase our course offerings, our business and prospects will be materially
and adversely affected.
Our
ability to continue to attract clients to purchase our course offerings are critical to the continued success and growth of our corporate
business training services. This in turn will depend on several factors, including our ability to engage high-level industry practitioners
as our instructors, continue to develop, adapt or enhance quality of our course offerings to meet the evolving demands of our existing
or prospective clients, and effectively market our course offerings and enhance our brand awareness to a broader base of prospective
clients. We may not always be able to meet our clients' expectations due to a variety of reasons, many of which are outside of
our control. We may face client dissatisfaction due to our clients' perceptions that we fail to help them achieve their learning
goals, as well as our clients' overall dissatisfaction with the quality of our course offerings and our instructors. We must also
manage our growth while maintaining consistent and high course quality, and respond effectively to competitive pressures. If we are unable
to continue to retain and attract clients to purchase our course offerings, our revenue for corporate business training services may
decline, which may have a material adverse effect on our business, results of operations and financial condition.
We
may not be able to maintain or increase our course fee level.
Our
revenue generated from corporate business training services are affected by the pricing of our training courses. We determine our course
fees primarily based on the demand for our courses, the cost of our operations, the course fees charged by our competitors, our pricing
strategy to gain market share and general economic conditions in the PRC. Leveraging our long-standing industry expertise and comprehensive
course offerings, we offer high-end equity investment training services and charge premium fees comparable to trainings services of the
same category for our course. Although we charge premium course fees for our courses compared with the majority of the equity investment
training service providers, we cannot guarantee that we will be able to maintain or increase our course fees in the future without adversely
affecting the demand for our corporate business training services.
9
We
may not be able to timely develop our courses in a cost-effective manner to make them appealing to existing and prospective clients,
or at all.
As
our training courses cover topics regarding China's rapidly evolving equity investment industry, we work closely with our instructors
on developing, updating and improving our course materials to stay abreast of the latest development trends in each subsector of the
industry. The adjustments, updates and expansions of our existing course content and the development of new course materials may not
be accepted by existing or prospective clients. Even if we are able to develop acceptable new course materials, we may not be able to
introduce them as quickly as clients require or as quickly as our competitors introduce competing offerings. Furthermore, offering new
course materials or upgrading existing ones may require us to commit significant resources and make significant investments in course
content development. If we are unsuccessful in pursuing course content development and upgrading opportunities due to the financial constraints,
failure to attract qualified instructors, or other factors, our ability to attract and retain clients could be impaired and our business,
results of operations and financial condition could be materially and adversely affected.
We
may be subject to liability claims for any inappropriate or illegal content in our courses and any misconduct of our instructors or employees,
which could cause us to incur legal costs and damage our reputation.
We
implement strict monitoring procedures to remove inappropriate or illegal content in our courses. However, we cannot assure you that
there will be no inappropriate or illegal materials included in our offline or online courses. Therefore, we may face civil, administrative
or criminal liability if an individual or corporate, governmental or other entity believes that the content of our courses violates any
laws, regulations or governmental policies or infringes upon its legal rights. In addition, in the event of accident or injuries or other
harm to our clients or other people during our course offerings, including those caused by or otherwise arising from the actions or negligence
of our employees or instructors, we could face negligence claims for inadequate security measures or lack of supervision of employees
or instructors. Even if such claim is not successful, defending such claim may cause us to incur substantial costs. Moreover, any accusation
of inappropriate or illegal content in our courses and any misconduct of our instructors or employees could lead to significant negative
publicity, which could harm our reputation and future business prospects.
Unauthorized
use of our intellectual property by third parties, and the expenses incurred in protecting our intellectual property rights, may adversely
affect our business, reputation and competitive edge. Intellectual property is crucial to our competitiveness and success.
Unauthorized
use of our intellectual property may adversely affect our business and reputation. We rely on a combination of contractual restrictions,
confidentiality procedures, and intellectual property registrations to protect our intellectual property rights. Despite our efforts
to protect our proprietary rights, third parties may attempt to copy or otherwise obtain or use our intellectual property, including
seeking court declaration that they do not infringe upon our intellectual property rights. Monitoring unauthorized use of our intellectual
property is difficult and costly, and the steps we have taken may not fully prevent misappropriation of our intellectual property. We
may not be able to detect all such websites in a timely manner and, even if we could, technological measures may be insufficient to stop
their operations, and could require us to expend significant financial or other resources. Furthermore, the practice of intellectual
property rights enforcement action by Chinese regulatory authorities is at its early stage of development and is subject to significant
uncertainty. We may have to resort to litigation to enforce our intellectual property rights, which could result in substantial costs
and diversion of our resources, and thus may adversely affect our business. In addition, there is no assurance that we will be able to
enforce our intellectual property rights effectively or otherwise prevent others from the unauthorized use of our intellectual property.
Failure to adequately protect our intellectual property could materially and adversely affect our brand name and reputation, and our
business, results of operations and financial condition.
Third
parties may claim that we infringed their proprietary intellectual property rights, which could cause us to incur significant legal expenses
and prevent us from promoting our services.
We
could be involved in litigation related to allegations of infringement of intellectual property rights. While we screen content offered
in our service offerings to avoid potential intellectual property right infringement, we may not be able to identify all instances of
infringement, especially those arising from content we source from others. Third parties may claim that, as the service provider delivering
such contents, we are also liable for any infringement upon the third parties' rights jointly with the content providers. We typically
rely on representations from third-party content providers that their contents do not infringe upon third parties' intellectual
property rights and on indemnification should any such representations become inaccurate and we suffer damages as a result, including
any damages resulting from third-party claims. However, indemnification may not be adequate in recovering our loss if the contents we
deliver indeed infringe upon valid patents, trademarks, copyrights or other intellectual property rights. Moreover, third parties may
also claim that the software or technologies we currently use in our business operations infringe their intellectual property rights,
which may subject us to potential liabilities. We have implemented operational protocols to use our best efforts to ensure compliance
with intellectual property laws. However, there can be no assurance that third-party right holders will not assert intellectual property
infringement or other related claims against us in the future. Defending against these claims is costly and can impose a significant
burden on our management and resources. Such claims may harm our reputation. Any liability or expenses resulting from such claims, or
necessary changes to our services to reduce the risk of future liability, may have a material adverse effect on our business, results
of operations and financial condition.
10
We
face risk related to our collection and use of data, which could result in regulatory actions, litigations and negative publicity about
privacy and data protection practices.
Our
data capabilities are fundamental to our business operation. We face risks inherent in collecting and handling large volumes of data
and in protecting the security of such data. We could be subject to attacks to our systems by outside parties or fraudulent or inappropriate
behaviors by our employees or business partners. Third parties may also gain access to our data using computer malware, viruses, spamming,
phishing attacks or other means. Data breaches or any misconduct during the process of collection, storage and use of data, could result
in a violation of applicable data privacy and protection laws and regulations in China, and subject us to regulatory actions, investigations
or litigations. We could incur significant costs in investigating and defending against them and we could be subject to negative publicity
about our privacy and data protection practices that may affect our reputation in the marketplace. Our potential risk related to our
collection and use of data could require us to implement measures to reduce our exposure to liability, which may require us to expend
substantial resources and limit the attractiveness of our data and other services to clients.
Non-compliance
with law on the part of any third parties with which we conduct business could disrupt our business and adversely affect our results
of operations and financial condition.
Third
parties with which we conduct business, such as third-party content providers and marketing service clients, may be subject to regulatory
penalties or punishments because of their regulatory compliance failures or may be infringing upon other parties' legal rights,
which may, directly or indirectly, disrupt our business. Although we conduct review of legal formalities and certifications before entering
into contractual relationships with third parties, and use our best efforts to take measures to reduce the risks that we may be exposed
to in case of any non-compliance by third parties, we cannot be certain whether such third party has violated any regulatory requirements
or infringed or will infringe any other parties' legal rights. For example, content providers may submit copyrighted content that
they have no right to distribute, and we may not be able to identify all instances of copyright infringement. In the event we release
content that violates copyrights of a third party on our online platforms, we may be required to pay damages to compensate such third
party. Even though we have the contractual right to seek indemnification from the relevant content provider for such payment, there can
be no assurance that we will be able to enforce such right. As a result, our business, results of operations and financial condition
could be materially and adversely affected. Similarly, advertisement content provided by our clients may also not be in full compliance
with applicable laws and regulations.
We
cannot rule out the possibility of incurring liabilities or suffering losses due to any non-compliance by third parties. We cannot assure
you that we will be able to identify irregularities or non-compliance in the business practices of third parties we conduct business
with, or that such irregularities or non-compliance will be corrected in a prompt and proper manner. Any legal liabilities and regulatory
actions affecting third parties involved in our business may affect our business activities and reputations, and may in turn affect our
business, results of operations and financial condition.
We
may be involved in legal proceedings or arbitration claims, and the court rulings or arbitration award may not be favorable to us.
We
were not and currently are not involved in any litigation or arbitration proceedings pending or, to our knowledge, threatened against
us or any of our directors that could have a material and adverse effect on our reputation, business, financial condition or results
of operations. Therefore, no provision was made for legal proceedings or arbitration claims. However, we cannot assure you that there
will not be such proceedings or claims in the future or any proceedings or claims during the ordinary course of our business (including
but not limited to those in relation to contract disputes between us and our clients). We may also bring legal proceedings against others.
We may incur enormous legal costs and, if the outcomes of these legal proceedings or arbitration claims are unfavorable to us, we may
be confronted with significant legal liabilities, waste enormous legal costs incurred, and/or suffer financial or reputational damages,
which may materially and adversely affect our business, financial condition, and results of operations.
11
A
severe or prolonged downturn in Chinese or global economy could materially and adversely affect our business, results of operations,
financial condition and prospects.
The
global macroeconomic environment is facing challenges, including the US-China trade war, the end of quantitative easing and start of
interest rate hike by the U.S. Federal Reserve, the economic slowdown in the Eurozone since 2014, uncertainties over the impact of Brexit
and the Russian Federation's invasion of Ukraine. The Chinese economy has shown slower growth since 2012 compared to the previous
decade and the trend may continue. There is considerable uncertainty over the long-term effects of the expansionary monetary and fiscal
policies adopted by the central banks and financial authorities of some of the world's leading economies, including the United
States and China. There have been concerns over unrest and terrorist threats in the Middle East, Europe and Africa, which have resulted
in market volatility. There have also been concerns on the relationship between China and other countries, including the surrounding
Asian countries, which may potentially have economic effects. Recent international trade disputes, including tariff actions announced
by the United States, China and certain other countries, and the uncertainties created by such disputes may cause disruptions in the
international flow of goods and services and may adversely affect the Chinese economy as well as global markets and economic conditions.
In addition, the recent market panics over the global outbreak of COVID-19 and the drop in oil prices materially and negatively affected
the global financial markets, which may cause slowdown of the global economy. Economic conditions in China are sensitive to global economic
conditions, as well as changes in domestic economic and political policies and the expected or perceived overall economic growth rate
in China. Any severe or prolonged slowdown in Chinese or the global economy may materially and adversely affect our business, results
of operations, financial condition and prospects.
We
may need additional capital, and we may be unable to obtain such capital in a timely manner or on acceptable terms, or at all.
We
may require additional capital from time to time to grow our business, including to better serve our clients, develop new service offerings,
enhance our data collection and analytics capabilities and online platforms, improve our operating and technology infrastructure or conduct
acquisition of complementary businesses and technologies. Accordingly, we may need to sell additional equity or debt securities. Future
issuances of equity or equity-linked securities could significantly dilute our existing Shareholders, and any new equity securities we
issue could have rights, preferences and privileges superior to those of holders of our Class A Ordinary Shares. The incurrence of debt
financing would result in increased debt service obligations and could result in operating and financing covenants that would restrict
our operations or our ability to pay dividends to our shareholders.
Our
ability to obtain additional capital is subject to a variety of uncertainties, including:
●
our market
    position and competitiveness in the equity investment service industry;
●
our future profitability,
    overall financial condition, results of operations and cash flows;
●
general market conditions
    for fundraising activities by equity investment service providers in China; and
●
economic, political and
    other conditions in China and internationally.
We
may be unable to obtain additional capital in a timely manner or on acceptable terms or at all. If we are unable to obtain adequate financing
on terms satisfactory to us when we require it, our ability to continue to support our business growth could be significantly impaired,
and our business and prospects could be materially and adversely affected.
Our
insurance coverage may not be adequate, which could expose us to significant costs and business disruption.
We
have maintained insurance policies covering damages to certain of our properties. However, insurance companies in China generally do
not offer as extensive an array of insurance products as insurance companies do in countries with more developed economies. Consequently,
we do not maintain sufficient business interruption insurance, business liability insurance or key man life insurance, which are not
mandatory under PRC laws. Any business disruption, litigation or natural disasters, or any significant damages to our equipment or facilities
may cause to incur substantial costs and divert our resources, and we may have no insurance to cover such losses. As a result, our business,
results of operations and financial condition could be materially and adversely affected.
12
We
are an "emerging growth company" and we cannot be certain if the reduced disclosure requirements applicable to emerging growth
companies will make our Class A Ordinary Shares less attractive to investors.
We
are an "emerging growth company" as defined in the JOBS Act, and we may take advantage of certain exemptions from various
reporting requirements that are applicable to other public companies that are not "emerging growth companies" including not
being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations
regarding executive compensation in our periodic reports and proxy statements and exemptions from the requirements of holding a nonbinding
advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. We cannot
predict if investors will find our Class A Ordinary Shares less attractive because we may rely on these exemptions. If some investors
find our Class A Ordinary Shares less attractive as a result, there may be a less active trading market for our Class A Ordinary Shares
and our stock price may be more volatile.
In
addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended
transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. An "emerging
growth company" can therefore delay the adoption of certain accounting standards until those standards would otherwise apply to
private companies. We are choosing to follow the extended transition period, and as a result, we will delay adoption of certain new or
revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies.
We
may undertake mergers, acquisition or investments to diversify or expand our business, which may pose risks to our business and dilute
the ownership of our existing shareholders, and we may not realize the anticipated benefits of these mergers, acquisition or investments.
As
part of our growth and service diversification strategy, we may evaluate opportunities to acquire or invest in other business in the
industry. Mergers, investment or acquisitions that we may enter in the future entail a number of risks that could materially and adversely
affect our business, operating and financial results, including, among others:
●
problems integrating the
    acquired operations, technologies or products into our existing business;
●
diversion of management's
    time and attention from our core business;
●
adverse effect on our existing
    business relationships with clients;
●
need for financial resources
    above our planned investment levels;
●
failures in realizing anticipated
    synergies;
●
difficulties in retaining
    business relationships with suppliers and clients of the acquired company;
●
risks associated with entering
    markets in which we lack experience;
●
potential loss of key employees
    of the acquired company; and
●
potential write-offs of
    acquired assets.
Our
failure to address these risks successfully may have a material adverse effect on our financial condition and results of operations.
Any such acquisition or investment will likely require a significant amount of capital investment, which would decrease the amount of
cash available for working capital or capital expenditures. In addition, if we use our equity securities to pay for acquisitions; the
value of your Class A Ordinary Shares may be diluted. If we borrow funds to finance acquisitions, such debt instruments may contain restrictive
covenants that can, among other things, restrict us from distributing dividends.
13
RISKS
RELATED TO OUR CORPORATE STRUCTURE
The
dual-class structure
of our ordinary shares has the effect of concentrating voting control with our Chairman and Chief
Executive Officer, directors and their affiliates.
Each
of our Class B Ordinary Shares has 20 votes per share, and each of our Class A Ordinary Shares has 1 vote per share. Mr. Ruilin
Xu, our chairman of the board of directors and our chief executive officer, beneficially owns 4.38% of our total issued and outstanding
Class A Ordinary Shares and 100% of our total issued and outstanding Class B Ordinary Shares, representing 87.91% of our total voting
power. Because of the twenty-to-one voting ratio between our Class B and Class A Ordinary Shares, the holder of our Class B
Ordinary Shares will continue to control a majority of the combined voting power of our ordinary share and therefore be able to control
all matters submitted to our shareholders for approval so long as the collective voting power of the shares of Class B Ordinary
Shares represent more than 50% of the voting power of all outstanding shares of our Class A and Class B Ordinary Shares.
As a result, until such time as his collective voting power is below 50%, Mr. Xu as the controlling shareholder has substantial influence
over our business, including decisions regarding mergers, consolidations and the sale of all or substantially all of our assets, election
of directors and other significant corporate actions, such as (i) making amendments to our certificate of incorporation and by-laws,
(ii) whether to issue additional Class A Ordinary Shares, including to himself, (iii) employment decisions, including compensation arrangements,
and (iv) whether to enter into material transactions with related parties. The interests of Mr. Xu as the controlling shareholder may
differ from the interests of our other shareholders. He may take actions that are not in the best interests of us or our other shareholders.
These corporate actions may be taken even if they are opposed by our other shareholders. Further, concentration of ownership
of our Class B Ordinary Shares may discourage, prevent or delay the consummation of change of control transactions that shareholders
may consider favorable, including transactions in which shareholders might otherwise receive a premium for their shares. Future issuances
of Class B Ordinary Shares may also be dilutive to the holders of Class A Ordinary Shares. As a result, the market price of our Class
A Ordinary Shares could be adversely affected. The concentration in the ownership of our ordinary shares will limit the ability of holders
of our Class A Ordinary Shares to influence corporate matters for the foreseeable future and may cause a material decline in the value
of our Class A Ordinary Shares.
As
a "controlled company" under the rules of the Nasdaq Capital Market, we may choose to exempt our company from certain corporate
governance requirements that could have an adverse effect on our public shareholders.
Mr.
Ruilin Xu, our chairman of the board of directors and our chief executive officer, beneficially owns 4.38% of our total issued and outstanding
Class A Ordinary Shares and 100%% of our total issued and outstanding Class B Ordinary Shares, representing 87.91% of our total voting
power. As such, Mr. Xu controls matters subject to a vote by our shareholders. Under Rule 4350I of the Nasdaq Capital Market, a company
of which more than 50% of the voting power is held by an individual, group or another company is a "controlled company" and
may elect not to comply with certain corporate governance requirements, including the requirement that a majority of our directors
be independent, as defined in the Nasdaq Capital Market Rules, and the requirement that our compensation and nominating and corporate
governance committees consist entirely of independent directors. Although we do not intend to rely on the "controlled company"
exemption under the Nasdaq listing rules, we could elect to rely on this exemption in the future. If we elect to rely on the "controlled
company" exemption, a majority of the members of our board of directors might not be independent directors and our nominating and
corporate governance and compensation committees might not consist entirely of independent directors. Accordingly, during any time we
remain a controlled company relying on the exemption and during any transition period following a time when we are no longer
a controlled company, you would not have the same protections afforded to shareholders of companies that are subject to all of the
Nasdaq Capital Market corporate governance requirements. Our status as a controlled company could cause our Class A Ordinary Shares
to look less attractive to certain investors or otherwise harm our trading price.
14
You
may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because
we are incorporated under Cayman Islands law.
We
are an exempted company incorporated under the laws of the Cayman Islands. Our corporate affairs are governed by our amended and restated
memorandum of association and articles of association, the Companies Act (As Revised) of the Cayman Islands (the "Companies Act")
and the common law of the Cayman Islands. The rights of shareholders to take action against the directors, actions by minority shareholders
and the fiduciary duties of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman
Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands
as well as from the common law of England, the decisions of whose courts are of persuasive authority, but are not binding, on a court
in the Cayman Islands. The rights of our shareholders and the fiduciary duties of our directors under Cayman Islands law are not as clearly
established as they would be under statutes or judicial precedent in some jurisdictions in the United States. It may be difficult or
impossible for you to bring an action against us or against these individuals in the United States in the event that you believe that
your rights have been infringed under the U.S. federal securities laws or otherwise. Even if you are successful in bringing an action
of this kind, the laws of the Cayman Islands and of the PRC may render you unable to enforce a judgment against our assets or the assets
of our directors and officers. For more information regarding the relevant laws of the Cayman Islands and the PRC. In particular, the
Cayman Islands has a different body of securities laws than the United States. Some U.S. states, such as Delaware, have more fully developed
and judicially interpreted bodies of corporate law than the Cayman Islands. In addition, Cayman Islands companies may not have standing
to initiate a shareholder derivative action in a federal court of the United States. There is no statutory recognition in the Cayman
Islands of judgments obtained in the United States, although the courts of the Cayman Islands will in certain circumstances recognize
and enforce a non-penal judgment of a foreign court of competent jurisdiction without retrial on the merits.
Shareholders
of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records or to obtain
copies of lists of shareholders of these companies. Our directors have discretion under our articles of association 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. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a
shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.
Certain
corporate governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies
incorporated in other jurisdictions such as the United States. To the extent we choose to follow home country practice with respect to
corporate governance matters, our shareholders may be afforded less protection than they otherwise would under rules and regulations
applicable to U.S. domestic issuers.
As
a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken
by management, members of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated
in the United States.
You
may be unable to present proposals before annual general meetings or extraordinary general meetings not called by shareholders.
Cayman
Islands law provides shareholders with only limited rights to convene a general meeting and does not provide shareholders with any right
to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our
articles of association allow our shareholders holding shares representing in aggregate not less than 10 percent of our voting share
capital in issue, to convene a general meeting of our shareholders, in which case our directors are obliged to call such meeting. Advance
notice of at least 7 days is required for the convening of our general meetings. A quorum required for a meeting of shareholders consists
of at least one shareholder present or by proxy, representing a majority of the paid up voting share capital in the Company.
Recently
introduced economic substance legislation of the Cayman Islands may impact the Company or its operations.
The
Cayman Islands, together with several other non-European Union jurisdictions, have recently introduced legislation aimed at addressing
concerns raised by the Council of the European Union as to offshore structures engaged in certain activities which attract profits without
real economic activity. Effective January 1, 2019, the International Tax Co-operation (Economic Substance) Act, 2018 (the "Substance
Law") and issued Regulations and Guidance Notes came into force in the Cayman Islands introducing certain economic substance requirements
for "relevant entities" which are engaged in certain "relevant activities," which in the case of exempted companies
incorporated before January 1, 2019, will apply in respect of fiscal years commencing July 1, 2019, onwards. A "relevant entity"
includes an exempted company incorporated in the Cayman Islands; however, it does not include an entity that is tax resident outside
the Cayman Islands. Accordingly, for so long as the Company is a tax resident outside the Cayman Islands, it is not required to satisfy
the economic substance test under the Substance Law. Although it is presently anticipated that the Substance Law will have little material
impact on the Company or its operations, as the legislation is new and remains subject to further clarification and interpretation it
is not currently possible to ascertain the precise impact of these legislative changes on the Company.
15
The
Financial Action Task Force's Increased Monitoring of the Cayman Islands.
In
February 2021, the Cayman Islands was added to the Financial Action Task Force ("FATF") list of jurisdictions whose anti-money
laundering practices are under increased monitoring, commonly referred to as the "FATF grey list." When the FATF places a
jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies
within agreed timeframes and is subject to increased monitoring during that timeframe. In its October 2021 plenary, the FATF recognized
the progress made by the Cayman Islands to improve its anti-money laundering and counter-terrorist financing regime. Despite this recognition,
it is unclear how long this designation will remain in place and what ramifications, if any, the designation will have for the Company.
Cayman
Islands was added to the EU AML High-Risk Third Countries List.
On
March 13, 2022, the European Commission ("EC") updated its list of 'high-risk third countries' ("EU AML
List") identified as having strategic deficiencies in their anti-money laundering/counter-terrorist financing regimes to add nine
countries, including the Cayman Islands. The EC has noted it is committed to there being a greater alignment between the EU AML List
and the FATF listing process. The addition of the Cayman Islands to the EU AML List is a direct result of the inclusion of the Cayman
Islands on the FATF grey list in February 2021. It is unclear how long this designation will remain in place and what ramifications,
if any, the designation will have for the Company.
RISKS
RELATED TO DOING BUSINESS IN CHINA
Because
all of our operations are in China, our business is subject to the complex and rapidly evolving laws and regulations there. The PRC 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 Class A Ordinary Shares.
As
a business operating in the PRC, we are subject to the laws and regulations of the PRC, which can be complex and evolve rapidly. The
PRC government has the power to exercise significant oversight and discretion over the conduct of our business, and the regulations to
which we are subject may change rapidly and with little notice to us or our shareholders. As a result, the application, interpretation,
and enforcement of new and existing laws and regulations in the PRC are often uncertain. In addition, these laws and regulations may
be interpreted and applied inconsistently by different agencies or authorities, and inconsistently with our current policies and practices.
New laws, regulations, and other government directives in the PRC may also be costly to comply with, and such compliance or any associated
inquiries or investigations or any other government actions may:
●
Delay or impede our development,
●
Result in negative publicity
    or increase our operating costs,
●
Require significant management
    time and attention, and
●
Subject us to remedies,
    administrative penalties and even criminal liabilities that may harm our business, including fines assessed for our current or historical
    operations, or demands or orders that we modify or even cease our business practices.
The
promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case that restrict or otherwise
unfavorably impact the ability or manner in which we conduct our business and could require us to change certain aspects of our business
to ensure compliance, which could decrease demand for our 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 Class A Ordinary Shares.
16
Furthermore,
if the PRC government determines that our corporate structure does not comply with PRC regulations, or if these regulations change
or are interpreted differently in the future, our Class A Ordinary Shares may decline significantly in value or become worthless if the
determinations, changes or interpretations result in impermissibility of our corporate structure and our inability to assert control
over the assets of our PRC subsidiary that accordingly conduct all or substantially all of our operations.
The
Chinese government has exercised and continues to exercise substantial control over virtually every sector of the Chinese economy.
Our ability to operate in China may be harmed by changes in its laws and regulations, including those relating to customer rights, taxation,
employment, property and other matters. The central or local governments of China may impose new, stricter regulations or interpretations
of existing regulations that would require additional expenditures and efforts on our part to ensure our compliance with such regulations
or interpretations. Accordingly, government actions in the future, including any decision not to continue to support recent economic
reforms and to return to a more centrally planned economy or regional or local variations in the implementation of economic policies,
could have a significant effect on economic conditions in China or particular regions thereof, and could require us to divest ourselves
of any interest we then hold in Chinese properties. Given recent statements by the Chinese government indicating an intent to exert more
oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers, any such action could
significantly limit or completely hinder our ability to continue to offer securities to investors and cause the value of such securities
to significantly decline or become worthless.
The
General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the
Opinions on Severely Cracking Down on Illegal Securities Activities According to Law, or the Opinions, which was made available to the
public on July 6, 2021. The Opinions emphasized the need to strengthen the administration over illegal securities activities, and
the need to strengthen the supervision over overseas listings by Chinese companies. Effective measures, such as promoting the construction
of relevant regulatory systems, will be taken to deal with the risks and incidents of China-concept overseas listed companies. Such
future administrative measure or actions may have material adverse effects on future offering of our securities to investors, our listing
in the U.S. or our business operation, for example in the event that it is required that we should obtain permission from the Chinese
government to offer our securities to investors or list on U.S. exchanges, it is unpredictable whether such permission can be obtained
by us, as the case may be, or, if permission is obtained, whether it could be later denied or rescinded. If we, including our subsidiaries,
do not receive or maintain such permissions or approvals, or inadvertently conclude that such permissions or approvals are not required,
it could significantly limit or completely hinder our ability to offer or continue to offer our securities to investors, list in the
U.S. and cause the value of our securities to significantly decline or become worthless. As of the date of this Annual Report, we have
not received any inquiry, notice, warning, or sanctions from PRC government authorities in connection with the Opinions.
On
June 10, 2021, the Standing Committee of the National People's Congress of China (the "SCNPC"), promulgated the
PRC Data Security Law, which took effect in September 2021. The PRC Data Security Law imposes data security and privacy obligations
on entities and individuals carrying out data activities, and introduces a data classification and hierarchical protection system based
on the importance of data in economic and social development, and the degree of harm it will cause to national security, public interests,
or legitimate rights and interests of individuals or organizations when such data is tampered with, destroyed, leaked, illegally acquired
or used. The PRC Data Security Law also provides for a national security review procedure for data activities that may affect national
security and imposes export restrictions on certain data an information.
In
early July 2021, regulatory authorities in China launched cybersecurity investigations with regard to several China-based companies
that are listed in the United States. In July 2021, the Chinese cybersecurity regulator launched the investigation on three
Internet platforms.
17
On November 14, 2021, the CAC released the
Regulations on the Network Data Security Management (Draft for Comments) (the "Data Security Management Regulations Draft"),
to solicit public opinion and comments. Pursuant to the Data Security Management Regulations Draft, data processor holding more than one
million users' individual information shall be subject to cybersecurity review before listing abroad. Data processing activities
refers to activities such as the collection, retention, use, processing, transmission, provision, disclosure, or deletion of data. According
to the latest amended Cybersecurity Review Measures, which was promulgated on December 28, 2021 and became effective on February 15,
2022, and replaced the Cybersecurity Review Measures promulgated on April 13, 2020, online platform operator holding more than one
million users' individual information shall be subject to cybersecurity review before listing abroad. Since the Cybersecurity Review
Measures is new, the implementation and interpretation thereof is not yet clear. As of the date of this Annual Report, we have not been
informed by any PRC governmental authority of any requirement that we file for approval.
On July 30, 2021, the State Council promulgated
the Regulations on the Protection of the Security of Critical Information Infrastructure, or the Regulations, which took effect on September 1,
2021. The Regulations supplement and specify the provisions on the security of critical information infrastructure as stated in the Cybersecurity
Review Measures. The Regulations provide, among others, that protection department of certain industry or sector shall notify the operator
of the critical information infrastructure in time after the identification of certain critical information infrastructure.
On August 20, 2021, the SCNPC promulgated
the Personal Information Protection Law of the PRC, or the Personal Information Protection Law, which took effect in November 2021.
As the first systematic and comprehensive law specifically for the protection of personal information in the PRC, the Personal Information
Protection Law provides, among others, that (i) an individual's consent shall be obtained to use sensitive personal information,
such as biometric characteristics and individual location tracking, (ii) personal information operators using sensitive personal
information shall notify individuals of the necessity of such use and impact on the individual's rights, and (iii) where personal
information operators reject an individual's request to exercise his or her rights, the individual may file a lawsuit with a People's
Court.
On February 17, 2023, the CSRC issued the Trial
Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (the "Trial Administrative Measures")
and relevant supporting guidelines (collectively, the "New Administrative Rules Regarding Overseas Listings"), which came
into force since March 31, 2023. According to the new administrative rules, among other things, a domestic company in the PRC that seeks
to offer and list securities in overseas markets shall fulfill the filing procedure with the CSRC as per requirement thereof. Initial
public offerings or listings in overseas markets shall be filed with the CSRC within 3 working days after the relevant application is
submitted overseas. If an issuer offers securities in the same overseas market where it has previously offered and listed securities subsequently,
filings shall be made with the CSRC within 3 working days after the offering is completed. Upon occurrence of any material event, such
as change of control, investigations or sanctions imposed by overseas securities regulatory agencies or other relevant competent authorities,
change of listing status or transfer of listing segment, or voluntary or mandatory delisting, after an issuer has offered and listed securities
in an overseas market, the issuer shall submit a report thereof to CSRC within 3 working days after the occurrence and public disclosure
of such event. Further, an overseas securities company that serves as a sponsor or lead underwriter for overseas securities offering and
listing by domestic companies shall file with the CSRC within 10 working days after signing its first engagement agreement for such business,
and submit to the CSRC, no later than January 31 each year, an Annual Report on its business activities in the previous year associated
with overseas securities offering and listing by domestic companies. If an overseas securities company has entered into engagement agreements
before the effectuation of the Trial Administrative Measures and is serving in practice as a sponsor or lead underwriter for overseas
securities offering and listing by domestic companies, it shall file with the CSRC within 30 working days after the Trial Administrative
Measures take effect.
On February 24, 2023, the CSRC promulgated the
Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies
(the "Confidentiality and Archives Administration Provisions"), which also became effective on March 31, 2023. The Confidentiality
and Archives Administration Provisions set out rules, requirements and procedures relating to provision of documents, materials and accounting
archives for securities companies, securities service providers, overseas regulators and other entities and individuals in connection
with overseas offering and listing, including without limitation to, domestic companies that carry out overseas offering and listing (either
in direct or indirect means) and the securities companies and securities service providers (either incorporated domestically or overseas)
that undertake relevant businesses shall not leak any state secret and working secret of government agencies, or harm national security
and public interest, and a domestic company shall first obtain approval from competent authorities according to law, and file with the
secrecy administrative department at the same level, if it plans to, either directly or through its overseas listed entity, publicly disclose
or provide any documents and materials that contain state secrets or working secrets of government agencies. Working papers produced in
the Chinese mainland by securities companies and securities service providers in the process of undertaking businesses related to overseas
offering and listing by domestic companies shall be retained in the Chinese mainland. Where such documents need to be transferred or transmitted
to outside the Chinese mainland, relevant approval procedures stipulated by regulations shall be followed.
Given that the above mentioned newly promulgated
laws, regulations and policies were recently promulgated or issued, their interpretation, application and enforcement are subject to substantial
uncertainties.
18
PRC laws and regulations governing our current
business operations are sometimes vague and uncertain. Uncertainties with respect to the PRC legal system, including uncertainties
regarding the enforcement of laws, and sudden or unexpected changes in laws and regulations in China with little advance notice could
have a material adverse effect on us and limit the legal protections available to you and us.
There are substantial uncertainties regarding
the interpretation and application of PRC laws and regulations including, but not limited to, the laws and regulations governing our business
and the enforcement and performance of our arrangements with clients in certain circumstances. The laws and regulations are sometimes
vague and may be subject to future changes, and their official interpretation and enforcement could be unpredictable, with little advance
notice. The effectiveness and interpretation of newly enacted laws or regulations, including amendments to existing laws and regulations,
may be delayed, and our business may be affected if we rely on laws and regulations which are subsequently adopted or interpreted in a
manner different from our current understanding of these laws and regulations. New laws and regulations that affect existing and proposed
future businesses may also be applied retroactively. We cannot predict what effect the interpretation of existing or new PRC laws or regulations
may have on our business.
The PRC legal system is based on written statutes.
Prior court decisions are encouraged to be used for reference but it remains unclear to what extent the prior court decisions may impact
the current court ruling as the encouragement policy is new and there is limited judicial practice in this regard. We conduct our business
primarily through our subsidiary established in China.
This subsidiary is generally subject to laws and
regulations applicable to foreign investment in China. However, since these laws and regulations are relatively new and the PRC legal
system continues to rapidly evolve, the interpretations of many laws, regulations and rules are not always uniform and enforcement of
these laws, regulations and rules involves uncertainties, which may limit legal protections available to us. In addition, any new changes
in PRC laws and regulations related to foreign investment in China could affect the business environment and our ability to operate our
business in China. Recently, the General Office of the Central Committee of the Communist Party of China and the General Office of the
State Council jointly issued the "Opinions on Severely Cracking Down on Illegal Securities Activities According to Law," or
the Opinions, which was made available to the public on July 6, 2021. The Opinions emphasized the need to strengthen the administration
over illegal securities activities, and the need to strengthen the supervision over overseas listings by Chinese companies. Effective
measures, such as promoting the construction of relevant regulatory systems will be taken to deal with the risks and incidents of China-concept overseas
listed companies, and cybersecurity and data privacy protection requirements, etc. The Opinions and any related implementing rules to
be enacted may subject us to compliance requirement in the future. In addition, some regulatory requirements issued by certain PRC government
authorities may not be consistently applied by other government authorities (including local government authorities), thus making strict
compliance with all regulatory requirements impractical, or in some circumstances impossible. For example, we may have to resort to administrative
and court proceedings to enforce the legal protection that we enjoy either by law or contract. However, since PRC administrative and court
authorities have discretion in interpreting and implementing statutory and contractual terms, it may be more difficult to predict the
outcome of administrative and court proceedings and the level of legal protection we enjoy than in more developed legal systems. These
uncertainties may impede our ability to enforce the contracts we have entered into with our business partners, clients and suppliers.
In addition, such uncertainties, including any inability to enforce our contracts, together with any development or interpretation of
PRC law that is adverse to us, could materially and adversely affect our business and operations. Furthermore, intellectual property rights
and confidentiality protections in China may not be as effective as in the United States or other more developed countries and the
PRC legal system is based in part on government policies and internal rules, some of which are not published on a timely basis or at all
and may have retroactive effects. As a result, we may not be aware of our violation of any of these policies and rules until sometime
after the violation. Such unpredictability towards our contractual, property, and procedural rights could adversely affect our business
and impede our ability to continue our operations. We cannot predict the effect of future developments in the PRC legal system, including
the promulgation of new laws, changes to existing laws or the interpretation or enforcement thereof, or the preemption of local regulations
by national laws. These uncertainties could limit the legal protections available to us and other foreign investors, including you. In
addition, any litigation in China may be protracted and result in substantial costs and diversion of our resources and management attention.
19
The PRC government has
significant oversight and discretion over the conduct of our business and may intervene or influence our operations as the government
deems appropriate to further regulatory, political and societal goals. The PRC government has recently published new policies that significantly
affected certain industries such as the education and internet industries, and we cannot rule out the possibility that it will in the
future release regulations or policies regarding our industry that could adversely affect our business, financial condition and results
of operations.
Furthermore, if China adopts more stringent standards
with respect to certain areas such as corporate social responsibilities, we may incur increased compliance costs or become subject to
additional restrictions in our operations. We cannot predict the effects of future developments in the PRC legal system on our business
operations, including the promulgation of new laws, or changes to existing laws or the interpretation or enforcement thereof. These uncertainties
could limit the legal protections available to us and our investors, including you.
Recent greater oversight by the CAC over
data security, particularly for companies seeking to list on a foreign exchange, could adversely impact our business and our securities
offering.
On December 28, 2021, the CAC, together with 12
other governmental departments of the PRC, jointly promulgated the Cybersecurity Review Measures, which became on February 15, 2022. The
Cybersecurity Review Measures provides that, in addition to critical information infrastructure operators that intend to purchase Internet
products and services, data processing operators engaging in data processing activities that affect or may affect national security must
be subject to cybersecurity review by the Cybersecurity Review Office of the PRC. According to the Cybersecurity Review Measures, a cybersecurity
review assesses potential national security risks that may be brought about by any procurement, data processing, or overseas listing.
The Cybersecurity Review Measures further requires that critical information infrastructure operators and data processing operators that
possess personal data of at least one million users must apply for a review by the Cybersecurity Review Office of the PRC before conducting
listings in foreign countries.
On November 14, 2021, the CAC published the Data
Security Management Regulations Draft, which provides that data processing operators engaging in data processing activities that affect
or may affect national security must be subject to network data security review by the relevant Cyberspace Administration of the PRC.
According to the Data Security Management Regulations Draft, data processing operators who possess personal data of at least one million
users or collect data that affects or may affect national security must be subject to network data security review by the relevant Cyberspace
Administration of the PRC. On July 7, 2022, the CAC promulgated the Measures for the Security Assessment of Outbound Data Transfers, or
the Measures, which will become effective from September 1, 2022. The Measures shall apply to the security assessment of the provision
of important data and personal information collected and generated by data processors in the course of their operations within the territory
of the PRC by such data processors to overseas recipients. The Measures stipulates the circumstances under which security assessment of
outbound data transfers should be declared, including: (i) outbound transfer of important data by a data processor; (ii) outbound transfer
of personal information by a critical information infrastructure operator or a personal information processor who has processed the personal
information of more than one million people; (iii) outbound transfer of personal information by a personal information processor who has
made outbound transfers of the personal information of one million people cumulatively or the sensitive personal information of 10,000
people cumulatively since January 1 of the previous year; or (iv) other circumstances where an application for the security assessment
of an outbound data transfer is required as prescribed by the national cyberspace administration authority. Based on the relevant regulations
relating to outbound data transfer in the Cybersecurity Law, the Data Security Law, and the Personal Information Protection Law, the Measures
provide the scope, conditions and procedures of security assessment of outbound data transfer and thereby provide specific guidelines
for security assessment of outbound data transfers.
20
We believe that we are in compliance with the
current data security, cybersecurity, and other regulations and policies issued by the CAC, and we have not received any inquiry, notice,
warning, or sanctions from the CAC or other PRC governmental authorities for violation of those regulations or policies to date. However,
since many of those regulations or policies are relatively new, there remains significant uncertainty as to their interpretation and implementation.
If PRC governmental authorities interpret or implement those regulations or policies in a way different from us and conclude that there
are violations by us in the future, or new laws, regulations, rules, or detailed implementation and interpretation are adopted that result
in noncompliance by us, we may be subject to fines, penalties or other sanctions, which may have a significant adverse impact on our financial
position, operations and the value of our Class A Ordinary Shares. As of the date of this Annual Report, we have not received any notice
from any authorities identifying our PRC subsidiary as a critical information infrastructure operator or requiring us to go through cybersecurity
review or network data security review by the CAC. We believe that our listing in the U.S. will not be affected by the Cybersecurity Review
Measures, Data Security Management Regulations Draft or the Measures, and our PRC operations will not be subject to cybersecurity review
or network data security review by the CAC, because our business does not rely on the collection of user data or implicate cybersecurity
and we do not possess more than one million users' individual information. There remains uncertainty, however, as to how the Cybersecurity
Review Measures, the Data Security Management Regulations Draft and the Measures will be interpreted or implemented and whether the PRC
regulatory agencies, including the CAC, may adopt new laws, regulations, rules, or detailed implementation and interpretation related
to the Cybersecurity Review Measures, the Data Security Management Regulations Draft and the Measures. If any such new laws, regulations,
rules, or implementation and interpretation come into effect, we will take all reasonable measures and actions to comply and to minimize
the adverse effect of such laws on us. We cannot guarantee, however, that we will not be subject to cybersecurity review or network data
security review in the future.
Under the rules for cross-border provision
and examination of auditing records and other materials in connection with overseas securities issuance and listing in the PRC, the PRC
government may impose more stringent requirement for domestic Chinese companies to share business and accounting records with foreign
auditing firms and other securities service institutions, which could significantly limit or completely hinder our ability to continue
to offer our Ordinary Shares to investors and could cause the value of our Ordinary Shares to significantly decline or become worthless.
The Confidentiality and Archives Administration
Provisions promulgated by the CSRC on February 24, 2023, which became effective on March 31, 2023, require that, before providing or publicly
disclosing documents and materials involving state secrets or government work secrets to securities companies, securities service institutions,
or overseas regulators, the domestic enterprises shall seek approval from the relevant government regulators, and make filings with the
secret protection administration at the same level.
The Confidentiality and Archives Administration
Provisions expand the scope of the regulations from "state secrets" to "state secrets and work secrets of government
agencies." However, the provisions do not define the scope of such secrets, but merely provide that in case where it is unclear
or disputed as to whether state secrets are involved, the relevant state secret protection regulator shall make final the determination;
in case where it is unclear or disputed as to whether government work secrets are involved, the relevant government regulator shall make
final the determination.
The Confidentiality and Archives Administration
Provisions mandates that domestic enterprises needs to follow due procedures in compliance with applicable national regulations before
furnishing accounting records or copies of accounting records to relevant securities companies, securities service institutions, and overseas
regulators. Working papers produced in the Chinese mainland by securities companies and securities service providers in the process of
undertaking businesses related to overseas offering and listing by domestic companies shall be retained in the Chinese mainland. Where
such documents need to be transferred or transmitted to outside the Chinese mainland, relevant approval procedures stipulated by regulations
shall be followed.
21
Since the Confidentiality and Archives Administration
Provisions are newly promulgated, and the interpretation and implementation are not very clear, we cannot assure you that whether we will
be required to undergo any approval, filing or other procedures in relation to the provision of auditing records and other materials in
connection with our listing on the Nasdaq or we will be able to receive clearance of such regulatory requirements in a timely manner,
or at all, in the future. The PRC regulatory authorities may impose fines and penalties upon our operations in the PRC, limit our operating
privileges in the PRC, or take other actions that could have a material adverse effect upon our business, financial condition, results
of operations, reputation and prospects, as well as the trading price of our Ordinary Shares. The CSRC or other PRC regulatory agencies
may also require us, or make it advisable for us, to terminate our listing. Any failure of us to fully comply with new regulatory requirements
may significantly limit or completely hinder our ability to continue to offer the Class A Ordinary Shares, cause significant disruption
to our business operations, severely damage our reputation, materially and adversely affect our financial condition and results of operations,
and cause the Class A Ordinary Shares to significantly decline in value or become worthless.
Changes in China's economic, political
or social conditions or government policies, which could occur quickly with little advance notice, could have a material adverse effect
on our business and operations.
Substantially all of our assets and operations
are located in the PRC. Accordingly, our business, financial condition, results of operations and prospects may be influenced to a significant
degree by political, economic and social conditions in the PRC generally. The Chinese economy differs from the economies of most developed
countries in many respects, including the level of government involvement, development, growth rate, control of foreign exchange, monetary
and tax policies, allocation of resources, and regulation of the growth of the general or specific market and a host of other government
policies such as those that encourage or restrict investment in certain industries by foreign investors. Although the PRC government has
implemented measures emphasizing the utilization of market forces for economic reform, the reduction of state ownership of productive
assets, and the establishment of improved corporate governance in business enterprises, a substantial portion of productive assets in
the PRC is still owned by the government. In addition, the PRC government continues to play a significant role in regulating industry
development by imposing industrial policies. The PRC government also exercises significant control over the PRC's economic growth
through allocating resources, controlling payment of foreign currency-denominated obligations, setting monetary policy and providing preferential
treatment to particular industries or companies.
While the Chinese economy has experienced significant
growth over past decades, growth has been uneven, both geographically and among various sectors of the economy. Any adverse changes in
economic conditions in the PRC, in the policies of the PRC government or in the laws and regulations in the PRC, which may occur quickly
with little advance notice, could have a material adverse effect on the overall economic growth of the PRC. Such developments could adversely
affect our business and operating results, lead to a reduction in demand for our services and adversely affect our competitive position.
The PRC government has implemented various measures to encourage economic growth and guide the allocation of resources. Some of these
measures may benefit the overall Chinese economy, but may have a negative effect on us. For example, our financial condition and results
of operations may be adversely affected by government control over capital investments or changes in tax regulations. In addition, in
the past the PRC government has implemented certain measures, including interest rate adjustment, to control the pace of economic growth.
These measures may cause decreased economic activity in the PRC, which may adversely affect our business and operating results. In addition,
although these government involvements have been instrumental in China's significant growth, if the PRC government's current
or future policies fail to help the Chinese economy achieve further growth, our growth rate or strategy, our results of operations could
also be adversely affected as a result.
Non-compliance with labor-related laws and
regulations of the PRC and increases in labor costs in the PRC may have an adverse impact on our financial condition and results of operation.
We have been subject to stricter regulatory requirements
in terms of entering into labor contracts with our employees and paying various statutory employee benefits, including pensions, housing
fund, medical insurance, work-related injury insurance, unemployment insurance and childbearing insurance to designated government agencies
for the benefit of our employees. Pursuant to the PRC Labor Contract Law, or the Labor Contract Law, that became effective in January
2008 and was last amended in December 2012 and its implementing rules that became effective in September 2008, employers are subject to
stricter requirements in terms of signing labor contracts, minimum wages, paying remuneration, determining the term of employees'
probation and unilaterally terminating labor contracts. In the event that we decide to terminate some of our employees or otherwise change
our employment or labor practices, the Labor Contract Law and its implementation rules may limit our ability to effect those changes in
a desirable or cost-effective manner, which could adversely affect our business and results of operations. Furthermore, the Labor Contract
Law sets forth additional restrictions and increases the costs involved with dismissing employees. In addition, for employees whose employment
contracts include noncompetition terms, the Labor Contract Law requires us to pay monthly compensation after such employment is terminated,
which will increase our operating expenses. We expect that our labor costs, including wages and employee benefits, will continue to increase.
Companies operating in China are also required to withhold individual income tax on employees' salaries based on the actual salary
of each employee upon payment. We believe our current practice complies with the Labor Contract Law and its amendments. However, the relevant
governmental authorities may take a different view and impose fines on us.
22
As the interpretation and implementation of labor-related
laws and regulations are still evolving, we cannot assure you that our employment practice does not and will not violate labor-related
laws and regulations in China, which may subject us to labor disputes or government investigations. If we are deemed to have violated
relevant labor laws and regulations, we could be required to provide additional compensation to our employees and be subject to orders
by competent labor authorities for rectification, and failure to comply with the orders may further subject us to administrative fines.
We may also be subject to late fees and fines in relation to the under-withheld individual income tax. In any of such events, our business,
financial condition and results of operations could be materially and adversely affected.
Failure to comply with relevant regulation
regarding the leased property of our PRC subsidiary may cause interruptions to its business operations.
As of the date of this Annual Report, the construction
plan for one leased property of our PRC subsidiary is inconsistent with the project planning permit, and there may be risks that the lessor
would be punished by the relevant authorities due to inconsistency, and therefore our PRC subsidiary may not be able to continue to occupy
and use such property. Our PRC subsidiary may be forced to relocate. We cannot assure you that our PRC subsidiary will be able to find
a suitable replacement sites on terms acceptable to it on a timely basis.
The transfer of funds, dividends and other
distributions between us and our subsidiaries is subject to restriction.
As a holding company, we may rely on transfer
of funds, dividends and other distributions on equity paid by our subsidiaries in mainland China and Hong Kong for our cash and financing
requirements.
As of the date of this Annual Report, there has
been no cash flows, including dividends, transfers and distributions, between KingWin and its subsidiaries. In the future, cash proceeds
raised from overseas financing activities, will be transferred by us to our subsidiaries via capital contributions or shareholder
loans, as the case may be. Such cash proceeds will be transferred by KingWin to KingWin BVI, and then KingWin HK, then transferred
to Tiancheng Jinhui, via capital contributions or shareholder loans, as the case may be.
We intend to keep any future earnings to re-invest
in and finance the expansion of the business of the PRC operating entity, and we do not anticipate that any cash dividends will be paid
in the foreseeable future to our U.S. investors. Under Cayman Islands law, a Cayman Islands company may pay a dividend on its shares out
of profits of the company or its share premium amount or a combination of both, provided that in no circumstances may a dividend be paid
if this would result in the company being unable to pay its debts as they fall due in the ordinary course of business. In order for us
to pay dividends to our shareholders, we may rely on the distribution of profits of the PRC operating entity to the Hong Kong subsidiary.
PRC regulations currently permit the payment of dividends only out of accumulated profits, as determined in accordance with accounting
standards and PRC regulations. The PRC government imposes controls on the conversion of RMB into foreign currencies and the remittance
of currencies out of the PRC. In addition, the Enterprise Income Tax Law and its implementation rules provide that a withholding tax at
a rate of 10% will be applicable to dividends payable by Chinese companies to enterprises outside of mainland China unless reduced under
treaties or arrangements between the PRC central government and the governments of other countries or regions where the enterprises outside
of mainland China are tax resident.
Foreign currency exchange regulation in the PRC
is primarily governed by Foreign Exchange Administration Regulations, most recently revised by the State Council on August 5, 2008, Notice
on Further Simplifying and Improving Policies of Foreign Exchange Administration on Direct Investment issued by SAFE on February 13, 2015
and most recently amended on December 30, 2019, and the Provisions on the Administration of Settlement, Sale and Payment of Foreign Exchange
promulgated by the People's Bank of China on June 20, 1996. Currently, RMB is convertible for current account items, including the
distribution of dividends, interest payments, trade and service related foreign exchange transactions. Renminbi is generally freely convertible
for payments of current account items, such as trade and service-related foreign exchange transactions, interest and dividend payments,
but not freely convertible for capital account items, such as direct investment, loan or investment in securities outside China, unless
prior approval of State Administration of Foreign Exchange, or the SAFE, or its local office has been obtained. Capital investments by
foreign enterprises are also subject to the regulations of the National Development and Reform Commission of China (the "NDRC"),
the MOFCOM and the SAFE.
Therefore, KingWin and its subsidiaries may experience
difficulties in completing the administrative procedures necessary to obtain and remit foreign currency for the payment of dividends from
our profits, if any.
23
To the extent any funds or assets in the
business is in mainland China or Hong Kong or a mainland China or Hong Kong entity, the funds or assets may not be available to fund operations
or for other use outside of mainland China or Hong Kong.
To the extent
funds are generated in our PRC operating subsidiary, and may need to be used to fund operations outside of mainland China, such funds
may not be available due to limitations placed by the PRC government. Furthermore, to the extent assets (other than cash) in our business
are located in mainland China or held by a mainland China entity, the assets may not be available to fund operations or for other use
outside of mainland China due to interventions in or the imposition of restrictions and limitations on the ability of us and our subsidiaries
to transfer assets by the PRC government.
Based on our understanding of the Hong Kong laws and regulations, as of the date of this
Annual Report, there is no restriction imposed by the Hong Kong government on the transfer of capital within, into and out of Hong Kong
(including funds from Hong Kong to mainland China), except transfer of funds involving money laundering and criminal activities. Notwithstanding
the foregoing,
if certain PRC laws and regulations, including existing laws and regulations and
those enacted or promulgated in the future were to become applicable to our Hong Kong subsidiary in the future, and to the extent cash
is generated in our Hong Kong subsidiary, and to the extent assets (other than cash) in our business are located in Hong Kong or held
by a Hong Kong entity and may need to be used to fund operations outside of Hong Kong, such funds or assets may not be available due to
interventions in or the imposition of restrictions and limitations on the ability of us and our subsidiaries to transfer funds or assets
by the PRC government. Furthermore, there can be no assurance that the PRC government will not intervene or impose restrictions or limitations
on our ability to transfer or distribute cash, which could result in an inability or prohibition on making transfers or distributions
to entities outside of mainland China and Hong Kong and adversely affect our business.
PRC regulation of loans and direct investment
by offshore holding companies to PRC entities may delay or prevent us from using the proceeds of our recent initial public offering to
make loans or additional capital contributions to our PRC subsidiary, which could materially and adversely affect our liquidity and our
ability to fund and expand our business.
We are an offshore holding company conducting
our operations in China through our subsidiary established in China. We may make loans to our PRC subsidiary subject to the approval from
governmental authorities and limitation of amount, or we may make additional capital contributions to our wholly foreign-owned subsidiary
in China.
Any loans to our wholly foreign-owned subsidiary
in China, which are treated as foreign-invested enterprises under PRC law, are subject to PRC regulations and foreign exchange loan registrations.
For example, loans by us to our wholly foreign-owned subsidiary in China to finance their activities must be registered with the local
counterpart of SAFE. In addition, a foreign invested enterprise shall use its capital pursuant to the principle of authenticity and self-use
within its business scope. The capital of a foreign invested enterprise shall not be used for the following purposes: (i) directly or
indirectly used for payment beyond the business scope of the enterprises or the payment prohibited by relevant laws and regulations; (ii)
directly or indirectly used for investment in securities or investments other than banks' principal-secured products unless otherwise
provided by relevant laws and regulations; (iii) the granting of loans to non-affiliated enterprises, except where it is expressly permitted
in the business license; and (iv) paying the expenses related to the purchase of real estate that is not for self-use (except for the
foreign-invested real estate enterprises).
24
SAFE promulgated the Notice of the State Administration
of Foreign Exchange on Reforming the Administration of Foreign Exchange Settlement of Capital of Foreign-invested Enterprises, or SAFE
Circular 19, effective June 2015, in replacement of the Circular on the Relevant Operating Issues Concerning the Improvement of the Administration
of the Payment and Settlement of Foreign Currency Capital of Foreign-Invested Enterprises, the Notice from the State Administration of
Foreign Exchange on Relevant Issues Concerning Strengthening the Administration of Foreign Exchange Businesses, and the Circular on Further
Clarification and Regulation of the Issues Concerning the Administration of Certain Capital Account Foreign Exchange Businesses. According
to SAFE Circular 19, the flow and use of the RMB capital converted from foreign currency-denominated registered capital of a foreign-invested
company is regulated such that RMB capital may not be used for the issuance of RMB entrusted loans, the repayment of inter-enterprise
loans or the repayment of banks loans that have been transferred to a third party. Although SAFE Circular 19 allows RMB capital converted
from foreign currency-denominated registered capital of a foreign-invested enterprise to be used for equity investments within China,
it also reiterates the principle that RMB converted from the foreign currency-denominated capital of a foreign-invested company may not
be directly or indirectly used for purposes beyond its business scope. SAFE promulgated the Notice of the State Administration of Foreign
Exchange on Reforming and Standardizing the Foreign Exchange Settlement Management Policy of Capital Account, or SAFE Circular 16, effective
on June 9, 2016, which reiterates some of the rules set forth in SAFE Circular 19, but changes the prohibition against using RMB capital
converted from foreign currency-denominated registered capital of a foreign-invested company to issue RMB entrusted loans to a prohibition
against using such capital to issue loans to non-associated enterprises. Violations of SAFE Circular 19 and SAFE Circular 16 could result
in administrative penalties. SAFE Circular 19 and SAFE Circular 16 may significantly limit our ability to transfer any foreign currency
we hold, including the net proceeds from our recent initial public offering, to our PRC subsidiary, which may adversely affect our liquidity
and our ability to fund and expand our business in China. On October 23, 2019, the SAFE promulgated the Notice of the State Administration
of Foreign Exchange on Further Promoting the Convenience of Cross-border Trade and Investment, or the SAFE Circular 28, which, among other
things, allows all foreign-invested companies to use Renminbi converted from foreign currency-denominated capital for equity investments
in China, as long as the equity investment is genuine, does not violate applicable laws, and complies with the negative list on foreign
investment. However, since the SAFE Circular 28 is newly promulgated, it is unclear how SAFE and competent banks will carry this out in
practice.
In light of the various requirements imposed by
PRC regulations on loans to and direct investment in PRC entities by offshore holding companies, we cannot assure you that we will be
able to complete the necessary government registrations or obtain the necessary government approvals on a timely basis, if at all, with
respect to future loans to our PRC subsidiary or future capital contributions by us to our wholly foreign-owned subsidiary in China. As
a result, uncertainties exist as to our ability to provide prompt financial support to our PRC subsidiary when needed. If we fail to complete
such registrations or obtain such approvals, our ability to use the proceeds that we received from our recent initial public offering
and to capitalize or otherwise fund our PRC operations may be negatively affected, which could materially and adversely affect our liquidity
and our ability to fund and expand our business.
We may rely on dividends and other distributions
on equity paid by our PRC subsidiary to fund any cash and financing requirements we may have, and any limitation on the ability of our
PRC subsidiary to make payments to us could have a material and adverse effect on our ability to conduct our business.
We may rely principally on dividends and other
distributions on equity from our PRC subsidiary for our cash requirements, including for services of any debt we may incur.
Our PRC subsidiary's ability to distribute
dividends is based upon their distributable earnings. Current PRC regulations permit our PRC subsidiary to pay dividends to their respective
shareholders only out of their accumulated profits, if any, determined in accordance with PRC accounting standards and regulations. In
addition, our PRC subsidiary is required to draw 10% of its after-tax profits each year, if any, to fund a common reserve, which may stop
drawing its after-tax profits if the aggregate balance of the common reserve has already accounted for over 50 percent of its registered
capital. These reserves are not distributable as cash dividends. If our PRC subsidiary incurs debt on its own behalf in the future, the
instruments governing the debt may restrict its ability to pay dividends or make other payments to us. Any limitation on the ability of
our PRC subsidiary to distribute dividends or other payments to their respective shareholders could materially and adversely limit our
ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends or otherwise fund and conduct
our business.
In addition, the Enterprise Income Tax Law and
its implementation rules provide that a withholding tax rate of up to 10% will be applicable to dividends payable by Chinese companies
to enterprises outside of mainland China unless otherwise exempted or reduced according to treaties or arrangements between the PRC central
government and governments of other countries or regions where the enterprises outside of mainland China are incorporated.
25
Governmental control of currency conversion
may limit our ability to utilize our revenues effectively and affect the value of your investment.
The PRC government imposes controls on the convertibility
of the Renminbi into foreign currencies and, in certain cases, the remittance of currency out of China. We receive substantially all of
our revenues in Renminbi. Under our current corporate structure, we may primarily rely on dividend payments from our PRC subsidiary to
fund any cash and financing requirements we may have. Under existing PRC foreign exchange regulations, payments of current account items,
including profit distributions, interest payments and trade and service-related foreign exchange transactions, can be made in foreign
currencies without prior approval of SAFE by complying with certain procedural requirements. Specifically, under the existing exchange
restrictions, without prior approval of SAFE, cash generated from the operations of our PRC subsidiary in China may be used to pay dividends
to our company. However, approval from or registration with appropriate government authorities is required, in principle, where RMB is
to be converted into foreign currency and remitted out of China to pay capital expenses such as the repayment of loans denominated in
foreign currencies. As a result, we need to obtain SAFE approval to use cash generated from the operations of our PRC subsidiary to pay
off their respective debt in a currency other than Renminbi owed to entities outside China, or to make other capital expenditure payments
outside China in a currency other than Renminbi. The PRC government may at its discretion restrict access to foreign currencies for current
account transactions in the future. If the foreign exchange control system prevents us from obtaining sufficient foreign currencies to
satisfy our foreign currency demands, we may not be able to pay dividends in foreign currencies to our shareholders, including holders
of the Class A Ordinary Shares.
Fluctuations in exchange rates could have
a material adverse effect on our results of operations and the price of our Class A Ordinary Shares.
Our revenues and expenditures are denominated
in RMB, whereas our reporting currency is the USD. As a result, fluctuations in the exchange rate between the USD and RMB will affect
the relative purchasing power, in RMB terms, of our USD assets. Our reporting currency is the USD, while the functional currency for our
PRC subsidiary is RMB. Gains and losses from the re-measurement of assets and liabilities receivable or payable in RMB are included in
our consolidated statements of operations. The re-measurement has caused the USD value of our results of operations to vary with exchange
rate fluctuations, and the USD value of our results of operations will continue to vary with exchange rate fluctuations. A fluctuation
in the value of RMB relative to the USD could reduce our profits from operations and the translated value of our net assets when reported
in USD in our financial statements. This change in value could negatively impact our business, financial condition, or results of operations
as reported in USD. In the event that we decide to convert our RMB into USD to make payments for dividends on our Class A Ordinary Shares
or for other business purposes, appreciation of the USD against the RMB will harm the USD amount available to us. In addition, fluctuations
in currencies relative to the periods in which the earnings are generated may make it more difficult to perform period-to-period comparisons
of our reported results of operations.
The value of the RMB against the USD and other
currencies is affected by, among other things, changes in China's political and economic conditions and China's foreign exchange
policies. On July 21, 2005, the PRC government changed its decades-old policy of pegging the value of the RMB to the USD, and the RMB
appreciated more than 20% against the USD over the following three years. However, the People's Bank of China, or PBOC, regularly
intervenes in the foreign exchange market to limit fluctuations in RMB exchange rates and achieve policy goals. Between July 2008 and
June 2010, the exchange rate between the RMB and the USD had been stable and traded within a narrow range. Since June 2010, the RMB has
fluctuated against the USD, at times significantly and unpredictably. Since October 1, 2016, Renminbi has joined the International Monetary
Fund ("IMF")'s basket of currencies that make up the Special Drawing Right ("SDR") and includes the USD,
the Euro, the Japanese yen, and the British pound. In the fourth quarter of 2016, the RMB depreciated significantly in the backdrop of
a surging USD and persistent capital outflows of China. With the development of the foreign exchange market and progress towards interest
rate liberalization and Renminbi internationalization, the PRC government may announce further changes to the exchange rate system. We
cannot assure you that the Renminbi will not appreciate or depreciate significantly in value against the USD in the future. It is difficult
to predict how market forces or the PRC or U.S. government policy may impact the exchange rate between the Renminbi and the USD in the
future.
26
There remains significant international pressure
on the PRC government to adopt a flexible currency policy. Any significant appreciation or depreciation of the RMB may materially and
adversely affect our revenues, earnings and financial position, and the value of, and any dividends payable on, our Class A Ordinary Shares
in USD. For example, to the extent that we need to convert USD we receive from our initial public offering into RMB to pay our operating
expenses, appreciation of the RMB against the USD would adversely affect the RMB amount we would receive from the conversion. Conversely,
a significant depreciation of the RMB against the USD may significantly reduce the USD equivalent of our earnings, which in turn could
adversely affect the price of our Class A Ordinary Shares.
Very limited hedging options are available in
China to reduce our exposure to exchange rate fluctuations. To date, we have not entered into any hedging transactions to reduce our exposure
to foreign currency exchange risk. While we may decide to enter into hedging transactions in the future, the availability and effectiveness
of these hedges may be limited. We may not be able to hedge our exposure adequately. In addition, our currency exchange losses may be
magnified by PRC exchange control regulations that restrict our ability to convert RMB into foreign currency. As a result, fluctuations
in exchange rates may have a material adverse effect on the price of our Class A Ordinary Shares.
There are significant legal and other obstacles
to obtaining information needed for shareholder investigations or litigation outside China or otherwise with respect to foreign entities.
We conduct substantially all of our business operations
in China, and a majority of our directors and senior management are based in China, which is an emerging market. The SEC, U.S. Department
of Justice and other authorities often have substantial difficulties in bringing and enforcing actions against non-U.S. companies and
non-U.S. persons, including company directors and officers, in certain emerging markets, including China. Additionally, our public shareholders
may have limited rights and few practical remedies in emerging markets where we operate. While shareholder claims are common in the United
States, including class action securities law and fraud claims, shareholders are generally difficult to pursue as a matter of law or practicality
in many emerging markets, including China. For example, in China, there are significant legal and other obstacles to obtaining information
needed for shareholder investigations or litigation outside China or otherwise with respect to foreign entities. Although the local authorities
in China may establish a regulatory cooperation mechanism with the securities regulatory authorities of another country or region to implement
cross-border supervision and administration, the regulatory cooperation with the securities regulatory authorities in the Unities States
has not been efficient in the absence of a mutual and practical cooperation mechanism. According to Article 177 of the PRC Securities
Law which became effective in March 2020, no foreign securities regulator is allowed to directly conduct investigation or evidence collection
activities within the territory of the PRC. Accordingly, without the consent of the competent PRC securities regulators and relevant authorities,
no organization or individual may provide the documents and materials relating to securities business activities to foreign securities
regulators.
As a result, our public shareholders may have
more difficulty in protecting their interests in the face of actions taken by management, members of the board of directors or controlling
shareholders than they would as public shareholders of a company incorporated in the United States.
You may experience difficulties in effecting
service of legal process, enforcing foreign judgments or bringing actions in China against us or our management.
We conduct substantially all of our operations
in China, and substantially all of our assets are located in China, which is an emerging market. In addition, other than our independent
director Kenneth K. Cheng, all of our directors and officers are nationals or residents of countries other than the United States, and
a substantial portion of the assets of these persons is located outside the United States. As a result, it may be difficult for our shareholders
to effect service of process upon us or those persons inside the PRC.
It may also be difficult for you to enforce the
U.S. courts judgments obtained in U.S. courts, including judgments based on the civil liability provisions of the U.S. federal securities
laws against us and our officers and directors, many of whom are not residents in the United States, and whose significant part of assets
are located outside of the United States. In addition, there is uncertainty as to whether the courts of the Cayman Islands or the PRC,
respectively, would recognize or enforce judgments of U.S. courts against us or such persons predicated upon the civil liability provisions
of the securities laws of the United States or any state. In addition, it is uncertain whether such Cayman Islands or PRC courts would
entertain original actions brought in the courts of the Cayman Islands or the PRC against us or such persons predicated upon the securities
laws of the United States or any state.
27
Specifically, regarding judgment enforcement in
the PRC, the recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedures Law. PRC courts may recognize
and enforce foreign judgments in accordance with the requirements of the PRC Civil Procedures Law based either on treaties between China
and the country where the judgment is made or on principles of reciprocity between jurisdictions. China does not have any treaties or
other forms of reciprocal arrangement with the United States that provide for the reciprocal recognition and enforcement of foreign judgments.
In addition, according to the PRC Civil Procedures Law, the PRC courts will not enforce a foreign judgment against us or our directors
and officers if they decide that the judgment violates the basic principles of PRC laws or national sovereignty, security or public interest
of the PRC. As a result, it is uncertain whether and on what basis a PRC court would enforce a judgment rendered by a court in the U.S.
Certain PRC regulations may make it more
difficult for us to pursue growth through acquisitions.
Among other things, the M&A Rules and Anti-Monopoly
Law established additional procedures and requirements that could make merger and acquisition activities by foreign investors more time-consuming
and complex. Such regulation requires, among other things, that State Administration for Market Regulation (the "SAMR") be
notified in advance of any change-of-control transaction in which a foreign investor acquires control of a PRC domestic enterprise or
a foreign company with substantial PRC operations, if certain thresholds under the Provisions of the State Council on the Standard for
Declaration of Concentration of Business Operators, issued by the State Council in 2008, are triggered. Moreover, the Anti-Monopoly Law
requires that transactions which involve the national security, the examination on the national security shall also be conducted according
to the relevant provisions of the State. In addition, PRC Measures for the Security Review of Foreign Investment which became effective
in January 2021 require acquisitions by foreign investors of PRC companies engaged in military-related or certain other industries that
are crucial to national security be subject to security review before consummation of any such acquisition. We may pursue potential strategic
acquisitions that are complementary to our business and operations.
Complying with the requirements of these regulations
to complete such transactions could be time-consuming, and any required approval processes, including obtaining approval or clearance
from the MOFCOM, may delay or inhibit our ability to complete such transactions, which could affect our ability to expand our business
or maintain our market share.
PRC regulations relating to the establishment
of offshore special purpose companies by PRC residents may subject our PRC resident beneficial owners or our PRC subsidiary to liability
or penalties, limit our ability to inject capital into our PRC subsidiary, limit our PRC subsidiary's ability to increase their
registered capital or distribute profits to us, or may otherwise adversely affect us.
In July 2014, SAFE promulgated the Circular on
Relevant Issues Concerning Foreign Exchange Control on Domestic Residents' Offshore Investment and Financing and Roundtrip Investment
Through Special Purpose Vehicles, or SAFE Circular 37, to replace the Notice on Relevant Issues Concerning Foreign Exchange Administration
for Domestic Residents' Financing and Roundtrip Investment Through Offshore Special Purpose Vehicles, or SAFE Circular 75, which
ceased to be effective upon the promulgation of SAFE Circular 37. SAFE Circular 37 requires PRC residents (including PRC individuals and
PRC corporate entities) to register with SAFE or its local branches in connection with their direct or indirect offshore investment activities.
SAFE Circular 37 is applicable to our shareholders who are PRC residents and may be applicable to any offshore acquisitions that we make
in the future.
Under SAFE Circular 37, PRC residents who make,
or have prior to the implementation of SAFE Circular 37 made, direct or indirect investments in offshore SPVs, will be required to register
such investments with SAFE or its local branches. In addition, any PRC resident who is a direct or indirect shareholder of an SPV is required
to update its filed registration with the local branch of SAFE with respect to that SPV, to reflect any material change. Moreover, any
subsidiary of such SPV in China is required to urge the PRC resident shareholders to update their registration with the local branch of
SAFE. If any PRC shareholder of such SPV fails to make the required registration or to update the previously filed registration, the subsidiary
of such SPV in China may be prohibited from distributing its profits or the proceeds from any capital reduction, share transfer or liquidation
to the SPV, and the SPV may also be prohibited from making additional capital contributions into its subsidiary in China. On February 13,
2015, the SAFE promulgated a Notice on Further Simplifying and Improving Foreign Exchange Administration Policy on Direct Investment,
or SAFE Notice 13, which became effective on June 1, 2015. Under SAFE Notice 13, applications for foreign exchange registration of
inbound foreign direct investments and outbound overseas direct investments, including those required under SAFE Circular 37, will be
filed with qualified banks instead of SAFE. The qualified banks will directly examine the applications and accept registrations under
the supervision of SAFE.
28
Some of our shareholders that we are aware of
are subject to SAFE regulations. As of the date hereof, the PRC resident shareholders have completed foreign exchange registration under
the SAFE Circular 37 and other related rules. However, we cannot assure you that all of these shareholders may continue to make required
filings or updates in a timely manner, or at all. We can provide no assurance that we are or will in the future continue to be informed
of identities of all PRC residents holding direct or indirect interest in our company. Any failure or inability by such shareholders to
comply with SAFE regulations may subject us to fines or legal sanctions, such as restrictions on our cross-border investment activities
or our PRC subsidiary's ability to distribute dividends to, or obtain foreign exchange-denominated loans from, our company or prevent
us from making distributions or paying dividends. As a result, our business operations and our ability to make distributions to you could
be materially and adversely affected.
Furthermore, as these foreign exchange regulations
are still relatively new and their interpretation and implementation have been constantly evolving, it is unclear how these regulations,
and any future regulation concerning offshore or cross-border transactions, will be interpreted, amended and implemented by the relevant
government authorities. For example, we may be subject to a more stringent review and approval process with respect to our foreign exchange
activities, such as remittance of dividends and foreign-currency-denominated borrowings, which may adversely affect our financial condition
and results of operations. In addition, if we decide to acquire a PRC domestic company, we cannot assure you that we or the owners of
such company, as the case may be, will be able to obtain the necessary approvals or complete the necessary filings and registrations required
by the foreign exchange regulations. This may restrict our ability to implement our future acquisition strategy and could adversely affect
our business and prospects.
Our business may be negatively affected
by the potential obligations if PRC subsidiary fails to comply with social insurance and housing provident fund related laws and regulations.
Our PRC subsidiary is required by PRC labor-related
laws and regulations to pay various statutory employee benefits, including pensions insurance, medical insurance, work-related injury
insurance, unemployment insurance, maternity insurance and housing provident fund, to designated government agencies for the benefit of
its employees and associates. In October 2010, SCNPC promulgated the Social Insurance Law of PRC, effective on July 1, 2011 and amended
on December 29, 2018. On April 3, 1999, the State Council promulgated the Regulations on the Administration of Housing Provident Fund,
which was amended on March 24, 2002 and March 24, 2019. Companies registered and operating in China are required under the Social Insurance
Law of PRC and the Regulations on the Administration of Housing Provident Fund to apply for social insurance registration and housing
provident fund deposit registration within thirty (30) days of their establishment and to pay for their employees different social insurance
including pension insurance, medical insurance, work-related injury insurance, unemployment insurance and maternity insurance as well
as housing provident fund to the extent required by law. Our PRC subsidiary could be subject to orders by competent labor authorities
for rectification if it fails to comply with such social insurance and housing provident fund related laws and regulations, and failure
to comply with the orders may further subject to administrative fines. The relevant government agencies may examine whether an employer
has made adequate payments of the requisite statutory employee benefits, and employers who fail to make adequate payments may be subject
to late payment fees, fines and/or other penalties.
Our PRC subsidiary does not make contributions
in full for the social insurance fund and housing provident fund for its employees as required under the relevant PRC laws and regulations.
Although it has not received any order or notice from the local authorities nor any claims or complaints from its current and former employees
regarding its non-compliance in this regard, we cannot assure you that it will not be subject to any order to rectify non-compliance in
the future, nor can we assure you that there are no, or will not be any, employee complaints regarding social insurance payment or housing
provident fund contributions against it, or that it will not receive any claims in respect of social insurance payment or housing provident
fund contributions under the PRC laws and regulation. In addition, our PRC subsidiary may incur additional costs to comply with such laws
and regulations by the PRC Government or relevant local authorities. Any such development could materially and adversely affect its business,
financial condition and results of operations.
29
U.S. regulatory bodies may be limited in
their ability to conduct investigations or inspections of our operations in China.
Any disclosure of documents or information located
in China by foreign agencies may be subject to jurisdiction constraints and must comply with China's state secrecy laws, which broadly
define the scope of "state secrets" to include matters involving economic interests and technologies. There is no guarantee
that requests from U.S. federal or state regulators or agencies to investigate or inspect our operations will be honored by us, by entities
who provide services to us or with whom we associate, without violating PRC legal requirements, especially as those entities are located
in China. Furthermore, under the current PRC laws, an on-site inspection of our facilities by any of these regulators may be limited or
prohibited.
If we become directly subject to the recent
scrutiny involving U.S.-listed Chinese companies, we may have to expend significant resources to investigate and or defend the matter,
which could harm our business operations, stock price and reputation and could result in a complete loss of your investment in us.
Recently, U.S. public companies that have substantially
all of their operations in China have been the subject of intense scrutiny by investors, financial commentators and regulatory agencies.
Much of the scrutiny has centered around financial and accounting irregularities and mistakes, a lack of effective internal controls over
financial reporting and, in many cases, allegations of fraud. As a result of the scrutiny, the publicly traded stock of many U.S. listed
China-based companies that have been the subject of such scrutiny has sharply decreased in value. Many of these companies are now subject
to shareholder lawsuits and or SEC enforcement actions that are conducting internal and or external investigations into the allegations.
If we become the subject of any such scrutiny, whether any allegations are true or not, we may have to expend significant resources to
investigate such allegations and or defend our company. Such investigations or allegations will be costly and time-consuming and distract
our management from our business plan and could result in our reputation being harmed and our stock price could decline as a result of
such allegations, regardless of the truthfulness of the allegations.
If we are classified as a PRC resident enterprise
for PRC income tax purposes, such classification could result in unfavorable tax consequences to us and our non-PRC shareholders.
Under the PRC Enterprise Income Tax Law and its
implementation rules, an enterprise established outside of the PRC with its "
de facto
management body" within
the PRC is considered a "resident enterprise" and will be subject to the enterprise income tax on its global income at the
rate of 25%. The implementation rules define the term "
de facto
management body" as the body that exercises full
and substantial control and overall management over the business, productions, personnel, accounts and properties of an enterprise. In
2009, the State Administration of Taxation, or SAT, issued a circular, known as SAT Circular 82, which provides certain specific criteria
for determining whether the "
de facto
management body" of a PRC-controlled enterprise that is incorporated offshore
is located in China. Although this circular applies only to offshore enterprises controlled by PRC enterprises or PRC enterprise groups,
not those controlled by PRC individuals or foreigners, the criteria set forth in the circular may reflect the SAT's general position
on how the "
de facto
management body" text should be applied in determining the tax resident status of all offshore
enterprises. According to SAT Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group
will be regarded as a PRC tax resident by virtue of having its "
de facto
management body" in China, and will be
subject to PRC enterprise income tax on its global income only if all of the following conditions are met: (i) the primary location
of the day-to-day operational management is in the PRC; (ii) decisions relating to the enterprise's financial and human resource
matters are made or are subject to approval by organizations or personnel in the PRC; (iii) the enterprise's primary assets,
accounting books and records, company seals, and board and shareholder resolutions are located or maintained in the PRC; and (iv) at
least 50% of voting board members or senior executives habitually reside in the PRC.
We believe our company is not a PRC resident enterprise
for PRC tax purposes. However, the tax resident status of an enterprise is subject to determination by the PRC tax authorities and uncertainties
remain with respect to the interpretation of the term "
de facto
management body." If the PRC tax authorities determine
that our company is a PRC resident enterprise for enterprise income tax purposes, we would be subject to PRC enterprise income on our
worldwide income at the rate of 25%. Furthermore, we would be required to withhold a 10% tax from dividends we pay to our shareholders
that are non-resident enterprises. In addition, non-resident enterprise shareholders (including the common shareholders) may be subject
to PRC tax on gains realized on the sale or other disposition of the common stock, if such income is treated as sourced from within the
PRC. Furthermore, if we are deemed a PRC resident enterprise, dividends paid to our non-PRC individual shareholders (including the common
shareholders) and any gain realized on the transfer of the common stock or ordinary shares by such shareholders may be subject to PRC
tax at a rate of 20% (which, in the case of dividends, may be withheld at source by us). These rates may be reduced by an applicable tax
treaty, but it is unclear whether non-PRC shareholders of our company would be able to claim the benefits of any tax treaties between
their country of tax residence and the PRC in the event that we are treated as a PRC resident enterprise. Any such tax may reduce the
returns on your investment in our Class A Ordinary Shares.
30
We face uncertainty with respect to indirect
transfers of equity interests in PRC resident enterprises by their non-PRC holding companies.
On February 3, 2015, the SAT issued the Public
Notice Regarding Certain Corporate Income Tax Matters on Indirect Transfer of Properties by Non-Tax Resident Enterprises, or SAT Bulletin
7. SAT Bulletin 7 extends its tax jurisdiction to transactions involving the transfer of taxable assets through offshore transfer of a
foreign intermediate holding company. In addition, SAT Bulletin 7 has introduced safe harbors for internal group restructurings and the
purchase and sale of equity through a public securities market. SAT Bulletin 7 also brings challenges to both foreign transferor and transferee
(or other person who is obligated to pay for the transfer) of taxable assets, as such persons need to determine whether their transactions
are subject to these rules and whether any withholding obligation applies.
On October 17, 2017, the SAT issued the Announcement
of the State Administration of Taxation on Issues Concerning the Withholding of Non-resident Enterprise Income Tax at Source, or SAT Bulletin
37, which came into effect on December 1, 2017. The SAT Bulletin 37 further clarifies the practice and procedure of the withholding
of non-resident enterprise income tax.
Where a non-resident enterprise transfers taxable
assets indirectly by disposing of the equity interests of an overseas holding company, which is an "Indirect Transfer", the
non-resident enterprise as either transferor or transferee, or the PRC entity that directly owns the taxable assets, may report such Indirect
Transfer to the relevant tax authority. Using a "substance over form" principle, the PRC tax authority may disregard the existence
of the overseas holding company if it lacks a reasonable commercial purpose and was established for the purpose of reducing, avoiding
or deferring PRC tax. As a result, gains derived from such Indirect Transfer may be subject to PRC enterprise income tax, and the transferee
or other person who pays for the transfer is obligated to withhold the applicable taxes currently at a rate of 10% for the transfer of
equity interests in a PRC resident enterprise. Both the transferor and the transferee may be subject to penalties under PRC tax laws if
the transferee fails to withhold the taxes and the transferor fails to pay the taxes.
We face uncertainties as to the reporting and
other implications of certain past and future transactions where PRC taxable assets are involved, such as offshore restructuring, sale
of the shares in our offshore subsidiaries and investments. Our company may be subject to filing obligations or taxed if our company is
transferor in such transactions, and may be subject to withholding obligations if our company is transferee in such transactions, under
SAT Bulletin 7 and/or SAT Bulletin 37. For transfer of shares in our company by investors who are enterprises outside of mainland China,
our PRC subsidiary may be requested to assist in the filing under SAT Bulletin 7 and/or SAT Bulletin 37. As a result, we may be required
to expend valuable resources to comply with SAT Bulletin 7 and/or SAT Bulletin 37 or to request the relevant transferors from whom we
purchase taxable assets to comply with these circulars, or to establish that our company should not be taxed under these circulars, which
may have a material adverse effect on our financial condition and results of operations.
Recent joint statement by the SEC and the
PCAOB, proposed rule changes submitted by Nasdaq, and an act passed by the US Senate all call for additional and more stringent criteria
to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who
are not inspected by the PCAOB.
In May 2013, the PCAOB announced
that it had entered into a Memorandum of Understanding on Enforcement Cooperation with the CSRC, and the PRC Ministry of Finance, which
establishes a cooperative framework between the parties for the production and exchange of audit documents relevant to investigations
undertaken by the PCAOB, the CSRC or the PRC Ministry of Finance in the United States and the PRC, respectively. The PCAOB continues
to be in discussions with the CSRC, and the PRC Ministry of Finance to permit joint inspections in the PRC of audit firms that are registered
with PCAOB and audit Chinese companies that trade on U.S. exchanges.
31
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. The joint statement reflects a heightened interest in an issue that has
vexed U.S. regulators in recent years. On April 21, 2020, SEC Chairman Jay Clayton and PCAOB Chairman William
D. Duhnke III, along with other senior SEC staff, released a joint statement highlighting the risks associated with investing
in companies based in or have substantial operations in emerging markets including China. The joint statement emphasized the risks associated
with lack of access for the PCAOB to inspect auditors and audit work papers in China and higher risks of fraud in emerging markets.
On June 4, 2020, the U.S. President
issued a memorandum ordering the President's Working Group on Financial Markets, or the PWG, to submit a report to the President
within 60 days of the memorandum that includes recommendations for actions that can be taken by the executive branch and by the SEC
or PCAOB on Chinese companies listed on U.S. stock exchanges and their audit firms, in an effort to protect investors in
the U.S.
On August 6, 2020, the PWG released a report
recommending that the SEC take steps to implement the five recommendations outlined in the report. In particular, to address companies
from jurisdictions that do not provide the PCAOB with sufficient access to fulfil its statutory mandate, or Non-Cooperating
Jurisdictions ("NCJs"), the PWG recommends enhanced listing standards on U.S. stock exchanges. This would require, as
a condition to initial and continued exchange listing, PCAOB access to work papers of the principal audit firm for the audit
of the listed company. Companies unable to satisfy this standard as a result of governmental restrictions on access to audit work papers
and practices in NCJs may satisfy this standard by providing a co-audit from an audit firm with comparable resources and experience where
the PCAOB determines it has sufficient access to audit work papers and practices to conduct an appropriate inspection of the
co-audit firm. There is currently no legal process under which such a co-audit may be performed in China. The report permits the new listing
standards to provide for a transition period until January 1, 2022 for listed companies, but would apply immediately to new listings
once the necessary rulemakings and/or standard-setting are effective. The measures in the PWG Report are presumably subject to the standard
SEC rulemaking process before becoming effective. On August 10, 2020, the SEC announced that SEC Chairman had directed the SEC staff
to prepare proposals in response to the PWG Report, and that the SEC was soliciting public comments and information with respect to these
proposals. If we fail to meet the new listing standards before the deadline specified thereunder due to factors beyond our control, we
could face possible de-listing from the Nasdaq Capital Market, deregistration from the SEC and/or other risks, which may materially and
adversely affect, or effectively terminate, our Class A Ordinary Shares trading in the United States.
On March 24, 2021, the SEC announced that it had
adopted interim final amendments to implement congressionally mandated submission and disclosure requirements of the Act. The interim
final amendments will apply to registrants that the SEC identifies as having filed an Annual Report on Forms 10-K, 20-F, 40-F or N-CSR
with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that the PCAOB has determined
it is unable to inspect or investigate completely because of a position taken by an authority in that jurisdiction. The SEC will implement
a process for identifying such a registrant and any such identified registrant will be required to submit documentation to the SEC establishing
that it is not owned or controlled by a governmental entity in that foreign jurisdiction, and will also require disclosure in the registrant's
Annual Report regarding the audit arrangements of, and governmental influence on, such a registrant.
Furthermore, the HFCA Act, which requires
that the PCAOB be permitted to inspect the issuer's public accounting firm within three years, may result in the delisting of our
Company in the future if the PCAOB is unable to inspect our accounting firm at such future time.
In addition, on June 22, 2021, the U.S. Senate
passed the AHFCAA, which, if signed into law, would amend the HFCA Act and require the SEC to prohibit an issuer's securities from
trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive
years.
32
On November 5, 2021, the SEC approved the PCAOB's
Rule 6100, Board Determinations Under the Holding Foreign Companies Accountable Act. Rule 6100 provides a framework for the PCAOB to use
when determining, as contemplated under the HFCA Act, whether it is unable to inspect or investigate completely registered public accounting
firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction. On December 16, 2021,
the PCAOB issued a Determination Report which found that the PCAOB is unable to inspect or investigate completely registered public accounting
firms headquartered in: (1) mainland China, and (2) Hong Kong. The lack of access to the PCAOB inspection in China prevents
the PCAOB from fully evaluating audits and quality control procedures of the auditors based in China. As a result, the investors
may be deprived of the benefits of such PCAOB inspections. The inability of the PCAOB to conduct inspections of auditors
in China makes it more difficult to evaluate the effectiveness of these accounting firms' audit procedures or quality control procedures
as compared to auditors outside of China that are subject to PCAOB inspections, which could cause existing and potential investors
in our stock to lose confidence in our audit procedures and reported financial information and the quality of our financial statements.
On August 26, 2022, a Statement of Protocol was
signed by the PCAOB, the CSRC and the Ministry of Finance of the PRC governing inspections and investigations of audit firms based in
mainland China and Hong Kong (the "Statement of Protocol"). Pursuant to the Statement of Protocol, the PCAOB conducted inspections
on select registered public accounting firms subject to the Determination Report in Hong Kong between September and November 2022. On
December 15, 2022, the PCAOB board announced that it has completed the inspections, determined that it had complete access to inspect
or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong, and voted to vacate the Determination
Report. On December 29, 2022, the CAA was signed into law by President Biden. The CAA contained, among other things, an identical provision
to the AHFCAA, which reduces the number of consecutive non-inspection years required for triggering the prohibitions under the HFCA Act
from three years to two.
Our former auditor,
Friedman LLP
, the independent
registered public accounting firm that issued the audit report for the years ended December 31, 2021 included in this Annual Report, as
an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in
the United States pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional
standards. Friedman LLP is headquartered in Manhattan,
New York
, with no branches or offices outside of the United States, and has been
inspected by the PCAOB on a regular basis.
Our current auditor, Marcum Asia CPAs LLP, an
independent registered public accounting firm that issued the audit report for the years ended December 31, 2022 included in this Annual
Report, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws
in the United States pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional
standards. Marcum Asia CPAs LLP is headquartered in Manhattan, New York, and is subject to inspection by the PCAOB on a regular basis.
Friedman LLP and Marcum Asia CPAs LLP are not
identified in the report issued by PCAOB on December 16, 2021 as a firm subject to the PCAOB's determination. Notwithstanding the
foregoing, in the future, if there is any regulatory change or step taken by PRC regulators that does not permit Friedman LLP or Marcum
Asia CPAs LLP to provide audit workpapers to the PCAOB for inspection or investigation, or the PCAOB re-evaluates its determination as
a result of any obstruction with the implementation of the Statement of Protocol in the future, you may be deprived of the benefits of
such inspection which could result in limitation or restriction to our access to the U.S. capital markets and trading of our securities
on a national exchange or "over-the-counter" markets may be prohibited under the HFCA Act.  In addition, under the HFCA
Act, our securities may be prohibited from trading on the Nasdaq or other U.S. stock exchanges if our auditor is not inspected by the
PCAOB for three consecutive years, which could be reduced to two consecutive years if the AHFCAA, passed by the U.S. Senate on June 22,
2021, is signed into law, and this ultimately could result in our Class A Ordinary Shares being delisted by the exchange. Furthermore,
we cannot assure you whether Nasdaq or regulatory authorities would apply additional and more stringent criteria to us after considering
the effectiveness of our auditor's audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency
of resources, geographic reach or experience as it relates to the audit of our financial statements.
33
RISKS RELATED TO OUR CLASS A ORDINARY SHARES
We may experience extreme stock price volatility
unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors
to assess the rapidly changing value of our Class A Ordinary Shares.
Recently, there have been instances of extreme
stock price run-ups followed by rapid price declines and strong stock price volatility with a number of recent initial public offerings,
especially among companies with relatively smaller public floats. As a relatively small-capitalization company with relatively small
public float, we may experience greater stock price volatility, extreme price run-ups, lower trading volume and less liquidity than large-capitalization companies.
In particular, our Class A Ordinary Shares may be subject to rapid and substantial price volatility, low volumes of trades and large spreads
in bid and ask prices. Such volatility, including any stock-run up, may be unrelated to our actual or expected operating performance,
financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary
Shares.
In addition, if the trading volumes of our Class
A Ordinary Shares are low, persons buying or selling in relatively small quantities may easily influence prices of our Class A Ordinary
Shares. This low volume of trades could also cause the price of our Class A Ordinary Shares to fluctuate greatly, with large percentage
changes in price occurring in any trading day session. Holders of our Class A Ordinary Shares may also not be able to readily liquidate
their investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic
and political conditions may also adversely affect the market price of our Class A Ordinary Shares. As a result of this volatility, investors
may experience losses on their investment in our Class A Ordinary Shares. A decline in the market price of our Class A Ordinary Shares
also could adversely affect our ability to issue additional Class A Ordinary Shares or other securities and our ability to obtain additional
financing in the future. No assurance can be given that an active market in our Class A Ordinary Shares will develop or be sustained.
If an active market does not develop, holders of our Class A Ordinary Shares may be unable to readily sell the Class A Ordinary Shares
they hold or may not be able to sell their Class A Ordinary Shares at all.
Furthermore, the stock market in general, and
the market prices for companies with operations in China in particular, have experienced volatility that often has been unrelated to the
operating performance of such companies. The securities of some China-based companies that have listed their securities in the United
States have experienced significant volatility since their initial public offerings in recent years, including, in some cases, substantial
declines in the trading prices of their securities. The trading performances of these companies' securities after their offerings
may affect the attitudes of investors towards China-based companies listed in the United States in general, which consequently may impact
the trading performance of our Class A Ordinary Shares, regardless of our actual operating performance. In addition, any negative news
or perceptions about inadequate corporate governance practices or fraudulent accounting, corporate structure or other matters of other
China-based companies may also negatively affect the attitudes of investors towards China-based companies in general, including us, regardless
of whether we have engaged in any inappropriate activities.
In addition to the above factors, the price and
trading volume of the Class A Ordinary Shares may be highly volatile due to multiple factors, including the following:
●
regulatory developments affecting us, our clients or our industry;
●
conditions in the financing advisory industry in China;
●
announcements of studies and reports relating to the quality of our service offerings or those of our competitors;
●
investor perceptions about us, our business and
    in general companies with operations in China;
●
changes in the economic performance or market valuations of other financing advisory companies;
●
general economic and securities market conditions;
●
actual or anticipated fluctuations in our quarterly results of operations and changes or revisions of our expected results;
●
the financial projections we may provide to the
    public, any changes in these projections or our failure to meet these projections;
●
the absence of cash dividends on our Class A Ordinary
    Shares;
34
●
changes in financial estimates by securities research analysts;
●
announcements by us or our competitors of new product and service offerings, acquisitions, strategic relationships, joint ventures or capital commitments;
●
additions to or departures of our senior management;
●
detrimental negative publicity about us, our management or our industry;
●
fluctuations of exchange rates between the Renminbi and the U.S. dollar;
●
release or expiry of lock-up or other transfer restrictions on our outstanding Class A Ordinary Shares;
●
the development and sustainability of an active
    trading market for our Class A Ordinary Shares;
●
sales or perceived potential sales of additional Class A Ordinary Shares; and
●
The COVID-19 pandemic, the ensuing economic recessions
    and deterioration in the credit market in many countries.
Other than the aforementioned potential factors
that may affect the price and trading volume of our Class A Ordinary Shares, there are no known factors that may add to this risk.
If securities or industry analysts do not
publish research or reports about our business, or if they adversely change their recommendations regarding our Class A Ordinary Shares,
the market price for the Class A Ordinary Shares and trading volume could decline.
The trading market for our Class A Ordinary Shares
will be influenced by research or reports that industry or securities analysts publish about our business. If industry or securities analysts
decide to cover us and in the future downgrade our Class A Ordinary Shares, the market price for our Class A Ordinary Shares would likely
decline. If one or more of these analysts cease to cover us or fail to regularly publish reports on us, we could lose visibility in the
financial markets, which in turn could cause the market price or trading volume for our Class A Ordinary Shares to decline.
Shares eligible for future sale may adversely
affect the market price of our Class A Ordinary Shares, as the future sale of a substantial amount of outstanding Class A Ordinary Shares
in the public marketplace could reduce the price of our Class A Ordinary Shares.
The market price of our Class A Ordinary Shares
could decline as a result of sales of substantial amounts of our Class A Ordinary Shares in the public market, or the perception that
these sales could occur. In addition, these factors could make it more difficult for us to raise funds through future offerings of our
Class A Ordinary Shares.
An aggregate of 10,963,040 Class A Ordinary Shares
are outstanding, including 2,750,000 Class A Ordinary Shares sold in our recent initial public offering that are freely transferable
without restriction or further registration under the Securities Act. The non-free trading Class A Ordinary Shares are "restricted
securities" as defined in Rule 144, which may be sold without registration under the Securities Act to the extent permitted by Rule
144 or other exemptions under the Securities Act.
All of our officers and directors and holders
of 5% or more of our Class A Ordinary Shares on a fully diluted and converted basis prior to our recent initial public offering have agreed
not to sell our Class A Ordinary Shares for a period of six months following the effective date of the registration statement in connection
with the initial public offering, subject to extension under specified circumstances. Class A Ordinary Shares subject to these lock-up
agreements will become eligible for sale in the public market upon expiration of these lock-up agreements, subject to limitations imposed
by Rule 144 under the Securities Act.
35
If our financial condition deteriorates,
we may not meet continued listing standards on the Nasdaq Capital Market.
The Nasdaq Capital Market
also requires companies to fulfill specific requirements in order for their shares to continue to be listed. If our Class A Ordinary Shares
are delisted from the Nasdaq Capital Market at some later date, our shareholders could find it difficult to sell our Class A Ordinary
Shares. In addition, if our Class A Ordinary Shares are delisted from the Nasdaq Capital Market at some later date, we may apply to have
our Class A Ordinary Shares quoted on the Bulletin Board or in the "pink sheets" maintained by the National Quotation Bureau,
Inc. The Bulletin Board and the "pink sheets" are generally considered to be less efficient markets than the Nasdaq Capital
Market. In addition, if our Class A Ordinary Shares are delisted at some later date, our Class A Ordinary Shares may be subject to the
"penny stock" regulations. These rules impose additional sales practice requirements on broker-dealers that sell low-priced
securities to persons other than established clients and institutional accredited investors and require the delivery of a disclosure schedule
explaining the nature and risks of the penny stock market. As a result, the ability or willingness of broker-dealers to sell or make a
market in our Class A Ordinary Shares might decline. If our Class A Ordinary Shares are delisted from the Nasdaq Capital Market at some
later date or become subject to the penny stock regulations, it is likely that the price of our Class A Ordinary Shares would decline
and that our shareholders would find it difficult to sell their shares.
We are a "foreign private issuer,"
and our disclosure obligations differ from those of U.S. domestic reporting companies. As a result, we may not provide you the same information
as U.S. domestic reporting companies or we may provide information at different times, which may make it more difficult for you to evaluate
our performance and prospects.
We are a foreign private issuer and, as a result,
we are not subject to the same requirements as U.S. domestic issuers. Under the Exchange Act, we will be subject to reporting obligations
that, to some extent, are more lenient and less frequent than those of U.S. domestic reporting companies. For example, we will not be
required to issue quarterly reports or proxy statements. We will not be required to disclose detailed individual executive compensation
information. Furthermore, our directors and executive officers will not be required to report equity holdings under Section 16 of the
Exchange Act and will not be subject to the insider short-swing profit disclosure and recovery regime. As a foreign private issuer, we
will also be exempt from the requirements of Regulation FD (Fair Disclosure) which, generally, are meant to ensure that select groups
of investors are not privy to specific information about an issuer before other investors. However, we will still be subject to the anti-fraud
and anti-manipulation rules of the SEC, such as Rule 10b-5 under the Exchange Act. Since many of the disclosure obligations imposed on
us as a foreign private issuer differ from those imposed on U.S. domestic reporting companies, you should not expect to receive the same
information about us and at the same time as the information provided by U.S. domestic reporting companies.
We may lose our foreign private issuer status
in the future, which could result in significant additional costs and expenses.
The determination of our status as a foreign private
issuer is made annually on the last business day of our most recently completed second fiscal quarter. We would lose our foreign private
issuer status if (1) a majority of our outstanding voting securities are directly or indirectly held of record by U.S. residents, and
(2) a majority of our shareholders or a majority of our directors or management are U.S. citizens or residents, a majority of our assets
are located in the United States, or our business is administered principally in the United States. If we were to lose our foreign private
issuer status, the regulatory and compliance costs to us under U.S. securities laws as a U.S. domestic issuer may be significantly higher.
We may also be required to modify certain of our policies to comply with corporate governance practices associated with U.S. domestic
issuers, which would involve additional costs.
As an "emerging growth company"
under the Jumpstart Our Business Startups Act, or JOBS Act, we are permitted to, and intend to, rely on exemptions from certain disclosure
requirements.
As an "emerging growth company" under
the JOBS Act, we are permitted to, and intend to, rely on exemptions from certain disclosure requirements. We are an emerging growth company
until the earliest of:
●
the last day of the fiscal year during which we have total annual gross revenues of $1.07 billion or more;
●
the last day of the fiscal year following the fifth anniversary of our initial public offering;
●
the date on which we have, during the previous 3-year period, issued more than $1 billion in non-convertible debt; or
●
the date on which we are deemed a "large accelerated issuer" as defined under the federal securities laws.
36
For so long as we remain an emerging growth company,
we may take advantage of certain exemptions from various reporting requirements that are applicable to public companies that are not "emerging
growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of section
404 of the Sarbanes-Oxley Act for up to five fiscal years after the date of our initial public offering. We cannot predict if investors
will find our Class A Ordinary Shares less attractive because we may rely on these exemptions. If some investors find our Class A Ordinary
Shares less attractive as a result, there may be a less active trading market for our Class A Ordinary Shares and the trading price of
our Class A Ordinary Shares may be more volatile. In addition, our costs of operating as a public company may increase when we cease to
be an emerging growth company.
We may be classified as a passive foreign
investment company, which could result in adverse U.S. federal income tax consequences to U.S. holders of our Class A Ordinary Shares.
We do not expect to be treated as a passive foreign
investment company ("PFIC") for U.S. federal income tax purposes for the current taxable year or in the foreseeable future.
However, the application of the PFIC rules is subject to uncertainty in several respects, and we cannot assure you the U.S. Internal Revenue
Service will not take a contrary position. Furthermore, this is a factual determination that must be made annually after the close of
each taxable year. If we are a PFIC for any taxable year during which a U.S. holder holds our Class A Ordinary Shares, certain adverse
U.S. federal income tax consequences could apply to such U.S. holder, including increased U.S. federal income tax liability and additional
reporting requirements. Our status as a PFIC is a fact-intensive determination made on an annual basis. Accordingly, our U.S. counsel
expresses no opinion with respect to our PFIC status and also expresses no opinion with regard to our expectations regarding our PFIC
status.
Because we do not expect to pay dividends
in the foreseeable future, you must rely on price appreciation of the Class A Ordinary Shares for return on your investment.
We currently intend to retain most, if not all,
of our available funds and any future earnings in the future to fund the development and growth of our business. As a result, we do not
expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on an investment in our Class A Ordinary Shares
as a source for any future dividend income.
Our board of directors has discretion as to whether
to distribute dividends, subject to certain restrictions under Cayman Islands law, namely that our company may only pay dividends out
of profits or share premium; provided that in no circumstances may a dividend be paid if this would result in our company being unable
to pay its debts as they fall due in the ordinary course of business. In addition, our shareholders may by ordinary resolution declare
a dividend, but no dividend may exceed the amount recommended by our board of directors. Even if our board of directors decides to declare
and pay dividends, the timing, amount and form of future dividends, if any, will depend on, among other things, our future results of
operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries,
our financial condition, contractual restrictions and other factors deemed relevant by our board of directors. Accordingly, the return
on your investment in our Class A Ordinary Shares will likely depend entirely upon any future price appreciation of our Class A Ordinary
Shares. There is no guarantee that our Class A Ordinary Shares will appreciate in value in the future or even maintain the price at which
you purchased the Class A Ordinary Shares. You may not realize a return on your investment in our Class A Ordinary Shares and you may
even lose your entire investment in our Class A Ordinary Shares.
37
We may need additional capital and may sell
additional Class A Ordinary Shares or other equity securities or incur indebtedness, which could result in additional dilution to our
shareholders or increase our debt service obligations.
We may require additional cash resources due to
changed business conditions or other future developments, including any investments or acquisitions we may decide to pursue. If our cash
resources are insufficient to satisfy our cash requirements, we may seek to sell additional equity or debt securities. The sale of additional
equity securities or equity-linked debt securities could result in additional dilution to our shareholders. The incurrence of indebtedness
would result in debt service obligations and could result in operating and financing covenants that would restrict our operations. We
cannot assure you that financing will be available in amounts or terms acceptable to us, if at all.
We will incur increased costs as a result
of being a public company.
As a new public company, we expect to incur significant
legal, accounting and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street
Reform and Consumer Protection Act of 2010, as well as rules subsequently implemented by the SEC and the Nasdaq Capital Market, impose
various requirements on the corporate governance practices of public companies. As a company with less than $1.235 billion in net
revenues for our last fiscal year, we qualify as an "emerging growth company" pursuant to the JOBS Act. An emerging growth
company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies.
These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002 in
the assessment of the emerging growth company's internal control over financial reporting.
We expect these rules and regulations to increase
our legal and financial compliance costs and to make some corporate activities more time-consuming and costly. We expect to incur significant
expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 of the Sarbanes-Oxley
Act of 2002 and the other rules and regulations of the SEC. In addition, we will incur additional costs associated with our public company
reporting requirements. It may also be more difficult for us to find qualified persons to serve on our board of directors or as executive
officers. We are currently evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict or
estimate with any degree of certainty the amount of additional costs we may incur or the timing of such costs.
In the past, shareholders of a public company
often brought securities class action suits against the company following periods of instability in the market price of that company's
securities. If we were involved in a class action suit, it could divert a significant amount of our management's attention and other
resources from our business and operations, which could harm our results of operations and require us to incur significant expenses to
defend the suit. Any such class action suit, whether or not successful, could harm our reputation and restrict our ability to raise capital
in the future. In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could have
a material adverse effect on our financial condition and results of operations.
Our lack of effective internal controls
over financial reporting may affect our ability to accurately report our financial results or prevent fraud which may affect the market
for and price of our Class A Ordinary Shares.
Prior to our initial public offering, we were a private company with
limited accounting personnel and other resources with which to address our internal controls and procedures. We recently became a public
company in the United States subject to the Sarbanes-Oxley Act of 2002. Section 404 of the Sarbanes-Oxley Act of 2002 requires that we
include a report from management on our internal control over financial reporting in our annual report on Form 20-F. In addition, once
we cease to be an "emerging growth company" as such term is defined in the JOBS Act, our independent registered public accounting
firms must attest to and report on the effectiveness of our internal control over financial reporting. In connection with the audits of
our consolidated financial statements as of December 31, 2022 and 2021, we and our independent registered public accounting firms identified
material weaknesses and significant deficiencies in our internal control over financial reporting. As defined in the standards established
by the PCAOB, a "material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will
not be prevented or detected on a timely basis. The material weaknesses identified are: (i) inadequate segregation of duties for certain
key functions due to limited staff and resources; (ii) lack of documented policies and controls (including IT controls and cybersecurity
framework) which enable management and other personnel to understand and carry out their internal control responsibilities; (iii) lack
of audit committee and internal audit function to establish formal risk assessment process and internal control framework;
and (iv) lack of accounting staff and resources with appropriate knowledge of generally accepted accounting principles in the United States
("U.S. GAAP") and SEC reporting and compliance requirements.
38
We intend to implement measures designed to improve
our internal control over financial reporting to address the underlying causes of these material weaknesses, including (i) hiring more
qualified staff to fill up the key roles in the operations; (ii) setting up a financial and system control framework with formal documentation
of polices and controls in place; and (iii) hiring additional qualified financial professionals such as corporate controller familiar
with U.S. GAAP to increase the number of qualified financial reporting personnel and monitor daily transaction recording and general ledger
work. We will not be able to fully remediate these material weaknesses until these steps have been completed and have been operating effectively
for a sufficient period of time. There can be no assurance that we will be successful in pursuing these measures, or that these measures
will significantly improve or remediate the material weaknesses described above.
In addition, in the course of preparing our financial
statements for the years ended December 31, 2022 and 2021, we and our independent registered public accounting firms identified two
significant deficiencies: (i) lack of evidence or track to show management's review performance; and (ii) lack of documentary evidence
of proper review or approval process to ensure the list of related parties is complete. To address these significant deficiencies, we
plan to adopt a remediation plan to set up a management's review system with requirements to leave accounting supervisor /manager
or management's signature after reviewing financial statements and the list of related parties. There can be no assurance that we
will be successful in pursuing the measures, or that the measures will significantly improve or remediate the significant deficiencies
described above.
We cannot assure you that the measures we have
taken to date, and actions we may take in the future, will be sufficient to remediate the control deficiencies that led to the material
weaknesses and significant deficiencies in our internal control over financial reporting or that they will prevent or avoid potential
future material weaknesses or significant deficiencies. Our current controls and any new controls that we develop may become inadequate
because of changes in conditions in our business. Further, material weaknesses or significant deficiencies in internal control over financial
reporting may be discovered in the future. If we fail to remediate our current or future material weaknesses or significant deficiencies
or to meet the demands that will be placed upon us as a public company, including the requirements of the Sarbanes-Oxley Act, we may be
unable to accurately report our financial results, or report them within the timeframes required by law, our consolidated financial statements
may be restated, investors may lose confidence in the accuracy and completeness of our financial reports, the market price of our Class
A Ordinary Shares could be materially and adversely affected, the Class A Ordinary Shares may be suspended or delisted from Nasdaq, and
our reputation, results of operations and financial condition may be adversely affected. Failure to comply with Section 404 could also
potentially subject us to sanctions or investigations by the SEC or other regulatory authorities.
Item 4. INFORMATION ON THE COMPANY
A.
History and Development of the Company
Our Corporate History and Structure
Top KingWin Ltd was incorporated under the laws
of Cayman Islands on February 16, 2022 as an exempted company and structured as a holding company. Tiancheng Jinhui, our PRC operating
subsidiary, was incorporated in the PRC on October 25, 2018.
39
Our principal executive offices are located at
Room 1304, Building No. 25, Tian'an Headquarters Center, No. 555, North Panyu Avenue, Donghuan Street, Panyu District, Guangzhou,
Guangdong Province, PRC. Our telephone number at this address is +86 400 661 3113. Our registered office in the Cayman Islands is currently
located at the office of 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands, which may be changed from time to time at the
discretion of our directors. Our agent for service of process in the United States is Cogency Global Inc.
On March 15, 2022, KingWin BVI was incorporated
under the laws of the British Virgin Islands as the Company's wholly-owned subsidiary and its intermediate holding company to facilitate
financing. KingWin HK was incorporated on April 19, 2022 as KingWin BVI's wholly-owned subsidiary in Hong Kong.
On July 1, 2022, KingWin HK entered into a share
transfer agreement with each of the four then shareholders of Tiancheng Jinhui, acquiring 100% equity interests in Tiancheng Jinhui by
cash consideration. Following the share transfers, the Company owns 100% equity interests of KingWin BVI, KingWin HK and Tiancheng Jinhui.
On July 23, 2022, the Company and its shareholders
undertook a series of corporate actions, including amending the Company's authorized share capital, re-designating its ordinary
shares into Class A Ordinary Shares and Class B Ordinary Shares, and issuing a total of 68,442 of Class A Ordinary Shares and 31,558 of
Class B Ordinary Shares to 23 shareholders. Each Class A Ordinary Share of our Company is entitled to one (1) vote per share; each Class
B Ordinary Share of our Company is entitled to twenty (20) votes per share. Following the reorganization, the controlling shareholder
of the Company is the same as that of Tiancheng Jinhui prior to the reorganization.
On January 10, 2023, the Company issued a total
of 8,213,040 Class A Ordinary Shares and 3,786,960 Class B ordinary shares to its existing shareholders, which increased pro rata the
number of shares each shareholder owns and did not change their respective percentage of ownership in the Company. Ordinary shares outstanding
after this issuance is 12,000,000 ordinary shares, including (i) 8,213,040 Class A ordinary shares and (ii) 3,786,960 Class B ordinary
shares.
On
April 20, 2023, the Company completed its initial public offering of 2,750,000 Class A Ordinary Shares, $0.0001 par value per share (the
"IPO"). The Class A Ordinary Shares were sold at an offering price of $4.00 per share, generating gross proceeds of approximately
$11.0 million, before deducting underwriting discounts and other related expenses payable by the Company. Our Class A Ordinary Shares
began trading on the Nasdaq Capital Market on April 18, 2023 under the ticker symbol "TCJH".
The SEC maintains an
internet site that contains reports and other information regarding issuers, including the Company, that file electronically with the
SEC. The address of the SEC's website is www.sec.gov.
B.
Business Overview
Overview
We are not a Chinese operating company, but an
offshore holding company incorporated in the Cayman Islands conducting our business through our wholly-owned subsidiary in China. We provide
a number of business services in China to young and emerging companies including (i) corporate business training services, which mainly
focus on advanced knowledge and new perspectives on the capital markets, (ii) corporate consulting services, which mainly focus on various
aspects of fundraising, and (iii) advisory and transaction services. Our main clients are entrepreneurs and executives in small and medium
enterprises ("SMEs") in China.
Corporate business training, corporate consulting,
and advisory and transaction services constituted approximately 8%, 28% and 64% of our business, respectively, during the year ended December
31, 2022.
Supported
by the rapid economic growth and friendly business policies in China, the number
of SMEs in China has significantly increased from 2016 to 2022. Frost & Sullivan expects the number of SMEs in China will steadily
increase at 9.8% CAGR from 2021 to 2026. We believe that the increasing number of SMEs provide a solid foundation for the future development
of our business.
40
With the increase in number of companies entering
the China market, most industries in China are becoming more competitive. Therefore founders, senior management teams and key employees
of companies have an increasing awareness for professional business education in order to enhance their professional knowledge, boost
their company's strategic growth and allow the company to stay competitive in today's economy.
China's economy is shifting from traditional
real estate investment and manufacturing to new economy industries such as internet-driven or technology-driven industries. Currently,
the new economy industry has been a vital driving force in the growth of the economy in China. According to Frost & Sullivan, from
2016 to 2021, the market size of new economy industries by revenue in China experienced significant growth with 28.2% CAGR, which was
much higher than the synchronized growth rate of 8.9% in China's nominal GDP, attaining $4.0 trillion (RMB25.2 trillion) by the
end of 2021. We believe that the rapid growth of new economy industries benefits the development of our business. Our mission is to provide
comprehensive services to address client's needs throughout all phases of their development and growth.
Our Services
Key Values and Drivers of Our Business
1.
Client-centric
We have centered our business model on forming
long-standing relationships with our clients, who are mainly entrepreneurs and executives of SMEs in China. Our services focus on catalyzing
and providing guidance on every stage of our clients' business life cycle, as illustrated in the following section –
Business
Model
.
We are dedicated to developing in-depth knowledge
about our clients. In order to provide valuable business intelligence to the clients, our corporate trainers and experts take effort to
learn about the clients, their industry and the competition they are facing. We believe that when we understand what our clients are trying
to achieve in their businesses, we are better equipped to find ways to assist them in the areas that matter most to them. Furthermore,
we help our clients track the progress they make through the whole process of employing our services. We strive to ensure that our clients
will have a positive experience using our services. We also focus on the client feedback, which drives us to continuously improve our
services. The continuous interactions with our clients create a positive cycle – on the one hand it constantly demonstrates to our
clients our advanced knowledge of their operations and the business sectors they operate in, while on the other hand it continues to help
us gain deeper knowledge of our clients and their industries which further enhances our ability to help them succeed throughout their
entire business life cycle.
We believe that successful entrepreneurs will
continue to play a transformative role in China's economy, and our long-term relationships with them allow us to develop critical
insights into a wide range of industries. Enhancing our knowledge and insights of different sectors of the economy in turn enables us
to better service and advise our clients as a whole.
Client centricity is one of our key values, which
we believe increases client satisfaction and loyalty and results in stronger client relationships. We believe this approach promotes our
brand recognition and increases client stickiness that brings recurring revenue from the same clients. Such loyalty of clients also provides
an opportunity for us to serve businesses at multiple stages in their lifecycle.
In addition, this client-centric approach yields
powerful network effects. Over time, we continue to build a growing network of established entrepreneurs, investors, service professionals
and influencers, each of which potentially could serve as an effective referral source. We believe that our network increases the value
of services we can deliver to our clients, and therefore is critical to our long-term success.
41
2.
Value-maximizing and value-driven
Our model involves identifying and engaging entrepreneurs
and the businesses they create and serving them throughout various stages of their growth. Our principal business lines are methodically
arranged to service our clients according to their aptitude/suitability and needs/goals. From informative seminars to specific and tailored
guidance and advice, we maintain a high professional standard and ensure that our services add meaningful value for clients in certain
phases of their development.
Business Model
Our business model is to lay out a roadmap to
guide our clients in every stage of their business life-cycle, as illustrated below. We seek to understand what our clients are thinking
and doing at each stage of their business growth. These insights allow us to offer the most relevant services during each stage and turn
more prospective clients into paying clients.
I. Corporate Business Training Services
Approximately 8% of our total revenues for the
fiscal year ended December 31, 2022 was generated from our corporate business training service. As of the end of 2022, more than 10,000
attendees had attended our seminars.
We offer diverse seminars, mainly focusing on
basic knowledge and new perspectives on the capital markets. The seminars are mainly designed for entrepreneurs and executives of SMEs
at the start-up stage of their business. Our goal is to help our clients at this stage to develop a general understanding of the capital
markets and prepare them to embark on their financial journey.
We are specialized in providing professional seminars
related to capital markets such as an initial understanding of the capital markets, guidance for business planning, preparation, financial
guidance, and fundraising, as well as of an introduction of being a publicly listed company, such as the advantages and disadvantages
of being a public company, the listing requirements, and basic knowledge of laws and regulations of different capital markets.
42
The trainings are typically delivered on-site.
There are three different levels of trainings. We start to prepare all levels of seminars from the last quarter of the previous year,
including scheduling and budgeting. First, we select topics focusing on the knowledge and skills that we consider the attendees may need
to know in the capital markets and entrepreneurship based on past feedback or recent trends. Upon selecting the specific topics, together
with a selected group of professionals in the industry, we design the syllabus for the seminars for the upcoming year. After we finish
designing the seminars, we start to formulate specific plans for each seminar. The plans include: (1) inviting experts and celebrities
in the industry to speak at our seminars, coordinating with them regarding their availability and confirming their attendance, (2) coordinating
with venue owners to secure the event venue, and (3) engaging event set-up and other service providers. After the schedules and budgets
are determined, we formulate, review and adjust the specific plan for each seminar. Sometimes we hire outside experts and celebrities
in the industry or service personnel to conduct seminars on our behalf. In order to ensure the quality of the seminars, such third-party
experts and celebrities follow our instructions and deliver the content as designed by us.
After the design of seminars we begin to solicit
clients to our courses. The first-level seminars are free and serve the purposes of attracting more potential clients for courses in the
subsequent stages. For clients who finish our first-level seminars and would like to further their study, they will purchase the second
and third level of courses.
Growth of Corporate Business Training Services
We started providing corporate business training
services in the PRC in 2020. In order to promote our business and establish a strong market presence, we held these seminars frequently
to attract new clients and retain existing clients. In 2022 and 2021, we held more than one hundred seminars in the cities of Guangzhou,
Shenzhen, Chengdu, Chongqing, Jinan, etc., in China. The seminars are usually held in company conference rooms or hotel ball rooms. If
the seminars are held in a hotel ball room, we will pay a fee. Sometimes local governments invite us to offer corporate business training
to the enterprises in their municipalities, which we consider is a good opportunity for us to approach more potential enterprises and
promote our services. As of the date of this Annual Report, all of our clients are based in the PRC.
43
Levels of Seminars
We
have developed a portfolio of private offline seminars for entrepreneurs, business managers, and equity investors, which include three
levels: (1) first-level seminar,
Opportunities of Capital Markets
; (2) second-level seminar,
System of Capital Markets
and Model of Capital Markets
; (3) third-level seminar,
Project Incubation Camp
. As of the end of 2022, we have held over
29 first-level seminars, 36 second-level seminars, and 13 third-level seminars. This offline seminar program also offers good opportunities
for us to market our corporate consulting services.
In the first and second levels, the seminars are
mostly provided by our own experts. In the third-level seminars, we hired third-party experts, including certified public accountants
and attorneys. We have employment agreements or service agreements with these experts.
First Level:
Opportunities of Capital
Markets
Our first level of the courses,
Opportunities
of Capital Markets
, is a collection of large-scale seminars that are offered free to attendees. Each seminar usually has 150-200 attendees.
The purpose of the first-level courses is to attract more potential clients by sharing business intelligence with entrepreneurs and executive
management of SMEs, and potential equity investors. The seminars introduce basic knowledge of capital markets, discuss newly published
government policies, and share industry opportunities and perspectives on corporate growth and transformation.
Second Level: System of
Capital Markets
and Model of Capital Markets
Our second-level seminar,
System of Capital
Markets
and
Model of Capital Markets
, provides more detailed knowledge of capital markets and provides training on
real-world business skills (e.g., leadership training, corporate governance) for entrepreneurs and executive management of SMEs. The seminars
last one to two days and usually have more than 100 attendees per seminars.
Third Level:
Project Incubation Camp
Our third-level program,
Project Incubation
Camp
, provides attendees with the opportunity to discuss and share insights on topics relating to capital markets in mainland China.
The experts would also teach the attendees how to design their business and fundraising plans. This program is a small-group seminar launched
in 2021 as requested by our clients. Each seminar has less than 10 attendees.
44
II. Corporate Consulting Services
Approximately 28% of our total revenues for the
fiscal year ended December 31, 2022 was generated from corporate consulting service. As of the end of 2021, we have 42 corporate consulting
services clients.
Starting from the second quarter of 2021, we have
been providing corporate consulting services to SMEs that have the intention to raise funds or to go public in domestic or overseas markets,
who are typically in the growth stage of their business. Our goal is to become a well-known corporate consulting services provider with
clients and offices throughout the PRC. Leveraging our position as a hub in China's relevant industry and our data collection, analytics,
and presentation capabilities, we believe that we are well-positioned to provide our clients with relevant corporate consulting services.
We provide a combination of corporate consulting
services that are bundled and customized to fulfill each client's unique financial needs. After an initial due diligence study,
if a client determines to go forward with our corporate consulting services for its fundraising or going public, we will enter into a
service agreement with the client, where client can decide to contract a single modular service or a combination of services from the
following clusters.
We charge a fixed price for our services and revenue
is recognized when we complete the services agreed upon the contract. Each of the specific services is considered as one performance obligation.
Each performance obligation is independent to each other with specific price identified in the contract.
Since the clients can cancel each specific service
before it is delivered without any penalty, the Company does not have an enforceable right to payment from the client, and thus the services
and prices are excluded from the contract until the individual specific service starts or advance payment is received. Before the full
and complete delivery of the services, the clients cannot benefit from the performance and cannot control the work in progress. We control
the rights to our customized services, and the services can easily be redirected to another client without incurring significant costs.
As a result, the revenues do not meet the criteria of recognizing revenue over time, and such services shall only be useful to the client
after delivered in full. The revenue is therefore recognized at the point in time when the deliverables, in the form of reports are delivered
based on the specific terms of the contract.
Cluster I
Due Diligence
We deliver a due diligence report to the client by conducting a due diligence investigation, to provide a comprehensive exploration and explanation of the business and financial position of the client, including their business model, business outlook, management assets and liabilities, etc.;
Business Model
We deliver a business plan, assisting the clients to streamline and standardize their business model and organization structure in order to achieve more efficiently their desired results for fundraising or future listing plan; and
Resource Planning
We deliver a resource planning report, helping clients to identify, acquire, and allocate internal and external resources necessary to optimize their supply chain management, client service, capacity management and service competition, and ultimately achieve their plan of fundraising or future listing.
Cluster II
Reorganization
We assist the clients in preparation for investor presentations, due diligence materials required for interested investors or investment banks in financing the clients during the process of fundraising;
Pre-IPO
We connect clients with capital needs to venture capital funds, banks, or other financial institutions that can provide potential assistance for their financing needs; and
Regulation education
We help clients become familiar with regulations of the capital markets and assist them in meeting the standards for going public.
45
III. Advisory and Transaction Services
Approximately 64% of our total revenues for the
fiscal year ended December 31, 2022 was generated from advisory and transaction services. Because the nature of our advisory and transaction
services requires us to dedicate a large amount of time and resources to each client, we were able to generate relatively large revenue
from a small number of clients. As of the end of 2021, we have 32 advisory and transaction services clients.
Our advisory and transaction services aim to connect
entrepreneurs and businesses with diversified sources of capital. As their business grows, our clients may seek the capital required to
fund the business' ongoing operations and growth objectives at the expansion stage. However, SMEs often have limited access to resources
and capital, in part due to their lack of a sound financial plan and exposure to established, robust fundraising networks. Revenues from
advisory and transaction services represent service fees we charge associated with our tailored advisory services, which can cover a broad
range of activities from helping to design a financial plan, build up and maintain the corporate image of our clients and plan to close
the fundraising transactions. Revenues from providing advisory and transaction services to clients are recognized at a point in time when
the fundraising transaction and the advisory services performance is completed under the terms of the respective contract.
46
The service fees were charged based on a certain
percentage of the fund raised by our clients, which were only payable upon the completion of fundraising. Starting from the second half
of 2022, as the bargaining power increased as our business developed, we plan to charge the service fee at an agreed-upon amount, which
is determined on a case-by-case basis with reference to the scope of services to be provided and the size of the transactions, payable
by installments upon the occurrence of the milestone events defined in the contracts.
We may introduce investors to our clients for
their fundraising needs, but such activities would be limited to: 1) identifying, screening, and contacting potential investors; 2) distributing
relevant requested materials of clients to investors; 3) discussing information included in any materials furnished to investors, provided
that we do not provide advice to the valuation or advisability of the investment; and 4) arranging or participating in meeting with clients
and investors.
Our PRC counsel advised us that based on their
understanding of current PRC laws and consultation with relevant PRC administrative authority, the advisory and transaction services we
provide do not require special/broker-dealer licenses in mainland China as they do not involve brokerage, securities dealings, asset management
services, or other regulated activities under PRC law.
Our marketing-focused service package
During the course of providing corporate business
training services and corporate consulting services, we have built a network of entrepreneurs and start-up projects, many of whom are
willing to commit their personal wealth to attractive investment opportunities. Therefore, we are able to provide our advisory and transaction
services to connect growth enterprises and entrepreneurs with potential investors.
Our advisory and transaction services include
the following to provide necessary support to our clients in the whole fundraising process:
●
Corporate positioning (help the client understand the nature of their business, what benefits are available to them in their industry, what are their core products, who are their consumers, where they are in the competition);
●
Design and production of business plan and financing plan;
●
Design and production of corporate marketing materials;
●
Assess client to prepare for the business plan, financial plan and equity structure design;
●
Development and maintenance of investor/potential investor relations;
●
Event coordination services; and
●
Roadshow services: including logistic arrangement and online roadshow arrangement.
Our engagement approach
Our advisory and transaction service model begins
with discovering and engaging a broad range of fast growing early-stage businesses and selectively guiding them through various stages
of their fundraising.
Identification.
The first step
in engagement is identifying opportunities. We identify potential clients, both entrepreneurs and businesses, through a number of channels:
●
Inbound entrepreneur and business inquiries by our existing or past clients of corporate business training and corporate consulting services, which we believe are largely due to the trust on our brand built upon our track record of serving them;
47
●
Formal and informal networking led by our executive management team and over 10 professionals; and
●
Industry conferences, including those hosted by us, as of December 31, 2021, more than 10,000 attendees have attended our seminars.
Screening.
Upon identifying
potential opportunities, we conduct preliminary due diligence and feasibility study on the potential client based on information we gather
and our understanding of the industry and capital markets. In this screening stage, we will consider the basic information about the potential
client's business, as well as our potential ability to match the potential client with appropriate investors.
Due diligence.
If we consider
a potential client worth further consideration, our designated teams, comprised of legal and financial experts with extensive knowledge
and expertise in the industry and the market, perform due diligence on the potential client, including their assets and liabilities, share
structure, management, development prospect, and business model.
Engagement.
If we determine
the new opportunity with advisory and capital needs is likely to have success in achieving its goals of fundraising, we will engage them
as a client. Once they are engaged, we offer them our comprehensive package of services tailored to address their strategic financial
needs, ranging from assistance in the design of business and financial plan, preparation of presentation and documents to deal execution
support to chaperone clients throughout the fundraising process.
48
Our financing cycle coverage
Our typical financing cycle coverage is illustrated
below:
We aim to deliver in-depth corporate information
of our clients to their investors/shareholders and to provide our clients with investors' views and suggestions collected through
a series of corporate activities, by way of providing services such as maintenance and development of Public Relations ("PR")
and Investor Relations ("IR"), assist client to arrange for conferences and roadshow meetings.
Our fundraising roadshow services include coordinating
and managing the overall logistics of investor presentations to ensure that the investor presentations run smoothly, which allows our
clients to concentrate on the marketing aspects of their roadshows. Our roadshow services can be categorized into (i) project management;
(ii) logistics arrangements; and (iii) roadshow desk supporting functions.
Seasonality
The nature of our business does not appear to
be affected by seasonal variations.
Intellectual Property
We regard our trademarks, copyrights, patents,
domain names, know-how, proprietary technologies, and similar intellectual property as critical to our success, and we rely on copyright,
trademark and patent law in PRC, as well as confidentiality procedures and contractual provisions with our employees, contractors and
others to protect our proprietary rights.
We develop our curriculum and content with the
aim of growing our clients' capital markets knowledge. To achieve this, we have established a systematic course development and
update process that forms a virtuous cycle in producing high-quality seminar course offerings. Our content employs a large number of carefully
selected topics. Our own experts designed and produced the content and we have full rights to use and distribute the content in our seminars.
49
The Company has registered five (8) copyrights.
The following is a list of our approved copyrights materially essential to our business:
No.
Registration
Number
Copyright
Name
Copyright
Type
Copyright
Owner
Country of
Registration
Publication
Date
Registration
Date
1
Guozuodengzi-
2021-L-00154580
Investment
and Financing in
a Good Way
Other copyrights
Guangdong
Tiancheng Jinhui
Enterprise
Development Co.,
Ltd.
China
2019.09.01
2021.07.09
2
Guozuodengzi -
2021-L-00154579
Systemic
Investment
Class of
Capital
System
Other copyrights
Guangdong
Tiancheng Jinhui
Enterprise
Development Co.,
Ltd.
China
2019.09.01
2021.07.09
3
Guozuodengzi -
2021-L-00154577
The Closed
Loop of
Premium
Other copyrights
Guangdong
Tiancheng Jinhui
Enterprise
Development Co.,
Ltd.
China
2019.09.01
2021.07.09
4
Guozuodengzi -
2021-F-00100238
Tiancheng
Capital
Logo
Artwork
Guangdong
Tiancheng Jinhui
Enterprise
Development Co.,
Ltd.
China
2019.11.01
2021.05.08
5
Guozuodengzi -
2021-F-00100239
Tiancheng
Capital
Logo
Artwork
Guangdong
Tiancheng Jinhui
Enterprise
Development Co.,
Ltd.
China
2019.11.01
2021.05.08
6
Guozuodengzi -
2022-L-10105498
Invitation to Capital Systems Course
Other copyrights
Guangdong
Tiancheng Jinhui
Enterprise
Development Co.,
Ltd.
China
2022.04.07
2022.05.25
7
Guozuodengzi -
2022-F-10161401
Graphics
Artwork
Guangdong
Tiancheng Jinhui
Enterprise
Development Co.,
Ltd.
China
2022.04.02
2022.08.09
8
Guozuodengzi -
2022-F-10212214
Six disciplines for future unicorns
Artwork
Guangdong
Tiancheng Jinhui
Enterprise
Development Co.,
Ltd.
China
2022.07.22
2022.10.24
50
In
addition, the Company has registered 90 trademarks with the following trademark names:
,
,
and
.
Competitive Advantages
We believe that the following competitive strengths
have contributed to our success and differentiated us from our competitors:
●
Highly qualified professional service team with extensive experience in services of corporate training and corporate consulting.
We launched our corporate consulting services
in 2020. Our aim was to assist these Chinese enterprises by filling the gaps and forming a bridge between SMEs in China and potential
investors. We have a team of third-party qualified and experienced personnel with legal, regulatory, and financial expertise. Our services
are designed to help SMEs in China achieve their goal of becoming public companies. We create a fundraising and/or going public strategy
for each client based on many factors, including our assessment of the client's financial and operational situations, market conditions,
and the client's business and financial requirements. We rely heavily on the expertise of our service providers, including corporate
trainers and experts to maintain our core competence. Our experts are professionals in their specialized fields. Our team of consultants
consists of professional with an average of five years of industrial experiences.
●
Our management team possesses a wide personal and business network, which provides us a valuable source of potential clients.
Our management team has been selected based on
values emphasizing the importance of standardized operations, cohesiveness, continuous learning and performance excellence and places
stringent quality control on our services. They strive to keep abreast of the equity market laws and regulations in the PRC. In addition
to daily management, our CEO Mr. Xu have also participated in seminars provided by our internal corporate trainers and external experts.
Their professional knowledge and views on the trending topics in the PRC helped promote our "Tiancheng" brand.
●
Corporate culture committed to client success.
Named for our primary brand, our corporate culture
reflects our employees' energy, passion and focus on client success. Our culture is widely regarded as one of our greatest assets
and is consistently cited as a key differentiator by clients, prospective clients and employees.
●
We develop a comprehensive range of services designed to meet the evolving demands of our clients
We incorporate our self-developed corporate business
training services in the corporate consulting projects carried out by our team, in order to enhance and expand our service offerings to
meet the evolving demands from the clients and to capture different market opportunities. For example, we regularly conduct research and
studies on the trending topics and commonly raised client enquiries in the capital finance sectors, including but not limited to questions
concerning the issuance of new related laws and regulations by the PRC government, in order to provide timely updates to our clients.
51
●
We
are able to offer services to clients from a diversified range of industry sectors
By keeping abreast of the relevant PRC laws and
regulations as well as economic development of the PRC, we are able to assist our clients to react and adapt to the changes through our
corporate consulting and advisory and transaction service projects. In addition, in the course of providing services to our clients, we
attempt to gain insights as to the actual needs and difficulties that our clients are facing, which would in turn provide us with first-hand
experience in our services. We believe that our ability to keep up with the fast-changing business environment in the PRC and our effects
to offer updated and timely advice to our clients may provide us with a competitive advantage in capturing growth opportunities in our
business.
●
Powerful
network effect.
Our highly complementary organization and participant
offerings drive multiple revenue opportunities. The continued growth of attendances results in more participants intend to engage our
corporate consulting and advisory and transaction services. This growing audience create a powerful network effect where our platform
become increasingly valuable, driving more registrations to the participant's activities while simultaneously offering participants
additional relevant activities from which to choose. In addition, growth in our participant audience attracts incremental clients who
view our resources as an effective medium for marketing their activities and events to a targeted demographic of participants.
●
Established
long-term cooperative relationships with local chambers of commerce.
We offer corporate training and seminar tailored
for local business needs, helping them to capture the recent equity investment trend and facilitate their decision-making process regarding
equity investment opportunity. With the rise of government support funds in China in recent years, we also helped the local business community
to cut through the complexities of the funding procedure to unlock substantial financial government benefits and incentives.
Government Regulation
We operate our business in the PRC under a legal
regime consisting of the National People's Congress, which is the country's highest legislative body, the State Council, which
is the highest authority of the executive branch of the PRC central government, and several ministries and agencies under its authority,
including the State Administration of Foreign Exchange ("SAFE"), the Ministry of Commerce ("MOFCOM"), the National
Development and Reform Commission ("NDRC"), the State Administration for Market Regulation ("SAMR"), formerly
known as the State Administration for Industry and Commerce ("SAIC"), the Ministry of Civil Affairs ("MCA"),
and their respective authorized local counterparts.
This section sets forth a summary of the most
significant rules and regulations that affect our business activities in the PRC.
Regulation Relating to Foreign Investment
All limited liability companies incorporated and
operating in the PRC are governed by the
Company Law of the People's Republic of China
, or the Company Law, which was
amended and promulgated by the Standing Committee of the National People's Congress on October 26, 2018. However, on December 24,
2021, the Standing Committee of the National People's Congress issued the Company Law of the People's Republic of China (Draft
for Comments) (the "Draft Revised Company Law"), which was open for public comments until January 22, 2022. The Draft Revised
Company Law further stipulates the establishment and withdrawal of the company, the organizational structure and the capital system of
the company, and strengthens the responsibilities of shareholders and management personnel and Corporate Social Responsibility. As of
the date of this Annual Report, the Draft Revised Company Law has not been promulgated. Foreign invested projects must also comply with
the Company Law, with exceptions as specified in foreign investment laws.
52
With respect to the establishment and operation
of wholly foreign-owned projects, or WFOE, the MOFCOM and NDRC, promulgated the Special Administrative Measures for the Access of Foreign
Investment (Negative List) (2021 Version) (the "2021 Negative List") on December 27, 2021, which became effective on January
1, 2022. The 2021 Negative List will replace the Special Administrative Measures for the Access of Foreign Investment (2020 Version) (the
"2020 Negative List") and serve as the main basis for management and guidance for the MOFCOM to manage and supervise foreign
investments. Those industries not set out on the 2021 Negative List shall be classified as industries permitted for foreign investment.
The negative List is subject to review and update by the PRC government from time to time. None of our businesses are on the 2021 Negative
List. Therefore, the Company is able to conduct its business through its wholly owned PRC subsidiary without being subject to restrictions
imposed by the foreign investment laws and regulations of the PRC.
The Foreign Investment Law of the People's
Republic of China (the "Foreign Investment Law") was adopted by the second meeting of the 13th National People's Congress
on March 15, 2019, which became effective on January 1, 2020. On December 26,2019, the State Council promulgated Regulation for Implementing
the Foreign Investment Law of the People's Republic of China (the "Regulation"), which became effective on January 1,
2020.
The Foreign Investment Law and the Regulation
apply the administrative system of pre-establishment national treatment plus negative list to foreign investment and clarify the state
shall develop a catalogue of industries for encouraging foreign investment to specify the industries, fields, and regions where foreign
investors are encouraged and directed to invest, which refers to the Catalogue of Industries for Guiding Foreign Investment Industries
(amended in 2020) (the "Catalogue"). Specifically, the special administrative measures to be implemented are the restricted
and prohibited industry categories as well as encouraged industry categories having shareholding and executive management requirements
prescribed in the Catalogue (the Special Administrative Measures for the Access of Foreign Investment specified in the Catalogue was replaced
by the 2020 Negative List, and the Catalogue of Industries for Encouraged Foreign Investment specified in the Catalogue was replaced by
the Catalogue of Industries for Encouraged Foreign Investment (2020 Version).
Regulation Relating to Wholly Foreign-owned
Enterprises
The abovementioned Company Law of the People's
Republic of China provides that companies established in the PRC may take the form of company of limited liability or company limited
by shares. Each company has the status of a legal person and owns its assets itself. Assets of a company may be used in full for the company's
liability. The Company Law applies to foreign-invested companies unless relevant laws provide otherwise.
The Foreign Investment Law replaced Law of the
People's Republic of China on Wholly Foreign-owned Enterprises. It stipulates that the PRC implements a system of pre-establishment
national treatment plus negative list for the administration of foreign investment. Foreign investors are not allowed to invest in fields
or sectors prohibited in the market access negative list for foreign investment. Foreign investors that intend to invest in the fields
subject to access restrictions stipulated in market access negative list for foreign investment shall satisfy the conditions stipulated
in such negative list. The PRC policies supporting enterprise development are equally applicable to foreign-invested enterprises. The
PRC does not impose expropriation on foreign investment. Under special circumstances, if it requires imposing expropriation on foreign
investment due to the need of public interest, expropriation shall be imposed according to legal procedures, and the foreign-invested
enterprises concerned shall receive fair and reasonable compensation. Foreign-invested enterprises can raise funds through public issuance
of stocks, corporate bonds and other securities in accordance with the law. Overall, The Foreign Investment Law establishes the clear
principle of applying national treatment to FIEs except those engaged in industries on the negative List. Since our current and planned
business is not on the 2021 Negative List, to the best of our knowledge, it will not create any material adverse effect to our Company's
business.
Regulations on Offshore Parent Holding Companies'
Direct Investment in and Loans to Their PRC Subsidiary
An offshore company may invest equity in a PRC
company, which will become the PRC subsidiary of the offshore holding company after investment. Such equity investment is subject to a
series of laws and regulations generally applicable to any foreign-invested enterprise in China, all as amended from time to time, and
their respective implementing rules; the Administrative Provisions on Foreign Exchange in Domestic Direct Investment by Foreign Investors;
and the Notice of the State Administration on Foreign Exchange on Further Improving and Adjusting Foreign Exchange Administration Policies
for Direct Investment. Under the aforesaid laws and regulations, the increase of the registered capital of a foreign-invested enterprise
is subject to submission of information to and registration with certain PRC government authorities, including MOFCOM, SAMR, SAFE or their
local counterparts. Shareholder loans made by offshore parent holding companies to their PRC subsidiaries are regarded as foreign debts
in China for regulatory purpose, which is subject to a number of PRC laws and regulations, including the PRC Foreign Exchange Administration
Regulations, the Interim Measures on Administration on Foreign Debts, the Tentative Provisions on the Statistics Monitoring of Foreign
Debts and its implementation rules, and the Administration Rules on the Settlement, Sale and Payment of Foreign Exchange. Under these
regulations, the shareholder loans made by offshore parent holding companies to their PRC subsidiaries shall be registered with SAFE,
or its local counterparts.
53
Regulations Relating to Intellectual Property
Copyright
China has adopted comprehensive legislation governing
intellectual property rights, including trademarks and copyrights. China is a signatory to the primary international conventions on intellectual
property rights and has been a member of the Agreement on Trade Related Aspects of Intellectual Property Rights since its accession to
the WTO in December 2001.
In September 1990, the SCNPC promulgated
the Copyright Law of the People's Republic of China, effective in June 1991 and amended in 2001, 2010 and 2020 respectively. The
amended Copyright Law extends copyright protection to internet activities, products disseminated over the internet and software products.
In addition, there is a voluntary registration system administered by the Copyright Protection Centre of China.
In order to further implement the Computer Software
Protection Regulations, promulgated by the State Council in December 2001 and amended in 2011 and 2013 respectively, the National Copyright
Administration issued Measures for the Registration of Computer Software Copyright in February 2002, which specify detailed procedures
and requirements with respect to the registration of software copyrights.
Trademark
According to the Trademark Law of the People's
Republic of China, promulgated by the SCNPC in August 1982, and amended in 1993, 2001, 2013 and 2019 respectively, the Trademark Office
of China National Intellectual Property Administration is responsible for the registration and administration of trademarks and is also
responsible for resolving trademark disputes in China. Registered trademarks are valid for ten years from the date the registration is
approved. A registrant may apply to renew a registration within twelve months before the expiration date of the registration. If the registrant
fails to apply in a timely manner, a grace period of six additional months may be granted. If the registrant fails to apply before the
grace period expires, the registered trademark shall be deregistered. Renewed registrations are valid for ten years. In April 2014, the
State Council issued the revised Implementing Regulations of the Trademark Law, which specified the requirements of applying for trademark
registration and review.
Patent
According to the Patent Law of the People's
Republic of China promulgated by the SCNPC in 1984 and amended in 1992, 2000, 2008 and 2020, respectively, a patentable invention or a
utility model must meet three criteria: novelty, inventiveness and practicability. A patent is valid for a twenty-year term for an invention
and a ten-year term for a utility model or design, starting from the application date.
Domain Names
In August 2017, the MIIT promulgated the Administrative
Measures on Internet Domain Names, or the Domain Name Measures. The Domain Name Measures regulate the registration of domain names, such
as the top-level domain name ".cn". The MIIT is in charge of the administration of PRC internet domain names and the domain
name services follow a "first come, first file" principle.
Regulations Relating to Foreign Exchange
Pursuant to the Foreign Exchange Administration
Regulations, as amended in August 2008, the RMB is freely convertible for current account items, including the distribution of dividends,
interest payments, trade and service-related foreign exchange transactions, but not for capital account items, such as direct investments,
loans, repatriation of investments and investments in securities outside the PRC, unless SAFE's prior approval is obtained and prior
registration with SAFE is made. In May 2013 SAFE promulgated the Circular of the SAFE on Printing and Distributing the Administrative
Provision on Foreign Exchange in Domestic Direct Investment by Foreign Investors and Relevant Supporting Documents which provides
for and simplifies the operational steps and regulations on foreign exchange matters related to direct investment by foreign investors,
including foreign exchange registration, account opening and use, receipt and payment of funds, and settlement and sales of foreign exchange.
54
Pursuant to the Circular on Relevant Issues
concerning Foreign Exchange Administration of Overseas Investment and Financing and Return Investments Conducted by Domestic Residents
through Overseas Special Purpose Vehicles or the SAFE Circular 37, promulgated by SAFE and which became effective on July 4,
2014, (a) a PRC resident shall register with the local SAFE branch before he or she contributes assets or equity interests in an
overseas SPV, that is directly established or controlled by the PRC Resident for the purpose of conducting investment or financing; and
(b) following the initial registration, the PRC Resident is also required to register with the local SAFE branch for any major change,
in respect of the Overseas SPV, including, among other things, a change of the Overseas SPV's PRC Resident shareholder(s), name
of the Overseas SPV, term of operation, or any increase or reduction of the Overseas SPV's registered capital, share transfer or
swap, and merger or division. Pursuant to SAFE Circular 37, failure to comply with these registration procedures may result in penalties.
Pursuant to the Circular of the State Administration
of Foreign Exchange on Further Simplifying and Improving the Direct Investment-related Foreign Exchange Administration Policies, or the
SAFE Notice 13, which was promulgated on February 13, 2015 and with effect from June 1, 2015, the foreign exchange registration under
domestic direct investment and the foreign exchange registration under overseas direct investment is directly reviewed and handled by
banks in accordance with the SAFE Notice 13, and the SAFE and its branches shall perform indirect regulation over the foreign exchange
registration via banks.
Regulation on Foreign Debt
A loan made by a foreign entity as direct or indirect
shareholder in a FIE is considered to be foreign debt in China and is regulated by various laws and regulations, including the PRC Foreign
Exchange Administration Regulations, the Interim Provisions on the Management of Foreign Debts, the Statistical Monitoring of Foreign
Debts Tentative Provisions, and the Administrative Measures for Registration of Foreign Debts. Under these rules and regulations, a shareholder
loan in the form of foreign debt made to a PRC entity does not require the prior approval of SAFE. However, such foreign debt must be
registered with and recorded by SAFE or its local branches within fifteen (15) business days after entering into the foreign debt contract.
Pursuant to these rules and regulations, the maximum amount of the aggregate of (i) the outstanding balance of foreign debts with a term
not longer than one year, and (ii) the accumulated amount of foreign debts with a term longer than one year, of a FIE shall not exceed
the difference between its registered total investment and its registered capital, or Total Investment and Registered Capital Balance.
On January 12, 2017, the People's Bank of
China, or PBOC, promulgated the Notice of the People's Bank of China on Matters concerning the Macro-Prudential Management of Full-Covered
Cross-Border Financing, or PBOC Circular 9, which sets forth an upper limit for PRC entities, including FIEs and domestic enterprises,
regarding their foreign debts. Pursuant to PBOC Circular 9, the outstanding cross-border financing of an enterprise (the outstanding balance
drawn, here and below) shall be calculated using a risk-weighted approach, or Risk-Weighted Approach, and shall not exceed the specified
upper limit, namely: risk-weighted outstanding cross-border financing £ the upper limit of risk-weighted outstanding cross-border
financing. Risk-weighted outstanding cross-border financing =∑ outstanding amount of RMB and foreign currency denominated cross-border
financing * maturity risk conversion factor * type risk conversion factor +∑ outstanding foreign currency denominated cross-border
financing * exchange rate risk conversion factor. Maturity risk conversion factor shall be 1 for medium- and long-term cross-border financing
with a term of more than one year and 1.5 for short-term cross-border financing with a term of one year or less than one year. Type risk
conversion factor shall be 1 for on-balance-sheet financing and 1 for off-balance-sheet financing (contingent liabilities) for the time
being. Exchange rate risk conversion factor shall be 0.5. The PBOC Circular 9 further provides that the upper limit of risk-weighted outstanding
cross-border financing for enterprises, or Net Asset Limits, shall be 200% of its net assets. The PBOC Circular 9 does not supersede the
Interim Provisions on the Management of Foreign Debts, but rather serves as a supplement to it. PBOC Circular 9 provided for a one-year
transitional period, or the Transitional Period, from its promulgation date for FIEs, during which period FIEs could choose to calculate
their maximum amount of foreign debt based on either (i) the Total Investment and Registered Capital Balance, or (ii) the Risk-Weighted
Approach and the Net Asset Limits. Under the PBOC Circular 9, after the Transitional Period ends on January 11, 2018, the PBOC and SAFE
will determine the cross-border financing administration mechanism for the foreign-invested enterprises after evaluating the overall implementation
of PBOC Circular 9. In addition, according to PBOC Circular 9, a foreign loan must be filed with SAFE through the online filing system
of SAFE after the loan agreement is signed and at least three business days prior to the borrower withdraws any amount from such foreign
loan.
55
Regulations Relating to Dividend Distributions
According to the PRC Company Law and Foreign Investment
Law, our PRC subsidiary, as a foreign invested enterprise, or FIE, is required to draw 10% of its after-tax profits each year, if any,
to fund a common reserve, which may stop drawing its after-tax profits if the aggregate balance of the common reserve has already accounted
for over 50% of its registered capital. These reserves are not distributable as cash dividends. Furthermore, under the EIT Law, which
became effective in January 2008, the maximum tax rate for the withholding tax imposed on dividend payments from PRC foreign invested
companies to their overseas investors that are not regarded as "resident" for tax purposes is 20%. The rate was reduced to
10% under the Implementing Regulations for the EIT Law issued by the State Council. However, a lower withholding tax rate might be applied
if there is a tax treaty between China and the jurisdiction of the foreign holding companies, such as tax rate of 5% in the case of Hong
Kong companies that holds at least 25% of the equity interests in the foreign-invested enterprise, and certain requirements specified
by PRC tax authorities are satisfied.
Regulations Relating to Overseas Listings
On February 17, 2023, the China Securities Regulatory
Commission (the "CSRC") issued the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies
(the "Trial Administrative Measures") and relevant supporting guidelines (collectively, the "New Administrative Rules
Regarding Overseas Listings"), which came into force since March 31, 2023. The New Administrative Rules Regarding Overseas Listings
refine the regulatory system for domestic company's overseas offering and listing by subjecting both direct and indirect overseas
offering and listing activities to the filing-based administration, and clearly defines the circumstances where provisions for direct
and indirect overseas offering and listing apply and relevant regulatory requirements.
Under the New Administrative Rules Regarding Overseas
Listings, a domestic company is prohibited from overseas offering and listing if any of the following circumstances is involved: (1) where
such securities offering and listing is explicitly prohibited by provisions in laws, administrative regulations and relevant state rules;
(2) where the intended securities offering and listing may endanger national security as reviewed and determined by competent authorities
under the State Council in accordance with law; (3) where the domestic company intending to make the securities offering and listing,
or its controlling shareholders and the actual controller, have committed crimes such as corruption, bribery, embezzlement, misappropriation
of property or undermining the order of the socialist market economy during the latest three years; (4) where the domestic company intending
to make the securities offering and listing is suspected of committing crimes or major violations of laws and regulations, and is under
investigation according to law, and no conclusion has yet been made thereof; and (5) where there are material ownership disputes over
equity held by the domestic company's controlling shareholder or by other shareholders that are controlled by the controlling shareholder
and/or actual controller. Moreover, a domestic company that seeks to offer and list securities in overseas markets shall abide by certain
other regulatory requirements as set out in the New Administrative Rules Regarding Overseas Listings, including without limitation to,
compliance with national secrecy, foreign investment, cybersecurity, data security, cross-border investment and financing, foreign exchange,
and other laws and relevant provisions.
On February 24, 2023, the CSRC promulgated the
Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies
(the "Confidentiality and Archives Administration Provisions"), which also became effective on March 31, 2023. According to
the Confidentiality and Archives Administration Provisions, domestic companies that carry out overseas offering and listing (either in
direct or indirect means) and the securities companies and securities service providers (either incorporated domestically or overseas)
that undertake relevant businesses shall institute a sound confidentiality and archives administration system, and take necessary measures
to fulfill confidentiality and archives administration obligations. They shall not leak any state secret and working secret of government
agencies, or harm national security and public interest. Therefore, a domestic company that plans to, either directly or through its overseas
listed entity, publicly disclose or provide to relevant individuals or entities including securities companies, securities service providers
and overseas regulators, any documents and materials that contain state secrets or working secrets of government agencies, shall first
obtain approval from competent authorities according to law, and file with the secrecy administrative department at the same level. Moreover,
if documents and materials that, if leaked, will be detrimental to national security or public interest, are involved, the domestic company
shall strictly fulfill relevant procedures stipulated by applicable regulations.
56
Furthermore, the Confidentiality and Archives
Administration Provisions stipulates that a domestic company that provides accounting archives or copies of accounting archives to any
entities including securities companies, securities service providers and overseas regulators and individuals shall fulfill due procedures
in compliance with applicable regulations. Working papers produced in the Chinese mainland by securities companies and securities service
providers in the process of undertaking businesses related to overseas offering and listing by domestic companies shall be retained in
the Chinese mainland. Where such documents need to be transferred or transmitted to outside the Chinese mainland, relevant approval procedures
stipulated by regulations shall be followed.
In August 2006, six PRC regulatory authorities,
including the CSRC, jointly adopted the Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or
the M&A Rules, amended in June 2009. The M&A Rules, among other things, require that if an overseas company established or controlled
by PRC companies or individuals, or PRC Citizens, intends to acquire equity interests or assets of any other PRC domestic company affiliated
with the PRC Citizens, such acquisition must be submitted to the MOFCOM for approval. The M&A Rules also require that an Overseas
SPV that is controlled by PRC companies or individuals and that has acquired PRC domestic companies' equities with the SPV's
shares shall obtain CSRC approval prior to publicly listing their securities on an overseas stock exchange.
We believe that our corporate structure and arrangements
are not subject to the approval of the CSRC or the MOFCOM under the M&A Rules. However, our PRC legal counsel has further advised
us that there are substantial uncertainties as to how the M&A Rules will be interpreted or implemented in the context of an overseas
offering, and its opinions summarized above are subject to any new laws, rules and regulations or detailed implementations and interpretations
in any form relating to the M&A Rules.
Regulations Relating to Employment
The Labor Law of the People's Republic of
China, or the Labor Law, which became effective in January 1995 and was amended in 2018, and the Employment Contract Law of the People's
Republic of China, or the Employment Contract Law, effective in January 2008 and amended in 2012, require employers to provide written
contracts to their employees, restrict the use of temporary workers and aim to give employees long-term job security. Employers must pay
their employees' wages equal to or above local minimum wage standards, establish labor safety and workplace sanitation systems,
comply with state labor rules and standards and provide employees with appropriate training on workplace safety. In September 2008, the
State Council promulgated the Implementing Regulations for the PRC Employment Contract Law which became effective immediately and interprets
and supplements the provisions of the Employment Contract Law.
Under the Labor Contract Law, an employer shall
limit the number of dispatched workers so that they do not exceed a certain percentage of its total number of workers. In January 2014,
the MOHRSS issued the Interim Provisions on Labor Dispatching, which became effective in March 2014, pursuant to which it provides that
the number of dispatched workers used by an employer shall not exceed 10% of the total number of its employees.
The PRC governmental authorities have passed a
variety of laws and regulations regarding social insurance and housing funds from time to time, including, among others, the Social Insurance
Law of the People's Republic of China, the Regulation of Insurance for Labor Injury, the Regulations of Insurance for Unemployment,
the Provisional Insurance Measures for Maternal Employees, the Interim Regulations Concerning the Collection and Payment of Social Insurance
Premiums and the Administrative Regulations on the Housing Provident Fund.
According to the Social Insurance Law of PRC,
which issued by the SCNPC on October 28, 2010 and came into effect on July 1, 2011 and was latest revised on December 29, 2018, enterprises
and institutions in the PRC shall provide their employees with welfare schemes covering pension insurance, unemployment insurance, maternity
insurance, work-related injury insurance, medical insurance and other welfare plans. The employer shall apply to the local social insurance
agency for social insurance registration within 30 days from the date of its formation. And it shall, within 30 days from the date of
employment, apply to the social insurance agency for social insurance registration for the employee. Any employer who violates the regulations
above shall be ordered to make correction within a prescribed time limit; if the employer fails to rectify within the time limit, the
employer and its directly liable person will be fined.
57
According to the Administrative Regulations on
the Housing Provident Fund, implemented since April 3, 1999 and latest amended on March 24, 2019, any newly established entity shall make
deposit registration at the housing accumulation fund management center within 30 days as of its establishment. After that, the entity
shall open a housing accumulation fund account for its employees in an entrusted bank. Within 30 days as of the date an employee is recruited,
the entity shall make deposit registration at the housing accumulation fund management center and seal up the employee's housing
accumulation fund account in the bank mentioned above within 30 days from termination of the employment relationship. Any entity that
fails to make deposit registration of the housing accumulation fund or fails to open a housing accumulation fund account for its employees
shall be ordered to complete the relevant procedures within a prescribed time limit. Any entity failing to complete the relevant procedure
within the time limit will be fined RMB10,000 to RMB50,000. Any entity fails to make payment of housing provident fund within the time
limit or has shortfall in payment of housing provident fund will be ordered to make the payment or make up the shortfall within the prescribed
time limit, otherwise, the housing provident management center is entitled to apply for compulsory enforcement with the People's
Court.
Regulations Relating to Consumer Rights Protection
The PRC consumer Rights and Interests Protection
Law, or consumer Protection Law, as amended on October 25, 2013 and effective on March 15, 2014, sets out the obligations of
business operators and the rights and interests of the consumers. Pursuant to this law, business operators must guarantee that the commodities
they sell satisfy the requirements for personal or property safety, provide consumers with authentic information about the commodities,
and guarantee the quality, function, usage and term of validity of the commodities. Failure to comply with the consumer Protection Law
may subject business operators to civil liabilities such as refunding purchase prices, exchange of commodities, repairing, ceasing damages,
compensation, and restoring reputation, and even subject the business operators or the responsible individuals to criminal penalties if
business operators commit crimes by infringing the legitimate rights and interests of consumers.
Regulations Relating to Tax in the PRC
Income Tax
The PRC Enterprise Income Tax Law was
promulgated in March 2007 and was most recently amended in December 2018. The PRC Enterprise Income Tax Law applies a uniform
25% enterprise income tax rate to both foreign-invested enterprises and domestic enterprises, except where tax incentives are granted
to special industries and projects. Under the PRC Enterprise Income Tax Law, an enterprise established outside China with "de
facto management bodies" within China is considered a "resident enterprise" for PRC enterprise income tax purposes
and is generally subject to a uniform 25% enterprise income tax rate on its worldwide income. Under the implementation regulations to
the PRC Enterprise Income Tax Law, a "de facto management body" is defined as the body that exercises full and substantial
control and overall management over the business, productions, personnel, accounts and properties of an enterprise.
In April 2009, the Ministry of Finance and SAT
jointly issued the Notice on Issues Concerning Process of Enterprise Income Tax in Enterprise Restructuring Business, or the
Circular 59. In December 2009, SAT issued the Notice on Strengthening Administration of Enterprise Income Tax for Share Transfers
by Non-PRC Resident Enterprises, or the Circular 698. Both Circular 59 and Circular 698 became effective retroactively as of January
2008. In March 2011, SAT issued the Notice on Several Issues Regarding the Income Tax of Non-PRC Resident Enterprises, or the
SAT Circular 24, effective in April 2011. By promulgating and implementing these circulars, the PRC tax authorities have enhanced their
scrutiny over the direct or indirect transfer of equity interests in a PRC resident enterprise by a non-resident enterprise.
58
In February 2015, SAT issued the Notice on
Certain Corporate Income Tax Matters on Indirect Transfer of Properties by Non-PRC Resident Enterprises, or the SAT Circular 7, to
supersede existing provisions in relation to the indirect transfer as set forth in Circular 698, while the other provisions of Circular
698 remain in force. SAT Circular 7 introduces a new tax regime that is significantly different from that under Circular 698. SAT Circular
7 extends its tax jurisdiction to capture not only indirect transfers as set forth under Circular 698 but also transactions involving
transfer of immovable property in China and assets held under the establishment, and placement in China, of a foreign company through
the offshore transfer of a foreign intermediate holding company. SAT Circular 7 also addresses transfer of the equity interest in a foreign
intermediate holding company broadly. In addition, SAT Circular 7 provides clearer criteria than Circular 698 on how to assess reasonable
commercial purposes and introduces safe harbor scenarios applicable to internal group restructurings. However, it also brings challenges
to both the foreign transferor and transferee of the indirect transfer as they have to determine whether the transaction should be subject
to PRC tax and to file or withhold the PRC tax accordingly. In October 2017, SAT issued the Announcement on Issues Relating to Withholding
at Source of Income Tax of Non-resident Enterprises, or the SAT Circular 37, amended in June 2018. The SAT Circular 37 superseded
the Non-resident Enterprises Measures and SAT Circular 698 as a whole and partially amended some provisions in SAT Circular 24 and SAT
Circular 7. SAT Circular 37 purports to clarify certain issues in the implementation of the above regime, by providing, among others,
the definition of equity transfer income and tax basis, the foreign exchange rate to be used in the calculation of withholding amount,
and the date of occurrence of the withholding obligation. Specifically, SAT Circular 37 provides that where the transfer income subject
to withholding at source is derived by a non-PRC resident enterprise in installments, the installments may first be treated as recovery
of costs of previous investments. Upon recovery of all costs, the tax amount to be withheld must then be computed and withheld.
Value Added Tax
The PRC Provisional Regulations on Value Added
Tax were promulgated by the State Council on December 13, 1993, which became effective on January 1, 1994 and were subsequently amended
from time to time. The Detailed Rules for the Implementation of the PRC Provisional Regulations on Value Added Tax (2011 Revision) was
promulgated by the Ministry of Finance on December 25, 1993 and subsequently amended on December 15, 2008 and October 28, 2011. On November
19, 2017, the State Council promulgated the Decisions on Abolishing the PRC Provisional Regulations on Business Tax and Amending the PRC
Provisional Regulations on Value Added Tax. Pursuant to these regulations, rules and decisions, all enterprises and individuals engaged
in sale of goods, provision of processing, repair, and replacement services, sales of services, intangible assets, real property, and
the importation of goods within the PRC territory are VAT taxpayers. On March 20, 2019, the Ministry of Finance, the SAT, and the General
Administration of Customs jointly issued the Announcement on Relevant Policies on Deepen the Reform of Value Added Tax, according to which
for general VAT payers' sales activities or imports that are subject to VAT at a current applicable rate of 16% or 10%, the applicable
VAT rate is adjusted to 13% or 9%, respectively, from April 1, 2019.
Regulations Relating to Leasing Property
Pursuant to the Law of the People's Republic
of China on the Administration of the Urban Real Estate, promulgated by the SCNPC on July 5, 1994 and last amended on August 26, 2019
and effective on January 1, 2020, in the lease of a house, the leaser and the lessee shall conclude a written lease contract defining
such matters as the term, purpose and price of the lease, liability for repair, as well as other rights and obligations of both parties.
They shall register the lease contract with the department of housing administration for the record. Pursuant to the Administrative Measures
on Commodity Housing Leasing, issued by Ministry of Housing and Urban-Rural Development on December 1, 2010 and became effective on February
1, 2011, without the mentioned registration above, the leaser and the lessee may be imposed a fine by the development (real estate) department.
C.
Organizational Structure
The following diagram illustrates our corporate
structure, including our subsidiaries:
D.
Property, Plants and Equipment
Our headquarters and executive offices are located
in Guangzhou, China and consist of approximately 1,796.26 square meters (approximately 19,334.78 square feet) of office space under two
leases which will both expire in October 2025.
We lease our facility and do not own any real
property.
59
Item 4A. UNRESOLVED STAFF COMMENTS
Not applicable.
Item
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
You should read the following discussion and
analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and the related
notes included elsewhere in this Annual Report on Form 20-F. This discussion may contain forward-looking statements based upon current
expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking
statements as a result of various factors, including those set forth under "Item 3. Key Information—D. Risk Factors"
or in other parts of this Annual Report on Form 20-F.
A.
Operating
results
Overview
We provide a number of business services in China
to young and emerging companies including (i) corporate business training services, which mainly focus on advanced knowledge and new perspectives
on the capital markets, (ii) corporate consulting services, which mainly focus on various aspects of fundraising, and (iii) advisory and
transaction services. Our main clients are entrepreneurs and executives in SMEs in China.
Key Factors that Affect Operating Results
We believe the following key factors may affect
our financial condition and results of operations:
Ability to acquire clients effectively
Our business success depends on our ability to
acquire new clients and retain existing clients. In order to effectively acquire more new clients, we plan to provide more free or low-priced
seminars, which we consider an efficient and effective marketing tool for promoting our brand and services to prospective clients due
to the large number of attendees in each seminar. After the prospective clients gain some basic knowledge about capital markets and entrepreneurship
through our seminars, some of them may be interested in signing up for our higher margin services, such as business consulting services
or advisory and transaction services. Due to the ability of promoting our brand and services to a large number of prospective clients
through our free or low-priced seminars, we generally do not need to incur significant expenses on other promoting channels. Furthermore,
in order to retain existing clients through providing high-quality services, we intend to continue to develop and improve the quality
of our courses, especially the fee-paying ones, recruit and retain industry experts, and maintain a strong management team.
In addition to the two above-mentioned strategies
to acquire and retain clients, we also rely on the influence of our management team and existing client referrals. Early in our business,
in order to acquire new clients, we mainly marketed our services through the influence of our management team, who collectively has a
wide personal and business network and provides us a valuable source of potential new clients. In addition, we build our brand over time
through high-quality services, and our reputation in the industry has been enhanced through referrals and word of mouth of existing clients.
We believe that our services consistently meet or exceed our clients' expectations, which promotes client acquisition and retention.
If any of the current client acquisition channels
becomes less effective, it may affect our cost-effective manner of attracting new clients, converting potential clients to active clients
or even lose our existing clients to our competitors. To the extent that our current client acquisition and retention efforts become less
effective, our service revenues may be significantly impacted, which would have a significant adverse effect on our revenues, financial
condition and results of operations.
60
Ability to attract and retain our key personnel
Due to the nature of our business, we heavily
rely on the leadership of our directors, officers and our expertise team to maintain our core competence. Our team has remained stable
since we started our business in 2019. Under their leadership, our business has achieved rapid expansion and growth since 2019. As our
business scope increases, we expect to continue to invest significant resources in hiring and retaining a talent pool of financial consultancy
professionals. Our ability to sustain our growth depends on our ability to attract qualified personnel and retain our current staff.
Transition to public company status
Subsequent to our recent initial public offering,
our general and administrative expenses are expected to increase materially in connection with meeting our public company reporting obligations
and corporate governance requirements. The increased expenses will include legal, accounting and other professional service fees, insurance
premiums, auditing fees, investor relations, shareholders' meetings, printing and filing fees, share-based compensation expense,
as well as employee-related expenses for regulatory compliance and other costs. We are a relatively early-stage company, and therefore
our operating costs as a public company are expected to constitute a bigger proportion of revenues and net profit as compared to a larger
or more mature company.
A severe or prolonged slowdown in the global
or Chinese economy
The demand for advisory and transaction services
and corporate consulting services is dependent on the overall economic conditions in China as well as globally. A slowdown in the economy,
such as deterioration of overall economic condition may decrease corporate clients' desire to expand their business, which in turn
may decrease their need for corporate services and therefore affects our operating business performance.
Impact of the COVID-19 pandemic on our business
and operations
The
COVID-19 pandemic has resulted in quarantines, travel restrictions, limitations on social or public gatherings, and the temporary closure
of business venues and facilities across the world, including China from 2021 to 2022.
Many of the quarantine and lockdown measures within China have
been relaxed since the second quarter in 2021. Nevertheless, relaxation of restrictions on economic and social activities may lead to
new cases which may result in the return of restrictions. Our clients as well as revenue generation are all from China. Although the
Company's operations in China have fully resumed in July 2020, the COVID-19 pandemic continued to affect the Company's business
performance in 2021 and 2022. The negative impacts of the COVID-19 outbreak on our business include: (i) the uncertain economic conditions
may refrain clients from engaging our services; and (ii) quarantines impeded our ability to contact existing and new clients. Travel
restrictions and limitations on social and public gatherings have caused us to cancel 1 free on-site seminar (1
st
Level -
Opportunities of Capital Markets
) in 2020, and 1 free (1
st
Level -
Opportunities of Capital Markets
) and 2 fee-paying
on-site corporate business training courses (2
nd
Level -
System of Capital Markets and Model of Capital Markets
) in
2021, and 20 free on-site seminars (1
st
Level -
Opportunities of Capital Markets
) and 2 fee-paying on-site corporate
business training courses (2
nd
-
System of Capital Markets and Model of Capital Markets)
for the year ended December
31, 2022. We charge each attendee $403 for 2nd Level courses during the fiscal year of 2022. Each seminar usually has 80-140 attendees
during the fiscal year of 2022. Compared to fiscal year of 2021, we charged each attendee $612 for 2nd Level courses and each seminar
usually has 100-200 attendees. We have lost $122,400 to $244,800 in corporate business training services for the year ended December
31, 2021 and $28,936 to $65,938 for the year ended December 31, 2022 in corporate business training services. However, these courses
are offered free or at low prices to attract potential clients for our other higher paying services, such as business consulting services
or advisory and transaction services. As a result of the cancellation of the courses, we lost some opportunities to promote our courses
and other higher paying services. There will be a new challenge for us to retain existing clients and attract new clients, and we believe
that this impact cannot be quantified with reasonable certainty.
61
Results
of Operations
Comparison of Results of Operations for
the Years Ended December 31, 2022 and 2021
The following table summarizes the results of
our operations during the years ended December 31, 2022 and 2021, respectively, and provides information regarding the dollar and percentage
increase or decrease during such periods.
Years ended December 31,
2022
2021
$
% of Revenues
$
% of Revenues
REVENUES
3,122,324
100
%
6,294,667
100
%
COST OF REVENUES
(957,112
)
(31
)%
(1,356,798
)
(22
)%
GROSS PROFIT
2,165,212
69
%
4,937,869
78
%
OPERATING EXPENSES
Selling expenses
(948,565
)
(30
)%
(979,097
)
(16
)%
General and administrative expenses
(2,136,437
)
(68
)%
(915,550
)
(14
)%
Total operating expenses
(3,085,002
)
(98
)%
(1,894,647
)
(30
)%
(LOSS) INCOME FROM OPERATIONS
(919,790
)
(29
)%
3,043,222
48
%
OTHER INCOME, NET
Other income
31,248
1
%
44,040
1
%
Other expense
(4,054
)
-
%
(1,415
)
-
%
Total other income, net
27,194
1
%
42,625
1
%
NET (LOSS) INCOME BEFORE INCOME TAXES
(892,596
)
(28
)%
3,085,847
49
%
Income tax benefit (expense)
121,113
4
%
(777,221
)
(12
)%
NET (LOSS) INCOME
(771,483
)
(24
)%
2,308,626
37
%
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation (loss) income
(203,486
)
(7
)%
39,076
1
%
TOTAL COMPREHENSIVE (LOSS) INCOME
(974,969
)
(31
)%
2,347,702
37
%
Revenues
The following table presents revenues by service
categories for the year ended December 31, 2022 and 2021, respectively:
Years ended December 31,
2022
2021
Variance
Service Category
$
% of
revenues
$
% of
revenues
$
%
Advisory and transaction services
2,000,219
64
%
3,878,847
62
%
(1,878,628
)
(48
)%
Corporate business training services
256,356
8
%
1,467,563
23
%
(1,211,207
)
(83
)%
Corporate consulting services
862,081
28
%
839,531
13
%
22,550
3
%
Others
3,668
-
%
108,726
2
%
(105,058
)
(97
)%
Total revenues
3,122,324
100
%
6,294,667
100
%
(3,172,343
)
(50
)%
Our total revenues decreased by 50% or $3,172,343,
from $6,294,667 in 2021 to $3,122,324 in 2022. This decrease was primarily due to a decline in revenue from advisory and transaction services
and corporate business training services. However, it was partly offset by an increase in revenue from corporate consulting services.
Revenues from advisory and transaction services
Revenues from advisory and transaction services
decreased from $3,878,847 or 62% of total revenues in 2021 to $2,000,219 or 64% of total revenues in 2022. Despite having the same number
of clients (8 clients) in both years, the impact of COVID-19 led to the cancellation of relevant services and a decline in revenue from
these services.
62
Revenues from corporate business training
services
Revenues
from corporate business training services accounted for $256,356 or 8% of total revenues for the year ended December 31, 2022, compared
to $1,467,563 or 23% for the year ended December 31, 2021. This was primarily due to a decrease of $737,958 or 96% from set-up services
offered to new referral and marketing service companies and a decrease of $473,249 or 68% from corporate seminars. For the year ended
December 31, 2021, we attracted more new referral and marketing service companies to promote our corporate business training services
and helped them become familiar with the training and conduct business. However, during the year ended December 31, 2022, the number
of new referral and marketing service companies and revenue from corporate seminars decreased due to the negative impact of the COVID-19
pandemic in the first three quarters of the year. The pandemic resulted in quarantines, travel restrictions, limitations on social gatherings,
and temporary closures of business venues and facilities across China. As a result, some of our originally booked business training courses
were cancelled or delayed.
Revenues from corporate consulting services
We provide consulting services to small and medium-sized
enterprises to develop strategies and solutions for the following: corporate governance, leadership training, share structure consulting
services and so on. The consulting services are adapted to each client's specific needs. Revenues from corporate consulting services
increased by $22,550, or 3% from $839,531 for the year ended December 31, 2021, to $862,081 for the year ended December 31, 2022. We enriched
and diversified the content of our corporate consulting services to meet the clients' needs, which were charged at a higher price.
Revenues from others
Revenue from others is mainly derived from referral
services and site leasing. Others decreased by $105,058 or 97% as compared to the year ended December 31, 2021 due to the decreased amount
of revenue from referral services. This reduction in referral services is within the expectation of the management, as we focused on the
expansion of the main services and relaxation in the referral services.
Cost of revenues
The following table presents cost of revenue by
service categories for the years ended December 31, 2022 and 2021, respectively:
Years ended December 31,
2022
2021
Variance
Service Category
$
% of cost
$
% of cost
$
%
Advisory and transaction services *
-
-
%
-
-
%
-
-
%
Corporate business training services
232,877
24
%
700,402
52
%
(467,525
)
(67
)%
Corporate consulting services
724,235
76
%
605,419
45
%
118,816
20
%
Others *
-
-
%
50,977
3
%
(50,977
)
(100
)%
Total cost
957,112
100
%
1,356,798
100
%
(399,686
)
(29
)%
*
Revenues
from advisory and transaction and other services are recognized on net basis.
Our service costs primarily include (1) referral
fees paid to referral and marketing service companies for the recommendation of potential clients, (2) service fees paid to service
providers for report editing, due diligence and, (3) commission fees of service personnel paid to third parties and the Company's
staff. Cost of revenues for the year ended December 31, 2022 was $957,112, a decrease of $399,686, or 29%, from $1,356,798 for the year
ended December 31, 2021. The decrease was proportionally in line with the decrease of revenues.
63
The following table shows different categories
of services we provided for the year ended December 31, 2022 in USD:
Service category
Advisory
and
transaction
services
Corporate
business
training
services
Corporate
consulting
services
Others
Total
Revenue
2,000,219
256,356
862,081
3,668
3,122,324
% of revenue
64
%
8
%
28
%
0
%
100
%
Cost of revenue
-
232,877
724,235
-
957,112
% of cost
-
%
24
%
76
%
-
%
100
%
Gross profit
2,000,219
23,479
137,846
3,668
2,165,212
Gross margin
100
%
9
%
16
%
100
%
69
%
The following table shows different categories
of services we provided for the year ended December 31, 2021 in USD:
Service category
Advisory
and
transaction
services
Corporate
business
training
services
Corporate
consulting
services
Others
Total
Revenue
3,878,847
1,467,563
839,531
108,726
6,294,667
% of revenue
62
%
23
%
13
%
2
%
100
%
Cost of revenue
-
700,402
605,419
50,977
1,356,798
% of cost
-
%
52
%
45
%
3
%
100
%
Gross profit
3,878,847
767,161
234,112
57,749
4,937,869
Gross margin
100
%
52
%
28
%
53
%
78
%
As a result of the foregoing, we had gross profit
of $2,165,212 and $4,937,869 with gross margins of 69% and 78% for the years ended December 31, 2022 and 2021, respectively. The
overall gross profit rate decreased by 9%, which was due to the reduction of revenue generated from advisory services and corporate business
training services, but the fixed costs did not go down with revenue. And the gross profit rate of corporate consulting services decreased
by 12%, to 16% for the year ended December 31, 2022, from the year ended December 31, 2021, which is due to the fact that we incurred
more services fees to improve our corporate consulting services.
Operating expenses
The following table sets forth the breakdown of
our operating expenses for the years ended December 31, 2022 and 2021:
Years ended December 31,
Change
2022
%
2021
%
Amount
%
Selling expenses
$
948,565
31
%
$
979,097
52
%
$
(30,532
)
(3
)%
General and administrative expenses
2,136,437
69
%
915,550
48
%
1,220,887
133
%
Total operating expenses
$
3,085,002
100
%
$
1,894,647
100
%
$
1,190,355
63
%
64
Selling expenses
Years ended December 31,
2022
2021
Variance
$
$
$
%
Salary and welfare
362,975
410,834
(47,859
)
(12
)%
Promotional expenses
61,968
224,778
(162,810
)
(72
)%
Conference fee
382,363
201,540
180,823
90
%
Travel and transportation
105,454
75,931
29,523
39
%
Entertainment
31,580
54,302
(22,722
)
(42
)%
Others
4,225
11,712
(7,487
)
(64
)%
Total
948,565
979,097
(30,532
)
(3
)%
Our selling expenses decreased by $30,532 or 3%,
from $979,097 for the year ended December 31, 2021 to $948,565 for the year ended December 31, 2022. This decrease was primarily due to
a reduction in promotional expenses related to sales and marketing as a result of the impact of COVID-19, which partially offset an increase
in conference fees.
General and administrative expenses
Years ended December 31,
2022
2021
Variance
$
$
$
%
Salary and welfare
947,159
578,520
368,639
64
%
Rental and property management fee
220,087
171,778
48,309
28
%
Legal and professional fees
718,406
58,313
660,093
1,132
%
Office expense
55,015
50,751
4,264
8
%
Depreciation and amortization
64,656
35,428
29,228
82
%
Others
131,114
20,760
110,354
532
%
Total
2,136,437
915,550
1,220,887
133
%
Our
general and administrative expenses increased by $1,220,887 or 133%, from $915,550 for the year ended December 31, 2021 to $2,136,437
for the year ended December 31, 2022. This increase was mainly due to a $368,639 increase in salary and welfare expenses resulting from
an increase in headcount and pay raises to meet our business expansion needs, as well as a $660,093 increase in legal and professional
fees due to higher annual audit fees and other professional expenses.
Other income and expense
Total net other income was $ 27,194 for the year
ended December 31, 2022, compared to net other income of $ 42,625 for the year ended December 31, 2021, primarily due to a decrease in
interest income of $15,477.
Income tax expense
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
We are not subject to any income tax in Hong Kong.
PRC
Our
income tax benefit was $121,113 for the year ended December 31, 2022 and our income tax expense was $777,221 for the year ended December
31, 2021.
65
Net income
As a result of the foregoing, we reported a net loss of $ 771,483 for
the year ended December 31, 2022, compared to a net income of $ 2,308,626 for the year ended December 31, 2021.
Comparison of Results of Operations for
Years Ended December 31, 2021 and 2020
The following table summarizes the results of
our operations during the years ended December 31, 2021 and 2020, respectively, and provides information regarding the dollar and percentage
increase or decrease during such periods.
Years ended December 31,
2021
2020
$
% of
Revenues
$
% of
Revenues
REVENUES
6,294,667
100
%
1,333,930
100
%
COST OF REVENUES
(1,356,798
)
(22
)%
(461,038
)
(35
)%
GROSS PROFIT
4,937,869
78
%
872,892
65
%
OPERATING EXPENSES
Selling expenses
(979,097
)
(16
)%
(279,043
)
(21
)%
General and administrative expenses
(915,550
)
(14
)%
(213,991
)
(16
)%
Total operating expenses
(1,894,647
)
(30
)%
(493,034
)
(37
)%
INCOME FROM OPERATIONS
3,043,222
48
%
379,858
28
%
OTHER INCOME (EXPENSE), NET
Other income
44,040
1
%
2,253
-
%
Other expense
(1,415
)
-
%
(2,628
)
-
%
Total other income (expenses), net
42,625
1
%
(375
)
-
%
NET INCOME BEFORE INCOME TAXES
3,085,847
49
%
379,483
28
%
Income tax expense
(777,221
)
(12
)%
(39,515
)
(3
)%
NET INCOME
2,308,626
37
%
339,968
25
%
OTHER COMPREHENSIVE INCOME
Foreign currency translation income
39,076
1
%
25,897
2
%
TOTAL COMPREHENSIVE INCOME
2,347,702
37
%
365,865
27
%
Revenues
The following table presents revenues by service
categories for the years ended December 31, 2021 and 2020, respectively:
Years ended December 31,
2021
2020
Variance
Service Category
$
% of revenues
$
% of revenues
$
%
Advisory and transaction services
3,878,847
62
%
715,909
54
%
3,162,938
442
%
Corporate business training services
1,467,563
23
%
294,577
22
%
1,172,986
398
%
Corporate consulting services
839,531
13
%
287,714
21
%
551,817
192
%
Others
108,726
2
%
35,730
3
%
72,996
204
%
Total revenues
6,294,667
100
%
1,333,930
100
%
4,960,737
372
%
Our total revenues increased by $4,960,737 or
372%, from $1,333,930 for the year ended December 31, 2020, to $6,294,667 for the year ended December 31, 2021, primarily due to the increase
in the revenue generated from advisory and transaction services, corporate business training services and corporate consulting services.
Revenues from corporate business training
services
Revenues from corporate business training services
accounted for $1,467,563 or 23% of total revenues for the year ended December 31, 2021, as compared to $294,577 or 22% for the year ended
December 31, 2020, primarily due to the fact that since 2021, we have put more efforts on the development of corporate business training
services through developing and improving the quality of our fee-paying courses to attract new clients and retain existing clients. We
start with the free corporate seminars to raise prospective clients' interest in our brand and build some initial connection with
them., And then attract the attendees to enter the next level of paid courses. In 2021, we held more cost-free seminar to attract new
clients than in 2020. We also invited industry experts to share more live-time knowledge and provide tailored advice and suggestions.
66
Revenues from corporate consulting services
We provide consulting services to small and medium-sized
enterprises to develop strategies and solutions for the following: corporate governance, leadership training, share structure consulting
services and so on. The consulting services are adapted to each client's specific needs. Revenues from corporate consulting services
increased by $551,817, or 192% from $287,714 for the year ended December 31, 2020, to $839,531 for the year ended December 31, 2021, with
the number of clients increased from 9 in 2020 to 32 in 2021. Our revenues increased primarily because we managed to attract more corporate
training attendees to engage us for corporate consulting services. Compared to corporate business training services, corporate consulting
services are highly customized and have a higher profit margin.
Revenues from advisory and transaction services
Revenues from advisory and transaction services
accounted for $3,878,847 or approximately 62% of total revenues for the year ended December 31, 2021, as compared to $715,909 or 54% for
the year ended December 31, 2020, primarily due to the fact that the demand of advisory and transaction services among enterprise clients
increased. The number of clients for our advisory and transaction services increased from 8 in 2020 to 26 in 2021, primarily due to our
increased lead generation through our corporate business training and corporate consulting services. The advisory and transaction services
offer the highest profit margin in all our services provided.
Revenues from others
Revenue from others is mainly derived from the
small amount from referral services. Others increased by $72,996 and 204% as compared to the year ended December 31, 2020 due to the increased
amount of site leasing.
As a result, our revenues increased in the fiscal
year 2021 compared with the fiscal year 2020, which was due to the increase in clients demand in the advisory and transaction services
and substantial increase of the client conversion rate from corporate business training services and corporate consulting services had
a substantial increase compared with 2020.
Cost of revenues
The following table presents cost of revenue by
service categories for the years ended December 31, 2021 and 2020, respectively:
Years ended December 31,
2021
2020
Variance
Service Category
$
%
of cost
$
% of cost
$
%
Advisory and transaction services*
-
-
%
-
-
%
-
-
%
Corporate business training services
700,402
52
%
225,965
49
%
474,437
210
%
Corporate consulting services
605,419
45
%
218,199
47
%
387,220
177
%
Others
50,977
3
%
16,874
4
%
34,103
202
%
Total cost
1,356,798
100
%
461,038
100
%
895,760
194
%
*
Revenues from advisory and transaction services are recognized on net basis.
Our service costs primarily include (1) referral
fees paid to referral and marketing service companies for the recommendation of potential clients, (2) service fees paid to service
providers for report editing, due diligence and, (3) commission fees of service personnel paid to third parties and the Company's
staff. Cost of revenues for the year ended December 31, 2021 was $1,356,798, an increase of $895,760, or 194%, from $461,038 for
the year ended December 31, 2020. The increase was proportionally in line with the increase of revenues.
The following table shows different categories
of services we provided for the year ended December 31, 2021 in USD:
Service category
Advisory
and
transaction
services
Corporate
business
training
services
Corporate
consulting
services
Others
Total
Revenue
3,878,847
1,467,563
839,531
108,726
6,294,667
% of revenue
62
%
23
%
13
%
2
%
100
%
Cost of revenue
-
700,402
605,419
50,977
1,356,798
% of cost
-
%
52
%
45
%
3
%
100
%
Gross profit
3,878,847
767,161
234,112
57,749
4,937,869
Gross margin
100
%
52
%
28
%
53
%
78
%
67
The following table presents revenues by service
categories we provided for the year ended December 31, 2020 in USD:
Service category
Advisory
and
transaction
services
Corporate
business
training
services
Corporate
consulting
services
Others
Total
Revenue
715,909
294,577
287,714
35,730
1,333,930
% of revenue
54
%
22
%
22
%
2
%
100
%
Cost of revenue
-
225,965
218,199
16,874
461,038
% of cost
-
%
49
%
47
%
4
%
100
%
Gross profit
715,909
68,612
69,515
18,856
872,892
Gross margin
100
%
23
%
24
%
53
%
65
%
As a result of the foregoing, we had gross profit
of $4,937,869 and $872,892 with gross margins of 78% and 65% for the years ended December 31, 2021 and 2020, respectively. The overall
gross profit rate increased by 13%, which was due to the fact that the referral fees generated from corporate business training services
significantly decrease by 29% in fiscal year 2021 compared with that in fiscal year 2020. We concentrated more resources in event hosting
business to build our brand in the Chinese market and our reputation in quality and service.
Operating expenses
The following table sets forth the breakdown of
our operating expenses for the years ended December 31, 2021 and 2020:
Years ended December 31,
Change
2021
%
2020
%
Amount
%
Selling expenses
$
979,097
52
%
$
279,043
57
%
$
700,054
251
%
General and administrative expenses
915,550
48
%
213,991
43
%
701,559
328
%
Total operating expenses
$
1,894,647
100
%
$
493,034
100
%
$
1,401,613
284
%
Selling expenses
Years ended December 31,
2021
2020
Variance
$
$
$
%
Salary and welfare
410,834
101,031
309,803
307
%
Promotional expenses
224,778
-
224,778
n.m.
Conference fee
201,540
49,057
152,483
311
%
Travel and transportation
75,931
74,454
1,477
2
%
Entertainment
54,302
54,467
(165
)
-
%
Others
11,712
34
11,678
34,347
%
Total
979,097
279,043
700,054
251
%
n.m. = not meaningful.
Our selling expenses increased by $700,054 or
251% from $279,043 for the year ended December 31, 2020 to $979,097 for the year ended December 31, 2021. The increase was mainly due
to the growth of salary and welfare, promotional expenses and conference fee.
The increase of the salary and welfare by $309,803
or 307% was primarily due to an increase in headcount and pay raise in fiscal year 2021 compared to fiscal year 2020. The increase in
conference fee by $152,483 or 311% was due to more sales campaign being held for promotion activities, and there were 18 arrangements
in 2021 but only 3 arrangements in 2020 for conference meetings. In 2021, as the business growing, the Company incurred the new promotional
expenses of $224,778, which were used in marketing our services to the general public.
68
General and administrative expenses
Years ended December 31,
2021
2020
Variance
$
$
$
%
Salary and welfare
578,520
84,298
494,222
586
%
Rental and property management fee
171,778
42,549
129,229
304
%
Legal and professional fees
58,313
56,697
1,616
3
%
Office expense
50,751
18,394
32,357
176
%
Depreciation and amortization
35,428
9,454
25,974
275
%
Others
20,760
2,599
18,161
699
%
Total
915,550
213,991
701,559
328
%
Our general and administrative expenses increased
by $701,559 or 328%, from $213,991 for the year ended December 31, 2020 to $915,550 for the year ended December 31, 2021. Such increase
was primarily due to an increase in salary and welfare expenses of $494,222 due to increase headcount and pay raise for meeting our business
expansion needs, an increase in rental and property management fee of $129,229 due to a newly signed office rental agreement in December
2020 with higher monthly rental fee than the prior one, an increase in depreciation and amortization expenses of $25,974 due to the interior
decoration was completed and started amortization, and an increase in others of $18,161 in line with the increase of expansion of business.
Other income and expense
Total net other income was $42,625 for the year
ended December 31, 2021, compare to net other expense of $375 for the year ended December 31, 2020, primarily due to an increase in interest
income of $10,570.
Income tax expense
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
We are not subject to any income tax in Hong Kong.
PRC
Our income tax expense was $777,221 and $39,515
for the years ended December 31, 2021 and 2020, respectively. The increase resulted from the increased taxable income for year ended December
31, 2021.
Net income
We reported a net income of $ 2,308,626 for the year ended December
31, 2021, compared to a net income of $339,968 for the year ended December 31, 2020.
B.
Liquidity and Capital Resources
As of December 31, 2022, our cash and restricted
cash amounted to $2,654,185 as compared to $3,895,401 as of December 31, 2021.
We believe that our working capital is at a positive
position and sufficient to meet our operation requirement in the next 12 months from the financial statements' issuance date. It
is mainly contributed from (1) our current position of cash, (2) cash flows provided by operating activities, and (3) net proceeds received
from our initial public offering in April 2023.
All
of our operations are conducted in the PRC and all of our revenues and all of our expenses, cash are denominated in RMB. As of December
31, 2022, 95% of our cash were held in China and the remaining 5% of our cash was held in the U.S.
69
Cash Flows for the Years Ended December 31,
2022, compared to the Year Ended December 31, 2021
The following table summarizes our cash flows for the years ended December
31, 2022 and 2021:
Years ended
December 31,
2022
2021
Net cash (used in) provided by operating activities
$
(1,395,937
)
$
3,774,372
Net cash used in investing activities
(45,679
)
(151,538
)
Net cash provided by financing activities
304,172
52,034
Effect of exchange rate on cash
(103,772
)
49,201
Net (decrease) increase in cash and restricted cash
$
(1,241,216
)
$
3,724,069
Operating Activities
Net cash used in operating activities was $1,395,937
for the year ended December 31, 2022, as compared to $3,774,372 net cash provided by operating activities for the year ended December
31, 2021. The net cash used in operating activities for the year ended December 31, 2022 was mainly due to a net loss of $771,483, a decrease
in advance from clients of $409,759, a decrease in accounts payable of $587,098 and a decrease in tax payables of $481,984.
Investing Activities
Net cash used in investing activities was $45,679
for the year ended December 31, 2022, as compared to $151,538 net cash used in investing activities for the year ended December 31, 2021.
The net cash used in investing activities for the years ended December 31, 2022 was mainly attributable to purchase of property, equipment
and intangible assets.
Financing Activities
Net cash provided by financing for the year ended
December 31, 2022 was $304,172, as compared to $52,034 net cash provided by financing activities for the year ended December 31, 2021.
The
net cash provided by financing activities for the year ended December 31, 2022 was mainly due to advance from related parties of $392,100.
Cash Flows for the Year Ended December 31,
2021, compared to the Year Ended December 31, 2020
The following table summarizes our cash flows
for the years ended December 31, 2021 and 2020:
Years ended
December 31,
2021
2020
Net cash provided by operating activities
$
3,774,372
$
184,220
Net cash used in investing activities
(151,538
)
(129,589
)
Net cash provided by financing activities
52,034
101,860
Effect of foreign exchange rate on cash
49,201
10,406
Net increase in cash and restricted cash
$
3,724,069
$
166,897
70
Operating Activities
Net cash provided by operating activities was
$3,774,372 for the year ended December 31, 2021, as compared to $184,220 net cash provided by operating activities for the year ended
December 31, 2020. The net cash provided by operating activities for the year ended December 31, 2021 was mainly due to our net income
of $2,308,626, an increase in accounts payable of $565,127, an increase in taxes payable of $405,436, an increase in advance from clients
of $372,025, a decrease in accounts receivable - related party of $341,042 and an increase in accruals and other payables of $332,242,
partially offset by an increase in accounts receivable of $525,576. The net cash provided by operating activities for the year ended December
31, 2020 was mainly due to our net income of $339,968, an increase in accounts payable of $244,341, an increase in advance from clients
of $194,574, an increase in accruals and other payables of $93,639, and an increase in taxes payable of $90,214, partially offset by an
increase in accounts receivable of $372,277 and an increase in accounts receivable - related party of $318,647.
Investing Activities
Net cash used in investing activities was $151,538
for the year ended December 31, 2021, as compared to $129,589 net cash used in investing activities for the year ended December 31, 2020.
The net cash used in investing activities for the years ended December 31, 2021 was mainly attributable to loan to a shareholder of $1,550,192
(the principal of which was fully repaid as of December 31, 2021), as well as purchase of property and equipment. Tiancheng Capital,
as our former shareholder, wanted to borrow a one-time lump sum amount of $1,550,192 from us to finance its general working capital. Since
we would like to make full use of our cash surplus, we decided to loan a total of $1,550,192 to Tiancheng Capital at an interest rate
of 6.75% per annum. The net cash used in investing activities for the years ended December 31, 2020 was mainly attributable to purchase
of property and equipment.
Financing Activities
Net cash provided by financing for the year ended
December 31, 2021 was $52,034, as compared to $101,860 net cash provided by financing activities for the year ended December 31, 2020.
For the year ended December 31, 2021, we obtained advances of $52,034 from a related party. During the year of 2020, we obtained capital
contribution of $71,299 from a shareholder and advances of $30,561 from a related party.
Off-balance Sheet Arrangements
We have not entered into any derivative contracts
that are indexed to our shares and classified as shareholders' equity or that are not reflected in our consolidated financial statements.
Furthermore, we do not have any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit,
liquidity or market risk support to such entity. We do not have any variable interest in any unconsolidated entity that provides financing,
liquidity, market risk or credit support to us or that engages in leasing, hedging or research and development services with us.
Tabular Disclosure of Contractual Obligations
We believe that our current cash and financing
from our existing shareholders are sufficient to support operations for at least the next 12 months. However, we may require additional
cash resources in the future due to changing business conditions, implementation of our strategy to expand our business or other investments
or acquisitions we may decide to pursue. If our own financial resources are insufficient to satisfy our capital requirements, we may seek
to sell additional equity or debt securities. The sale of additional equity securities could result in dilution to our shareholders. Incurring
indebtedness would result in increased debt service obligations and could require us to agree to operating and financial covenants that
would restrict our operations. Financing may not be available in amounts or on terms acceptable to us, if at all. Any failure by us to
raise additional funds on terms favorable to us, or at all, could limit our ability to expand our business operations and could harm our
overall business prospects.
Commitments and Contingencies
From time to time, the Company may be 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 Company does not believe these actions, in the aggregate, will have a material adverse impact on
its financial position, results of operations or liquidity.
71
Contractual obligations
As of December 31, 2022, our contractual obligation
is as follows:
Payment due by period
Total
Less than
1 year
1-3 years
3-5 years
More than
5 years
Contractual Obligations
Operating Lease Obligations
$
605,437
$
202,677
$
402,760
$
-
$
-
We believe that our current cash and financing
from our existing shareholders are sufficient to support operations for at least the next 12 months. However, we may require additional
cash resources in the future due to changing business conditions, implementation of our strategy to expand our business or other investments
or acquisitions we may decide to pursue. If our own financial resources are insufficient to satisfy our capital requirements, we may seek
to sell additional equity or debt securities. The sale of additional equity securities could result in dilution to our shareholders. Incurring
indebtedness would result in increased debt service obligations and could require us to agree to operating and financial covenants that
would restrict our operations. Financing may not be available in amounts or on terms acceptable to us, if at all. Any failure by us to
raise additional funds on terms favorable to us, or at all, could limit our ability to expand our business operations and could harm our
overall business prospects.
Contingencies
The Company may be involved in various legal proceedings,
claims and other disputes arising from the commercial operations, projects, employees and other matters which, in general, are subject
to uncertainties and in which the outcomes are not predictable. The Company determines whether an estimated loss from a contingency should
be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. Although the outcomes of these legal proceedings
cannot be predicted, the Company 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, 2022 and 2021, the Company was not aware of any litigations or lawsuits
against it.
C.
Research
and development, Patents and License, etc.
Due to the nature of our business, we do not have a research and development
policy.
D.
Trend
information
Other than as disclosed elsewhere in this Annual
Report, we are not aware of any trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect
on our net revenues, incomes from operations, profitability, liquidity or capital resources, or that would cause reported financial information
not necessarily to be indicative of future operating results or financial condition.
Other than as disclosed elsewhere in this Form
20-F, we are not aware of any trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect
on our net revenues, income from operations, profitability, liquidity or capital resources, or that would cause reported financial information
not necessarily to be indicative of future operating results or financial condition.
72
E.
Critical Accounting Estimates
The following critical accounting policies rely
upon assumptions and estimates and were used in the preparation of our consolidated financial statements:
Revenue Recognition
The Company adopted the new revenue standard Accounting
Standards Codification ("ASC") 606 since January 1, 2020, using the modified retrospective method for contracts that were
not completed as of January 1, 2020. The adoption of ASC 606 did not have a material impact on the Company's consolidated financial
statements.
The following five steps are applied to achieve
the core principle of the new revenue standard: (i) identify contract(s) with a client; (ii) identify the performance obligations in the
contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and
(v) recognize revenues when (or as) the Company satisfies the performance obligation.
The Company's revenues are recognized when
persuasive evidence of an arrangement exists, service has occurred, and all performance obligations have been performed pursuant to the
terms of the agreement, the sales price is fixed or determinable and collectability is reasonably assured. The Company revenue agreements
generally do not include a right of return in relation to the delivered products or services. Depending on the terms of the agreement
and the laws that apply to the agreement, control of the services may be transferred over time or at a point in time. Control of the services
is transferred over time if the Company's performance:
-
provides all of the benefits received and consumed simultaneously by the client;
-
creates and enhances an asset that the client controls as the Company performs; or
-
does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance complete to date.
If a service obligation is delivered over time,
revenue is recognized over the period of the agreement by reference to progress toward complete satisfaction of that service obligation.
Otherwise, revenue is recognized at a point in time when service obligation is delivered to the client.
The Company currently generate our revenues from
the following main sources:
Revenues from advisory and transaction services
The Company delivers packaged advisory and transaction
services to help design a financial plan, build up and maintain the corporate image of our clients, connect clients with potential investors,
and present its client to the interested investors. Revenues from advisory and transaction services represent service fees associated
with private fundraising transactions, which are recognized on a net basis. The service fee is charged based on a certain percentage of
the fund raised by the clients and is only payable upon the completion of fundraising. Revenue is the amount of consideration that the
Company expects to receive upon completing the fundraising transactions, which is the only performance obligation of the service. Revenue
is recognized at the point when the advisory services have been performed and the fundraising transactions has been completed under the
relevant contractual terms. The payment term of advisory and transaction services is three days when the performance obligation is completed.
Revenues from corporate consulting services
The Company provides a combination of corporate
consulting services that are bundled and customized to fulfill each client's unique financial needs. The corporate consulting services
include a variety of specific services (e.g. due diligence service, business plans, financing solutions). The Company charges a fixed
price for a specific service and recognizes revenue when the Company completes the specific services agreed in the contract. Each specific
service is considered as a performance obligation. Each performance obligation is independent of the other and has a specific price identified
in the contract. Clients can contract with the Company for any specific services. Since the clients can cancel each specific service without
penalty before delivery, the Company does not have the enforceable right to collect payment from the client. Therefore, the services and
prices are excluded from the contract until the individual specific service starts or advance payment is received. Before the full and
complete delivery of the services, the clients cannot benefit from the performance and cannot control the work in progress. The Company
control the rights to the services, and the services can easily be redirected to another client without incurring significant costs. As
a result, the revenues do not meet the criteria of recognizing revenue over time, and such services shall only be useful to the client
after delivered in full. The revenue is therefore recognized at the point in time when the deliverables, in the form of reports are delivered
based on the specific terms of the contract.
73
Revenues from corporate business training
services
Revenues from corporate business training services
consist of two types (i) training fees and (ii) set-up fees. Each type of training services is considered as one performance obligation.
Both service obligations are related to business training activities, but clients or third-party companies could contract with the Company
for any one of the training services.
Training fees
The Company provides corporate business training
services through diversified courses. The courses are provided in a short-term period. The revenue is recognized when the courses are
delivered. Training fees are collected before providing any service.
Set-up fees
The Company offers referral and marketing service
companies set-up services. The Company helps the referral and marketing service companies familiarize themselves with the training and
conduct the business in a short period. Thereafter, the referral and marketing service companies have the right to promote the corporate
business training services for the Company. A new partner is required to pay a non-refundable set-up fee. Any fees charged to the referral
and marketing service companies for the set-up activities are recognized as revenue at the point in time when the set-up services have
been completed and the Company has the right to bill the referral and marketing service companies.
Revenues from others
Revenue from others is mainly derived from the small
amount from referral services. The revenue from referral services is recognized at the point when both parties are satisfied with the
performance obligation that agreed and signed on the contract.
Advance from clients
Advance from clients is the amount will be invoiced
and recognized as revenue in future periods when the Company completes its performance obligations.
Our advance from clients mainly consists of the
fees for corporate consulting services and corporate business training services. The number of clients for corporate consulting services
decreased from 52 in 2021 to 28 in 2022. On the other hand, we held more large group business training programs and newly started the
small group business training programs – Project Incubation Camp in 2021. As a result of the expansion of our business, our advance
from clients significantly increased from 2020 to 2021. However, due to the impact of the COVID-19 pandemic, we held fewer large group
and small group business training programs in 2022, and the number of clients for corporate consulting services dropped to 6 by the end
of December 2022. This led to a decrease in our advance from clients.
Practical expedients
Cost to obtain a client – we pay certain
costs to obtain a client contract such as commissions. As our client contracts have a contractual term of one year or less, we have elected
to apply the practice expedient and expense these costs in selling, general and administrative expense as incurred.
74
Item 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A.
Directors and Senior Management
Below is a list of our directors, senior management
and any employees upon whose work we are dependent as of the date of this Annual Report, and a brief account of the business experience
of each of them. The business address for our directors and officers is Room 1304, Building No. 25, Tian'an Headquarters Center,
No. 555 North Panyu Avenue, Donghuan Street, Panyu District, Guangzhou, Guangdong Province, PRC, 511400.
Name
Age
Position(s)
Ruilin Xu
31
Chief Executive Officer, Chairman of the Board of Directors, and Director
Dan Wu
37
Chief Financial Officer
Siqi Cao
42
Director
Kenneth K. Cheng
(1)(4)
39
Independent Director
Richard W.Y Seow
(2)
61
Independent Director
Tzun Chan
(3)
42
Independent Director
(1)
Chair of the Audit Committee.
(2)
Chair of the Compensation Committee.
(3)
Chair of the Nominating and Corporate Governance Committee.
(4)
Audit Committee financial expert.
Ruilin Xu
has been serving as our
Director since February 16, 2022, and Chief Executive Officer and Chairman of the board of directors since August 22, 2022. He has approximately
ten years of experience in training, consulting and advisory industry. Mr. Xu founded and has been serving as Chief Executive Officer
for our operating subsidiary, Guangdong Tiancheng Jinhui Enterprise Development Co., Ltd., since October 2018. From August 2020, he has
been serving as a Director of Chengdu Red Eagle Equity Investment Fund Management Co., Ltd., focusing on private placement, mergers and
acquisitions and investment in National Equities Exchange and Quotations and Beijing Stock Exchange. Mr. Xu founded and has been serving
as Deputy General Manager of Guangzhou Tiancheng Capital Management Group Co., Ltd., a company specialized in venture capital financing,
in July 2019, and served as Deputy General Manager until September 30, 2021. From December 2012 to February 2019, Mr. Xu served as the
Chief Executive Officer and Chief Instructor of Chengdu Chengbang Enterprise Management Consulting Co., Ltd., the main business of which
is enterprise management consulting and it has provided consulting services for hundreds of small and medium-sized enterprises in China.
Mr. Xu holds a bachelor's degree with a major in business administration from Apollos University, USA and is currently pursuing
his MBA studies at the EU Business School, Switzerland.
75
Dan Wu
has been serving as our Chief
Financial Officer since July 23, 2022, where she is responsible for overseeing the Company's financial functions including accounting,
financial and management reporting, financing, capital management and financial analysis. Ms. Wu has approximately 12 years of experience
in the industry of corporate finance and auditing. Since June 2021, Ms. Wu has been holding a senior associate position in Fern Win Capital,
a venture capital firm in China. Ms. Wu served as auditor (from August 2011 to June 2016) and corporate finance manager (from July 2016
to March 2021) in Crowe Horwath First Trust LLP (Singapore), one of the leading accounting, tax and advisory services firms in Singapore,
where she led and managed statutory audits of various listed companies, as well as provided Generally Accepted Accounting Principles ("US
GAAP") and International Financial Reporting Standards ("IFRS") advice to a wide range of clients. Ms. Wu holds a bachelor's
degree with a major in economics from the China University of Mining and Technology and a Master of Science in Finance from the University
of Stirling, UK.
Siqi Cao
has served as our director
since July 23, 2022. Mr. Cao has more than 10 years of experience in investment and management. Since April 2016, he has been serving
as the managing director and Chief Executive Officer of Fern Win Capital (China) Co., Ltd., a Hong Kong based asset management and venture
capital firm, overseeing the firm's project management and performance. In August 2012, Mr. Cao founded Beijing Shengshi Jiahe Trading
Co., Ltd., specializing in corporate advisory services, where he provided professional guidance, assistance, advice and solutions with
respect to corporate financial activities. Mr. Cao holds a bachelor's degree with a major in business administration from the University
of Toronto, Canada and a Master of Business Administration from the EU Business School, Switzerland.
Kenneth K. Cheng
has been serving as an independent director of the Company since March
29, 2023. Mr. Cheng has over 15 years of experience in accounting, finance and operations. Between October 2021 and January 2023, he has
been serving as Senior Director of Finance & Operations at Race Capital, a venture capital firm based in Silicon Valley. Between August
2016 and October 2021, he served as a Controller of 500 Startups, a global venture capital firm and accelerator program. From July 2014
to August 2016, he was the Accounting Manager for Paine & Partners in San Mateo. He also had four years of experience with public
accounting firms including PricewaterhouseCoopers LLP from September 2010 to June 2014 as manager and KPMG LLP from January 2006 to December
2008 as Senior Audit Associate. He also worked as Structured Products Manager at HSBC (Hong Kong) from June 2009 to December 2009. Mr.
Cheng holds a bachelor's degree in Economics from University of California, Berkeley. He also holds the Chartered Financial Analysis
("CFA") designation and is an American Institute of Certified Public Accounting ("CPA") (inactive) in California.
Richard S.Y Seow
has been serving
an independent director of the Company since March 29, 2023. Mr. Seow currently serves as Chief Executive Officer of Frontier Capital
Advisory Pte Ltd, a business consulting company that he founded in July 2009. Mr. Seow was the Executive Director and a Board Member of
Hin Fah Medical Company Limited, a public company limited by shares registered in Singapore, from December 2012 to May 2019, and currently
is Alternate Executive Director and Alternate Board Member since May 2019. From June 2017 to September 2019, Mr. Seow served as Director
and Consultant of SBI E2 Family Advisory Company Limited, a company registered in Hong Kong, listed on the Stock Exchange of Hong Kong
Limited and registered with the Securities and Futures Commission of Hong Kong with Type 1, 4 and 9 regulated activities. Mr. Seow served
as Vice President of Rycal Asia-Pacific Group, a subsidiary of Rycal Investment Group Limited (UK), focusing on Real Estate Investment.
Mr. Seow holds a Bachelor of Science in Electrical Engineering (BSEE) from California State University, USA and Master of Business Administration
(MBA) from Oklahoma City University, USA.
Tzun Chan
has been serving as an
independent director of the Company since March 29, 2023. Mr. Chan has more than 17 years of investment banking experience advising on
public listings, mergers & acquisitions and corporate advisory transactions. He has been the Chief Executive Officer of Crowe Horwath
Capital Pte. Ltd. since June 2020 and was Director from April 2017 to May 2020. Prior to joining Crowe Horwath Capital Pte Ltd, he held
positions at various financial institutions including Partners Capital (Singapore) Pte. Ltd. from November 2009 to March 2017 as Director,
Phillip Securities Pte Ltd from November 2006 to November 2009 as Assistant Vice President, and KBC Bank N.V. from December 2004 to October
2006 as Officer. Mr. Chan holds a degree of Bachelor of Science from the London School of Economics and Political Science with a First
Class Honours in Economics.
76
B.
Compensation
Executive Compensation
For the fiscal years ended December 31, 2022 and 2021, we paid an aggregate
of RMB627,346 (approximately $93,230) and RMB85,000 (approximately $13,177), respectively, which is the total amount of base salary plus
bonus, in cash to our CEO. We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our
directors and executive officers.
Our PRC subsidiary is required by law to make
contributions equal to certain percentages of each employee's salary for his or her medical insurance, maternity insurance, workplace
injury insurance, unemployment insurance, pension benefits and housing provident fund.
Employment Agreements
We entered into one-year employment agreements
with Ruilin Xu as CEO on August 22, 2022, and Dan Wu as CFO on July 23, 2022. Pursuant to their respective employment agreements, we agreed
to pay to each of them a monthly remuneration of $3,000. Each of the employment agreement will be renewed automatically for additional
one (1) year terms if neither the Company nor the executive officer provides a notice of termination of the employment to the other party
within thirty (30) days prior to the expiration of the applicable term. We may terminate the employment for cause, at any time, without
notice or remuneration, for certain acts of the executive officer, including but not limited to the convictions or pleads guilty to certain
criminal offenses, gross negligence, dishonesty, willful misconducts or willful disobedience of a lawful directive of the board. We may
also terminate the employment without cause, at any time, upon thirty (30) days' prior written notice to the executive officers.
An executive officer may terminate his or her employment at any time with a thirty (30) days' written notice for certain good reasons.
Each executive has agreed at all times during the term of the employment and after its termination, to hold in the strictest confidence,
and not to use, except for the benefit of the Company, or to disclose to any person, corporation or other entity without written consent
of the Company, any confidential information. In addition, each executive officer has agreed to be bound by non-competition and non-solicitation
restrictions during the term of his or her employment and for twelve (12) months following termination of the employment. In addition,
the executive officers are also eligible for cash bonus and equity incentives, as determined by the board.
Director Compensation
For the fiscal year ended December 31, 2022, we
did not compensate our directors. On May 14, 2023, the Board of Directors approved the payment of a cash fee of $2,000 per month to each
independent director of the Company effective as of April 1, 2023, payable on a quarterly basis on the last day of each quarter.
C.
Board Practices
Composition of Board
Our Board of Directors consists of five (5) directors
as of this Annual Report. Pursuant to our Amended and Restated Memorandum and Articles of Association, each of our directors holds office
until a successor has been duly elected and qualified unless the director was appointed by the board of directors, in which case such
director holds office until the next following annual meeting of shareholders at which time such director is eligible for reelection.
All of our executive officers are appointed by and serve at the discretion of our board of directors.
There is no formal requirement under the Company's
Amended and Restated Memorandum and Articles of Association mandating that we hold an annual meeting of our shareholders. However, notwithstanding
the foregoing, we intend to hold such meetings on our annual meeting to, among other things, elect our directors.
77
Director Independence
Our board has reviewed the independence of our
directors, applying the Nasdaq independence standards. Based on this review, the board determined that each of Kenneth K. Cheng, Richard
W.Y Seow and Tzun Chan is "independent" within the meaning of the Nasdaq rules. In making this determination, our board considered
the relationships that each of these non-employee directors has with us and all other facts and circumstances our board deemed relevant
in determining their independence. As required under applicable Nasdaq rules, we anticipate that our independent directors will meet on
a regular basis as often as necessary to fulfill their responsibilities, including at least annually in executive session without the
presence of non-independent directors and management.
Board Committees
Currently, three committees have been established
under the board: the Audit Committee, the Compensation Committee and the Nominating and Corporate Governance Committee.
Audit Committee
Our Audit Committee consists of Kenneth K. Cheng,
Richard W.Y Seow and Tzun Chan, with Kenneth K. Cheng serving as chair of the Audit Committee. Our board has affirmatively determined
that each of the members of the Audit Committee meets the definition of "independent director" for purposes of serving on
an Audit Committee under Rule 10A-3 of the Exchange Act and Nasdaq rules. In addition, our board has determined that Kenneth K. Cheng
qualifies as an "audit committee financial expert" as such term is currently defined in Item 407(d)(5) of Regulation S-K and
meets the financial sophistication requirements of the Nasdaq rules.
The Audit Committee is responsible for, among
other matters:
●
appointing the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors;
●
reviewing with the independent auditors any audit problems or difficulties and management's response;
●
discussing the annual audited financial statements with management and the independent auditors;
●
reviewing the adequacy and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and control major financial risk exposures;
●
reviewing and approving all proposed related party transactions;
●
meeting separately and periodically with management and the independent auditors; and
●
monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.
Compensation Committee
Our Compensation Committee consists of Kenneth
K. Cheng, Richard W.Y Seow and Tzun Chan, with Richard W.Y Seow serving as chair of the Compensation Committee. Our board has affirmatively
determined that each of the members of the Compensation Committee meets the definition of "independent director" for purposes
of serving on Compensation Committee under Nasdaq rules.
The Compensation Committee is responsible for,
among other matters:
●
reviewing and approving to the board with respect to the total compensation package for our most senior executive officers;
●
approving reviewing and recommending to the board with respect to the compensation of our directors; and overseeing the total compensation package for our executives other than the most senior executive officers;
●
selecting compensation consultants, legal counsel or other advisors after taking into consideration all factors relevant to that person's independence from management; and
●
programs or similar arrangements, annual bonuses, employee pension and welfare benefit plans.
78
Nominating and Corporate Governance Committee
Our Nominating and Corporate Governance Committee
consists of consists of Kenneth K. Cheng, Richard W.Y Seow and Tzun Chan, with Tzun Chan serving as chair of the Nominating and Corporate
Governance Committee. Our board has affirmatively determined that each of the members of the Nominating and Corporate Governance Committee
meets the definition of "independent director" for purposes of serving on a Nominating and Corporate Governance Committee
under Nasdaq rules.
The Nominating and Corporate Governance Committee
is responsible for, among other matters:
●
identifying and recommending nominees for election or re-election to our board of directors or for appointment to fill any vacancy;
●
reviewing annually with our board of directors its current composition in light of the characteristics of independence, age, skills, experience and availability of service to us;
●
identifying and recommending to our board the directors to serve as members of committees;
●
advising the board periodically with respect to significant developments in the law and practice of corporate governance as well as our compliance with applicable laws and regulations, and making recommendations to our board of directors on all matters of corporate governance and on any corrective action to be taken; and
●
monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.
Duties of Directors
Under Cayman Islands law, all of our directors
owe fiduciary duties to the Company, including a duty of loyalty, a duty to act honestly and a duty to act in what they consider in good
faith to be in our best interests. Our directors must also exercise their powers only for a proper purpose. Our directors also have a
duty to exercise the skill they actually possess and such care and diligence that a reasonably prudent person would exercise in comparable
circumstances. In fulfilling their duty of care to us, our directors must ensure compliance with our memorandum and articles of association,
as amended from time to time. The Company has the right to seek damages if a duty owed by any of our directors is breached. In limited
exceptional circumstances, a shareholder may have the right to seek damages in our name if a duty owed by our directors is breached.
Interested Party Transactions
A director may vote, attend a board meeting or
sign a document on our behalf with respect to any contract or transaction in which he or she is interested. A director must disclose the
nature of his interest to all other directors at a meeting of the board after becoming aware of the fact that he or she is interested
in a transaction we have entered into or are to enter into. A general notice given to the board by any director to the effect that he
is a member of any specified company or firm and is to be regarded as interested in any contract which may thereafter be made with that
company or firm shall be deemed a sufficient declaration of interest in regard to any contract so made.
Remuneration and Borrowing
The directors may receive such remuneration as
our board of directors may determine from time to time. Each director is entitled to be repaid or prepaid for all traveling, hotel and
incidental expenses reasonably incurred or expected to be incurred in attending meetings of our board of directors or committees of our
board of directors or shareholder meetings or otherwise in connection with the discharge of his or her duties as a director. The compensation
committee will assist the directors in reviewing and approving the compensation structure for the directors. Our board of directors may
exercise all the powers of the company to borrow money and to mortgage or charge our undertakings, property, assets (present and future)
and uncalled capital or any part thereof, to issue debentures, debenture stock and other securities whenever money is borrowed or as security
for any debt, liability or obligation of the company or of any third party.
Board Diversity Matrix
Board
Diversity Matrix
(As of May
1, 2023)
Country of Principal Executive Offices
People's Republic of China
Foreign Private Issuer
Yes
Disclosure Prohibited Under Home Country Law
No
Total Number of Directors
5
Part I: Gender Identity
Female
Male
Non-Binary
Did Not Disclose Gender
Directors
0
5
0
0
Part II: Demographic Background
Underrepresented Individual in Home Country Jurisdiction
0
LGBTQ+
0
Did Not Disclose Demographic Background
0
79
D.
Employees
As of the date of this Annual Report, we have
a total of 71 full-time employees, of which 31 are in sales and marketing, 17 are in client services, 8 are in finance department, and
15 are in general administration.
We have standard employment, comprehensive confidentiality
with our management and standard confidentiality and non-compete terms with all other employees. As required by laws and regulations
in China, we participate in various social security plans that are organized by municipal and provincial governments, including pension
insurance, medical insurance, unemployment insurance, maternity insurance, job-related injury insurance and housing fund. We are
required by PRC laws to make contributions to employee social security plans at specified percentages of the salaries, bonuses and certain
allowances of our employees, up to a maximum amount specified by the local government from time to time.
We believe that we maintain a good working relationship
with our employees, and we have not experienced any labor disputes. None of our employee is represented by a labor union or covered by
collective bargaining agreements. We have not experienced any work stoppages.
E.
Share Ownership
See Item 7 below.
F.
Disclosure of a Registrant's Action
to Recover Erroneously Awarded Compensation
Not applicable.
Item 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A.
Major Shareholders
The following tables set forth certain information
with respect to the beneficial ownership of our Class A Ordinary Shares (including Class A Ordinary Shares issuable upon the conversion
of outstanding Class B Ordinary Shares) for:
●
each
shareholder known by us to be the beneficial owner of more than 5% of our outstanding Class A Ordinary Shares or Class B Ordinary Shares;
●
each
of our directors;
●
each
of our named executive officers; and
●
all
of our directors and executive officers as a group.
The beneficial ownership of our Class A Ordinary
Shares is determined in accordance with the rules of the SEC and generally includes any shares over which a person exercises sole or shared
voting or investment power, and includes the Class A Ordinary Shares issuable upon the conversion of the outstanding Class B Ordinary
Shares and the Class A Ordinary Shares issuable pursuant to share options that are exercisable within 60 days of the date of this Annual
Report. Class A Ordinary Shares issuable pursuant to share options are deemed outstanding for computing the percentage of the person holding
such options but are not outstanding for computing the percentage of any other person. As of the date of this Annual Report, there were
no Class A Ordinary Shares issuable pursuant to share options exercisable within 60 days thereof.
80
The percentage of beneficial ownership owned is
based on 10,963,040 Class A Ordinary Shares and 3,786,960 Class B Ordinary Shares.
Name and Address of Beneficial Owner
Class A
Ordinary Shares
Class B
Ordinary shares
Shares
% of Total Voting Power*
Shares
% of Total Voting Power*
Directors and Executive Officers
Ruilin Xu
(1)
480,000
0.55
%
3,786,960
87.36
%
Dan Wu
-
-
%
-
-
%
Siqi Cao
(2)
384,000
-
%
-
-
%
Kenneth K. Cheng
-
-
%
-
-
%
Richard W.Y Seow
-
-
%
-
-
%
Tzun Chan
-
-
%
-
-
%
All directors and executive officers as a group (six persons)
864,000
0.55
%
3,786,960
87.36
%
5% Beneficial Owners
Xu Ruilin Capital CO., Ltd
(1)
480,000
0.55
%
3,786,960
87.36
%
Fern Win Talent Holding Co., Ltd
(2)
960,000
1.11
%
-
-
%
TIANCHENGYIHAO Holding Ltd
(3)
1,141,920
1.32
%
-
-
%
Astra Capital Ltd
(4)
720,000
0.83
%
-
-
%
Huang Fei Holding Co., Ltd
(5)
694,320
0.80
%
-
-
%
*
Represents the voting power with respect to all of our Class A Ordinary Shares and Class B Ordinary Shares, voting as a single class. According to our charter, each Class A Ordinary Shares entitles to 1 vote and each Class B Ordinary Share entitles to 20 votes.
(1)
Includes 480,000 Class A Ordinary Shares and 3,786,960 Class B Ordinary Shares held by Xu Ruilin Capital CO., Ltd ("Xu Ruilin Capital"), which is a limited liability company incorporated under the British Virgin Islands laws and wholly-owned by Mr. Ruilin Xu. The address of Xu Ruilin Capital is Start Chambers, Wickham's Cay II, P.O. Box 2221, Road Town, Tortola, British Virgin Islands. The person having voting, dispositive or investment powers over Xu Ruilin Capital is Mr. Xu.
(2)
Includes 960,000 Class A Ordinary Shares held by Fern Win Talent Holding Co., Ltd ("Fern Win"), 40% of which are ultimately beneficially owned through certain holding companies by Siqi Cao and 60% by Jiaqi Hao. Mr. Cao is the sole director of Fern Win; as a result, Mr. Cao may be deemed to have voting and investment control over the shares owned by Fern Win. Mr. Cao disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. The address of Fern Win is Start Chambers, Wickham's Cay II, P.O. Box 2221, Road Town, Tortola, British Virgin Islands.
(3)
TIANCHENGYIHAO Holding Ltd ("TIANCHENGYIHAO") is a limited liability company incorporated under the British Virgin Islands laws. The address of TIANCHENGYIHAO is Start Chambers, Wickham's Cay II, P.O. Box 2221, Road Town, Tortola, British Virgin Islands. The person having voting, dispositive or investment powers over TIANCHENGYIHAO is Youjun Tan.
(4)
Astra Capital Ltd ("Astra Capital") is a limited liability company incorporated under the British Virgin Islands laws. The address of Astra Capital is Start Chambers, Wickham's Cay II, P.O. Box 2221, Road Town, Tortola, British Virgin Islands. The person having voting, dispositive or investment powers over Astra Capital is Dong Meng.
(5)
Huang Fei Holding Co., Ltd ("Huang Fei Holding") is a limited liability company incorporated under the British Virgin Islands laws and wholly-owned by Fei Huang. The address of Huang Fei Holding is Start Chambers, Wickham's Cay II, P.O. Box 2221, Road Town, Tortola, British Virgin Islands. The person having voting, dispositive or investment powers over Huang Fei Holding is Fei Huang.
81
As
of the date of this Annual Report, there were 24 holders of record entered in our Class A ordinary share
register
and 1 holder of record entered in our Class B ordinary share register. The number of individual holders of record is based exclusively
upon our share register and does not address whether a share or shares may be held by the holder of record on behalf of more than one
person or institution who may be deemed to be the beneficial owner of a share or shares in our company.
B.
Related Party Transactions
A related party is defined as any person who is
or was (since the beginning of the last fiscal year, even if such person does not presently serve in that role) (a) an enterprise that
directly or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Company;
(b) an associate, which is an unconsolidated enterprise in which the Company has a significant influence or which has significant influence
over the Company; (c) an individual owning, directly or indirectly, more than 10% of any class of the Company's voting securities,
and immediate family members of such individual; (d) an executive officer, director or nominee for director of the Company and immediate
family members of such individual; and (e) an enterprise in which a substantial interest in the voting power is owned, directly or indirectly,
by any person described in (c) or (d) or over which such a person is able to exercise significant influence (which includes enterprises
owned by directors or major shareholders of the Company and enterprises that have a member of key management in common with the Company).
Set
forth below are the related party transactions that we have entered into during the last three fiscal years and up to the date of this
Annual Report.
Material Transactions with Related Parties
1) Related party balances
Note
December 31,
2022
December 31,
2021
December 31,
2020
Accounts receivable - related party
Guangzhou Tiancheng Capital Management Group Co., Ltd.
(a)
$
-
$
-
$
245,211
Guangzhou Tiantinghui Enterprise Management Consulting Co., Ltd.
(b)
-
-
91,954
$
-
$
-
$
337,165
Interest receivable - shareholder
Guangzhou Tiancheng Capital Management Group Co., Ltd.
(a)
$
-
$
4,825
$
-
Accounts payable - related party
Shaanxi Tiancheng Enterprise Management Consulting Co., Ltd.
(c)
$
-
$
1,285
$
-
Guangzhou Tiantinghui Enterprise Management Consulting Co., Ltd.
(b)
-
-
15,326
$
-
$
1,285
$
15,326
Due to  related parties
Mr. Ruilin Xu (the Company's Chief Executive Officer)
$
30,592
$
85,784
$
32,337
Mr. Siqi Cao (the Company's Director)
(d)
1,098,413
-
-
$
1,129,005
$
85,784
$
32,337
(a)
Guangzhou
Tiancheng Capital Management Group Co., Ltd. ("Tiancheng Capital") is the former shareholder of Tiancheng Jinhui from June
18, 2020 to June 30, 2022. The Company provided advisory and transaction services for Tiancheng Capital.
82
(b)
Mr. Ruilin Xu, the Company's Chief Executive Officer, holds 70% equity interest in Guangzhou Tiantinghui Enterprise Management Consulting Co., Ltd. ("Tianting") until October 14, 2020. Tianting is one of the Company's suppliers before October 2020. The Company provided advisory and transaction services for Tianting started from November 2020.
(c)
Shaanxi Tiancheng Enterprise Management Consulting Co., Ltd. is one of the Company's suppliers, and Tiancheng Capital holds 52% equity interest in the party until December 8, 2021.
(d)
Mr. Siqi Cao, the Company's director, paid certain professional
fees on behalf the Company.
The above balances are due on demand, interest-free
and unsecured. The Company used the funds for its operations.
2) Related party transactions
For the years ended December
31, 2022, 2021 and 2020
Name of related parties
December 31,
2022
December 31,
2021
December 31,
2020
Revenues
Guangzhou Tiancheng Capital Management Group Co., Ltd.
(a)
$
-
$
1,025,937
$
717,091
Guangzhou Tiantinghui Enterprise Management Consulting Co., Ltd.
(f)
-
-
81,985
Tiancheng New Retail Investment Holding (Guangdong) Co., Ltd.
(e)
-
-
8,174
-
$
1,025,937
$
807,250
Cost of revenues
Tiancheng New Retail Investment Holding (Guangdong) Co., Ltd.
(e)
$
-
$
1,289
$
-
Shaanxi Tiancheng Enterprise Management Consulting Co., Ltd.
(c)
-
1,257
-
Guangzhou Tiantinghui Enterprise Management Consulting Co., Ltd.
(f)
-
-
127,387
-
$
2,546
$
127,387
Selling expense
Tiancheng New Retail Investment Holding (Guangdong) Co., Ltd.
(e)
-
$
1,302
$
-
Interest income
Guangzhou Tiancheng Capital Management Group Co., Ltd.
(a)
-
$
4,767
$
-
(e)
Tiancheng
New Retail Investment Holding (Guangdong) Co., Ltd. is one of the Company's suppliers, and Tiancheng Capital holds 51% equity interest
in the party since March 3, 2020.
(f)
Mr. Ruilin Xu, the Company's Chief Executive Officer, holds 70% equity interest in Guangzhou Tiantinghui Enterprise Management Consulting Co., Ltd. ("Tianting") till October 14, 2020. Tianting is one of the Company's suppliers before October 2020. The Company provided advisory and transaction services for Tianting started from November 2020.
C.
Interests of Experts and Counsel
Not applicable.
Item 8. FINANCIAL INFORMATION
A.
Consolidated Statements and Other Financial
Information
See Item 19 for our audited consolidated financial
statements.
Legal Proceedings
To the best of our knowledge, none of our directors
or executive officers has, during the past ten years, been involved in any legal proceedings described in subparagraph (f) of Item 401
of Regulation S-K.
From time to time we may become involved in legal
proceedings or be subject to claims arising in the ordinary course of our business. We are not currently a party to any legal proceedings
that in the opinion of the management, if determined adversely to us, would have a material adverse effect on our business, financial
condition, operating results or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense
and settlement costs, diversion of management resources and other factors.
83
Dividend Policy
We have not previously declared or paid cash dividends
and we have no plan to declare or pay any dividends in the near future on our shares. We currently intend to retain most, if not all,
of our available funds and any future earnings to operate and expand our business.
We are a holding company incorporated in the Cayman
Islands. We may rely principally on transfer of funds, dividends and other distributions on equity paid by our PRC subsidiary for our
cash and financing requirements, including any payment of dividends to our shareholders. PRC regulations may restrict the ability of our
PRC subsidiary to pay dividends to us.
Our board of directors has discretion as to whether
to distribute dividends, subject to certain restrictions under Cayman Islands law, namely that our company may only pay dividends out
of profits or share premium and provided always that in no circumstances may a dividend be paid if this would result in our company being
unable to pay its debts as they fall due in the ordinary course of business. In addition, our shareholders may by ordinary resolution
declare a dividend, but no dividend may exceed the amount recommended by our board of directors. Even if our board of directors decides
to pay dividends, the form, frequency and amount will depend upon our future operations and earnings, capital requirements and surplus,
general financial condition, contractual restrictions and other factors that the board of directors may deem relevant.
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.
Offering and Listing Details.
The Registration Statement on Form F-1 (File No.
333- 269290) became effective on March 29, 2023. Our Class A Ordinary Shares are currently listed on Nasdaq Capital Market under the symbol
"TCJH".
B.
Plan of Distribution
Not applicable.
C.
Markets
Our Class A Ordinary Shares are currently listed
on Nasdaq Capital Market under the symbol "TCJH".
D.
Selling Shareholders
Not applicable.
E.
Dilution
Not applicable.
F.
Expenses of the Issue
Not applicable.
Item 10. ADDITIONAL INFORMATION
A.
Share Capital
Not applicable.
84
B.
Memorandum and Articles of Association
The information required by Item 10.B of Form
20-F is included in the section titled "Description of Share Capital" in our Registration Statement, which section is incorporated
herein by reference. Our Amended and Restated Memorandum and Articles of Association were filed as Exhibit 3.2.1 and Exhibit 3.2.2 to
the Registration Statement filed on January 18, 2023 and are hereby incorporated by reference into this Annual Report.
C.
Material Contracts
The information required by Item 10.C of Form
20-F is included in the sections titled "Our Business," "Directors and Executive Officers," "Related Party
Transactions," and "Underwriting" in our Registration Statement, which sections are incorporated herein by reference.
D.
Exchange Controls
Under Cayman Islands 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 material Cayman Islands,
PRC and U.S. federal income tax consequences of an investment in Class A Ordinary Shares is based upon laws and relevant interpretations
thereof in effect as of the date of this Annual Report, all of which are subject to change. This summary does not deal with all possible
tax consequences relating to an investment in Class A Ordinary Shares, such as the tax consequences under state, local and other tax laws.
Cayman Islands Taxation
The Cayman Islands currently levies no taxes on
individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax
or estate duty. There are no other taxes likely to be material to investors levied by the government of the Cayman Islands except for
stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands.
The Cayman Islands is a party to a double tax treaty entered with the United Kingdom in 2010 but is otherwise not party to any double
tax treaties which are applicable to any payments made to or by our company. There are no exchange control regulations or currency restrictions
in the Cayman Islands.
Payments of dividends and capital in respect of
Class A Ordinary Shares will not be subject to taxation in the Cayman Islands and no withholding will be required under Cayman Islands
laws on the payment of a dividend or capital to any holder of Class A Ordinary Shares, nor will gains derived from the disposal of Class
A Ordinary Shares be subject to Cayman Islands income or corporation tax.
No stamp duty is payable in the Cayman Islands
in respect of the issue of our Class A Ordinary Shares or on an instrument of transfer in respect of our Class A Ordinary Shares except
those which hold interests in land in the Cayman Islands.
People's Republic of China Taxation
According to the EIT Law, which was promulgated
by the SCNPC on March 16, 2007, became effective on January 1, 2008, and was last amended on December 29, 2018, and the Implementation
Rules of the EIT Law, which were promulgated by the State Council on December 6, 2007, became effective on January 1, 2008, and was last
amended on April 23, 2019, enterprises are divided into resident enterprises and non-resident enterprises. Resident enterprises pay enterprise
income tax on their incomes obtained in and outside the PRC at the rate of 25%. Non-resident enterprises setting up institutions in the
PRC pay enterprise income tax on the incomes obtained by such institutions in and outside the PRC at the rate of 25%. Non-resident enterprises
with no institutions in the PRC, and non-resident enterprises with income having no substantial connection with their institutions in
the PRC, pay enterprise income tax on their income obtained in the PRC at a reduced rate of 10%.
We are a holding company incorporated in the Cayman
Islands and we gain substantial income by way of dividends paid to us from our PRC subsidiary. The EIT Law and its implementation rules
provide that China-sourced income of foreign enterprises, such as dividends paid by a PRC subsidiary to its equity holders that are non-resident
enterprises, will normally be subject to PRC withholding tax at a rate of 10%, unless any such foreign investor's jurisdiction of
incorporation has a tax treaty with China that provides for a preferential tax rate or a tax exemption.
85
Under the PRC EIT Law and its implementation rules,
an enterprise established outside the PRC with a "de facto management body" within the PRC is considered a resident enterprise
and will be subject to the enterprise income tax at the rate of 25% on its global income. The implementation rules define the term "de
facto management body" as the body that exercises full and substantial control over and overall management of the business, production,
personnel, accounts and properties of an enterprise. In April 2009, the SAT issued the Circular of the SAT on Issues Relating to Identification
of PRC-Controlled Overseas Registered Enterprises as Resident Enterprises in Accordance With the De Facto Standards of Organizational
Management, or SAT Circular 82, which provides certain specific criteria for determining whether the "de facto management body"
of a PRC-controlled enterprise that is incorporated offshore is located in China. Although this circular only applies to offshore enterprises
controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreigners, the criteria set forth
in the circular may reflect the SAT's general position on how the "de facto management body" test should be applied
in determining the tax resident status of all offshore enterprises. According to SAT Circular 82, an offshore incorporated enterprise
controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident by virtue of having its "de facto
management body" in the PRC only if all of the following conditions are met: (i) the primary location of the day-to-day operational
management is in the PRC; (ii) decisions relating to the enterprise's financial and human resource matters are made or are subject
to approval by organizations or personnel in the PRC; (iii) the enterprise's primary assets, accounting books and records, company
seals, and board and shareholder resolutions, are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior
executives habitually reside in the PRC.
Further to SAT Circular 82, the SAT issued the
SAT Bulletin 45, which took effect in September 2011, to provide more guidance on the implementation of SAT Circular 82. SAT Bulletin
45 provides for procedures and administration details of determination on resident status and administration on post-determination matters.
Our Company is a company incorporated outside the PRC. As a holding company, the key assets and records of our Company (including the
resolutions of its board of directors and the resolutions of its shareholders) are located and maintained, outside the PRC. In addition,
we are not aware of any offshore holding companies with a corporate structure similar to ours that has been deemed a PRC "resident
enterprise" by the PRC tax authorities. As such, we do not believe that our Company meets all of the conditions above or is a PRC
resident enterprise for PRC tax purposes. However, the tax resident status of an enterprise is subject to determination by the PRC tax
authorities and uncertainties remain with respect to the interpretation of the term "de facto management body." There can
be no assurance that the PRC government will ultimately take a view that is consistent with us. If the PRC tax authorities determine that
our Cayman Islands holding company is a PRC resident enterprise for PRC enterprise income tax purposes, a number of unfavorable PRC tax
consequences could follow. For example, a 10% withholding tax would be imposed on dividends we pay to our non-PRC enterprise shareholders.
In addition, nonresident enterprise shareholders may be subject to PRC tax on gains realized on the sale or other disposition of ordinary
shares, as if such income is treated as sourced from within the PRC. Furthermore, if we are deemed a PRC resident enterprise, dividends
paid to our non-PRC individual shareholders and any gain realized on the transfer of ordinary shares by such shareholders may be subject
to PRC tax at a rate of 20% (which, in the case of dividends, may be withheld at source by us). These rates may be reduced by an applicable
tax treaty, but it is unclear whether in practice non-PRC shareholders of our Company would be able to obtain the benefits of any tax
treaties between their country of tax residence and the PRC in the event that we are treated as a PRC resident enterprise. We will continue
to monitor our tax status.
United States Federal Income Taxation
Considerations
The following does not address the tax consequences
to any particular investor or to person in special tax situations such as:
●
banks;
●
financial institutions;
●
insurance companies;
●
pension plans;
●
cooperative;
●
regulated investment companies;
●
real estate investment trusts;
●
broker-dealers;
●
persons that elect to mark their securities to market;
86
●
U.S. expatriates or former long-term residents of the U.S.;
●
governments or agencies or instrumentalities thereof;
●
tax-exempt entities (including private foundations);
●
persons liable for alternative minimum tax;
●
persons holding our Class A Ordinary Shares as part of a straddle, hedging, conversion or integrated transaction;
●
persons that actually or constructively own 10% or more of our voting power or value (including by reason of owning our Class A Ordinary Shares);
●
persons who acquired our Class A Ordinary Shares pursuant to the exercise of any employee share option or otherwise as compensation;
●
persons holding our Class A Ordinary Shares through partnerships or other pass-through entities;
●
beneficiaries of a Trust holding our Class A Ordinary Shares; or
●
persons holding our Class A Ordinary Shares through a Trust.
The discussion set forth below is addressed only
to U.S. Holders (as defined below) that purchase Class A Ordinary Shares in the initial public offering. Prospective purchasers are
urged to consult their own tax advisors about the application of the U.S. federal income tax rules to their particular circumstances
as well as the state, local, foreign and other tax consequences to them of the purchase, ownership and disposition of our Class A Ordinary
Shares.
Material Tax Consequences Applicable to
U.S. Holders of Our Class A Ordinary Shares
The following sets forth the material U.S. federal
income tax consequences related to the ownership and disposition of our Class A Ordinary Shares. It is directed to U.S. Holders (as
defined below) of our Class A Ordinary Shares and 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 description does not deal with all possible tax consequences relating to
ownership and disposition of our Class A Ordinary Shares or U.S. tax laws, other than the U.S. federal income tax laws, such
as the tax consequences under non-U.S. tax laws, state, local and other tax laws.
The following brief description applies only to
U.S. Holders (as defined below) that hold Class A Ordinary Shares as capital assets and that have the U.S. dollar as their functional
currency. This brief description is based on the federal income tax laws of the U.S. in effect as of the date of this Annual Report
and on U.S. Treasury regulations in effect or, in some cases, proposed, as of the date of this Annual Report, as well as judicial
and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which
change could apply retroactively and could affect the tax consequences described below.
87
The brief description below of the U.S. federal
income tax consequences to "U.S. Holders" will apply to you if you are a beneficial owner of Class A Ordinary Shares
and you are, for U.S. federal income tax purposes,
●
an individual who is a citizen or resident of the U.S.;
●
a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized under the laws of the U.S., any state thereof or the District of Columbia;
●
an estate whose income is subject to U.S. federal income taxation regardless of its source; or
●
a trust that (1) is subject to the primary supervision of a court within the U.S. and the control of one or more U.S. persons for all substantial decisions or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.
If a partnership (or other entities treated as
a partnership for U.S. federal income tax purposes) is a beneficial owner of our Class A Ordinary Shares, the tax treatment of a
partner in the partnership will depend upon the status of the partner and the activities of the partnership. Partnerships and partners
of a partnership holding our Class A Ordinary Shares are urged to consult their tax advisors regarding an investment in our Class A Ordinary
Shares.
An individual is considered a resident of the
U.S. for federal income tax purposes if he or she meets either the "Green Card Test" or the "Substantial Presence
Test" described as follows:
The Green Card Test: You are a lawful permanent
resident of the United States, at any time, if you have been given the privilege, according to the immigration laws of the United States,
of residing permanently in the United States as an immigrant. You generally have this status if the U.S. Citizenship and Immigration
Services issued you an alien registration card, Form I-551, also known as a "green card."
The Substantial Presence Test: If an alien is
present in the United States on at least 31 days of the current calendar year, he or she will (absent an applicable exception)
be classified as a resident alien if the sum of the following equals 183 days or more (
See
§7701(b)(3)(A) of
the Internal Revenue Code and related Treasury Regulations):
1.
The actual days in the United States in the current year; plus
2.
One-third of his or her days in the United States in the immediately preceding year; plus
3.
One-sixth of his or her days in the United States in the second preceding year.
WE URGE POTENTIAL PURCHASERS OF OUR CLASS A ORDINARY
SHARES TO CONSULT THEIR OWN TAX ADVISORS CONCERNING THE U.S. FEDERAL, STATE, LOCAL AND NON-U.S. TAX CONSEQUENCES OF PURCHASING, OWNING
AND DISPOSING OF OUR CLASS A ORDINARY SHARES.
Taxation of Dividends and Other Distributions
on our Class A Ordinary Shares
Subject to the PFIC (as defined below) rules discussed
below, the gross amount of distributions made by us to you with respect to the Class A Ordinary Shares (including the amount of any taxes
withheld therefrom) will generally be includable in your gross income as dividend income on the date of receipt by you, but only to the
extent that the distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal income
tax principles). With respect to corporate U.S. Holders, the dividends will not be eligible for the dividends-received deduction
allowed to corporations in respect of dividends received from other U.S. corporations.
With respect to non-corporate U.S. Holders,
including individual U.S. Holders, dividends will be taxed at the lower capital gains rate applicable to qualified dividend income,
provided that (1) the Class A Ordinary Shares are readily tradable on an established securities market in the U.S., or we are eligible
for the benefits of an approved qualifying income tax treaty with the U.S. that includes an exchange of information program, (2) we
are not a PFIC (as defined below) for either our taxable year in which the dividend is paid or the preceding taxable year, and (3) certain
holding period requirements are met. Because there is no income tax treaty between the U.S. and the Cayman Islands, clause (1) above
can be satisfied only if the Class A Ordinary Shares are readily tradable on an established securities market in the U.S. Under U.S. Internal
Revenue Service authority, Class A Ordinary Shares are considered for purpose of clause (1) above to be readily tradable on an established
securities market in the U.S. if they are listed on certain exchanges, which presently include the NYSE and the Nasdaq Stock Market.
You are urged to consult your tax advisors regarding the availability of the lower rate for dividends paid with respect to our Class A
Ordinary Shares, including the effects of any change in law after the date of this Annual Report.
88
Dividends will constitute foreign source income
for foreign tax credit limitation purposes. If the dividends are taxed as qualified dividend income (as discussed above), the amount of
the dividend taken into account for purposes of calculating the foreign tax credit limitation will be limited to the gross amount of the
dividend, multiplied by the reduced rate divided by the highest rate of tax normally applicable to dividends. The limitation on foreign
taxes eligible for credit is calculated separately with respect to specific classes of income. For this purpose, dividends distributed
by us with respect to our Class A Ordinary Shares will constitute "passive category income" but could, in the case of certain
U.S. Holders, constitute "general category income."
To the extent that the amount of the distribution
exceeds our current and accumulated earnings and profits (as determined under U.S. federal income tax principles), it will be treated
first as a tax-free return of your tax basis in your Class A Ordinary Shares, and to the extent that the amount of the distribution
exceeds your tax basis, the excess will be taxed as capital gain. We do not intend to calculate our earnings and profits under U.S. federal
income tax principles. Therefore, a U.S. Holder should expect that a distribution will be treated as a dividend even if that distribution
would otherwise be treated as a non-taxable return of capital or as capital gain under the rules described above.
Taxation of Dispositions of Class A Ordinary
Shares
Subject to the passive foreign investment company
rules discussed below, you will recognize taxable gain or loss on any sale, exchange or other taxable disposition of a share equal to
the difference between the amount realized (in USD) for the share and your tax basis (in USD) in the Class A Ordinary Shares. The
gain or loss will be capital gain or loss. If you are a non-corporate U.S. Holder, including an individual U.S. Holder,
who has held the Class A Ordinary Shares for more than one year, you will generally be eligible for reduced tax rates. The deductibility
of capital losses is subject to limitations. Any such gain or loss that you recognize will generally be treated as U.S. source income
or loss for foreign tax credit limitation purposes which will generally limit the availability of foreign tax credits.
Passive Foreign Investment Company ("PFIC")
A non-U.S. corporation is considered a PFIC,
as defined in Section 1297(a) of the US Internal Revenue Code, for any taxable year if either:
●
at least 75% of its gross income for such taxable year is passive income; or
●
at least 50% of the value of its assets (based on an average of the quarterly values of the assets during a taxable year) is attributable to assets that produce or are held for the production of passive income (the "asset test").
Passive income generally includes dividends, interest,
rents and royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition
of passive assets. We will be treated as owning our proportionate share of the assets and earning our proportionate share of the income
of any other corporation in which we own, directly or indirectly, at least 25% (by value) of the stock. In determining the value and composition
of our assets for purposes of the PFIC asset test, (1) the cash we raise in the initial public offering will generally be considered
to be held for the production of passive income and (2) the value of our assets must be determined based on the market value of our
Class A Ordinary Shares from time to time, which could cause the value of our non-passive assets to be less than 50% of the value
of all of our assets (including the cash raised in the initial public offering) on any particular quarterly testing date for purposes
of the asset test.
Based on our operations and the composition of
our assets we do not expect to be treated as a PFIC under the current PFIC rules. We must make a separate determination each year as to
whether we are a PFIC, however, and there can be no assurance with respect to our status as a PFIC for our current taxable year or any
future taxable year. Depending on the amount of cash we raise in the initial public offering, together with any other assets held for
the production of passive income, it is possible that, for our current taxable year or for any subsequent taxable year, more than 50%
of our assets may be assets held for the production of passive income. We will make this determination following the end of any particular
tax year. In addition, because the value of our assets for purposes of the asset test will generally be determined based on the market
price of our Class A Ordinary Shares and because cash is generally considered to be an asset held for the production of passive income,
our PFIC status will depend in large part on the market price of our Class A Ordinary Shares and the amount of cash we raise in the initial
public offering. Accordingly, fluctuations in the market price of the Class A Ordinary Shares may cause us to become a PFIC. In addition,
the application of the PFIC rules is subject to uncertainty in several respects and the composition of our income and assets will be affected
by how, and how quickly, we spend the cash we raise in the initial public offering. We are under no obligation to take steps to reduce
the risk of our being classified as a PFIC, and as stated above, the determination of the value of our assets will depend upon material
facts (including the market price of our Class A Ordinary Shares from time to time and the amount of cash we raise in the initial public
offering) that may not be within our control. If we are a PFIC for any year during which you hold Class A Ordinary Shares, we will continue
to be treated as a PFIC for all succeeding years during which you hold Class A Ordinary Shares. If we cease to be a PFIC and you
did not previously make a timely "mark-to-market" election as described below, however, you may avoid some of the adverse
effects of the PFIC regime by making a "purging election" (as described below) with respect to the Class A Ordinary Shares.
89
If we are a PFIC for your taxable year(s) during
which you hold Class A Ordinary Shares, you will be subject to special tax rules with respect to any "excess distribution"
that you receive and any gain you realize from a sale or other disposition (including a pledge) of the Class A Ordinary Shares, unless
you make a "mark-to-market" election as discussed below. Distributions you receive in a taxable year that are greater than
125% of the average annual distributions you received during the shorter of the three preceding taxable years or your holding period
for the Class A Ordinary Shares will be treated as an excess distribution. Under these special tax rules:
●
the excess distribution or gain will be allocated ratably over your holding period for the Class A Ordinary Shares;
●
the amount allocated to your current taxable year, and any amount allocated to any of your taxable year(s) prior to the first taxable year in which we were a PFIC, will be treated as ordinary income;
●
the amount allocated to each of your other taxable year(s) will be subject to the highest tax rate in effect for that year and the interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year; and
●
an additional tax equal to the interest charge generally applicable to underpayments of tax will be imposed on the tax attributable to each prior taxable year, other than a pre-PFIC year.
The tax liability for amounts allocated to years
prior to the year of disposition or "excess distribution" cannot be offset by any net operating losses for such years,
and gains (but not losses) realized on the sale of the Class A Ordinary Shares cannot be treated as capital, even if you hold the Class
A Ordinary Shares as capital assets.
A U.S. Holder of "marketable stock"
(as defined below) in a PFIC may make a mark-to-market election under Section 1296 of the US Internal Revenue Code for such
stock to elect out of the tax treatment discussed above. If you make a mark-to-market election for first taxable year which you hold
(or are deemed to hold) Class A Ordinary Shares and for which we are determined to be a PFIC, you will include in your income each year
an amount equal to the excess, if any, of the fair market value of the Class A Ordinary Shares as of the close of such taxable year over
your adjusted basis in such Class A Ordinary Shares, which excess will be treated as ordinary income and not capital gain. You are allowed
an ordinary loss for the excess, if any, of the adjusted basis of the Class A Ordinary Shares over their fair market value as of the close
of the taxable year. Such ordinary loss, however, is allowable only to the extent of any net mark-to-market gains on the Class A
Ordinary Shares included in your income for prior taxable years. Amounts included in your income under a mark-to-market election,
as well as gain on the actual sale or other disposition of the Class A Ordinary Shares, are treated as ordinary income. Ordinary loss
treatment also applies to any loss realized on the actual sale or disposition of the Class A Ordinary Shares, to the extent that the amount
of such loss does not exceed the net mark-to-market gains previously included for such Class A Ordinary Shares. Your basis in the
Class A Ordinary Shares will be adjusted to reflect any such income or loss amounts. If you make a valid mark-to-market election,
the tax rules that apply to distributions by corporations which are not PFICs would apply to distributions by us, except that the lower
applicable capital gains rate for qualified dividend income discussed above under "— Taxation of Dividends and Other
Distributions on our Class A Ordinary Shares" generally would not apply.
The mark-to-market election is available
only for "marketable stock," which is stock that is traded in other than de minimis quantities on at least 15 days during
each calendar quarter ("regularly traded") on a qualified exchange or other market (as defined in applicable U.S. Treasury
regulations), including the Nasdaq Capital Market. If the Class A Ordinary Shares are regularly traded on the Nasdaq Capital Market and
if you are a holder of Class A Ordinary Shares, the mark-to-market election would be available to you were we to be or become a PFIC.
Alternatively, a U.S. Holder of stock in
a PFIC may make a "qualified electing fund" election under Section 1295(b) of the US Internal Revenue Code with
respect to such PFIC to elect out of the tax treatment discussed above. A U.S. Holder who makes a valid qualified electing fund election
with respect to a PFIC will generally include in gross income for a taxable year such holder's pro rata share of the corporation's
earnings and profits for the taxable year. The qualified electing fund election, however, is available only if such PFIC provides such
U.S. Holder with certain information regarding its earnings and profits as required under applicable U.S. Treasury regulations.
We do not currently intend to prepare or provide the information that would enable you to make a qualified electing fund election. Therefore,
prospective investors should assume that a qualified electing fund election will not be available. If you hold Class A Ordinary Shares
in any taxable year in which we are a PFIC, you will be required to file U.S. Internal Revenue Service Form 8621 in each such
year and provide certain annual information regarding such Class A Ordinary Shares, including regarding distributions received on the
Class A Ordinary Shares and any gain realized on the disposition of the Class A Ordinary Shares. The failure to file IRS Form 8621 could
result in the imposition of penalties and the extension of the statute of limitations with respect to U.S. federal income tax.
90
If you do not make a timely "mark-to-market"
election (as described above), and if we were a PFIC at any time during the period you hold our Class A Ordinary Shares, then such Class
A Ordinary Shares will continue to be treated as stock of a PFIC with respect to you even if we cease to be a PFIC in a future year, unless
you make a "purging election" for the year we cease to be a PFIC. A "purging election" creates a deemed sale
of such Class A Ordinary Shares at their fair market value on the last day of the last year in which we are treated as a PFIC. The
gain recognized by the purging election will be subject to the special tax and interest charge rules treating the gain as an excess distribution,
as described above. As a result of the purging election, you will have a new basis (equal to the fair market value of the Class A Ordinary
Shares on the last day of the last year in which we are treated as a PFIC) and holding period (which new holding period will begin
the day after such last day) in your Class A Ordinary Shares for tax purposes.
IRC Section 1014(a) provides for a step-up in
basis to the fair market value for our Class A Ordinary Shares when inherited from a decedent that was previously a holder of our Class
A Ordinary Shares. However, if we are determined to be a PFIC and a decedent that was a U.S. Holder did not make either a timely
qualified electing fund election for our first taxable year as a PFIC in which the U.S. Holder held (or was deemed to hold) our Class
A Ordinary Shares, or a mark-to-market election and ownership of those Class A Ordinary Shares are inherited, a special provision
in IRC Section 1291(e) provides that the new U.S. Holder's basis should be reduced by an amount equal to the Section 1014
basis minus the decedent's adjusted basis just before death. As such if we are determined to be a PFIC at any time prior to a decedent's
passing, the PFIC rules will cause any new U.S. Holder that inherits our Class A Ordinary Shares from a U.S. Holder to not get
a step-up in basis under Section 1014 and instead will receive a carryover basis in those Class A Ordinary Shares.
You are urged to consult your tax advisors regarding
the application of the PFIC rules to your investment in our Class A Ordinary Shares and the elections discussed above.
Information Reporting and Backup Withholding
Dividend payments with respect to our Class A
Ordinary Shares and proceeds from the sale, exchange or redemption of our Class A Ordinary Shares may be subject to information reporting
to the U.S. Internal Revenue Service and possible U.S. backup withholding under Section 3406 of the US Internal Revenue
Code at a current flat rate of 24%. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer
identification number and makes any other required certification on U.S. Internal Revenue Service Form W-9 or who is otherwise
exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification
on U.S. Internal Revenue Service Form W-9. U.S. Holders are urged to consult their tax advisors regarding the application
of the U.S. information reporting and backup withholding rules.
Backup withholding is not an additional tax. Amounts
withheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain a refund of any
excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the U.S. Internal Revenue
Service and furnishing any required information. We do not intend to withhold taxes for individual shareholders. Transactions effected
through certain brokers or other intermediaries, however, may be subject to withholding taxes (including backup withholding), and such
brokers or intermediaries may be required by law to withhold such taxes.
Under the Hiring Incentives to Restore Employment
Act of 2010, certain U.S. Holders are required to report information relating to our Class A Ordinary Shares, subject to
certain exceptions (including an exception for Class A Ordinary Shares held in accounts maintained by certain financial institutions),
by attaching a complete Internal Revenue Service Form 8938, Statement of Specified Foreign Financial Assets, with their tax return
for each year in which they hold Class A Ordinary Shares. Failure to report such information could result in substantial penalties. You
should consult your own tax advisor regarding your obligation to file a Form 8938.
F.
Dividends and Paying Agents
Not applicable.
G.
Statement by Experts
Not applicable.
H.
Documents on Display
We have previously filed the Registration Statement
with the SEC.
91
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 are exempt from the insider
short-swing disclosure and profit recovery rules of Section 16 of the Exchange Act. Annual reports and other information we file with
the Commission may be inspected at the public reference facilities maintained by the Commission 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 Commission 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 Commission. In addition, the Commission maintains a web site that contains
reports and other information regarding registrants (including us) that file electronically with the Commission which can be assessed
at http://www.sec.gov.
I.
Subsidiary Information
For a listing of our subsidiaries, see "Item
4. Information on the Company — A. History and Development of the Company."
Item 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK
Interest Rate Risk
Our exposure to interest rate risk primarily relates
to interest income generated by excess cash, which is mostly held in interest-bearing bank deposits. While interest-earning instruments
carry a degree of interest rate risk, we have not been exposed, nor do we anticipate being exposed, to material risks due to changes in
market interest rates.
Foreign Currency Risk
A majority of the Company's expense transactions
are denominated in RMB and a significant portion of the Company and its subsidiaries' assets and liabilities are denominated in
RMB. RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions are required by law to be
transacted only by authorized financial institutions at exchange rates set by the People's Bank of China ("PBOC"). Remittances
in currencies other than RMB by the Company in China must be processed through the PBOC or other China foreign exchange regulatory bodies
which require certain supporting documentation in order to affect the remittance.
Our
functional currency is the RMB, and our financial statements are presented in U.S. dollars. The RMB appreciated by 6.2% in fiscal year
2020, depreciated by 2.5% in fiscal year 2021 and depreciated by 8.2% in fiscal year 2022.
It
is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the U.S. dollar
in the future. The change in the value of the RMB relative to the U.S. dollar may affect our financial results reported in the U.S. dollar
terms without giving effect to any underlying changes in our business or results of operations. Currently, our assets, liabilities, revenues
and costs are denominated in RMB.
To the extent that the
Company needs to convert U.S. dollars into RMB for capital expenditures and working capital and other business purposes, appreciation
of RMB against U.S. dollar would have an adverse effect on the RMB amount the Company would receive from the conversion. Conversely, if
the Company decides to convert RMB into U.S. dollar for the purpose of making payments for dividends, strategic acquisition or investments
or other business purposes, appreciation of U.S. dollar against RMB would have a negative effect on the U.S. dollar amount available to
the Company.
Credit risk
Financial instruments
that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of December 31, 2022
and December 31, 2021, substantially all of the Company's cash were held by major financial institutions located in the PRC, which
management believes are of high credit quality.
The ongoing coronavirus
pandemic that surfaced in China and is spreading throughout the world has had a material adverse effect on the Company's industry
and the markets in which it operates. The Company's revenues and workforce are concentrated in China. The pandemic has caused its
customers to take longer time to make payments, which subjects it to increased credit exposures.
For the credit risk related
to trade accounts receivable, the Company performs ongoing credit evaluations of its clients and, if necessary, maintains reserves for
potential credit losses. Historically, such losses have been within management's expectations.
Item 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
With the exception of Items 12.D.3 and 12.D.4,
this Item 12 is not applicable for annual reports on Form 20-F. As to Items 12.D.3 and 12.D.4, this Item 12 is not applicable, as the
Company does not have any American Depositary Shares.
92
Part II
Item 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
None.
Item 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS
AND USE OF PROCEEDS
See "Item 10. Additional Information" for a description
of the rights of securities holders, which remain unchanged.
Use of Proceeds
The following "Use of Proceeds" information
relates to the Registration Statement on Form F-1, in relation to our initial public offering of 2,750,000 Class A Ordinary Shares. The
Class A Ordinary Shares were sold at an offering price of $4.00 per share, generating gross proceeds of approximately $11.0 million, and
net proceeds of approximately $9.2 million.
We have earmarked and have been using the proceeds
of the initial public offering as follows: (i) 30% of the proceeds for personnel training and recruitment of qualified personnel; (ii)
20% for system improvement, building online platforms for future online courses; (iii) 10% for enhancement of brand recognition through
multi-channel marketing; (iv) 30% for mergers and acquisitions within the industry; and (v) 10% for general corporate purposes and working
capital, including potential strategic investments and acquisitions.
Item
15. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
Under
the supervision and with the participation of our management, including our chief executive officer and our chief financial officer, we
carried out an evaluation of the effectiveness of our disclosure controls and procedures, which is defined in Rules 13a-15(e) of the Exchange
Act, as of December 31, 2022. Based on that evaluation, our CEO and CFO concluded that our disclosure controls and procedures as of December
31, 2022 were not effective at the reasonable assurance level due to the material weakness
described
below.
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 such term is defined
in Exchange Act Rule 13a-15(f). Our internal control over financial reporting is a process designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. Generally
Accepted Accounting Principles ("U.S. GAAP"). 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 because the degree of compliance with policies or procedures
may deteriorate. Under the supervision and with the participation of our management, including our chief executive officer and chief
financial officer, we conducted an assessment of the effectiveness of our internal control over financial reporting as of December 31,
2022. The assessment was based on criteria established in the framework Internal Control—Integrated Framework (2013), issued by
the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management determined that, as of December
31, 2022, our internal control over financial reporting was not effective due to the existence of the following significant deficiencies
and material weaknesses: (i) inadequate segregation of duties for certain key functions due to limited staff and resources; (ii) lack
of documented policies and controls (including IT controls and cybersecurity framework) which enable management and other personnel to
understand and carry out their internal control responsibilities; (iii) lack of audit committee and internal audit function to establish
formal risk assessment process and internal control framework; and (iv) lack of accounting staff and resources with appropriate knowledge
of generally accepted accounting principles in the United States ("U.S. GAAP") and SEC reporting and compliance requirements.
93
To
remediate the material weakness and significant deficiency described above, we plan to undertake
the
following actions: (i) hiring more qualified staff to fill up the key roles in the operations; (ii) setting up a financial and system
control framework with formal documentation of polices and controls in place; and (iii) hiring additional qualified financial professionals
such as corporate controller familiar with U.S. GAAP to increase the number of qualified financial reporting personnel and monitor daily
transaction recording and general ledger work.
As defined under standards established by the
Public Company Accounting Oversight Board, a material weakness is a deficiency, or a combination of deficiencies, in internal control
over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company's annual or interim
consolidated financial statements will not be prevented or detected on a timely basis.
Attestation Report of the Registered Public
Accounting Firm
We did not include an attestation report of the
company's registered public accounting firm in this annual report on Form 20-F due to rules of the SEC where domestic and foreign
registrants that are non-accelerated filers, which we are, and "emerging growth companies" which we also are, are not required
to provide the auditor attestation report.
Changes in Internal Control over Financial
Reporting
Other than those disclosed above, there were no
changes in our internal controls over financial reporting that occurred during the period covered by this annual report on Form 20-F that
have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
ITEM
16. [RESERVED]
Item 16A. AUDIT COMMITTEE FINANCIAL EXPERT
Our Board of Directors has determined that Kenneth
K. Cheng is an audit committee financial expert as that term is defined in Item 16A(b) of Form 20-F, and "independent" as
that term is defined in the Nasdaq listing standards.
Item 16B. CODE OF ETHICS
Our Board has adopted a code of business conduct
and ethics that applies to our directors, officers and employees.
Item 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
The
following table
represents the approximate aggregate fees
for services rendered by Marcum Asia CPAs LLP and Friedman LLP for the periods indicated:
December 31,
2022
December 31,
2021
USD
USD
Audit Fees
$
262,100
$
320,000
Tax Fees
-
-
All Other Fees
-
-
Total Fees
$
262,100
$
320,000
"Audit fees" are the aggregate
fees billed for assurance and related services that are reasonably related to the performance of the audit and are not reported under
audit fees. These fees primarily include accounting consultations regarding the accounting treatment of matters that occur in the regular
course of business, implications of new accounting pronouncements and other accounting issues that occur from time to time.
"Tax fees" include fees for professional
services rendered by our independent registered public accounting firm for tax compliance and tax advice on actual or contemplated transactions.
"Other fees" include fees for services
rendered by our independent registered public accounting firm with respect to government incentives and other matters.
94
The policy of our audit committee is to pre-approve
all audit and non-audit services provided by our independent auditor including audit services, audit-related services, tax services and
other services.
Our Audit Committee evaluated and approved in
advance the scope and cost of the engagement of an auditor before the auditor rendered its audit and non-audit services.
Item 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Not applicable.
Item 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED
PURCHASERS
Not applicable.
Item 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
Effective September 1, 2022, Friedman LLP combined
with Marcum LLP and continues to operate as an independent registered public accounting firm. On November 1, 2022, our Board of Directors
dismissed Friedman LLP and engaged Marcum Asia CPAs LLP to serve as our independent registered public accounting firm. The services previously
provided by Friedman LLP are now provided by Marcum Asia CPAs LLP.
Friedman LLP's reports on our consolidated
financial statements for the 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 our two most recent fiscal
years and through November 1, 2022, there have been no disagreements with Friedman LLP on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to Friedman LLP's satisfaction,
would have caused Friedman LLP to make reference to the subject matter of the disagreement in connection with its reports on our financial
statements for such periods.
For the years ended December 31, 2021 and 2020
and the subsequent interim period through November 1, 2022, there were no 'reportable events' as that term is described in
Item 16F(a)(1)(v) of the Form 20-F, other than the material weaknesses and significant deficiencies reported by management in the Risk
Factors section of this Annual Report.
We provided Friedman LLP with a copy of the above
disclosure and requested that Friedman LLP furnish us with a letter addressed to the U.S. Securities and Exchange Commission stating whether
or not it agrees with the above statement. A copy of Friedman LLP's letter is filed as Exhibit 16.1 to this Annual Report.
During the years ended December 31, 2021 and 2020
and through November 1, 2022, neither our Company nor anyone acting on our behalf consulted Marcum Asia CPAs LLP with respect to any of
the matters or reportable events set forth in Item 16F(a)(2)(i) and (ii) of the Form 20-F.
Item 16G. CORPORATE GOVERNANCE
See "Item 6. Directors, Senior Management and Employees"
for more information.
Item 16H. MINE SAFETY DISCLOSURE
Not applicable.
Item 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT
INSPECTIONS
Not applicable.
95
Part III
Item 17. FINANCIAL STATEMENTS
We have elected to provide financial statements pursuant to Item 18.
Item 18. FINANCIAL STATEMENTS
The consolidated financial statements of Top KingWin Ltd, and its subsidiaries
are included at the end of this Annual Report, beginning with page F-1.
Item 19. EXHIBITS
EXHIBIT INDEX
1.1
Amended and Restated Memorandum of Association of Top KingWin Ltd, dated July 23, 2022 (Previously filed; incorporated by reference to Exhibit 3.2.1 filed with the Registration Statement on Form F-1 (File No. 333- 269290) filed with the Securities and Exchange Commission on March 22, 2023)
1.2
Amended and Restated Articles of Association of Top KingWin Ltd, dated July 23, 2022 (Previously filed; incorporated by reference to Exhibit 3.2.2 filed with the Registration Statement on Form F-1 (File No. 333- 269290) on March 22, 2023)
2.1
Registrant's Specimen Certificate for Class A Ordinary Shares (Previously filed; incorporated by reference to Exhibit 4.1 filed with the Registration Statement on Form F-1 (File No. 333- 269290) on March 22, 2023)
2.2*
Description of Securities
4.1
Employment Agreement between Top KingWin Ltd and its CEO Ruilin Xu, dated August 22, 2022 (Previously filed; incorporated by reference to Exhibit 10.1 filed with the Registration Statement on Form F-1 (File No. 333- 269290) on March 22, 2023)
4.2
Employment Agreement between Top KingWin Ltd and its CFO, Dan Wu, dated August 22, 2022 (Previously filed; incorporated by reference to Exhibit 10.2 filed with the Registration Statement on Form F-1 (File No. 333- 269290) on March 22, 2023)
4.3
Form of Indemnification Agreement with the Registrant's directors and officers (Previously filed; incorporated by reference to Exhibit 10.3 filed with the Registration Statement on Form F-1 (File No. 333- 269290) on March 22, 2023)
4.4
Loan Agreement between Guangzhou Tiancheng Capital Management Group Co., Ltd. and Tiancheng Jinhui, dated December 8, 2021 (Previously filed; incorporated by reference to Exhibit 10.4 filed with the Registration Statement on Form F-1 (File No. 333- 269290) on March 22, 2023)
4.5
English Translation of Lease Agreement between Guangzhou Panyu Energy Saving Technology Park Development Co., Ltd. and Tiancheng Jinhui, dated November 26, 2021 (Previously filed; incorporated by reference to Exhibit 10.5 filed with the Registration Statement on Form F-1 (File No. 333- 269290) on March 22, 2023)
4.6
English Translation of Lease Agreement between Guangzhou Panyu Energy Saving Technology Park Development Co., Ltd. and Tiancheng Jinhui, dated June 6, 2022 (Previously filed; incorporated by reference to Exhibit 10.6 filed with the Registration Statement on Form F-1 (File No. 333- 269290) on March 22, 2023)
4.7
English Translation of Purchase Agreement between Guangdong Tiancheng Education Consulting Co., Ltd. and Guangzhou Juxing Consulting Co., Ltd, dated November 30, 2021 (Previously filed; incorporated by reference to Exhibit 10.7 filed with the Registration Statement on Form F-1 (File No. 333- 269290) on March 22, 2023)
96
4.8
English Translation of Purchase Agreement between Guangdong Tiancheng Education Consulting Co., Ltd. and Guangzhou Baiyun District Yongping Xuqi Information Service Office, dated January 28, 2021 (Previously filed; incorporated by reference to Exhibit 10.8 filed with the Registration Statement on Form F-1 (File No. 333- 269290) on March 22, 2023)
4.9*
English Translation of the form of Sales Agreement (for a few customers)
4.10
English Translation of the form of Sales Agreement (for a few customers) (Previously filed; incorporated by reference to Exhibit 10.10 filed with the Registration Statement on Form F-1 (File No. 333- 269290) on March 22, 2023)
4.11*
English Translation of the form of Sales Agreement (for a few customers)
4.12
Underwriting Agreement (Previously filed; incorporated by reference to the identically named exhibit filed with Form 6-K filed on April 20, 2023)
8.1
Subsidiaries of the Registrant (Previously filed; incorporated by reference to Exhibit 21.1 filed with the Registration Statement on Form F-1 (File No. 333- 269290) on March 22, 2023)
11.1
Code of Business Conduct and Ethics of the Registrant (Previously filed; incorporated by reference to Exhibit 14.1 filed with the Registration Statement on Form F-1 (File No. 333- 269290) on March 22, 2023)
12.1*
Certification of Chief Executive Officer, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
12.2*
Certification of Chief Financial Officer, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
13.1**
Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350.
13.2**
Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350.
16.1*
Letter from Friedman LLP to the U.S. Securities and Exchange Commission, dated May 16, 2023
101.INS*
Inline XBRL Instance Document-this instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH*
Inline XBRL Taxonomy Extension Scheme Document
101.CAL*
Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*
Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*
Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*
Inline XBRL Taxonomy Extension Presentation Linkbase Document
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
*
Filed herewith.
**
Furnished herewith.
97
SIGNATURES
The registrant hereby certifies
that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this
Annual Report on its behalf.
Top KingWin Ltd
By:
/s/ Ruilin Xu
Name:
Ruilin Xu
Title:
Chief Executive Officer
(Principal Executive Officer)
Dated:
May 16, 2023
98
TOP
KINGWIN LTD
FINANCIAL
STATEMENTS
TABLE
OF CONTENTS
Page
Report of independent Registered Public Accounting Firms (PCAOB ID:5395)
F-2
Report of independent Registered Public Accounting Firms (PCAOB ID:
711
)
F-3
Consolidated Balance Sheets as of December 31, 2022 and 2021
F-4
Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income for the Years Ended December 31, 2022, 2021 and 2020
F-5
Consolidated Statements of Changes in Shareholders' Equity for the Years Ended December 31, 2022, 2021 and 2020
F-6
Consolidated Statements of Cash Flows for the Years Ended December 31, 2022, 2021 and 2020
F-7
Notes to Consolidated Financial Statements
F-8
F-
1
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
To the Shareholders and Board of Directors of
Top KingWin Ltd
Opinion on the Financial Statements
We have audited the accompanying consolidated
balance sheet of Top KingWin Ltd (the "Company") as of December 31, 2022, the related consolidated statements of loss and
comprehensive loss, changes in shareholders' equity and cash flows for the year ended December 31, 2022, and the related notes (collectively
referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects,
the financial position of the Company as of December 31, 2022, and the results of its operations and its cash flows for the year ended
December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.
We also audited adjustments to the 2021 financial
statements to retroactive effect to the nominal issuance of shares as described in Note 14. In our opinion, such adjustments are appropriate
and have been properly applied. We were not engaged to audit, review, or apply any procedures to the Company's 2021 financial statements
other than with respect to the adjustments and, accordingly, we do not express an opinion or any other form of assurance on the 2021 financial
statements as a whole.
Basis for Opinion
These financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our 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 financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal
control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the 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 financial statements. We believe that our audit provides 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
May 16, 2023
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 Top KingWin Ltd
Opinion on the Financial Statements
We have audited the accompanying consolidated
balance sheet of Top KingWin Ltd and Subsidiaries (collectively, the "Company") as of December 31, 2021, and the related consolidated
statements of operations and comprehensive income, change in shareholders' equity, and cash flows for each of the years in the two-year
period 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 financial position of the Company as of December 31,
2021, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2021, in conformity
with accounting principles generally accepted in the United States of America.
We were not engaged to audit, review or apply
any procedures to the adjustments to retroactively apply the effects of the nominal issuance of shares described in Note 14, accordingly,
we do not express an opinion or any other form of assurance about whether such adjustments are appropriate and have been properly applied.
Those adjustments were audited by Marcum Asia CPAs LLP.
Basis for Opinion
These consolidated financial statements are the
responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and
the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the 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/ Friedman LLP
We served as the Company's auditor from
2021 through 2022.
New York, New York
August 26, 2022
F-
3
TOP
KINGWIN LTD
CONSOLIDATED
BALANCE SHEETS
AS
OF DECEMBER 31, 2022 AND 2021
(In
USD)
2022
2021
ASSETS
CURRENT ASSETS
Cash
$
2,654,185
$
3,816,940
Restricted cash
-
78,461
Accounts receivable, net
95,691
921,235
Interest receivable - related party
-
4,825
Prepayments
12,248
104,307
Other receivables
97,911
36,706
Total current assets
2,860,035
4,962,474
NON-CURRENT ASSETS
Property and equipment, net
210,330
236,166
Intangible assets, net
30,538
20,063
Operating lease right-of-use assets
522,278
623,236
Other non-current assets
40,376
36,809
Deferred offering costs
1,306,313
-
Deferred tax assets
118,159
-
Total non-current assets
2,227,994
916,274
TOTAL ASSETS
$
5,088,029
$
5,878,748
LIABILITIES AND SHAREHOLDERS' DEFICIT
CURRENT LIABILITIES
Accounts payable
$
264,006
$
836,787
Accounts payable - related party
-
1,285
Operating lease liabilities - current
165,506
130,198
Advance from clients
187,630
587,396
Due to related parties
1,129,005
85,784
Taxes payable
37,919
508,149
Accruals and other payables
1,108,910
437,770
Total current liabilities
2,892,976
2,587,369
Operating lease liabilities - non-current
373,068
494,425
Total non-current liabilities
373,068
494,425
TOTAL LIABILITIES
3,266,044
3,081,794
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Class A ordinary shares, $
0.0001
par value,
300,000,000
shares authorized,
8,213,040
shares issued and outstanding as of December 31, 2022 and 2021*
$
821
$
821
Class B ordinary shares, $
0.0001
par value,
200,000,000
shares authorized,
3,786,960
shares issued and outstanding as of December 31, 2022 and 2021*
379
379
Share subscription receivables*
(
1,200
)
(
1,200
)
Additional paid-in capital
114,726
114,726
Statutory reserve
282,545
282,545
Retained earnings
1,563,563
2,335,046
Accumulated other comprehensive (loss) income
(
138,849
)
64,637
Total shareholders' equity
1,821,985
2,796,954
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
5,088,029
$
5,878,748
*
Giving retroactive effect to the nominal issuance of shares effected on January 10, 2023 (Note 14)
.
The
accompanying notes are an integral part of these consolidated financial statements.
F-
4
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KINGWIN LTD
CONSOLIDATED STATEMENTS OF (LOSS) INCOME AND
COMPREHENSIVE (LOSS) INCOME
FOR
THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020
(In USD)
2022
2021
2020
REVENUES
-- Third parties
$
3,122,324
$
5,268,730
$
526,680
-- Related parties
-
1,025,937
807,250
3,122,324
6,294,667
1,333,930
COST OF REVENUES
(
957,112
)
(
1,356,798
)
(
461,038
)
GROSS PROFIT
2,165,212
4,937,869
872,892
OPERATING EXPENSES
Selling expenses
(
948,565
)
(
979,097
)
(
279,043
)
General and administrative expenses
(
2,136,437
)
(
915,550
)
(
213,991
)
Total operating expenses
(
3,085,002
)
(
1,894,647
)
(
493,034
)
(LOSS) INCOME FROM OPERATIONS
(
919,790
)
3,043,222
379,858
OTHER INCOME (EXPENSE), NET
Other income
31,248
44,040
2,253
Other expense
(
4,054
)
(
1,415
)
(
2,628
)
Total other income (expenses), net
27,194
42,625
(
375
)
NET (LOSS) INCOME BEFORE INCOME
    TAXES
(
892,596
)
3,085,847
379,483
Income tax benefit
(expens
e)
121,113
(
777,221
)
(
39,515
)
NET (LOSS) INCOME
(
771,483
)
2,308,626
339,968
Other comprehensive (loss) income
Foreign currency translation (loss) income
(
203,486
)
39,076
25,897
TOTAL COMPREHENSIVE
    (LOSS) INCOME
$
(
974,969
)
$
2,347,702
$
365,865
Basic and diluted (loss) earnings per share*
$
(
0.06
)
$
0.19
$
0.03
Weighted average number of common shares outstanding - basic and diluted*
12,000,000
12,000,000
12,000,000
*
Giving retroactive effect to the nominal issuance of shares effected on January 10, 2023 (Note 14).
The
accompanying notes are an integral part of these consolidated financial statements.
F-
5
TOP
KINGWIN LTD
CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
FOR
THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020
(In
USD)
Class A
ordinary shares
Class B
ordinary shares
Share subscription
Additional paid-in
Statutory
Retained
Accumulated other comprehensive
Total shareholders'
Shares*
Amount
Shares*
Amount
Receivables*
capital
reserve
earnings
income (loss)
equity
Balance, December 31, 2019
$
8,213,040
821
3,786,960
379
(
1,200
)
$
43,427
$
-
$
(
31,003
)
$
(
336
)
$
12,088
Net income
-
-
-
-
-
-
-
339,968
-
339,968
Statutory reserve
-
-
-
-
-
-
24,320
(
24,320
)
-
-
Capital contribution from a former shareholder
-
-
-
-
-
71,299
-
-
-
71,299
Foreign currency translation adjustment
-
-
-
-
-
-
-
-
25,897
25,897
Balance, December 31, 2020
8,213,040
821
3,786,960
379
$
(
1,200
)
$
114,726
$
24,320
$
284,645
$
25,561
$
449,252
Net income
-
-
-
-
-
-
-
2,308,626
-
2,308,626
Statutory reserve
-
-
-
-
-
-
258,225
(
258,225
)
-
-
Foreign currency translation adjustment
-
-
-
-
-
-
-
-
39,076
39,076
Balance, December 31, 2021
8,213,040
$
821
3,786,960
$
379
$
(
1,200
)
$
114,726
282,545
$
2,335,046
$
64,637
$
2,796,954
Net loss
-
-
-
-
-
-
-
(
771,483
)
-
(
771,483
)
Foreign currency translation adjustment
-
-
-
-
-
-
-
-
(
203,486
)
(
203,486
)
Balance, December 31, 2022
8,213,040
$
821
3,786,960
$
379
$
(
1,200
)
$
114,726
$
282,545
$
1,563,563
$
(
138,849
)
$
1,821,985
*
Giving retroactive effect to
the nominal issuance of shares effected on January 10, 2023 (Note 14).
The
accompanying notes are an integral part of these consolidated financial statements.
F-
6
TOP
KINGWIN LTD
CONSOLIDATED
STATEMENTS OF CASH FLOWS
FOR
THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020
(In
USD)
2022
2021
2020
Cash flows from operating activities
Net
    (loss) income
$
(
771,483
)
$
2,308,626
$
339,968
Adjustments
    to reconcile net income to cash (used in) provided by operating activities:
Provision
    for doubtful accounts
109,972
13,952
-
Depreciation
    and amortization
64,657
35,428
9,454
Deferred
    tax benefit
(
121,113
)
-
-
Changes
    in assets and liabilities
Accounts
    receivable
736,207
(
525,576
)
(
372,277
)
Other
    receivables
(
62,734
)
(
20,682
)
(
14,557
)
Prepayments
94,360
(
15,118
)
(
82,149
)
Accounts
    receivable - related party
-
341,042
(
318,647
)
Interest
    receivable - related party
4,946
(
4,767
)
-
Other
    non-current assets
(
3,656
)
(
4,301
)
(
29,958
)
Accounts
    payable
(
587,098
)
565,127
244,341
Accruals
    and other payables
72,918
332,242
93,639
Advance
    from clients
(
409,759
)
372,025
194,574
Accounts
    payable - related party
(
1,317
)
(
14,234
)
14,484
Taxes
    payable
(
481,984
)
405,436
90,214
Operating
    lease liabilities
(
39,853
)
(
14,828
)
15,134
Net
    cash (used in) provided by operating activities
(
1,395,937
)
3,774,372
184,220
Cash
    flows from investing activities
Purchase
    of property and equipment
(
32,199
)
(
131,577
)
(
129,589
)
Purchase
    of intangible asset
(
13,480
)
(
19,961
)
-
Loan
    to a shareholder
-
(
1,550,192
)
-
Loan
    repaid by a shareholder
-
1,550,192
-
Net
    cash used in investing activities
(
45,679
)
(
151,538
)
(
129,589
)
Cash
    flows from financing activities
Capital
    contribution from a former shareholder
-
-
71,299
Due to
    related parties
392,100
52,034
30,561
Repayment
    to related parties
(
87,928
)
-
-
Net
cash provided by financing activities
304,172
52,034
101,860
Effect
    of exchange rates on cash
(
103,772
)
49,201
10,406
Net
    (decrease) increase in cash and restricted cash
(
1,241,216
)
3,724,069
166,897
Cash
    and restricted cash at beginning of year
3,895,401
171,332
4,435
Cash
    and restricted cash at end of year
$
2,654,185
$
3,895,401
$
171,332
Cash
    at end of year
$
2,654,185
$
3,816,940
$
171,332
Restricted
    cash at end of year
-
78,461
-
Cash
    and restricted cash at end of year
$
2,654,185
$
3,895,401
$
171,332
Supplemental
    disclosure information
Cash
    paid for interest expenses
$
-
$
-
$
-
Cash
    paid for income tax
$
480,263
$
398,044
$
1,363
Supplemental
    disclosure of non-cash financing activities:
Operating
    lease asset obtained in exchange for operating lease obligation
$
119,820
$
627,176
$
614,432
Borrowings
    from a related party to pay deferred offering costs
$
706,313
$
-
$
-
Deferred offering costs in accrual and other payables
$
600,000
$
-
$
-
The
accompanying notes are an integral part of these consolidated financial statements.
F-
7
TOP
KINGWIN LTD
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31 2022 AND 2021
(In
USD)
Note
1 - ORGANIZATION AND BUSINESS
Top
KingWin Ltd and its consolidated subsidiaries (collectively referred to as the "Group" or the "Company") primarily
provide three main corporate services, including corporate business training, corporate consulting, advisory and transaction services
to its clients in the People's Republic of China (the "PRC").
Top
KingWin Ltd ("KingWin") is a holding company incorporated in Cayman Island on February 16, 2022 under the laws of the Cayman
Islands. The Company has no substantial operations other than holding all of the outstanding share capital of Sky Kingwin Ltd ("KingWin
BVI") established under the laws of the British Virgin Islands on March 15, 2022. KingWin BVI is also a holding company holding
all of the outstanding equity of SKY KINGWIN (HK) LIMITED ("KingWin HK") which was incorporated in Hong Kong on April 19,
2022. KingWin HK is a holding company holding all of the outstanding equity of Guangdong Tiancheng Jinhui Enterprise Development Co.,
Ltd. ("Tiancheng Jinhui") which was established on October 25, 2018 under the law of the PRC.
Reorganization
A
reorganization of the Company's legal structure was completed on July 1, 2022, the former shareholders transferred their
100
% ownership
interest in Tiancheng Jinhui to KingWin HK, which is
100
% owned by KingWin through KingWin BVI. After the reorganization, KingWin owns
100
% equity interests of KingWin BVI, KingWin HK and Tiancheng Jinhui. The controlling shareholder of KingWin is the same as that of
Tiancheng Jinhui prior to the reorganization.
The
reorganization involved the incorporation of KingWin, and its wholly owned subsidiaries, KingWin BVI, and KingWin HK; and the transfer
of all equity ownership of Tiancheng Jinhui to KingWin HK from the former shareholders of Tiancheng Jinhui. Following the transfer, the
Company issued
68,442
of Class A ordinary shares ("Class A Ordinary Share") and
31,558
of Class B ordinary shares ("Class
B Ordinary Shares") with par value $
0.0001
per share to the former shareholders of Tiancheng Jinhui.
As part of the reorganization, on January 10,
2023, the Company issued a total of
8,144,598
Class A Ordinary Shares and
3,755,402
Class B Ordinary Shares to its existing shareholders,
which increased pro rata the number of shares each shareholder owns and did not change their respective percentage of ownership in the
Company. Ordinary shares outstanding after this issuance included (i)
8,213,040
Class A Ordinary Shares and (ii)
3,786,960
Class B Ordinary
Shares.
The transactions were between entities under common control, and therefore
accounted for in a manner similar to the pooling-of-interest method. Under the pooling-of-interests method, combination between two businesses
under common control is accounted for at carrying amounts with retrospective adjustment of prior period financial statements, and the
equity accounts of the combining entities are combined and the difference between the consideration paid and the net assets acquired
is reflected as an equity transaction (i.e., distribution to parent company). As opposed to the purchase method of accounting, no intangible
assets were recognized in the transaction, and no goodwill was recognized as a result of the combination.
The
consolidated financial statements reflect the activities of Tiancheng Jinhui, the Company's PRC operating subsidiary. KingWin,
KingWin BVI and KingWin HK have no operations or activity other than being the holding company of their respective immediate subsidiary.
Name
    of Entity
Background
Ownership
Principle
    activities
Sky Kingwin Ltd
British Virgin Islands ("BVI") Company
KingWin
(100% Hold)
Holding company
SKY KINGWIN (HK) LIMITED
Hong Kong ("HK") Limited Company
KingWin BVI
(100% Hold)
Holding company
Guangdong Tiancheng Jinhui Enterprise
    Development Co., Ltd. (formerly known as "Guangdong Tiancheng Education Consulting Co., Ltd." and "Vipshop (Guangdong)
    Food Co., Ltd.")
The People's Republic Of China ("PRC") Company
KingWin HK
(100% Hold)
Corporate consulting, corporate business training, advisory and transaction services
On April 20, 2023, the Company consummated the
initial public offering of
2,750,000
Class A Ordinary Shares, at a public offering price of $
4.00
per share. The gross proceeds to the
Company from the offering, before deducting commissions, expense allowance, and expenses, were approximately $
11
million.
F-
8
Note
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a)
Basis of Presentation
The
consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the
United States ("U.S. GAAP") and applicable rules and regulations of the United States Securities and Exchange Commission
("SEC").
(b)
Use of Estimates
The
preparation of these consolidated financial statements requires management of the Company to make estimates and judgments that affect
the reported amounts of assets, liabilities, revenues, costs and expenses, and related disclosures. On an on-going basis, the Company
evaluates its estimates based on historical experience and on various other assumptions that are believed to be reasonable under the
circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are
not readily apparent from other sources. Significant estimates required to be made by management, include, but are not limited to, the
assessment of a provision for doubtful accounts, the useful lives of property and equipment and intangible asset, and valuation of deferred
tax assets. Actual results may differ from those estimates under different assumptions or conditions.
(c)
Basis of Consolidation
The
consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant inter-company
balances and transactions have been eliminated upon consolidation.
A
subsidiary is an entity in which (i) the Company directly or indirectly controls more than
50
% of the voting power; or (ii) the Company
has the power to appoint or remove a majority of the members of the board of directors or to cast a majority of votes at the meeting
of the board of directors or to govern the financial and operating policies of the investee pursuant to a statute or under an agreement
among the shareholders or equity holders.
(d)
Fair value measurements
The
Company applies ASC Topic 820, Fair Value Measurements and Disclosures which defines fair value, establishes a framework for measuring
fair value, and expands financial statement disclosure requirements for fair value measurements.
ASC
Topic 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability (an exit price)
on the measurement date in an orderly transaction between market participants in the principal or most advantageous market for the asset
or liability.
ASC
Topic 820 specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable
or unobservable. The hierarchy is as follows:
Level
1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level
2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are
observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.
Level
3 inputs to the valuation methodology are unobservable and significant to the fair value. Unobservable inputs are valuation technique
inputs that may reflect the Company's own assumptions that cannot be corroborated with observable market data.
Management
of the Company is responsible for considering the carrying amount of cash, restricted cash, accounts receivable, net, prepayments,
other receivables, accounts receivable - related party, interest receivable - related party, accounts payable, operating lease
liabilities -current, advance from clients, accounts payable - related party, due to  related parties, taxes payable, and accruals
and other payables based on the short-term maturity of these instruments to approximate their fair values because of their
short-term nature.
F-
9
(e)
Cash
Cash
primarily consists of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use.
The Company maintains most of its bank accounts in the PRC.
(f)
Restricted Cash
Restricted
cash represents restricted cash held by banks as guarantee deposit for a contractual dispute which closed as of December 31, 2021 and
the restricted cash has been released on February 8, 2022. Thus, there was no restricted cash as of December 31, 2022.
(g)
Accounts Receivable, Net
Accounts
receivable include trade accounts due from clients. Accounts are considered overdue over
90
days. Management reviews its receivables
on a regular basis to determine if the provision of doubtful accounts is adequate and provides provision when necessary. The provision
is based on management's best estimates of specific losses on individual client exposures, as well as the historical trends of
collections. Account balances are charged off against the provision after all means of collection have been exhausted and the likelihood
of collection is not probable.
(h)
Prepayments
Prepayments
primarily consist of the prepayments to the service suppliers for the Company event hosting, planning, and execution. The Company maintains
a provision for doubtful accounts to state prepayments at their estimated realizable value based on a variety of factors, including the
possibility of releasing the prepayments into service, significant one-time events, and historical experience. As of December 31, 2022
and 2021, no provision for doubtful accounts for prepayments was made.
(i)
Other Receivables
Other receivables represent advance payments
made to cooperative parties for expenses and money owed to the Company by third parties, which normally includes insignificant receivable
amounts.
(j)
Property and Equipment, net
Property
and equipment are stated at cost less accumulated depreciation and depreciated on a straight-line basis over the estimated useful lives
of the assets. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing use. The
cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired
or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in
income/loss in the year of disposition. Estimated useful lives are as follows:
Estimated
useful lives
(years)
Leasehold improvement
5
Vehicle
4
Office equipment
5
Electronic equipment
3
F-
10
(k)
Intangible Assets, net
Intangible
assets are stated at cost less accumulated amortization and amortized in a method which reflects the pattern in which the economic benefits
of the intangible asset are expected to be consumed or otherwise used up. The balance of intangible assets represents a production copyright
that the Company purchased externally and is amortized straight-line over
10
years in accordance with the way the Company estimates to
generate economic benefits from such copyright.
The
estimated useful lives of the Company's intangible assets are listed below:
Estimated
useful lives
(years)
Copyright
10
Trademarks
10
Software
10
(l)
Impairment of Long-lived Assets
Long-lived
assets, including property and equipment with finite lives and intangible assets subject to amortization, are reviewed for impairment
whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use
of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets
based on the non-discounted future cash flows generated from the assets and recognizes an impairment loss when estimated discounted future
cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than
the carrying value of the asset. If an impairment is identified, the Company would reduce the carrying amount of the asset to its estimated
fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. No impairment was
recorded by the Company as of December 31, 2022 and 2021.
(m)
Lease
On
January 1, 2020, the Company adopted Accounting Standards Update ("ASU") 2016-02. Under this guidance, the Company determines
if an arrangement is a lease or contains a lease at inception, operating lease liabilities are recognized based on the present value
of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. As the rate implicit in the
lease is not readily determinable for the operating lease, the Company generally uses an incremental borrowing rate based on information
available at the commencement date to determine the present value of future lease payments. Operating lease right-of-use ("ROU")
assets represent the Company's right to control the use of an identified asset for the lease term and lease liabilities represent
the Company's obligation to make lease payments arising from the lease. ROU assets are generally recognized based on the amount
of the initial measurement of the operating lease liabilities. Lease expense is recognized on a straight-line basis over the lease term.
The Company elected the package of practical expedients permitted under the transition guidance to combine the lease and non-lease components
as a single lease component for operating lease associated with the Company's office space lease, and to keep leases with an initial
term of
12
months or less off the balance sheet and recognize the associated lease payments in the consolidated statements of income
on a straight-line basis over the lease term.
F-
11
The Company has two operating leases for office,
including an option to renew which is not at the Company's sole discretion. The renewal to extend the lease term is not included
in the Company's ROU assets and operating lease liabilities as they are not reasonably certain of exercise. The Company regularly
evaluates the renewal option, and, when it is reasonably certain of exercise, the Company will include the renewal period in its lease
term. New lease modifications result in re-measurement of the ROU assets and operating lease liabilities. The Company's lease agreement
does not contain any material residual value guarantees or material restrictive covenants.
ROU
assets are reviewed for impairment when indicators of impairment are present. ROU assets from operating leases are subject to the impairment
guidance in ASC 360, Property, Plant, and Equipment, as ROU assets are long-lived nonfinancial assets.
ROU
assets are tested for impairment individually or as part of an asset group if the cash flows related to the ROU assets are not independent
from the cash flows of other assets and liabilities. An asset group is the unit of accounting for long-lived assets to be held and used,
which represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets
and liabilities.
The
Company recognized
no
impairment of ROU assets as of December 31, 2022 and 2021.
The
operating lease is included in operating lease right-of-use assets, operating lease liabilities-current and operating lease liabilities-non-current
on the consolidated balance sheets.
(n)
Deferred Offering Costs
Pursuant to ASC 340-10-S99-1,  costs directly
attributable to an offering of equity securities are deferred and would be charged against the gross proceeds of the offering as a reduction
of additional paid-in capital. Deferred offering costs consist of underwriting, legal, accounting and other expenses incurred through
the balance sheet date that are directly related to the proposed public offering.
The
Company recorded related offering costs as deferred offering costs and wrote off as a reduction of equity at the time of listing, rather
than as part of the current period's income or loss.
(o)
Revenue Recognition
The
following five steps are applied to achieve the core principle of the new revenue standard: (i) identify contract(s) with a client; (ii)
identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the
performance obligations in the contract; and (v) recognize revenues when (or as) the Company satisfies the performance obligation.
The
Company's revenues are recognized when persuasive evidence of an arrangement exists, service has occurred, and all performance
obligations have been performed pursuant to the terms of the agreement, the sales price is fixed or determinable and collectability is
reasonably assured. The Company revenue agreements generally do not include a right of return in relation to the delivered products or
services. Depending on the terms of the agreement and the laws that apply to the agreement, service obligations may be delivered over
time or at a point in time. Control of the services is transferred over time if the Company's performance:
-
provides
    all of the benefits received and consumed simultaneously by the client;
-
creates
    and enhances an asset that the client controls as the Company performs; or
-
does
    not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance complete
    to date.
If
control of services transfers over time, revenue is recognized over the period of the agreement by reference to progress toward complete
satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the client obtains control of the
services.
F-
12
The
Company currently generates its revenue from the following main sources:
Revenues
from advisory and transaction services
The Company deliver packaged advisory and transaction
services to help design a financial plan, build up and maintain the corporate image of our clients, connect clients with potential investors,
and present its client to the interested investors. Revenues from advisory and transaction services represent service fees associated
with private fundraising transactions, which are recognized on net basis. The service fees were charged based on a certain percentage
of the fund raised by the clients, which were only payable upon the completion of fundraising. The revenues are the amount of consideration
to which the Company expects to be entitled in complete the fundraising transactions, the only performance obligation of the service.
Revenue is recognized at the point when the advisory services have been conducted and the underlying fundraising transactions are completed
under the terms of the respective contract. Payment term of advisory and transaction services is three days when the performance obligation
completed.
Revenues
from corporate consulting services
The
Company provides a combination of corporate consulting services that are bundled and customized to fulfill each client's unique
financial needs. The corporate consulting services include various specific services (e.g., due diligence service, business plans, financing
solutions). The Company charged a fixed price for a specific service and revenue is recognized when the Company completes the specific
services agreed upon in the contract. Each of the specific services is considered as one performance obligation. Each performance obligation
is independent to each other with specific price identified in the contract and the clients could contract with the Company for any one
of the specific services. Since clients can cancel each specific service before it is delivered without any penalty, the Company does
not have an enforceable right to payment from the client, and thus the services and prices are excluded from the contract until the individual
specific service starts or advance payment is received. Before the full and complete delivery of the services, the clients cannot benefit
from the performance and cannot control the work in progress. The Company control the rights to the services, and the services can easily
be redirected to another client without incurring significant costs. As a result, the revenues do not meet the criteria of recognizing
revenue over time, and such services shall only be useful to the client after delivered in full. The revenue is therefore recognized
at the point in time when the deliverables, in the form of reports are delivered based on the specific terms of the contract.
Revenues
from corporate business training services
Revenues
from corporate business training services consist of two types (i) training fees and (ii) set-up fees. Each type of the training services
is considered as one performance obligation. Each performance obligation is independent to each other and its clients could contract
with the Company for any one of the training services.
(i)
Training
    fees
The
Company provides corporate business training services through diversified courses. The courses are provided in a short-term period. The
revenue is recognized when the courses are fully delivered. Training fees are collected before providing any service and is recorded
as advances from clients.
(ii)
Set-up
    fees
The Company offers referral and marketing service
companies set-up services. The Company helps the referral and marketing service companies familiarize themselves with the training and
conduct the business in a short period. Thereafter, the referral and marketing service companies have the right to promote the corporate
business training services for the Company. A new partner is required to pay a non-refundable set-up fee. Any fees charged to the referral
and marketing service companies for the set-up activities are recognized as revenue at the point in time when the set-up services have
been completed and the Company has the right to bill the referral and marketing service companies.
F-
13
Revenues
from others
Revenue
from others is mainly derived from the small amount from referral services. The revenue from referral services
is
recognized at the point when both parties are satisfied with the performance obligation that agreed and signed on the contract.
Advance
from clients
Advance from clients is the amount that will
be invoiced and recognized as revenue in future periods, at a point in time, when the Company completes its performance obligations.
Changes
in advance from clients as follows:
Years Ended
December 31,
2022
2021
2020
Advance from clients, beginning of the period
$
587,396
$
205,881
$
-
Revenue deferred during the period
84,945
484,364
205,881
Recognition of revenue deferred in prior periods
(
316,154
)
(
102,849
)
-
Refund to clients
(
131,590
)
-
-
Foreign currency translation adjustment
(
36,967
)
-
-
Advance from clients, end of the period
$
187,630
$
587,396
$
205,881
Advance
from clients is mainly consists of the fee for corporate consulting services and corporate business training services.
Practical
expedients
Cost
to obtain a client – the Company pays certain costs to obtain a client contract such as commissions. As the Company's client
contracts have a contractual term of one year or less, it has elected to apply the practice expedient and expense these costs in selling,
general and administrative expense as incurred.
Revenues
by services:
Years Ended
December 31,
2022
2021
2020
Revenues
Advisory and transaction service
$
2,000,219
$
3,878,847
$
715,909
Corporate business training service
256,356
1,467,563
294,577
Corporate consulting service
862,081
839,531
287,714
Others
3,668
108,726
35,730
Total revenues
$
3,122,324
$
6,294,667
$
1,333,930
Revenue
by recognition over time vs at point in time:
Years Ended
December 31,
2022
2021
2020
Revenue by recognition over time
$
-
$
-
$
-
Revenue by recognition at a point in time
3,122,324
6,294,667
1,333,930
Total revenues
$
3,122,324
$
6,294,667
$
1,333,930
F-
14
(p)
Cost of Revenues
The
Company's service costs primarily include (1) referral fees paid to agent companies for the recommendation of potential clients,
(2) service fees paid to outsourcing providers, and (3) commission fees of service personnel paid to third parties and
the Company's staff.
(q)
Income Tax
The
Company accounts for income taxes under ASC 740. Current income taxes are provided based on net income for financial reporting purposes,
adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations
of the relevant tax jurisdictions.
Deferred
tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial
statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are
measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to
be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period
including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected
to be realized.
The
provisions of ASC 740-10-25, "Accounting for Uncertainty in Income Taxes," prescribe a more-likely-than-not threshold for
consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation
also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets
and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. Penalties and interest
incurred related to underpayment of income tax are classified as income tax expense in the period incurred. PRC tax returns filed in 2019
to 2022 are subject to examination by any applicable tax authorities.
(r)
Value Added Tax ("VAT")
The Company was subject to VAT at the rate of
6
% and related surcharges on revenues generated from provided services for the years ended December 31, 2022, 2021 and 2020.   Entities
that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. The
Company reports revenues net of PRC VAT for all the periods presented in the consolidated statements of income and comprehensive income.
(s)
Foreign Currency Translation and transaction
The
reporting currency of the Company is the USD. Tiancheng Jinhui conducts its business in the local currency, Chinese Yuan ("RMB"),
as its functional currency. Except for Tiancheng Jinhui, the Company and its subsidiaries in Cayman Islands, BVI and HK use USD as its
functional currency. An entity's functional currency is the currency of the primary economic environment in which it operates;
normally, that is the currency of the environment in which the entity primarily generates and expends cash. Management's judgment
is essential to determine the functional currency by assessing various indicators, such as cash flows, sales price and market, expenses,
financing and inter-company transactions and arrangements.
Foreign
currency transactions denominated in currencies other than the functional currency are translated into the functional currency using
the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at
the balance sheet date are re-measured at the applicable rates of exchange in effect at that date. Gains and losses resulting from foreign
currency re-measurement are included in the consolidated statements of income and comprehensive income.
F-
15
The consolidated financial statements are presented
in USD. Assets and liabilities are translated into USD at the current exchange rate in effect at the balance sheet date, and revenues
and expenses are translated at the average of the exchange rates in effect during the reporting period. Shareholders' equity accounts,
except for the change in retained earnings, are translated using the historical exchange rates at the date of entry to shareholder equity;
the change in retained earnings uses historical exchange rates of each period's statement of income. Differences resulting from
translating functional currencies to the reporting currency are recorded in accumulated other comprehensive income in the consolidated
balance sheets.
Translation of amounts from RMB into USD has
been made at the following exchange rates from Board of Governors of the Federal Reserve System:
Balance sheet items, except for equity accounts
December 31, 2022
RMB
6.8972
to $
1
December 31, 2021
RMB
6.3726
to $
1
December 31, 2020
RMB
6.5250
to $
1
Statement of income and comprehensive income, and cash flows items
For the year ended December 31, 2022
RMB
6.7290
to $
1
For the year ended December 31, 2021
RMB
6.4508
to $
1
For the year ended December 31, 2020
RMB
6.9042
to $
1
(t)
Earnings (loss) Per Share ("EPS")
The Company computes earnings per share (EPS) in accordance with ASC
260, Earnings per Share (ASC 260). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic
EPS is measured as net income divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic
EPS but presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options and warrants)
as if they had been converted at the beginning of the periods presented, or issuance date, if later. The Company has no dilutive securities
as of and for the years ended December 31, 2022, 2021 and 2020.
(u) Advertising Cost
Advertising costs are expensed as incurred and
included in selling expenses. Advertising costs amounted to $
73,321
, $
21,654
and $
6,752
for the years ended December 31, 2022, 2021 and
2020, respectively.
(v) Employee Benefit
The Company is required under PRC laws and regulations
to participate in various government sponsored employee benefit plans, including certain social insurance, housing funds and other welfare-oriented
payment obligations, and contribute to the plans in amounts equal to certain percentages of salaries, including bonuses and allowances,
of its employees up to a maximum amount specified by the local government from time to time at locations where the Company operates its
businesses.
(w) Statutory Reserve
In accordance with the PRC Regulations on
Enterprises with Foreign Investment and its articles of association, a foreign-invested enterprise established in the PRC is
required to provide certain statutory reserves, namely general reserve fund, the enterprise expansion fund and staff welfare and
bonus fund which are appropriated from net profit as reported in the enterprise's PRC statutory accounts. A foreign-invested
enterprise is required to allocate at least
10
% of its annual after-tax profit to the general reserve until such reserve has reached
50
% of its respective registered capital based on the enterprise's PRC statutory accounts. Appropriations to the enterprise
expansion fund and staff welfare and bonus fund are at the discretion of the board of directors for all foreign-invested
enterprises. The aforementioned reserves can only be used for specific purposes and are not distribute as cash dividends. Tiancheng
Jinhui was established as a foreign-invested enterprise and therefore is subject to the above mandated restrictions on attributable
profits.
F-
16
(x) Comprehensive Income (loss)
Comprehensive income consists of two components,
net income (loss) and other comprehensive income (loss). The foreign currency translation gain or loss resulting from translation of
the financial statements expressed in RMB to USD is reported in other comprehensive income in the consolidated statements of income (loss)
and comprehensive income (loss).
(y) Segments Reporting
ASC 280, "Segment Reporting", establishes
standards for reporting information about operating segments on a basis consistent with the Company's internal organizational structure
as well as information about geographical areas, business segments and major clients in financial statements for details on the Company's
business segments.
The Company uses the management approach to determine
reportable operating segments. The management approach considers the internal organization and reporting used by the Company's
chief operating decision maker ("CODM") for making decisions, allocating resources and assessing performance. The Company's
CODM has been identified as the CEO, who reviews consolidated results when making decisions about allocating resources and assessing
performance of the Company.
Based on the management's assessment, the
Company determined that it has only one operating segment and therefore one reportable segment as defined by ASC 280. The Company's
assets are substantially all located in the PRC and substantially all of the Company's revenues and expenses are derived in the
PRC. Therefore, no geographical segments are presented.
(z) Related Parties
Parties are considered to be related to the Company
if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with
the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal
owners of the Company and its management, and other parties with which the Company may deal with if one party controls or can significantly
influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from
fully pursuing its own separate interests. The Company discloses all significant related party transactions in Note 10.
(aa) Recent Accounting Pronouncements
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 ASU 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. ASU 2019-05 is effective for the Company for annual
and interim reporting periods beginning January 1, 2023 after FASB delayed the effective date for non-public companies with ASU 2019-10.
The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures.
Except for the above-mentioned pronouncements,
there are no new recent issued accounting standards that will have a material impact on the consolidated financial statements.
F-
17
Note 3 - ACCOUNTS RECEIVABLE, NET
Accounts receivable consists of the following:
December 31,
2022
December 31,
2021
Accounts receivable
$
216,030
$
935,358
Less: provision for doubtful accounts
(
120,339
)
(
14,123
)
$
95,691
$
921,235
The following table sets forth the movement of provision for doubtful
accounts:
December 31,
2022
December
31,
2021
Beginning
$
14,123
$
-
Additions
109,972
13,952
Exchange rate difference
(
3,756
)
171
Balance
$
120,339
$
14,123
Note 4 - PREPAYMENTS
Prepayments consist of the following:
December 31,
2022
December 31,
2021
Prepayments for the services cost
$
12,248
$
104,307
Note 5 – OTHER RECEIVABLES
Other receivables consist of the following:
December 31,
2022
December 31,
2021
Income tax receivables
$
75,645
$
-
Others
22,266
36,706
$
97,911
$
36,706
F-
18
Note 6 - PROPERTY AND EQUIPMENT,
NET
Property and equipment, net consist of the following:
December 31,
2022
December 31,
2021
Leasehold improvement
$
205,314
$
181,564
Vehicle
68,442
74,076
Office equipment
11,661
13,385
Electronic equipment
21,736
8,467
Less: Accumulated depreciation
(
96,823
)
(
41,326
)
$
210,330
$
236,166
For the years ended December 31, 2022, 2021 and
2020, depreciation expenses amounted to $
61,903
, $
35,287
and $
4,380
, respectively.
Note 7 - INTANGIBLE ASSETS, NET
Intangible assets, net, consist of the following:
December 31,
2022
December 31,
2021
Copyrights
$
2,499
$
2,703
Trademarks
16,171
17,503
Software
14,687
-
Less: Accumulated amortization
(
2,819
)
(
143
)
$
30,538
$
20,063
For the years ended December 31, 2022, 2021 and 2020, amortization
expenses amount to $
2,754
, $
141
and $
5,074
, respectively.
Note 8 - OTHER NON-CURRENT ASSETS
Other non-current assets consist of the following:
December 31,
2022
December 31,
2021
Deposits for operating lease
$
40,376
$
36,809
F-
19
Note
9 - ACCRUALS AND OTHER PAYABLES
Accruals
and other payables consist of the following:
December 31,
2022
December 31,
2021
Salary payable
$
371,801
$
436,042
Payable to a minor shareholder
120,674
-
Deferred offering costs in accrual and other payables
600,000
-
Others
16,435
1,728
$
1,108,910
$
437,770
Note
10 - RELATED PARTY BALANCES AND TRANSACTIONS
1)
Related parties balances
Note
December
    31,
2022
December 31,
2021
Interest receivable - related party
Guangzhou
    Tiancheng Capital Management Group Co., Ltd.
(a)
$
-
$
4,825
Accounts payable - related
    party
Shaanxi Tiancheng Enterprise
    Management Consulting Co., Ltd.
(b)
$
-
$
1,285
Due to related parties
Mr. Ruilin Xu (the Company's Chief Executive
    Officer)
$
30,592
$
85,784
Mr. Siqi Cao (the Company's
    Director)
(c)
1,098,413
-
$
1,129,005
$
85,784
(a)
Guangzhou
                                            Tiancheng Capital Management Group Co., Ltd. ("Tiancheng Capital") is the former
                                            shareholder of Tiancheng Jinhui from June 18, 2020 to June 30, 2022. The Company provided
                                            advisory and transaction services for Tiancheng Capital.
(b)
Shaanxi Tiancheng Enterprise Management Consulting Co., Ltd. is one of the Company's suppliers, and Tiancheng Capital held
52
% equity interest in the party until December 8, 2021.
(c)
Mr. Siqi Cao, a Director of the Company, paid certain professional fees on behalf the Company.
The
above balances are due on demand, interest-free and unsecured. The Company used the funds for its operations.
F-
20
2)
Related party transactions
Name
    of related parties
Year
    Ended December 31, 2022
Year
    Ended December 31, 2021
Year
    Ended December 31, 2020
Revenues
Guangzhou
    Tiancheng Capital Management Group Co., Ltd.
(a)
-
1,025,937
717,091
Guangzhou
    Tiantinghui Enterprise Management Consulting Co., Ltd.
(e)
-
-
81,985
Tiancheng
    New Retail Investment Holding (Guangdong) Co., Ltd.
(d)
-
-
8,174
$
-
$
1,025,937
$
807,250
Cost
    of revenues
Tiancheng
    New Retail Investment Holding (Guangdong) Co., Ltd.
(d)
-
1,289
-
Shaanxi
    Tiancheng Enterprise Management Consulting Co., Ltd.
(b)
-
1,257
-
Guangzhou
    Tiantinghui Enterprise Management Consulting Co., Ltd.
(e)
-
-
127,387
$
-
$
2,546
$
127,387
Selling
    expense
Tiancheng
    New Retail Investment Holding (Guangdong) Co., Ltd.
(d)
$
-
$
1,302
$
-
Interest
    income
Guangzhou
    Tiancheng Capital Management Group Co., Ltd.
(a)
$
-
$
4,767
$
-
(d)
Tiancheng New Retail Investment Holding (Guangdong) Co., Ltd. is one of the Company's suppliers, and Tiancheng Capital holds
51
% equity interest in the party since March 3, 2020.
(e)
Mr. Ruilin Xu, the Company's Chief Executive Officer, held
70
% equity interest in Guangzhou Tiantinghui Enterprise Management Consulting Co., Ltd. ("Tianting") until October 14, 2020. Tianting is one of the Company's suppliers before October 2020. The Company has been providing advisory and transaction services for Tianting since November 2020
.
Note
11 - TAXES
(a)
Income taxes
The
Company is subject to income taxes on an entity basis on income arising in or derived from the tax jurisdiction in which each entity
is domiciled.
Cayman
Islands
Under
the current tax laws of the Cayman Islands, the Company is not subject to tax on its income or capital gains. In addition, no Cayman
Islands withholding tax will be imposed upon the payment of dividends by the Company to its shareholders.
British
Virgin Islands
Under
the current laws of the BVI, an entity incorporated in the BVI are not subject to tax on income or capital gains.
Hong
Kong
In
accordance with the relevant tax laws and regulations of Hong Kong, a company registered in Hong Kong is subject to income taxes within
Hong Kong at the applicable tax rate on taxable income. KingWin HK incorporated in Hong Kong and is subject to Hong Kong Profits
Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Hong Kong tax laws.
The applicable tax rate is
16.5
% in Hong Kong. The Company did not make any provisions for Hong Kong profit tax as there were no assessable
profits derived from or earned in Hong Kong since inception. Under Hong Kong tax law, KingWin HK is exempted from income tax on its foreign-derived
income and there are no withholding taxes in Hong Kong on remittance of dividends.
PRC
The
Company is subject to PRC Enterprise Income Tax Laws ("EIT Laws") with the statutory income tax rate of
25
% with the following
exceptions for the years ended December 31, 2022, 2021 and 2020.
On
January 17, 2019, the State Taxation Administration issues the notice on the scope of small-scale and low-profit corporate income tax
preferential policies of the Ministry of Finance and the State Administration of Taxation, [2019] No. 13 for small-scale and low-profit
enterprises whose annual taxable income is less than RMB
1,000,000
(including RMB1,000,000), approximately $
148,610
, their income is reduced
by
25
% to the taxable income, and enterprise income tax is paid at
20
% tax rate, which is essentially resulting in a favorable income
tax rate of 5%. While the portion of annual taxable income exceeding RMB
1,000,000
, approximately $
148,610
, but not more than RMB
3,000,000
,
approximately $
445,831
, which is essentially resulting in a favorable income tax rate of 10%. The qualifications of small-scale and low-profit
enterprises were examined annually by the Tax Bureau. Tiancheng Jinhui was eligible to enjoy a preferential tax rate of 10% for the year
ended December 31, 2020.
F-
21
Significant components of the income tax (benefit)
expense consisted of the following for the years ended December 31, 2022, 2021 and 2020:
For the Year
Ended
December 31,
2022
For the Year
Ended
December 31,
2021
For the Year
Ended
December 31,
2020
Current income tax expense
PRC
-
777,221
39,515
Deferred income tax benefit
PRC
(
121,113
)
-
-
$
(
121,113
)
$
777,221
$
39,515
(Loss) income before income taxes is attributable
to the following geographic locations for the years ended December 31:
For the Year
Ended
December 31,
2022
For the Year
Ended
December 31,
2021
For the Year
Ended
December 31,
2020
Cayman Islands
$
(
392,100
)
$
-
$
-
Hong Kong
(
72
)
-
-
PRC
(
500,424
)
3,085,847
379,483
$
(
892,596
)
$
3,085,847
$
379,483
The following table presents a reconciliation
of the differences between the statutory income tax and the Company's effective income tax for the years ended December 31, 2022,
2021 and 2020:
For the Year
Ended
December 31,
2022
For the Year
Ended
December 31,
2021
For the Year
Ended
December 31,
2020
%
%
%
Net (loss) income before income tax
$
(
892,596
)
$
3,085,847
$
379,483
Statutory income tax rate of the PRC
25
%
25
%
25
%
Income tax computed at PRC tax rate
(
223,149
)
771,462
94,871
Reconciling items
Effect of tax preferential tax rate
-
-
(
59,273
)
Effect of different tax rates of subsidiary operating in other jurisdiction
98,036
-
-
Non-deductible expenses
4,000
5,759
3,917
Income tax (benefit) expense
$
(
121,113
)
$
777,221
$
39,515
Effective tax rate
13.6
%
25.2
%
10.4
%
Tax payable
as of December 31, 2022 and 2021:
As
    of
December
    31,
2022
As
    of
December
    31,
2021
Value added tax payable
$
7,213
$
20,605
Income tax payable
-
425,250
Other tax payable
30,706
62,294
$
37,919
$
508,149
F-
22
(b)
Deferred tax assets
The
following table presents the tax impact of significant temporary differences that give rise to the deferred tax assets as of December
31, 2022 and 2021:
Deferred tax assets
As
    of
December 31,
2022
As
    of
December 31,
2021
Bad debt provision
$
30,085
$
-
Tax loss carry forward
84,000
-
Others
4,074
-
Deferred tax assets, net
$
118,159
$
-
As
of December 31, 2021, there was no tax loss carry-forwards of the Company PRC subsidiaries. As of December 31, 2022, the amount of tax
loss carry-forwards of the Company was as following.
Net
Operating Loss Carry Forward:
Location
As
                                            of
December
                                            31,
2022
As
                                            of
December
                                            31,
2021
PRC*
$
344,401
$
-
Hong Kong**
72
-
Total
344,473
-
*
Net operating loss of PRC subsidiary will be expired, if unused, on December 31, 2027.
**
Net operating loss in Hong Kong has no expiring date.
(c)
Uncertain tax positions
The
Company evaluates the level of authority for each uncertain tax position (including the potential application of interest and penalties)
based on the technical merits, and measures the unrecognized benefits associated with the tax positions. For the years ended December
31, 2022, 2021 and 2020, the Company had no unrecognized tax benefits.
(d)
Value added tax
The
Company is subject to VAT and related surcharges in China for providing member services and other in-depth services. The applicable VAT
rate is
6
% for general taxpayers. The amount of VAT liability is determined by applying the applicable tax rate to the invoiced amount
of services provided (output VAT) less VAT paid on purchases made with the relevant supporting invoices (input VAT). VAT liability is
recorded in the line item of accrued expenses and other current liabilities on the consolidated balance sheets. Under the commercial
practice of the PRC, the Company pays VAT based on tax invoices issued.
All
of the tax returns of the Company have been and remain subject to examination by the PRC tax authorities for five years from the date
of filing.
Note 12
- CHINA CONTRIBUTION PLAN
The Company participates in a government-mandated multi-employer defined
contribution plan pursuant to which certain retirement, and medical and other welfare benefits are provided to employees. Chinese labor
regulations require the Company to pay to the local labor bureau a monthly contribution at a stated contribution rate based on the monthly
compensation of qualified employees. The relevant local labor bureau is responsible for meeting all retirement benefit obligations; and
the Company has no further commitments beyond their monthly contributions. For the years ended December 31, 2022, 2021 and 2020, the
Company contributed a total of $
270,943
, $
180,082
and $
36,866
, respectively, to these funds.
F-
23
Note
13 - OPERATING LEASE
The Company has operating lease for its office facility. The lease
for the year ended December 31, 2020 is located at Room 1301, 1302 and 1305, Building 25, Tianan Headquarters Central Road, 555, Panyu
Avenue North, Donghuan Street, Panyu District, which consists of approximately
1,306.91
square meters. The Company's leases have
remaining terms of approximately
60
months for a lease term commencing on October 9, 2020 and ending on October 8, 2025. The lease deposit
is $
24,035
, with a rent-free period from October 9, 2020 to November 8, 2020. The Company changed the leased property address and area
to Room 1302-1305, Building 25, Tianan Headquarters Central Road, 555, Panyu Avenue North, Donghuan Street, Panyu District and
1,451.04
square meters. The renewed lease has a term starting from December 9, 2021 and ending by October 8, 2025. The lease deposit increased
to $
28,963
without any rent-free period. In June 2022, the Company signed a new lease agreement for its office space located at Room
1301.01
&
1301.02
, Building 25, Tianan Headquarters Central Road, No. 555 Panyu Avenue North, Donghuan Street, Panyu District. The office
space covers an area of about
345.22
square meters. The lease period is from June 9, 2022 to October 8, 2025, which is approximately
41
months. The lease deposit is $
6,367
. Leases with an initial term of
12
months or less are not recorded on the balance sheet; and the Company
recognizes lease expense for these leases on a straight-line basis over the lease term. The Company does not separate non-lease components
from the lease components to which they relate, and instead accounts for each separate lease and non-lease component associated with that
lease component as a single lease component for all underlying asset classes.
The following
table provides a summary of leases by balance sheet location as of December 31, 2022 and 2021:
Assets/Liabilities
December 31,
2022
December 31,
2021
Assets
Operating
    lease right-of-use assets
$
522,278
$
623,236
Liabilities
Operating lease liability - current
$
165,506
$
130,198
Operating lease liability
    - non-current
373,068
494,425
Total lease liabilities
$
538,574
$
624,623
The
operating lease expenses for the years ended December 31, 2022 and 2021 were as follows:
Lease Cost
Classification
December 31,
2022
December 31,
2021
Operating
    lease cost
General
    and administrative expenses
$
195,887
$
164,209
Maturities
of operating lease liabilities at December 31, 2022 were as follows:
Maturity
    of Lease Liabilities
Operating
Leases
12 months ending December 31,
2023
$
202,677
2024
214,851
2025
187,909
Total lease payments
605,437
Less: interest
(
66,863
)
Present value of lease
    payments
$
538,574
Future
minimum lease payments, which do not include the non-lease components, as of December 31, 2022 were as follows:
12 months ending December 31,
2023
$
179,427
2024
175,627
2025
142,813
Total
$
497,867
F-
24
Lease Term
    and Discount Rate
December 31,
2022
December 31,
2021
Weighted-average remaining lease term (years)
Operating
    leases
2.83
3.83
Weighted-average discount
    rate (%)
Operating leases
8
%
8
%
Note
14 - SHAREHOLDERS' EQUITY
Ordinary
shares
The
Company was established under the laws of the Cayman Islands on February 16, 2022. The Company's authorized share capital is $
50,000
,
divided into
500,000,000
ordinary shares consisting of
300,000,000
Class A Ordinary Shares and
200,000,000
Class B Ordinary Shares, par
value $
0.0001
per share. On July 23, 2022, the Company had
68,442
Class A Ordinary Shares and
31,558
Class B Ordinary Shares, issued
and outstanding, respectively.
On January 10, 2023, the Company issued a total
of
8,144,598
Class A Ordinary Shares and
3,755,402
Class B Ordinary Shares to its existing shareholders, which increased pro rata the
number of shares each shareholder owns and did not change their respective percentage of ownership in the Company. Ordinary shares outstanding
after this issuance included (i)
8,213,040
Class A Ordinary Shares and (ii)
3,786,960
Class B Ordinary Shares.
Holders
of Class A Ordinary Shares and Class B Ordinary Shares vote together as one class on all matters submitted to a vote by the
shareholders at any general meeting of the Company and have the same rights except each Class A Ordinary Share is entitled to one
(1) vote and each Class B Ordinary Share is entitled to twenty (20) votes. The Class A Ordinary Shares are not convertible into shares
of any other class. Upon any direct or indirect sale, transfer, assignment or disposition, the Class B Ordinary Shares will be automatically
and immediately convertible into Class A Ordinary Shares on a one-to-one basis.
Capital
contribution
On
July 7, 2020, Tiancheng Capital, the shareholder of Tiancheng Jinhui, contributed $
71,299
in additional paid-in capital to the Company.
Statutory
reserves
In
accordance with the Regulations on Enterprises of PRC, Tiancheng Jinhui in the PRC are required to provide for statutory reserves, which
are appropriated from net profit as reported in the Company's PRC statutory accounts. It is required to allocate
10
% of its after-tax
profits to fund statutory reserves until such reserves have reached
50
% of its respective registered capital. The reserve funds, however,
may not be distributed as cash dividends.
As
of December 31, 2022 and 2021, the balances of the statutory reserves were $
282,545
and $
282,545
, respectively.
Note
15 - CONCENTRATIONS AND CREDIT RISK
(a)
Concentrations
In the year ended December 31, 2022, three third-party clients
accounted for
21
%,
20
% and
16
% of the Company's revenues, respectively. In the year ended December 31, 2021, one third-party client
accounted for
15
% and one related party client accounted for
14
% of the Company's revenues, respectively. In the year ended
December 31, 2020, two third-party clients each accounted for
17
%,
13
% and one related party client accounted for
10
% of the Company's
revenues, respectively. No other client accounted for more than
10
% of the Company's revenues for the years ended December 31,
2022, 2021 and 2020.
F-
25
As of December 31, 2022, four third-party
clients accounted for
54
%,
13
%,
13
% and
13
% of the Company's accounts receivable, respectively. As of December 31, 2021, three third-party
clients accounted for
37
%,
27
% and
13
% of the Company's accounts receivable, respectively. No other client accounted for more than
10
% of the Company's accounts receivable as of ended December 31, 2022 and 2021.
As of December 31, 2022, four third-party suppliers each accounted
for
24
%,
17
%,
14
% and
13
% of the Company's accounts payable, respectively. As of December 31, 2021, two third-party suppliers
each accounted for
20
% and
16
% of the Company's accounts payable, respectively. No other supplier accounted for over
10
% of the
Company's accounts payable as of ended December 31, 2022 and 2021.
(b)
Credit risk
Financial
instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of
December 31, 2022 and December 31, 2021, substantially all of the Company's cash were held by major financial institutions
located in the PRC, which management believes are of high credit quality.
The
ongoing coronavirus pandemic that surfaced in China and is spreading throughout the world has had a material adverse effect on the Company's
industry and the markets in which it operates. The Company's revenues and workforce are concentrated in China. The pandemic has
caused its customers to take longer time to make payments, which subjects it to increased credit exposures.
For
the credit risk related to trade accounts receivable, the Company performs ongoing credit evaluations of its clients and, if necessary,
maintains reserves for potential credit losses. Historically, such losses have been within management's expectations.
Note 16
- COMMITMENTS AND CONTINGENCIES
(a)
Commitment
The Company
has following commercial commitments:
Total
Less
    than
1 year
1-3
    years
3-5
    years
More
    than
5 years
Leases
$
605,437
$
202,677
$
402,760
$
-
$
-
(b)
Contingencies
The
Company incurred a contractual dispute on and around December 2021, where RMB
500,000
, approximately $
78,461
of cash was frozen, but the
counterparty voluntarily withdrew the case in December 2021 and reached a settlement with Tiancheng Jinhui. Tiancheng Jinhui made a payment
of RMB
400,000
, approximately $
62,769
to the counterparty in December 2021. As such, there were no contingent liabilities as of December
31, 2022 and 2021.
Note
17 - SUBSEQUENT EVENT
The
Company has analyzed its operations subsequent to December 31, 2022 and up to May 16, 2023, which is the date of the issuance of these consolidation
financial statements. There are no material subsequent events to be disclosed in these consolidated financial statements.
Note 18
- CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY
The
Company performed a test on the restricted net assets of consolidated subsidiary in accordance with Rule 4-08 (e)(3) of Regulation S-X,
"General Notes to Financial Statements" and concluded that it was applicable to the Company; and, therefore, the financial
statements for the parent company are included herein.
The
Company did not pay any dividends to the shareholders for the periods presented. For the purpose of presenting parent only financial
information, the Company records its investment in its subsidiary under the equity method of accounting. Such investment is presented
on the separate condensed balance sheets of the Company as "Investment in subsidiary" and the income (loss) of the subsidiary
is presented as "share of income (loss) of subsidiary". Certain information and footnote disclosures are generally included
in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted.
As
of December 31, 2022 and 2021, the Company did not have any outstanding guarantees, long-term obligations, or significant capital and
other commitments.
F-
26
TOP
KINGWIN LTD
BALANCE
SHEETS
(In
USD)
December 31,
2022
December 31,
2021
Non-current assets
Investment in subsidiary
$
2,214,085
$
2,796,954
Deferred offering costs
1,306,313
-
Total assets
$
3,520,398
$
2,796,954
LIABILITIES AND SHAREHOLDERS' EQUITY
Due to related parties
$
1,098,413
$
-
Deferred offering costs in accrual and other payables
600,000
-
Total current liabilities
1,698,413
-
TOTAL LIABILITIES
$
1,698,413
$
-
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Class A ordinary shares, $
0.0001
par value,
300,000,000
shares authorized,
8,213,040
shares issued and outstanding as of December 31, 2022 and 2021*
$
821
$
821
Class B ordinary shares, $
0.0001
par value,
200,000,000
shares authorized, 3,786,960 shares issued and outstanding*
379
379
Shares subscription receivables*
(
1,200
)
(
1,200
)
Additional paid-in capital
114,726
114,726
Statutory reserve
282,545
282,545
Retained earnings
1,563,563
2,335,046
Accumulated other comprehensive (loss) income
(
138,849
)
64,637
Total shareholders' equity
1,821,985
2,796,954
Total liabilities and shareholders' equity
$
3,520,398
$
2,796,954
*
Giving
                                            retroactive effect to the nominal issuance of shares effected on January 10, 2023 (Note 14).
F-
27
TOP
KINGWIN LTD
STATEMENTS
OF INCOME AND COMPREHENSIVE (LOSS) INCOME
(In
USD)
Years
    Ended
December 31,
2022
December 31,
2021
December
    31,
2020
(LOSS) INCOME
    FROM SUBSIDIARIES
$
(
771,483
)
$
2,308,626
$
339,968
NET (LOSS) INCOME
(
771,483
)
2,308,626
339,968
FOREIGN CURRENCY TRANSLATION
    ADJUSTMENTS
(
203,486
)
39,076
25,897
COMPREHENSIVE (LOSS) INCOME
$
(
974,969
)
$
2,347,702
$
365,865
F-
28
TOP
KINGWIN LTD
STATEMENTS
OF CASH FLOWS
(In
USD)
Years
    Ended
December 31,
2022
December 31,
2021
December 31,
2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income
$
(
771,483
)
$
2,308,626
$
339,968
Adjustments to reconcile
    net loss to cash used in operating activities:
Equity
    loss (income) of subsidiary
771,483
(
2,308,626
)
(
339,968
)
Net
    cash used in operating activities
-
-
-
CHANGES IN CASH
-
-
-
CASH, beginning of year
-
-
-
CASH, end of year
$
-
$
-
$
-
F-29