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  <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>As filed with the Securities
  and Exchange Commission on November 16, 2023</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>Registration No. 333-</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
  
  <!-- 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">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-8</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>REGISTRATION STATEMENT</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNDER THE SECURITIES
  ACT OF 1933</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LION GROUP HOLDING LTD. </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its charter)</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <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; width: 50%; font-weight: bold; text-align: center">Cayman Islands</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%; font-weight: bold">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; width: 49%; font-weight: bold; text-align: center">Not Applicable</TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: center">(State or other jurisdiction of</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: center">(I.R.S. Employer</TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: center">incorporation or organization)</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: center">Identification Number)</TD></TR>
    </TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>3 Phillip Street, #15-04 Royal Group Building</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Singapore 048693</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of Principal Executive Offices and Zip
  Code)</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>2023 Share Incentive Plan</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Full title of the plan)</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Cogency Global Inc.</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>122 East 42nd Street, 18th Floor </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>New York, NY 10168</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>+1 212-947-7200</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Name, address, including zip code, and telephone
  number, including area code, of agent for service)</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Copies to:</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Lawrence Venick, Esq.<BR>
  Loeb &amp; Loeb LLP<BR>
  2206-19 Jardine House<BR>
  1 Connaught Place, Central<BR>
  Hong Kong SAR<BR>
  Tel: +852.3923.1111</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Indicate by check mark whether the registrant
  is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
  See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo;
  and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <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="width: 50%; text-align: left"><FONT STYLE="font-size: 10pt">Large accelerated filer &#9744;</FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="width: 49%; text-align: left"><FONT STYLE="font-size: 10pt">Accelerated filer &#9744;</FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Non-accelerated filer &#9746;</FONT></TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Smaller reporting company &#9744;</FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="padding-left: 0.75pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Emerging growth company &#9746;</FONT></TD></TR>
    </TABLE>
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">If an emerging growth company, 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 7(a)(2)(B) of the Securities Act. &#9744;</P>
  
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PART I</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1. <U>Plan Information</U>*</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2. <U>Registrant Information and Employee Plan Annual Information</U>*</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: left">Information required by Part I to be contained in the Section
  10(a) prospectus is omitted from this registration statement in accordance with Rule 428 under the Securities Act and the Note to Part
  I of Form S-8. The documents containing information specified in this Part I will be separately provided to the participants covered
  by the 2023 Share Incentive Plan (the &ldquo;Plan&rdquo;), as specified by Rule 428(b)(1) under the Securities Act.</TD>
  </TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3. <U>Incorporation of Documents by Reference</U></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following documents previously filed by Lion
  Group Holding Ltd. (the &ldquo;Registrant&rdquo;) with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) are incorporated
  by reference herein:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.2pt; text-indent: 41.9pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(a) Our annual report on <A HREF="http://www.sec.gov/Archives/edgar/data/1806524/000121390023033957/f20f2022_liongrouphold.htm">Form 20-F</A> for the fiscal year ended
  December 31, 2022 filed with the SEC on April 28, 2023 (File No. 001-39301), or the 2022 Form 20-F;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(b) Our reports of foreign private issuer on Form 6-K filed
  with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1806524/000121390023003766/ea171720-6k_liongroup.htm">January 19, 2023</A>,
  <A HREF="http://www.sec.gov/Archives/edgar/data/1806524/000121390023011574/ea173448-6k_liongroup.htm">February 14, 2023</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1806524/000121390023028843/ea176783-6k_liongroup.htm">April
  11, 2023</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1806524/000121390023073211/ea184585-6k_liongroup.htm">September 1, 2023</A>,
  <A HREF="http://www.sec.gov/Archives/edgar/data/1806524/000121390023073562/ea184602-6k_liongroup.htm">September 5, 2023</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1806524/000121390023074421/ea184574-6k_liongroup.htm">September
  6, 2023</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1806524/000121390023075761/ea184818-6k_liongroup.htm">September 11, 2023</A>,
  <A HREF="http://www.sec.gov/Archives/edgar/data/1806524/000121390023079917/ea185858-6k_liongroup.htm">September 27, 2023</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1806524/000101376223000424/ea185203-6k_liongroup.htm">October
  2, 2023</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1806524/000101376223002523/ea186234-6k_liongroup.htm">October 6, 2023</A>,
  and <A HREF="http://www.sec.gov/Archives/edgar/data/1806524/000121390023083486/ea187637-6k_liongroup.htm">November 3, 2023</A>;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(c) The description of the securities contained in our registration
  statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1806524/000126493120000115/lion8a.htm">Form 8-A</A> filed on May 28, 2020 pursuant to Section 12 of the Exchange Act, together with all amendments and reports filed
  for the purpose of updating that description.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">All documents subsequently filed by the Registrant
  pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), after
  the date of this registration statement and prior to the filing of a post-effective amendment to this registration statement which indicates
  that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated
  by reference in this registration statement and to be part hereof from the date of filing of such documents. Any statement in a document
  incorporated or deemed to be incorporated by reference in this registration statement will be deemed to be modified or superseded to the
  extent that a statement contained in this registration statement or in any other later filed document that also is or is deemed to be
  incorporated by reference modifies or supersedes such statement. Any such statement so modified or superseded will not be deemed, except
  as so modified or superseded, to be a part of this registration statement.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 4. <U>Description of Securities</U></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><U>Description of Class B Ordinary Shares</U></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">The Registrant has two classes of ordinary shares,
  the Class A ordinary shares and the Class B ordinary shares. The Class A ordinary shares are registered under Section 12 of the Exchange
  Act and the American depositary shares representing Class A ordinary shares are listed on the Nasdaq Capital Market under the symbol &ldquo;LGHL.&rdquo;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">The Class B ordinary shares are not publicly traded
  and are not registered under Section 12 of the Exchange Act. The Class A ordinary shares and Class B ordinary shares differ only with
  respect to voting rights and conversion rights, which are discussed below. The following is a description of the Class B ordinary shares.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><I>Voting Rights</I></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Holders of Class A ordinary shares and Class B
  ordinary shares will at all times vote together as one class on all resolutions submitted to a vote by the shareholders. Each Class A
  ordinary share is entitled to one vote on all matters subject to vote at general meetings of the Registrant, and each Class B ordinary
  share is entitled to one hundred votes on all matters subject to vote at general meetings of the Registrant.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">An ordinary resolution to be passed by the shareholders
  requires the affirmative vote of a simple majority of votes attached to the ordinary shares cast in a general meeting, while a special
  resolution requires the affirmative vote of no less than two-thirds of votes cast attached to the ordinary shares. Both ordinary resolutions
  and special resolutions may also be passed by a unanimous written resolution signed by all the shareholders of the Registrant, as permitted
  by the Companies Law (As Revised) of the Cayman Islands, or the Companies Law, and the amended and restated memorandum and articles of
  association of the Registrant, as amended, or the M&amp;AA. A special resolution will be required for important matters such as a change
  of name or making changes to the M&amp;AA.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><I>Dividend Rights</I></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">The holders of both Class A ordinary shares and
  Class B ordinary shares are entitled to such dividends as may be declared by the board of directors (provided always that dividends may
  be declared and paid only out of funds legally available therefor, namely out of either profit or the share premium account).</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><I>Conversion Rights</I></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Class B ordinary shares may be converted into
  the same number of Class A ordinary shares by the holders thereof at any time, while Class A ordinary shares cannot be converted into
  Class B ordinary shares under any circumstances.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Upon any sale, transfer, assignment or disposition
  of any Class B ordinary share by a shareholder of the Registrant (a) to any person who is not an affiliate of such shareholder, or (b)
  to any person who is a competitor of the Registrant (as determined in accordance with the M&amp;AA) in one or more privately negotiated
  transactions, such Class B ordinary share will be automatically and immediately converted into one Class A ordinary share.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">However, the following will not be deemed to be
  a sale, transfer, assignment or disposition of Class B ordinary shares: the creation of any pledge, charge, encumbrance or other third
  party right on any Class B ordinary shares to secure a holder&rsquo;s contractual or legal obligations, unless and until any such pledge,
  charge, encumbrance or third party right is enforced and results in the third party holding fee simple ownership interest to the related
  Class B ordinary shares, in which case all the related Class B ordinary shares will be automatically converted into the same number of
  Class A ordinary shares.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><I>Liquidation Rights</I></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">On a winding up of the Registrant, assets available
  for distribution among the holders of ordinary shares will be distributed among the holders of the Class A and Class B ordinary shares
  on a pro rata basis. If the assets available for distribution are insufficient to repay all of the paid-up capital, the assets will be
  distributed so that the losses are borne by the shareholders proportionately. The Registrant is a &ldquo;limited liability&rdquo; company
  incorporated under the Companies Law, and under the Companies Law, the liability of the shareholders is limited to the amount, if any,
  unpaid on the shares respectively held by them. The M&amp;AA contains a declaration that the liability of its shareholders is so limited.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><I>Miscellaneous</I></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Holders of Class A ordinary shares and Class B
  ordinary shares do not have any pre-emptive rights, other subscription rights, redemption rights or sinking fund rights.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">There is no classification of the board of directors,
  and there is no cumulative voting by shareholders of any class or series in the election of directors of the Registrant.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><U>Provisions of M&amp;AA Affecting Changes in
  Control</U></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><I>Dual Class Structure </I></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">The Registrant has two classes of ordinary shares,
  Class A ordinary shares and Class B ordinary shares. Each Class B ordinary share entitles the holder of record to one hundred votes for
  each share held, while each Class A ordinary share entitles the record holder to only one vote per share.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">The Registrant&rsquo;s dual class share structure
  has essentially prevented, or made highly unlikely, any action requiring shareholder approval that certain holders of Class B ordinary
  shares do not support, including actions that may have effected a change in control of the Registrant.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><U>Foreign Restrictions on Holding of Class B
  Ordinary Shares</U></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">The Registrant is an exempted company limited
  by shares incorporated under the laws of the Cayman Islands. 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 the Registrant 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. There are no exchange
  control regulations or currency restrictions in the Cayman Islands. Additionally, upon payments of dividends by the Registrant to its
  shareholders, no Cayman Islands withholding tax will be imposed.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">There are no limitations on the right of non-resident
  or foreign owners to hold or vote Class B ordinary shares imposed by the laws of the Cayman Islands or by the M&amp;AA of the Registrant.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">The Cayman Islands is not a party to any double
  tax treaties which are applicable to any payments made by or to the Registrant.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5. <U>Interests of Named Experts and Counsel </U></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Not applicable.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt"></P>
  
  <!-- Field: Page; Sequence: 5; Value: 1 -->
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 6. <U>Indemnification of Directors and Officers </U></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Cayman Islands law does not limit the extent to
  which a company&rsquo;s articles of association may provide for indemnification of directors and officers, except to the extent any such
  provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud
  or the consequences of committing a crime. The M&amp;AA provide that the Registrant shall indemnify each of its directors and officers
  against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such director or officer,
  other than by reason of such person&rsquo;s own dishonesty, wilful default or fraud, in or about the conduct of the Registrant&rsquo;s
  business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities
  or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by
  such director or officer in defending (whether successfully or otherwise) any civil proceedings concerning the Registrant or its affairs
  in any court whether in the Cayman Islands or elsewhere.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Pursuant to the indemnification agreement, the
  form of which was filed as Exhibit 10.26 to the Registrant&rsquo;s Amendment No. 3 to Form F-4, as amended (File No. 333-237336), the
  Registrant has agreed to indemnify its directors and officers against certain liabilities and expenses incurred by such persons in connection
  with claims made by reason of their being directors or officers of the Registrant.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Insofar as indemnification for liabilities arising
  under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions,
  the Registrant has been informed that in the opinion of the Commission such indemnification is against public policy as expressed in the
  Securities Act and is therefore unenforceable.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">The Registrant also maintains a directors and
  officers liability insurance policy for its directors and officers.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 7.<U> Exemption from Registration Claimed</U></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Not applicable.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8. <U>Exhibits</U></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">See the Index to Exhibits attached hereto.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9. <U>Undertakings</U></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">The undersigned Registrant hereby undertakes:</TD>
  </TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.35pt">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: left">To file, during any period in which offers or sales are being
  made, a post-effective amendment to this registration statement:</TD>
  </TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(i)</TD><TD STYLE="text-align: left">to include any prospectus required by Section 10(a)(3) of the
  Securities Act;</TD>
  </TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(ii)</TD><TD STYLE="text-align: left">to reflect in the prospectus any facts or events arising after
  the effective date of this registration statement (or the most recent post-effective amendment thereof) which, individually or in the
  aggregate, represent a fundamental change in the information set forth in this registration statement; and</TD>
  </TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt"></P>
  
  <!-- Field: Page; Sequence: 6; Value: 1 -->
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      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(iii)</TD><TD STYLE="text-align: left">to include any material information with respect to the plan
  of distribution not previously disclosed in the registration statement or any material change to such information in the registration
  statement;</TD>
  </TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in"><I>provided</I>, <I>however</I>, that paragraphs (a)(1)(i)
  and (a)(1)(ii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
  in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that
  are incorporated by reference in this registration statement;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: left">That, for the purpose of determining any liability under the
  Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered
  therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</TD>
  </TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: left">To remove from registration by means of a post-effective amendment
  any of the securities being registered which remain unsold at the termination of the offering.</TD>
  </TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: left">The undersigned Registrant hereby undertakes that, for purposes
  of determining any liability under the Securities Act, each filing of the Registrant&rsquo;s annual report pursuant to Section 13(a)
  or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section
  15(d) of the Exchange Act) that is incorporated by reference in this registration statement shall be deemed to be a new registration
  statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
  bona fide offering thereof.</TD>
  </TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.35pt">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: left">Insofar as indemnification for liabilities arising under the
  Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions,
  or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as
  expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
  (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant
  in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
  with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling
  precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as
  expressed in the Securities Act and will be governed by the final adjudication of such issue.</TD>
  </TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
  <!-- Field: Page; Sequence: 7; Value: 1 -->
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      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  <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="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold">Exhibit Number</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">Description</TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="vertical-align: top; width: 9%; text-align: left">2.1</TD><TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="width: 90%; text-align: left; padding-left: 0.75pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1806524/000126493120000067/ex4_5.htm">Specimen Ordinary Share Certificate of the Registrant (incorporated by reference to Exhibit 4.5 of the Registrant&rsquo;s Amendment No. 1 to Form F-4 (File No. 237336), filed with the SEC on April 24, 2020)</A></TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="padding-left: 0.75pt">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="vertical-align: top; text-align: left">2.2</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left; padding-left: 0.75pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1471515/000095012720000028/a20-11_ex4.htm">Form of Deposit Agreement, by and among Lion Group Holding Ltd., Deutsche Bank Trust Company Americas, as depositary, and all holders and beneficial owners from time to time of ADSs issued thereunder (incorporated by reference to Exhibit (a)&nbsp;of the Registrant&rsquo;s Registration on Form&nbsp;F-6 (File&nbsp;No.&nbsp;238516) filed with the SEC on May 20, 2020)</A></TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="padding-left: 0.75pt">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="vertical-align: top; text-align: left">2.3</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left; padding-left: 0.75pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1471515/000095012723000031/a_ii_amend_no_1_dep_agrmt.htm">Amendment No. 1 to the Deposit Agreement dated July 13, 2023 among the Registrant, the depositary and owners and holders of the American depositary shares (incorporated by reference to Exhibit (a)(ii) of the Registrant&rsquo;s Registration on Form&nbsp;F-6 (File&nbsp;No.&nbsp;333-273223) filed with the SEC on July 13, 2023)</A></TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="vertical-align: top; text-align: left">4.1</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/1806524/000101376223002523/ea186234ex99-1_liongroup.htm">Fourth Amended and Restated Memorandum of Association of the Registrant (incorporated by reference to Exhibit 99.1 to the Form 6-K (file no. 001-39301) filed with the Commission on October 6, 2023)</A></TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="vertical-align: top; text-align: left">4.2</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/1806524/000121390023003766/ea171720ex3-1_liongroup.htm">Third Amended and Restated Articles of Association (incorporated by reference to Exhibit 3.1 of the Registrant&rsquo;s 6-K, filed with the SEC on January 19, 2023)</A></TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="vertical-align: top; text-align: left; padding-left: 0.75pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="padding-left: 0.75pt">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="vertical-align: top; text-align: left">5.1*</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left"><A HREF="ea187774ex5-1_liongroup.htm">Opinion of Ogier, Cayman Islands counsel to the Registrant, regarding the legality of the Ordinary Shares being registered</A></TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="vertical-align: top; text-align: left; padding-left: 0.75pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="padding-left: 0.75pt">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="vertical-align: top; text-align: left">10.1</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/1806524/000121390023075761/ea184818ex99-1_liongroup.htm">2023 Share Incentive Plan (incorporated by reference to Exhibit 99.1 to the Form 6-K (file no. 001-39301) filed with the Commission on September 11, 2023)</A></TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="vertical-align: top; text-align: left; padding-left: 0.75pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="padding-left: 0.75pt">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="vertical-align: top; text-align: left">23.1*</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left"><A HREF="ea187774ex23-1_liongroup.htm">Consent of UHY LLP</A></TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="vertical-align: top; text-align: left">23.3*</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left"><A HREF="ea187774ex5-1_liongroup.htm">Consent of Ogier (included in Exhibit 5.1)</A></TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="vertical-align: top; text-align: left; padding-left: 0.75pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="padding-left: 0.75pt">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="vertical-align: top; text-align: left">24.1*</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left"><A HREF="#sig">Power of Attorney (included on signature page hereto)</A></TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="vertical-align: top; text-align: left; padding-left: 0.75pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="padding-left: 0.75pt">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="vertical-align: top; text-align: left">107*</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left"><A HREF="ea187774ex-fee_liongroup.htm">Filing Fee Table</A></TD></TR>
    </TABLE>
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Filed herewith.</TD>
  </TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="sig"></A>SIGNATURES</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">Pursuant to the requirements of the Securities Act of 1933, the Registrant
  certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this
  registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Singapore, on November 16, 2023.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>Lion Group Holding Ltd.</B></FONT></TD></TR>
    <TR>
      <TD STYLE="vertical-align: top">&nbsp;</TD>
      <TD STYLE="vertical-align: top">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
      </TR>
    <TR>
      <TD STYLE="padding-bottom: 1.5pt; vertical-align: top">&nbsp;</TD>
      <TD STYLE="padding-bottom: 1.5pt; vertical-align: top"><FONT STYLE="font-size: 10pt">By:&nbsp;</FONT></TD>
      <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt"><I>/s/ Chunning Wang</I></FONT></TD>
      </TR>
    <TR>
      <TD STYLE="vertical-align: top; width: 60%">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 4%">&nbsp;</TD>
      <TD STYLE="white-space: nowrap; vertical-align: top; width: 5%"><FONT STYLE="font-size: 10pt">Name:&nbsp; </FONT></TD>
      <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 31%"><FONT STYLE="font-size: 10pt">Chunning Wang</FONT></TD>
      </TR>
    <TR>
      <TD STYLE="vertical-align: top">&nbsp;</TD>
      <TD STYLE="vertical-align: top">&nbsp;</TD>
      <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
      <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Director and Chief Executive Officer</FONT></TD>
      </TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>POWER OF ATTORNEY </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">KNOW ALL PERSONS BY THESE PRESENTS, that each
  person whose signature appears below constitutes and appoints each of Jian Wang and Chunning Wang, his or her true and lawful attorney-in-fact
  and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all
  capacities, to sign any or all amendments (including post-effective amendments) to this registration statement and any and all related
  registration statements pursuant to Rule 462(b) of the Securities Act and to file the same, with all exhibits thereto, and other documents
  in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that said attorneys-in-fact
  and agents, or any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">Pursuant to the requirements of the Securities Act of 1933, as amended,
  this registration statement has been signed by the following persons in the capacities on November 16, 2023.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="width: 40%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Signature</B></FONT></TD>
      <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
      <TD STYLE="width: 58%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD STYLE="white-space: nowrap">&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><I>/s/ Jian Wang</I></FONT></TD>
      <TD STYLE="white-space: nowrap">&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Chairman of the Board</FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Name: Jian Wang</FONT></TD>
      <TD STYLE="white-space: nowrap">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD STYLE="white-space: nowrap">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><I>/s/ Chunning Wang</I></FONT></TD>
      <TD STYLE="white-space: nowrap">&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director and Chief Executive Officer</FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Name: Chunning Wang</FONT></TD>
      <TD STYLE="white-space: nowrap">&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(principal executive officer)</FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD STYLE="white-space: nowrap">&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><I>/s/ Sze Hau Lee</I></FONT></TD>
      <TD STYLE="white-space: nowrap">&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Name: Sze Hau Lee</FONT></TD>
      <TD STYLE="white-space: nowrap">&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(principal financial and accounting officer)</FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD STYLE="white-space: nowrap">&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><I>/s/ Yan Zhang</I></FONT></TD>
      <TD STYLE="white-space: nowrap">&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director and President</FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Name: Yan Zhang</FONT></TD>
      <TD STYLE="white-space: nowrap">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD STYLE="white-space: nowrap">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><I>/s/ Hua Luo</I></FONT></TD>
      <TD STYLE="white-space: nowrap">&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director and Chief Operating Officer</FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Name: Hua Luo</FONT></TD>
      <TD STYLE="white-space: nowrap">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD STYLE="white-space: nowrap">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><I>/s/ Zhixiang Zhang</I></FONT></TD>
      <TD STYLE="white-space: nowrap">&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Name: Zhixiang Zhang</FONT></TD>
      <TD STYLE="white-space: nowrap">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD STYLE="white-space: nowrap">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><I>/s/ Chi Fai Choi</I></FONT></TD>
      <TD STYLE="white-space: nowrap">&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Name: Chi Fai Choi</FONT></TD>
      <TD STYLE="white-space: nowrap">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD STYLE="white-space: nowrap">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><I>/s/ Rahul Mewawalla</I></FONT></TD>
      <TD STYLE="white-space: nowrap">&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Name: Rahul Mewawalla</FONT></TD>
      <TD STYLE="white-space: nowrap">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD STYLE="white-space: nowrap">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><I>/s/ Tak Wing Lo</I></FONT></TD>
      <TD STYLE="white-space: nowrap">&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Name: Tak Wing Lo</FONT></TD>
      <TD STYLE="white-space: nowrap">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    </TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE
  UNITED STATES</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">Pursuant to the Securities Act of 1933, the undersigned, the duly authorized
  representative in the United States of Lion Group Holding Ltd. has signed this registration statement or amendment thereto in New York,
  New York on November 16, 2023.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>Authorized U.S. Representative</B></FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD COLSPAN="2"><B>Cogency Global Inc<I>.</I></B> &nbsp;</TD>
      </TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 60%">&nbsp;</TD>
      <TD STYLE="width: 4%">&nbsp;</TD>
      <TD STYLE="width: 36%">&nbsp;</TD>
      </TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: white 3pt solid">&nbsp;</TD>
      <TD STYLE="border-bottom: white 3pt solid"><FONT STYLE="font-size: 10pt">By:&nbsp;</FONT></TD>
      <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt"><I>/s/ Collen A. De Vries&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT></TD>
      </TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Name:&nbsp;Collen A. De Vries</FONT></TD>
      </TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Title: Senior Vice President</FONT></TD>
      </TR>
    </TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-8</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  </BODY>
  </HTML>
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text: As filed with the Securities
  and Exchange Commission on November 16, 2023
  Registration No. 333-
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549
  FORM S-8
  REGISTRATION STATEMENT
  UNDER THE SECURITIES
  ACT OF 1933
  LION GROUP HOLDING LTD.
  (Exact name of registrant as specified in its charter)
  Cayman Islands
  Not Applicable
  (State or other jurisdiction of
  (I.R.S. Employer
  incorporation or organization)
  Identification Number)
  3 Phillip Street, #15-04 Royal Group Building
  Singapore 048693
  (Address of Principal Executive Offices and Zip
  Code)
  2023 Share Incentive Plan
  (Full title of the plan)
  Cogency Global Inc.
  122 East 42nd Street, 18th Floor
  New York, NY 10168
  +1 212-947-7200
  (Name, address, including zip code, and telephone
  number, including area code, of agent for service)
  Copies to:
  Lawrence Venick, Esq.
  Loeb & Loeb LLP
  2206-19 Jardine House
  1 Connaught Place, Central
  Hong Kong SAR
  Tel: +852.3923.1111
  Indicate by check mark whether the registrant
  is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
  See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company,"
  and "emerging growth company" in Rule 12b-2 of the Exchange Act.
  Large accelerated filer ☐
  Accelerated filer ☐
  Non-accelerated filer ☒
  Smaller reporting company ☐
  Emerging growth company ☒
  If an emerging growth company, 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 7(a)(2)(B) of the Securities Act. ☐
  PART I
  INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
  Item 1.
  Plan Information
  *
  Item 2.
  Registrant Information and Employee Plan Annual Information
  *
  *
  Information required by Part I to be contained in the Section
  10(a) prospectus is omitted from this registration statement in accordance with Rule 428 under the Securities Act and the Note to Part
  I of Form S-8. The documents containing information specified in this Part I will be separately provided to the participants covered
  by the 2023 Share Incentive Plan (the "Plan"), as specified by Rule 428(b)(1) under the Securities Act.
  1
  PART II
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
  Item 3.
  Incorporation of Documents by Reference
  The following documents previously filed by Lion
  Group Holding Ltd. (the "Registrant") with the Securities and Exchange Commission (the "Commission") are incorporated
  by reference herein:
  (a) Our annual report on
  Form 20-F
  for the fiscal year ended
  December 31, 2022 filed with the SEC on April 28, 2023 (File No. 001-39301), or the 2022 Form 20-F;
  (b) Our reports of foreign private issuer on Form 6-K filed
  with the SEC on
  January 19, 2023
  ,
  February 14, 2023
  ,
  April
  11, 2023
  ,
  September 1, 2023
  ,
  September 5, 2023
  ,
  September
  6, 2023
  ,
  September 11, 2023
  ,
  September 27, 2023
  ,
  October
  2, 2023
  ,
  October 6, 2023
  ,
  and
  November 3, 2023
  ;
  (c) The description of the securities contained in our registration
  statement on
  Form 8-A
  filed on May 28, 2020 pursuant to Section 12 of the Exchange Act, together with all amendments and reports filed
  for the purpose of updating that description.
  All documents subsequently filed by the Registrant
  pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), after
  the date of this registration statement and prior to the filing of a post-effective amendment to this registration statement which indicates
  that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated
  by reference in this registration statement and to be part hereof from the date of filing of such documents. Any statement in a document
  incorporated or deemed to be incorporated by reference in this registration statement will be deemed to be modified or superseded to the
  extent that a statement contained in this registration statement or in any other later filed document that also is or is deemed to be
  incorporated by reference modifies or supersedes such statement. Any such statement so modified or superseded will not be deemed, except
  as so modified or superseded, to be a part of this registration statement.
  Item 4.
  Description of Securities
  Description of Class B Ordinary Shares
  The Registrant has two classes of ordinary shares,
  the Class A ordinary shares and the Class B ordinary shares. The Class A ordinary shares are registered under Section 12 of the Exchange
  Act and the American depositary shares representing Class A ordinary shares are listed on the Nasdaq Capital Market under the symbol "LGHL."
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  The Class B ordinary shares are not publicly traded
  and are not registered under Section 12 of the Exchange Act. The Class A ordinary shares and Class B ordinary shares differ only with
  respect to voting rights and conversion rights, which are discussed below. The following is a description of the Class B ordinary shares.
  Voting Rights
  Holders of Class A ordinary shares and Class B
  ordinary shares will at all times vote together as one class on all resolutions submitted to a vote by the shareholders. Each Class A
  ordinary share is entitled to one vote on all matters subject to vote at general meetings of the Registrant, and each Class B ordinary
  share is entitled to one hundred votes on all matters subject to vote at general meetings of the Registrant.
  An ordinary resolution to be passed by the shareholders
  requires the affirmative vote of a simple majority of votes attached to the ordinary shares cast in a general meeting, while a special
  resolution requires the affirmative vote of no less than two-thirds of votes cast attached to the ordinary shares. Both ordinary resolutions
  and special resolutions may also be passed by a unanimous written resolution signed by all the shareholders of the Registrant, as permitted
  by the Companies Law (As Revised) of the Cayman Islands, or the Companies Law, and the amended and restated memorandum and articles of
  association of the Registrant, as amended, or the M&AA. A special resolution will be required for important matters such as a change
  of name or making changes to the M&AA.
  Dividend Rights
  The holders of both Class A ordinary shares and
  Class B ordinary shares are entitled to such dividends as may be declared by the board of directors (provided always that dividends may
  be declared and paid only out of funds legally available therefor, namely out of either profit or the share premium account).
  Conversion Rights
  Class B ordinary shares may be converted into
  the same number of Class A ordinary shares by the holders thereof at any time, while Class A ordinary shares cannot be converted into
  Class B ordinary shares under any circumstances.
  Upon any sale, transfer, assignment or disposition
  of any Class B ordinary share by a shareholder of the Registrant (a) to any person who is not an affiliate of such shareholder, or (b)
  to any person who is a competitor of the Registrant (as determined in accordance with the M&AA) in one or more privately negotiated
  transactions, such Class B ordinary share will be automatically and immediately converted into one Class A ordinary share.
  However, the following will not be deemed to be
  a sale, transfer, assignment or disposition of Class B ordinary shares: the creation of any pledge, charge, encumbrance or other third
  party right on any Class B ordinary shares to secure a holder's contractual or legal obligations, unless and until any such pledge,
  charge, encumbrance or third party right is enforced and results in the third party holding fee simple ownership interest to the related
  Class B ordinary shares, in which case all the related Class B ordinary shares will be automatically converted into the same number of
  Class A ordinary shares.
  Liquidation Rights
  On a winding up of the Registrant, assets available
  for distribution among the holders of ordinary shares will be distributed among the holders of the Class A and Class B ordinary shares
  on a pro rata basis. If the assets available for distribution are insufficient to repay all of the paid-up capital, the assets will be
  distributed so that the losses are borne by the shareholders proportionately. The Registrant is a "limited liability" company
  incorporated under the Companies Law, and under the Companies Law, the liability of the shareholders is limited to the amount, if any,
  unpaid on the shares respectively held by them. The M&AA contains a declaration that the liability of its shareholders is so limited.
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  Miscellaneous
  Holders of Class A ordinary shares and Class B
  ordinary shares do not have any pre-emptive rights, other subscription rights, redemption rights or sinking fund rights.
  There is no classification of the board of directors,
  and there is no cumulative voting by shareholders of any class or series in the election of directors of the Registrant.
  Provisions of M&AA Affecting Changes in
  Control
  Dual Class Structure
  The Registrant has two classes of ordinary shares,
  Class A ordinary shares and Class B ordinary shares. Each Class B ordinary share entitles the holder of record to one hundred votes for
  each share held, while each Class A ordinary share entitles the record holder to only one vote per share.
  The Registrant's dual class share structure
  has essentially prevented, or made highly unlikely, any action requiring shareholder approval that certain holders of Class B ordinary
  shares do not support, including actions that may have effected a change in control of the Registrant.
  Foreign Restrictions on Holding of Class B
  Ordinary Shares
  The Registrant is an exempted company limited
  by shares incorporated under the laws of the Cayman Islands. 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 the Registrant 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. There are no exchange
  control regulations or currency restrictions in the Cayman Islands. Additionally, upon payments of dividends by the Registrant to its
  shareholders, no Cayman Islands withholding tax will be imposed.
  There are no limitations on the right of non-resident
  or foreign owners to hold or vote Class B ordinary shares imposed by the laws of the Cayman Islands or by the M&AA of the Registrant.
  The Cayman Islands is not a party to any double
  tax treaties which are applicable to any payments made by or to the Registrant.
  Item 5.
  Interests of Named Experts and Counsel
  Not applicable.
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  Item 6.
  Indemnification of Directors and Officers
  Cayman Islands law does not limit the extent to
  which a company's articles of association may provide for indemnification of directors and officers, except to the extent any such
  provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud
  or the consequences of committing a crime. The M&AA provide that the Registrant shall indemnify each of its directors and officers
  against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such director or officer,
  other than by reason of such person's own dishonesty, wilful default or fraud, in or about the conduct of the Registrant's
  business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities
  or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by
  such director or officer in defending (whether successfully or otherwise) any civil proceedings concerning the Registrant or its affairs
  in any court whether in the Cayman Islands or elsewhere.
  Pursuant to the indemnification agreement, the
  form of which was filed as Exhibit 10.26 to the Registrant's Amendment No. 3 to Form F-4, as amended (File No. 333-237336), the
  Registrant has agreed to indemnify its directors and officers against certain liabilities and expenses incurred by such persons in connection
  with claims made by reason of their being directors or officers of the Registrant.
  Insofar as indemnification for liabilities arising
  under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions,
  the Registrant has been informed that in the opinion of the Commission such indemnification is against public policy as expressed in the
  Securities Act and is therefore unenforceable.
  The Registrant also maintains a directors and
  officers liability insurance policy for its directors and officers.
  Item 7.
  Exemption from Registration Claimed
  Not applicable.
  Item 8.
  Exhibits
  See the Index to Exhibits attached hereto.
  Item 9.
  Undertakings
  (a)
  The undersigned Registrant hereby undertakes:
  (1)
  To file, during any period in which offers or sales are being
  made, a post-effective amendment to this registration statement:
  (i)
  to include any prospectus required by Section 10(a)(3) of the
  Securities Act;
  (ii)
  to reflect in the prospectus any facts or events arising after
  the effective date of this registration statement (or the most recent post-effective amendment thereof) which, individually or in the
  aggregate, represent a fundamental change in the information set forth in this registration statement; and
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  (iii)
  to include any material information with respect to the plan
  of distribution not previously disclosed in the registration statement or any material change to such information in the registration
  statement;
  provided
  ,
  however
  , that paragraphs (a)(1)(i)
  and (a)(1)(ii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
  in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that
  are incorporated by reference in this registration statement;
  (2)
  That, for the purpose of determining any liability under the
  Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered
  therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
  (3)
  To remove from registration by means of a post-effective amendment
  any of the securities being registered which remain unsold at the termination of the offering.
  (b)
  The undersigned Registrant hereby undertakes that, for purposes
  of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a)
  or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section
  15(d) of the Exchange Act) that is incorporated by reference in this registration statement shall be deemed to be a new registration
  statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
  bona fide offering thereof.
  (c)
  Insofar as indemnification for liabilities arising under the
  Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions,
  or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as
  expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
  (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant
  in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
  with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling
  precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as
  expressed in the Securities Act and will be governed by the final adjudication of such issue.
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  EXHIBIT INDEX
  Exhibit Number
  Description
  2.1
  Specimen Ordinary Share Certificate of the Registrant (incorporated by reference to Exhibit 4.5 of the Registrant's Amendment No. 1 to Form F-4 (File No. 237336), filed with the SEC on April 24, 2020)
  2.2
  Form of Deposit Agreement, by and among Lion Group Holding Ltd., Deutsche Bank Trust Company Americas, as depositary, and all holders and beneficial owners from time to time of ADSs issued thereunder (incorporated by reference to Exhibit (a) of the Registrant's Registration on Form F-6 (File No. 238516) filed with the SEC on May 20, 2020)
  2.3
  Amendment No. 1 to the Deposit Agreement dated July 13, 2023 among the Registrant, the depositary and owners and holders of the American depositary shares (incorporated by reference to Exhibit (a)(ii) of the Registrant's Registration on Form F-6 (File No. 333-273223) filed with the SEC on July 13, 2023)
  4.1
  Fourth Amended and Restated Memorandum of Association of the Registrant (incorporated by reference to Exhibit 99.1 to the Form 6-K (file no. 001-39301) filed with the Commission on October 6, 2023)
  4.2
  Third Amended and Restated Articles of Association (incorporated by reference to Exhibit 3.1 of the Registrant's 6-K, filed with the SEC on January 19, 2023)
  5.1*
  Opinion of Ogier, Cayman Islands counsel to the Registrant, regarding the legality of the Ordinary Shares being registered
  10.1
  2023 Share Incentive Plan (incorporated by reference to Exhibit 99.1 to the Form 6-K (file no. 001-39301) filed with the Commission on September 11, 2023)
  23.1*
  Consent of UHY LLP
  23.3*
  Consent of Ogier (included in Exhibit 5.1)
  24.1*
  Power of Attorney (included on signature page hereto)
  107*
  Filing Fee Table
  *
  Filed herewith.
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  SIGNATURES
  Pursuant to the requirements of the Securities Act of 1933, the Registrant
  certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this
  registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Singapore, on November 16, 2023.
  Lion Group Holding Ltd.
  By:
  /s/ Chunning Wang
  Name:
  Chunning Wang
  Title:
  Director and Chief Executive Officer
  POWER OF ATTORNEY
  KNOW ALL PERSONS BY THESE PRESENTS, that each
  person whose signature appears below constitutes and appoints each of Jian Wang and Chunning Wang, his or her true and lawful attorney-in-fact
  and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all
  capacities, to sign any or all amendments (including post-effective amendments) to this registration statement and any and all related
  registration statements pursuant to Rule 462(b) of the Securities Act and to file the same, with all exhibits thereto, and other documents
  in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that said attorneys-in-fact
  and agents, or any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
  Pursuant to the requirements of the Securities Act of 1933, as amended,
  this registration statement has been signed by the following persons in the capacities on November 16, 2023.
  Signature
  Title
  /s/ Jian Wang
  Chairman of the Board
  Name: Jian Wang
  /s/ Chunning Wang
  Director and Chief Executive Officer
  Name: Chunning Wang
  (principal executive officer)
  /s/ Sze Hau Lee
  Chief Financial Officer
  Name: Sze Hau Lee
  (principal financial and accounting officer)
  /s/ Yan Zhang
  Director and President
  Name: Yan Zhang
  /s/ Hua Luo
  Director and Chief Operating Officer
  Name: Hua Luo
  /s/ Zhixiang Zhang
  Director
  Name: Zhixiang Zhang
  /s/ Chi Fai Choi
  Director
  Name: Chi Fai Choi
  /s/ Rahul Mewawalla
  Director
  Name: Rahul Mewawalla
  /s/ Tak Wing Lo
  Director
  Name: Tak Wing Lo
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  SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE
  UNITED STATES
  Pursuant to the Securities Act of 1933, the undersigned, the duly authorized
  representative in the United States of Lion Group Holding Ltd. has signed this registration statement or amendment thereto in New York,
  New York on November 16, 2023.
  Authorized U.S. Representative
  Cogency Global Inc
  .
  By:
  /s/ Collen A. De Vries
  Name: Collen A. De Vries
  Title: Senior Vice President
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