UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the month of May 2024
Commission File Number 001-42100
Raytech Holding Limited
(Translation of registrant’s name into English)
Unit 609, 6/F, Nan Fung Commercial Centre,
No.19 Lam Lok Street, Kowloon Bay, Hong Kong
(Address of principal executive offices)
Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
On May 14, 2024, Raytech Holding Limited, a British
Virgin Islands exempted company (the “Company”), entered into an underwriting agreement (the “Underwriting Agreement”)
with Revere Securities LLC, as the representative of the underwriters named therein (the “Underwriters”), pursuant to which
the Company agreed to sell to the Underwriters in a firm commitment underwritten initial public offering (the “Offering”)
an aggregate of 1,500,000 ordinary shares (the “IPO Shares”) of the Company, par value $0.00000625 per share (the “Ordinary
Shares”), at a public offering price of $4.00 per share. The Company has also granted the Underwriters a 45-day option to purchase
up to an additional 225,000 Ordinary Shares to cover over-allotments, if any.
The IPO Shares were offered by the Company pursuant
to a registration statement on Form F-1, as amended (File No. 333-275197), filed with the Securities and Exchange Commission
(the “Commission”), which was declared effective by the Commission on May 13, 2024. A final prospectus dated May 14, 2024
relating to this Offering was filed with the Commission pursuant to Rule 424(b) under the Securities Act of 1933, as amended.
The Underwriting Agreement contains customary
representations and warranties that the parties thereto made to, and solely for the benefit of, the other party in the context of all
of the terms and conditions of that Underwriting Agreement and in the context of the specific relationship between the parties. The
provisions of the Underwriting Agreement and schedules and exhibits thereto, including the representations and warranties contained therein
respectively, are not for the benefit of any party other than the parties to such documents and agreements and are not intended as documents
for investors and the public to obtain factual information about the current state of affairs of the parties to those documents and agreements.
Rather, investors and the public should look to other disclosures contained in the Company’s filings with the Commission.
The foregoing summary of the terms of the Underwriting
Agreement is subject to, and qualified in its entirety by reference to, a copy of the Underwriting Agreement that is filed as Exhibit
1.1 to this Report on Form 6-K and is incorporated herein by reference.
On May 13, 2024, the
Ordinary Shares were approved for listing on The Nasdaq Capital Market.
On May 15, 2024, the Company issued a press release
furnished herewith as Exhibit 99.1, announcing the pricing of the Offering on May 14, 2024.
On May 15, 2024, the Ordinary Shares commenced
trading under the symbol “RAY.”
On May 17, 2024, the
Company consummated the Offering of 1,500,000 Ordinary Shares, which were priced at a price of $4.00 per share. The Offering was conducted
on a firm commitment basis. The gross proceeds to the Company from the Offering, before deducting commissions, expense allowance, and
expenses, are approximately $6 million.
On May 17, 2024, the
Company issued a press release furnished herewith as Exhibit 99.2, announcing the closing of the Offering.
This report does not
constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any
such state or jurisdiction.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: May 17, 2024 |
Raytech Holding Limited |
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By: |
/s/ Tim Hoi Ching |
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Tim Hoi Ching |
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Chief Executive Officer |
EXHIBIT INDEX
Exhibit 1.1
RAYTECH
HOLDING LIMITED
UNDERWRITING
AGREEMENT
May
14, 2024
Revere
Securities LLC
560 Lexington
Ave, 16th floor
New York,
NY 10022
As Representative
of the Underwriters
named
on Schedule A hereto
Ladies and
Gentlemen:
The
undersigned, Raytech Holding Limited, a British Virgin Islands holding company (collectively with its subsidiaries and affiliates,
including, without limitation, all entities disclosed or described in the Registration Statement (as hereinafter defined) as being subsidiaries
or affiliates of the Company, the “Company”), hereby confirms its agreement (this “Agreement”)
with several underwriters (such underwriters, including the Representative (as defined below), the “Underwriters”
and each an “Underwriter”) named in Schedule A hereto for which Revere Securities LLC is acting
as the representative to the several Underwriters (in such capacity, the “Representative”) to issue and sell an aggregate
of 1,500,000 ordinary shares (“Firm Shares”), par value US$0.00000625 per share (“Ordinary Shares”).
For the purposes of covering any over-allotments in connection with the distribution and sale of the Firm Shares, the Company hereby
grants to the Underwriters an option (the “Over-allotment Option”) to purchase, in the aggregate, up to 225,000 additional
Ordinary Shares (the “Option Shares”), representing fifteen percent (15%) of the Firm Shares sold in the offering,
from the Company. The purchase price to be paid per Option Share shall be equal to the Purchase Price per share of the Firm Shares. The
Firm Shares and any Option Shares purchased pursuant to this Agreement are herein collectively referred to as the “Offered Securities.”
The Offered Securities shall be issued directly by the Company and shall have the rights and privileges described in the Registration
Statement, the Pricing Disclosure Package, and the Prospectus referred to below. The offering and sale of the Offered Securities contemplated
by this Agreement are referred to herein as the “Offering.” All currency stated herein, unless otherwise stated, is
in the United States of America ($) Dollars. All references to generally accepted accounting principles (“U.S. GAAP”)
refer to such generally accepted accounting principles as interpreted in the United States of America.
The
Company confirms its agreement with the Underwriters as follows:
SECTION
1. Representations and Warranties of the Company.
The
Company (and each Subsidiary (as defined in Section 1(r)) to the extent applicable) represents and warrants to the Underwriters as follows
with the understanding that the same may be relied upon by the Underwriters in this offering, as of the date hereof and as of the Closing
Date (as defined below):
(a) Filing
of the Registration Statement. The Company has prepared and filed with the Securities and Exchange Commission (the “Commission”)
a registration statement on Form F-1 (File No. 333-275197), which contains a form of the prospectus to be used in connection with the
public offering and sale of the Offered Securities. Such registration statement, as amended, including the financial statements, exhibits,
and schedules thereto contained in the registration statement at the time such registration statement became effective, in the form in
which it was declared effective by the Commission under the Securities Act of 1933, as amended (the “Securities Act”),
and the rules and regulations promulgated thereunder (the “Securities Act Regulations”), and including any required
information deemed to be a part thereof at the time of effectiveness pursuant to Rule 430A under the Securities Act, or pursuant to the
Securities Exchange Act of 1934, as amended (collectively, the “Exchange Act”) and the rules and regulations promulgated
thereunder (the “Exchange Act Regulations”), is called the “Registration Statement.” Any registration
statement filed by the Company pursuant to Rule 462(b) under the Securities Act is called the “Rule 462(b) Registration Statement,”
and from and after the date and time of filing of Rule 462(b) Registration Statement, the term “Registration Statement”
shall include the Rule 462(b) Registration Statement. Such prospectus, in the form first filed pursuant to Rule 424(b) under the Securities
Act after the date and time that this Agreement is executed and delivered by the parties hereto, or, if no filing pursuant to Rule 424(b)
under the Securities Act is required, the form of the final prospectus relating to the Offered Securities included in the Registration
Statement at the effective date of the Registration Statement (“Effective Date”), is called the “Prospectus.”
All references in this Agreement to the Registration Statement, the Rule 462(b) Registration Statement, the preliminary prospectus included
in the Registration Statement (each, a “preliminary prospectus”), the Prospectus, or any amendments or supplements
to any of the foregoing, shall include any copy thereof filed with the Commission pursuant to its Electronic Data Gathering, Analysis,
and Retrieval System (“EDGAR”). The preliminary prospectus that was included in the Registration Statement immediately
prior to the Applicable Time (as defined below) is hereinafter called the “Pricing Prospectus.” Any reference to the
“most recent preliminary prospectus” shall be deemed to refer to the latest preliminary prospectus included in the Registration
Statement. Any reference herein to any preliminary prospectus or the Prospectus or any supplement or amendment to either thereof shall
be deemed to refer to and include any documents incorporated by reference therein as of the date of such reference.
(b)
“Applicable Time” means 1:00 p.m., Eastern Time, on the date of this Agreement.
(c) Compliance
with Registration Requirements. The Registration Statement has been declared effective by the Commission under the Securities Act
and the Securities Act Regulations on May 13, 2024. The Company has complied, to the Commission’s satisfaction, with all requests
of the Commission for additional or supplemental information. No stop order preventing or suspending the effectiveness of the Registration
Statement, or any Rule 462(b) Registration Statement is in effect and no proceedings for such purpose have been instituted or are pending
or, to the best knowledge of the Company, are contemplated or threatened by the Commission.
Each
preliminary prospectus and the Prospectus when filed complied or will comply in all material respects with the Securities Act and, if
filed by electronic transmission pursuant to EDGAR (except as may be permitted by Regulation S-T under the Securities Act), was identical
in content to the copy thereof delivered to the Underwriters for use in connection with the offer and sale of the Offered Securities,
other than with respect to any artwork and graphics that were not filed. Each of the Registration Statement, any Rule 462(b) Registration
Statement, and any post-effective amendment to either the Registration Statement or the Rule 462(b) Registration Statement, at the time
it became effective and at all subsequent times until the expiration of the prospectus delivery period required under Section 4(a)(3)
of the Securities Act, complied and will comply in all material respects with the Securities Act and the Securities Act Regulations and
did not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading. The Prospectus, as amended or supplemented, as of its date and at all subsequent
times until the Underwriters have completed the placement of the offering of the Offered Securities, did not and will not contain any
untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading. The representations and warranties set forth in the two immediately preceding
sentences do not apply to statements in or omissions from the Registration Statement or any Rule 462(b) Registration Statement, or any
post-effective amendment to either the Registration Statement or the Rule 462(b) Registration Statement, or in the Pricing Prospectus
or the Prospectus, or any amendment or supplement thereto, made in reliance upon and in conformity with information relating to the Underwriters
furnished to the Company in writing expressly for use therein, it being understood and agreed that the only such information furnished
on behalf of any of the Underwriters consists of (i) the name of the Underwriters contained on the cover page of the Pricing Prospectus
and Prospectus and (ii) the sub-sections titled “Price Stabilization” and “Electronic Offer, Sale and Distribution
of Securities,” in each case under the caption “Underwriting” in the Prospectus (the “Underwriter Information”).
There are no contracts or other documents required to be described in the Pricing Prospectus or the Prospectus or to be filed as exhibits
to the Registration Statement that has not been fairly and accurately described in all material respects or filed as required.
(d) Disclosure
Package. The term “Disclosure Package” shall mean (i) the Pricing Prospectus, as amended or supplemented, (ii)
each issuer free writing prospectus, as defined in Rule 433 under the Securities Act (each, an “Issuer Free Writing Prospectus”),
if any, identified in Schedule B hereto, (iii) the pricing terms set forth in Schedule C to this Agreement,
and (iv) any other free writing prospectus that the parties hereto shall hereafter expressly agree in writing to treat as part of the
Disclosure Package. As of the Applicable Time, the Disclosure Package did not contain any untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made,
not misleading. The preceding sentence does not apply to statements in or omissions from the Disclosure Package based upon and in conformity
with the Underwriter Information.
(e) Company
Not Ineligible Issuer. (i) At the time of filing the Registration Statement and (ii) as of the date of the execution and delivery
of this Agreement, the Company was not and is not an Ineligible Issuer (as defined in Rule 405 under the Securities Act), without taking
account any determination by the Commission pursuant to Rule 405 under the Securities Act that it is not necessary that the Company be
considered an Ineligible Issuer.
(f) Issuer
Free Writing Prospectuses. No Issuer Free Writing Prospectus includes any information that conflicts with the information contained
in the Registration Statement, including any document incorporated by reference therein that has not been superseded or modified. The
foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity
with the Underwriter Information.
(g) Offering
Materials Furnished to the Underwriters. The Company has delivered to the Underwriters copies of the Registration Statement and of
each consent and certificate of experts filed as a part thereof, and each preliminary prospectus and the Prospectus, as amended or supplemented,
in such quantities and at such places as the Underwriters has reasonably requested in writing.
(h) Distribution
of Offering Material by the Company. The Company has not distributed and will not distribute, prior to the completion of the Underwriters’
purchase of the Offered Securities, any offering material in connection with the offering and sale of the Offered Securities other than
a preliminary prospectus, the Prospectus, any Issuer Free Writing Prospectus reviewed and consented to by the Underwriters, and the Registration
Statement.
(i) The
Underwriting Agreement. This Agreement has been duly authorized, executed and delivered by, and is a valid and binding agreement
of, the Company, enforceable in accordance with its terms, except as rights to indemnification hereunder may be limited by applicable
law and except as the enforcement hereof may be limited by bankruptcy, insolvency, reorganization, moratorium, or other similar laws
relating to or affecting the rights and remedies of creditors or by general equitable principles.
(j) Authorization
of the Offered Securities. The Offered Securities to be sold by the Company through the Underwriters have been duly and validly authorized
by all required corporate action and have been reserved for issuance and sale pursuant to this Agreement and, when so issued and delivered
by the Company, will be validly issued, fully paid and non-assessable, free and clear of all Liens (as defined in Section 1(r) hereof)
imposed by the Company. The Company has reserved sufficient authorized but unissued Ordinary Shares for the issuance of the maximum number
of Offered Securities pursuant to the Offering as described in the Prospectus.
(k) No
Applicable Registration or Other Similar Rights. There are no persons with registration or other similar rights to have any securities
of the Company registered for sale under the Registration Statement.
(l) No
Material Adverse Change. Except as otherwise disclosed in the Disclosure Package, subsequent to the respective dates as of which
information is given in the Disclosure Package: (i) there has been no material adverse change, or any development that could reasonably
be expected to result in a material adverse change, in the condition, financial or otherwise, or in the earnings, business, prospects
or operations, whether or not arising from transactions in the ordinary course of business, of the Company (any such change, a “Material
Adverse Change”); (ii) the Company, to its knowledge, has not incurred any material liability or obligation, indirect, direct
or contingent, not in the ordinary course of business nor entered into any material transaction or agreement not in the ordinary course
of business; and (iii) there has been no dividend or distribution of any kind declared, paid or made by the Company in respect of its
shares. For purposes of this Agreement, the term “knowledge” or “known” or similar derivatives, shall mean the
knowledge of the members of the board of directors and senior executive officers named in the Registration Statement, each preliminary
prospectus and Disclosure Package after reasonable inquiry.
(m) Independent
Accountant. WWC, P.C. (the “Accountant”), which has expressed its opinions with respect to the audited financial
statements (which term as used in this Agreement includes the related notes thereto) of the Company filed with the Commission as a part
of the Registration Statement and included in the Disclosure Package and the Prospectus, is an independent registered public accounting
firm as required by the Securities Act and the Exchange Act.
(n) Preparation
of the Financial Statements. Each of the historical financial statements of the Company, respectively, filed with the Commission
as a part of the Registration Statement and included in the Disclosure Package and the Prospectus, presents fairly the information provided
as of and at the dates and for the periods indicated. Such financial statements comply as to form with the applicable accounting requirements
of the Securities Act and the Securities Act Regulations and have been prepared in conformity with U.S. GAAP applied on a consistent
basis throughout the periods involved, except as may be expressly stated in the related notes thereto. No other financial statements
or supporting schedules are required to be included or incorporated by reference in the Registration Statement. Each item of historical
financial data relating to the operations, assets, or liabilities of the Company set forth in summary form in each of the preliminary
prospectuses and the Prospectus fairly presents such information on a basis consistent with that of the complete financial statements
contained in the Registration Statement.
(o) Incorporation
and Good Standing. The Company has been duly incorporated and is validly existing and in good standing as an exempted company limited
by shares under the laws of the British Virgin Islands and has corporate power and authority to own, lease, and operate its properties
and to conduct its business as described in the Disclosure Package and the Prospectus and to enter into and perform its obligations under
this Agreement. As of the Closing, the Company does not own or control, directly or indirectly, any corporation, association, or other
entity that is not otherwise disclosed in the Disclosure Package.
(p) Capitalization
and Other Share Capital Matters. The authorized, issued and outstanding share capital of the Company is as set forth in each of the
Disclosure Package and the Prospectus (other than for subsequent issuances, if any, pursuant to employee benefit plans described in each
of the Disclosure Package and the Prospectus or upon exercise of outstanding options or warrants described in the Disclosure Package
and Prospectus, as the case may be). The Ordinary Shares conform, and when issued and delivered as provided in this Agreement, the Offered
Securities will conform, in all material respects to the description thereof contained in each of the Disclosure Package and Prospectus.
All of the issued and outstanding Ordinary Shares have been duly authorized and validly issued, are fully paid and non-assessable and
have been issued in compliance with applicable laws. None of the outstanding Ordinary Shares were issued in violation of any preemptive
rights, rights of first refusal, or other similar rights to subscribe for or purchase securities of the Company. There are no authorized
or outstanding options, warrants, preemptive rights, rights of first refusal, or other rights to purchase, or equity or debt securities
convertible into or exchangeable or exercisable for, any shares of the Company other than those described in the Disclosure Package and
the Prospectus. The description of the Company’s stock option and other share plans or arrangements, and the options or other rights
granted thereunder, if any, set forth in the Disclosure Package and the Prospectus accurately and fairly presents the information required
to be shown with respect to such plans, arrangements, options, and rights. No further approval or authorization of any shareholder, the
board of directors, or others is required for the issuance and sale of the Offered Securities. Except as set forth in the Disclosure
Package and the Prospectus, there are no shareholders agreements, voting agreements, or other similar agreements with respect to the
Company’s Ordinary Shares to which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s
shareholders.
(q) Non-Contravention
of Existing Instruments; No Further Authorizations or Approvals Required. The Company is not in violation of its certificate of incorporation
or memorandum and articles of association or in default (or, with the giving of notice or lapse of time, would be in default) (“Default”)
under any indenture, mortgage, loan or credit agreement, note, contract, franchise, lease or other instrument to which it is a party
or by which it may be bound (including, without limitation, any agreement or contract filed as an exhibit to the Registration Statement
or to which any of the property or assets of the Company are subject (each, an “Existing Instrument”)), except for
such Defaults as would not, individually or in the aggregate, result in a Material Adverse Change. The Company’s execution, delivery
and performance of this Agreement and consummation of the transactions contemplated hereby and by the Disclosure Package and the Prospectus
(i) have been duly authorized by all necessary corporate action and will not result in any violation of the provisions of the certificate
of incorporation or memorandum and articles of association of the Company, (ii) will not conflict with or constitute a breach of,
or Default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company
pursuant to, or require the consent of any other party to, any Existing Instrument and (iii) to its knowledge, will not result in any
violation of any law, administrative regulation or administrative or court decree applicable to the Company, except in the case of each
of clauses (ii) and (iii), to the extent such conflict, breach Default or violation could not reasonably be expected to result in a Material
Adverse Effect. No consent, approval, authorization, or other order of, or registration or filing with, any court or other governmental
or regulatory authority or agency, is required for the Company’s execution, delivery, and performance of this Agreement and consummation
of the transactions contemplated hereby and by the Disclosure Package and the Prospectus, except the registration or qualification of
the Offered Securities under the Securities Act and applicable state securities or blue sky laws and from the Financial Industry Regulatory
Authority, Inc. (“FINRA”).
(r) Subsidiaries. Each
of the Company’s direct and indirect subsidiaries (each a “Subsidiary” and collectively, the “Subsidiaries”)
has been identified on Schedule E hereto. Each of the Subsidiaries has been duly formed, is validly existing under the
laws of Hong Kong, and in good standing under the laws of the jurisdiction of its incorporation, has full power and authority (corporate
or otherwise) to own its property and to conduct its business as described in the Prospectus, and is duly qualified to transact business
and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such
qualification, except to the extent that the failure to be so qualified or be in good standing would not result in a Material Adverse
Change on the Company and its Subsidiaries, taken as a whole. Except as otherwise disclosed in the Disclosure Package and the Prospectus,
all of the equity interests of each Subsidiary have been duly and validly authorized and issued, are owned directly or indirectly by
the Company, are fully paid in accordance with its articles of association and non-assessable and are free and clear of all liens, encumbrances,
equities or claims (“Liens”). None of the outstanding share capital or equity interest in any Subsidiary was issued
in violation of preemptive or similar rights of any security holder of such Subsidiary. All of the constitutive or organizational documents
of each of the Subsidiaries comply with the requirements of applicable laws of its jurisdiction of incorporation or organization and
are in full force and effect. Apart from the Subsidiaries, the Company has no direct or indirect subsidiaries or any other company over
which it has direct or indirect effective control. Other than the Subsidiaries, the Company does not directly or indirectly control any
entity through contractual arrangements or otherwise such that the entity would be deemed a consolidated affiliated entity whose financial
results would be consolidated under U.S. GAAP with the financial results of the Company on the consolidated financial statements of the
Company, regardless of whether the Company directly or indirectly owns less than a majority of the equity interests of such person.
(s) No
Material Actions or Proceedings. Except as otherwise disclosed in the Disclosure Package and the Prospectus, to the Company’s
knowledge, there are no legal, governmental, or regulatory investigations, actions, demands, claims, suits, arbitrations, inquiries,
or proceedings (collectively, “Actions”) pending or, to the Company’s knowledge, threatened (i) against the
Company, (ii) which have as the subject thereof any officer or director (in such capacities) of, or property owned or leased by, the
Company, where in any such case (A) there is a reasonable possibility that such Action might be determined adversely to the Company and
(B) any such Action, if so determined adversely, would reasonably be expected to result in a Material Adverse Change or adversely affect
the consummation of the transactions contemplated by this Agreement. Except as otherwise disclosed in the Disclosure Package and the
Prospectus, no material labor dispute with the employees of the Company exists or, to the Company’s knowledge, is threatened or
imminent. None of the Company’s or its Subsidiaries’ employees is a member of a union that relates to such employee’s
relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries are a party to a collective bargaining
agreement, and the Company and its Subsidiaries believe that their relationships with their employees are good. No executive officer,
to the knowledge of the Company, is in violation of any material term of any employment contract, confidentiality, disclosure or proprietary
information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third
party, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability
with respect to any of the foregoing matters. Except as otherwise disclosed in the Disclosure Package and the Prospectus, the Company
and its Subsidiaries are in compliance with all applicable laws and regulations relating to employment and employment practices, terms
and conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Change. Neither the Company nor any Subsidiary, nor any director or officer thereof,
is or has within the last 10 years been the subject of any Action involving a claim of violation of or liability under federal or state
securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Company, there is not pending
or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company.
(t) Intellectual
Property Rights. Except as otherwise disclosed in the Registration Statement, the Disclosure Package and the Prospectus, the Company
owns, possesses, or licenses, and otherwise has legally enforceable rights to use all patents, patent applications, trademarks, trade
names, copyrights, domain names, licenses, approvals, and trade secrets (collectively, “Intellectual Property Rights”)
necessary to conduct its business as now conducted or, otherwise, as disclosed in the Registration Statement, the Disclosure Package
and the Prospectus, except to the extent such failure to own, possess or have other rights to use such Intellectual Property would not
be expected to result in a Material Adverse Change. Except as otherwise disclosed in the Registration Statement, the Disclosure Package
and the Prospectus: (i) the Company has not received any written notice of infringement or conflict with asserted Intellectual Property
Rights of others; (ii) the Company is not a party to or bound by any options, licenses or agreements with respect to the Intellectual
Property Rights of any other person or entity that are required to be set forth in the Registration Statement, Disclosure Package and
the Prospectus and are not described in all material respects; (iii) to the Company’s knowledge, none of the technology employed
by the Company has been obtained or is being used by the Company in violation of any contractual obligation binding on the Company or
in violation of the rights of any persons; and (iv) the Company is not subject to any judgment, order, writ, injunction or decree of
any court or any governmental department, commission, board, bureau, agency or instrumentality, or any arbitrator, nor has it entered
into nor is it a party to any agreement made in settlement of any pending or threatened litigation, which materially restricts or impairs
its use of any Intellectual Property Rights.
(u) All
Necessary Permits, etc. Except as otherwise disclosed in the Disclosure Package and the Prospectus, the Company possesses such valid
and current certificates, authorizations, or permits issued by the applicable regulatory agencies or bodies necessary to conduct its
business, and the Company has not received any notice of proceedings relating to the revocation or modification of, or non-compliance
with, any such certificate, authorization or permit.
(v) Title
to Properties. Except as otherwise disclosed in the Disclosure Package and the Prospectus, the Company has good and marketable title
to all the properties and assets reflected as owned by it in the financial statements referred to in Section 1(n) above
(or elsewhere in the Disclosure Package and the Prospectus), in each case free and clear of any security interest, mortgage, lien, encumbrance,
equity, adverse claim or other defect, except such as do not materially and adversely affect the value of such property and do not materially
interfere with the use made or proposed to be made of such property by the Company. The real property, improvements, equipment, and personal
property held under lease by the Company are held under valid and enforceable leases, with such exceptions as are not material and do
not materially interfere with the use made or proposed to be made of such real property, improvements, equipment, or personal property
by the Company.
(w) Tax
Law Compliance. The Company and its Subsidiaries have each filed all necessary income tax returns or have timely and properly filed
requested extensions thereof and have paid all taxes required to be paid by them and, if due and payable, any related or similar assessment,
fine, or penalty levied against any of them. The Company has made adequate charges, accruals, and reserves in the applicable financial
statements referred to in Section 1(n) above in respect of all federal, state, and foreign income and franchise taxes
for all periods as to which the tax liability of the Company has not been finally determined.
(x) Company
Not an “Investment Company.” The Company is not, and after giving effect to payment for the Offered Securities and
the application of the proceeds as contemplated under the caption “Use of Proceeds” in each of the Disclosure Package and
the Prospectus will not be, required to register as an “investment company” within the meaning of the Investment Company
Act of 1940, as amended (the “Investment Company Act”).
(y) FINRA
Affiliation. No officer, director, or any beneficial owner of 10% or more of the Company’s unregistered securities has any
direct or indirect affiliation or association with any Participating Member (as defined under FINRA rules). The Company will advise the
Representative if it learns that any officer, director, or owner of 10% or more of the Company’s outstanding Ordinary Shares is
or becomes an affiliate or registered person of a Participating Member.
(z) No
Price Stabilization or Manipulation. The Company has not taken and will not take, directly or indirectly, any action designed to,
or that might be reasonably expected to cause or result in, stabilization or manipulation of the price of any securities of the Company
to facilitate the sale or resale of the Offered Securities.
(aa) Related
Party Transactions. There are no business relationships or related-party transactions involving the Company or any other person required
to be described or filed in the Registration Statement, or described in the Disclosure Package or the Prospectus, that have not been
as set forth in the Registration Statement, the Prospectus and the Pricing Prospectus.
(bb) Disclosure
Controls and Procedures. Except as otherwise disclosed in the Disclosure Package and the Prospectus, the Company has established
and maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) of the Exchange Act Regulations) designed
to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded,
processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Except as otherwise
disclosed in the Disclosure Package and the Prospectus, the Company is not aware of (a) any significant deficiency in the design or operation
of internal controls which could adversely affect the Company’s ability to record, process, summarize and report financial data
or any material weaknesses in internal controls or (b) any fraud, whether or not material, that involves management or other employees
who have a significant role in the Company’s internal controls.
(cc) Company’s
Accounting System. Except as otherwise disclosed in the Disclosure Package and the Prospectus, the Company maintains a system of
accounting controls designed to provide reasonable assurances that (i) transactions are executed in accordance with management’s
general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity
with U.S. GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management’s
general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals
and appropriate action is taken with respect to any differences.
(dd) Money
Laundering Law Compliance. The operations of the Company are and have been conducted at all times in material compliance with all
applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III of the
Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT
Act), and the applicable anti-money laundering statutes of jurisdictions where the Company conducts business, the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any competent governmental
agency (collectively, the “Anti-Money Laundering Laws”), and no action, suit or proceeding by or before any court
or governmental agency, authority or body or any arbitrator involving the Company with respect to the Anti-Money Laundering Laws is pending
or, to the knowledge of the Company, threatened.
(ee) OFAC.
(i) Neither the Company, any of its Subsidiaries nor, to the knowledge of the Company, any director, officer, employee or affiliate of
the Company or any Subsidiary, or any other person authorized to act on behalf of the Company, is an individual or entity (“Person”)
that is, or is owned or controlled by a Person that is: (A) the subject of any sanctions administered or enforced by the U.S. Department
of Treasury’s Office of Foreign Assets Control (“OFAC”), the United Nations Security Council (“UNSC”),
the European Union (“EU”), Her Majesty’s Treasury (“HMT”), or other relevant sanctions authority
(collectively, “Sanctions”), nor (B) located, organized, or resident in a country or territory that is the subject
of Sanctions (including, without limitation, the Russian Federation, Burma/Myanmar, Cuba, Iran, Libya, North Korea, Sudan, and Syria).
(ii)
The Company will not, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such
proceeds to any Subsidiary or affiliated entity, joint venture partner, or other Person: (A) to fund or facilitate any activities or
business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions;
or (B) in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the offering,
whether as the underwriter, advisor, investor, or otherwise).
(ff) Compliance
with Anti-Corruption Laws. None of the Company, or any Subsidiary or any of their respective directors, officers, or employees, or,
to the knowledge of the Company, any affiliate, agent or representatives of the Company or any Subsidiary, or other person acting on
behalf of the Company and the Subsidiaries: (i) is aware of or has taken any action, directly or indirectly, that would result in
a violation by such persons of, as applicable, the U.S. Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations
thereunder,) and any other applicable anti-bribery or anti-corruption laws, rules or regulations; (ii) has used any corporate funds
for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (iii) has taken or
will take any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment or giving of money,
property, gifts or anything else of value, directly or indirectly to any foreign or domestic (a) government official, (b) government
employee or employee of government-owned or controlled entity or of a public international organization, (c) any person acting in
an official capacity for or on behalf of any of the foregoing, or (d) political party or official of any political party or any
candidate for any political office, in each case in order to influence official action or secure an improper advantage; (iv) has
made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including, any bribe,
rebate, pay-off, influence payment, kick-back or other unlawful or improper payment or benefit; or (v) will use, directly or indirectly,
the proceeds of the offering of the Offered Securities in furtherance of an offer, payment, promise to pay, or authorization of the payment
or giving of money, or anything else of value, to any person in violation of any applicable anti-corruption laws. The Company and the
Subsidiaries and, to the knowledge of the Company, its other affiliates have conducted their businesses in compliance with all applicable
anti-corruption and anti-bribery laws. The Company and the Subsidiaries have instituted and will continue to maintain, policies and procedures
designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith and with the representations
and warranties contained herein;
(gg) Compliance
with Sarbanes-Oxley Act of 2002. To the extent applicable, the Company has taken all necessary actions to ensure that it will be,
on the Closing Date, in full compliance with any provision applicable to it of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley
Act”) and the rules and regulations promulgated in connection therewith, including, without limitation, Section 402 related
to loans and Sections 302 and 906 related to certifications of the Sarbanes-Oxley Act.
(hh) Exchange
Act Filing. A registration statement in respect of the Ordinary Shares has been filed on Form 8-A pursuant to Section 12(b) of the
Exchange Act, which registration statement complies in all material respects with the Exchange Act, and the Company has taken no action
designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Ordinary Shares under the
Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration.
(ii) Earning
Statements. The Company will make generally available to its security holders as soon as practicable, but in any event not later
than 16 months after the end of the Company’s current fiscal year, an earnings statement (including filings pursuant to the Exchange
Act made publicly through the EDGAR system), which need not be audited, covering a 12-month period that shall satisfy the provisions
of Section 11(a) of the Securities Act and Rule 158 of the Securities Act.
(jj) Periodic
Reporting Obligations. During the Prospectus Delivery Period, the Company shall file, on a timely basis, with the Commission all
reports and documents required to be filed under the Exchange Act. Additionally, the Company shall report the use of proceeds from the
issuance of the Firm Shares as may be required under Rule 463 under the Securities Act.
(kk) Valid
Title. Except as otherwise disclosed in the Disclosure Package and the Prospectus, the Company has legal and valid title to all of
its properties and assets, free and clear of all liens, charges, encumbrances, equities, claims, options, and restrictions except such
as do not materially and adversely affect the value of such property and do not materially interfere with the use made or proposed to
be made of such property by such entity; each lease agreement to which it is a party is duly executed and legally binding; its leasehold
interests are set forth in and governed by the terms of any lease agreements, and, to the Company’s knowledge such agreements are
valid, binding and enforceable in accordance with their respective terms; and the Company does not own, operate, manage or have any other
right or interest in any other material real property of any kind, except as described in the Prospectus or the Disclosure Package.
(ll) Foreign
Tax Compliance. Except as otherwise disclosed in the Disclosure Package and the Prospectus, no transaction, stamp, capital or other
issuance, registration, transaction, transfer, or withholding taxes or duties are payable in Hong Kong, or the British Virgin Islands
to any Hong Kong or the British Virgin Islands taxing authority in connection with the issuance, sale, and delivery of the Offered Securities,
and the delivery of the Offered Securities to or for the account of the Underwriters.
(mm) D&O
Questionnaires. To the Company’s knowledge, all information contained in the questionnaires (the “Questionnaires”)
completed by each of the Company’s directors and officers prior to the Offering (the “Insiders”) as well as
in the Insider Lock-Up Agreement (as defined below) in the form attached hereto as Exhibit A provided to the Representative
is true and correct in all respects and the Company has not become aware of any information which would cause the information disclosed
in the Questionnaires completed by each Insider to become inaccurate and incorrect.
Any
certificate signed by an officer of the Company and delivered to the Representative or to counsel for the Representative shall be deemed
to be a representation and warranty by the Company to the Underwriters as to the matters set forth therein. The Company acknowledges
that the Underwriters and, for purposes of the opinions to be delivered pursuant to Section 5 hereof, counsel to the Company, will rely
upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.
(nn) Solvency.
Based on the consolidated financial condition of the Company as of each Closing Date, after giving effect to the receipt by the Company
of the proceeds from the sale of the Offered Securities hereunder, the current cash flow of the Company, together with the proceeds the
Company would receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, are sufficient
to pay all amounts on or in respect of its liabilities when such amounts are required to be paid. The Company does not intend to incur
debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in
respect of its debt). Except as set forth in the Registration Statement and the Prospectus, the Company has no knowledge of any facts
or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization
laws of any jurisdiction within one year from each Closing Date. The Registration Statement and the Prospectus set forth as of the date
hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary
has commitments. For the purposes of this Agreement, “Indebtedness” means (x) any liabilities for borrowed money or
amounts owed in excess of $150,000 (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties,
endorsements, and other contingent obligations in respect of indebtedness of others, whether or not the same are or should be reflected
in the Company’s consolidated balance sheet (or the notes thereto), except guaranties by the endorsement of negotiable instruments
for deposit or collection or similar transactions in the ordinary course of business; and (z) the present value of any lease payments
in excess of $50,000 due under leases required to be capitalized in accordance with U.S. GAAP. Except as set forth in the Registration
Statement and the Prospectus, neither the Company nor any Subsidiary is in default with respect to any Indebtedness.
(oo) Regulation
M Compliance. The Company has not, and to its knowledge no one authorized to act on its behalf has, (i) taken, directly or indirectly,
any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of any of the Offered Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases
of, any of the Offered Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any
other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Underwriter in connection
with the Offering.
(pp) Testing
the Waters Communications. The Company (a) has not alone engaged in any Testing-the-Waters Communication other than Testing-the-Waters
Communications with the consent of the Underwriters with entities that are qualified institutional buyers within the meaning of Rule
144A under the Securities Act or institutions that are accredited investors within the meaning of Rule 501 under the Securities Act and
(b) has not authorized anyone other than the Underwriters to engage in Testing-the-Waters Communications. The Company reconfirms that
the Underwriters have been authorized to act on its behalf in undertaking Testing-the-Waters Communications. The Company has not distributed
any Written Testing-the-Waters Communications.
(qq) Bank
Holding Company Act. Neither the Company nor any of its Subsidiaries are subject to the Bank Holding Company Act of 1956, as amended
(the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve”).
Neither the Company nor any of its Subsidiaries own or controls, directly or indirectly, five percent or more of the outstanding shares
of any class of voting securities or 25% or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation
by the Federal Reserve. Neither the Company nor any of its Subsidiaries exercise a controlling influence over the management or policies
of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.
(rr) U.S.
Real Property Holding Corporation. The Company is not and has never been a U.S. real property holding corporation within the meaning
of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon the Underwriters’ request.
(ss) Margin
Securities. The Company owns no “margin securities” as that term is defined in Regulation U of the Board of Governors
of the Federal Reserve System (the “Federal Reserve Board”), and none of the proceeds of Offering will be used, directly
or indirectly, for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring any indebtedness
which was originally incurred to purchase or carry any margin security or for any other purpose which might cause any of the Offered
Securities to be considered a “purpose credit” within the meanings of Regulation T, U or X of the Federal Reserve Board.
(tt) Integration.
Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf has, directly or indirectly, made any offers
or sales of any security or solicited any offers to buy any security, under circumstances that would cause the Offering to be integrated
with prior offerings by the Company for purposes of the Securities Act that would require the registration of any such securities under
the Securities Act.
(uu) No
Fiduciary Duties. The Company acknowledges and agrees that the Underwriters’ responsibility to the Company is solely contractual
in nature and that none of the Underwriters or their affiliates or any selling agent shall be deemed to be acting in a fiduciary capacity,
or otherwise owes any fiduciary duty to the Company or any of its affiliates in connection with the Offering and the other transactions
contemplated by this Agreement. Notwithstanding anything in this Agreement to the contrary, the Company acknowledges that the Underwriters
may have financial interests in the success of the Offering that are not limited to the difference between the price to the public and
the purchase price paid to the Company by the Underwriters for the Offered Securities, and the Underwriters have no obligation to disclose,
or account to the Company for, any of such additional financial interests. The Company hereby waives and releases, to the fullest extent
permitted by law, any claims that the Company may have against the Underwriters with respect to any breach or alleged breach of fiduciary
duty.
(vv)
Foreign Private Issuer. The Company is a “foreign private issuer” as defined in Rule 405 under the Securities Act.
(ww)
PFIC Status. Based on the past and projected composition of its income and assets, and the valuation of its assets, including
goodwill, the Company does not expect to be a “passive foreign investment company” (“PFIC”) as defined
in Section 1297 of the United States Internal Revenue Code of 1986, as amended, for its current taxable year or in the foreseeable
future.
(xx)
Payments in Foreign Currency. Under current laws and regulations of the British Virgin Islands and any political subdivision thereof,
all dividends and other distributions declared and payable on the Ordinary Shares may be paid by the Company to the holders in United
States dollars and all such payments made to holders thereof who are non-residents of the British Virgin Islands will not be subject
to income, withholding or other taxes under laws and regulations of the British Virgin Islands or any political subdivision or taxing
authority thereof or therein and will otherwise be free and clear of any other tax, duty, withholding or deduction in the British Virgin
Islands or any political subdivision or taxing authority thereof or therein and without the necessity of obtaining any governmental authorization
in the British Virgin Islands or any political subdivision or taxing authority thereof or therein.
(yy)
Validity of the Agreements. This Agreement is in proper form to be enforceable against the Company in the British Virgin Islands
in accordance with its terms (except as rights to indemnification hereunder or thereunder may be limited by applicable law and except
as the enforcement hereof or thereof may be limited by bankruptcy, insolvency, reorganization, moratorium, or other similar laws relating
to or affecting the rights and remedies of creditors or by general equitable principles); to ensure the legality, validity, enforceability
or admissibility into evidence in the British Virgin Islands of this Agreement, it is not necessary that this Agreement be filed or recorded
with any court or other authority in the British Virgin Islands (other than court filings in the ordinary course of proceedings) or that
any stamp duty or similar tax in the British Virgin Islands be paid on or in respect of this Agreement or any other documents to be furnished
hereunder (other than nominal stamp duty payable on the enforcement of any documents) save and except that British Virgin Islands stamp
duty may be payable if the original of any such document is executed in, or brought into, the British Virgin Islands.
(zz)
Validity of Choice of Law. The choice of the law of the State of New York as the governing law of this Agreement is a valid choice
of law under the laws of the British Virgin Islands and will be honored by courts in the British Virgin Islands. The Company has the
power to submit, and has legally, validly, effectively and irrevocably submitted to the personal jurisdiction of each United States federal
court and New York state court located in the Borough of Manhattan, in the City of New York, New York, U.S.A. (each, a “New
York Court”). The Company has the power to submit to the personal jurisdiction of each New York Court. The Company has the
power to designate, appoint and authorize, and has legally, validly, effectively and irrevocably designated, appointed an authorized
agent for service of process in any action arising out of or relating to this Agreement in any New York Court, and service of process
effected on such authorized agent will be effective to confer valid personal jurisdiction over the Company.
(aaa)
No Immunity. None of the Company or any of their respective properties, assets or revenues has any right of immunity under British
Virgin Islands, Hong Kong or New York law, from any legal action, suit or proceeding, from the giving of any relief in any such legal
action, suit or proceeding, from set-off or counterclaim, from the jurisdiction of any British Virgin Islands, Hong Kong, New York or
United States federal court, from service of process, attachment upon or prior to judgment, or attachment in aid of execution of judgment,
or from execution of a judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of a judgment,
in any such court, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this
Agreement; and, to the extent that the Company, or any of their properties, assets or revenues may have or may hereafter become entitled
to any such right of immunity in any such court in which proceedings may at any time be commenced, the Company waives or will waive such
right to the extent permitted by law and has consented to such relief and enforcement.
(bbb)
Enforceability of Judgment. Except as disclosed in the Registration Statement, the Pricing Prospectus, and the Prospectus under the
caption “Enforceability of Civil Liabilities,” any final judgment for a fixed sum of money rendered by a New York Court having
jurisdiction under its own domestic laws in respect of any suit, action or proceeding against the Company based upon this Agreement,
would be recognized and enforced against the Company by British Virgin Islands courts without re-examining the merits of the case under
the common law doctrine of obligation provided that (a) such New York court had proper jurisdiction over the parties subject to
such judgment; (b) such New York court did not contravene the rules of natural justice of the British Virgin Islands; (c) such
judgment was not obtained by fraud; (d) the enforcement of the judgment would not be contrary to the public policy of the British
Virgin Islands; (e) no new admissible evidence relevant to the action is submitted prior to the rendering of the judgment by the
courts of the British Virgin Islands; and (f) there is due compliance with the correct procedures under the laws of the British
Virgin Islands.
(ccc)
Compliance with Sanctions Laws. None of the Company or any Subsidiary or any of their respective directors, officers, employees,
or, to the knowledge of the Company, any affiliate, agent or representatives of or any person acting on behalf of the Company (i) is
an individual or entity (“Person”) that is, or is owned 50% or more or controlled by one or more Persons that are
(such Persons referred to as “Sanctioned Persons”): (A) the subject or the target of any sanctions administered or
enforced by OFAC, the U.S. Department of State and including, without limitation, the designation as a “specially designated national”
or “blocked person,” the UNSC, the EU, HMT, the Swiss Secretariat of Economic Affairs (“SECO”), the Hong
Kong Monetary Authority (“HKMA”), the Monetary Authority of Singapore (“MAS”), or other relevant
sanctions authority (collectively, “Sanctions”), or (B) located, organized or resident in, or a national, governmental
entity, or agent of, a country or territory that is, or whose government is, the subject or the target of Sanctions that broadly prohibit
dealings with that country or territory (including, currently, the Crimea region of Ukraine, Cuba, Iran, North Korea, and Syria); or
(ii) is engaged in any activities sanctionable under the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010,
the Iran Sanctions Act, the Iran Threat Reduction and Syria Human Rights Act, or any applicable Sanctions executive order. The Company
represents and covenants that the Company will not, directly or knowingly indirectly, use the proceeds of the offering, or lend, contribute
or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person: (A) to fund or facilitate any
activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is, or
whose government is, the subject or the target of Sanctions; or (B) in any other manner that will result in a violation of Sanctions
by, or could result in the imposition of Sanctions against, any Person (including any Person participating in the offering, whether as
underwriter, advisor, investor or otherwise). The Company represents and covenants that, for the past five years, the Company has not
knowingly engaged in, are not now knowingly engaged in, and will not engage in, any dealings or transactions with any Person, or in any
country or territory, that at the time of the dealing or transaction is or was, or whose government is or was, the subject or the target
of Sanctions; other than with respect to the Underwriters, as to which the Company makes no representation, none of the issue and sale
of the Offered Securities, the execution, delivery and performance of this Agreement, the consummation of any other transaction contemplated
hereby, or the provision of services contemplated by this Agreement to the Company will result in a violation of any of the Sanctions.
(ddd)
Critical Accounting Policies. The statements set forth under the heading “Critical Accounting Policies and Management Estimates”
in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in
the Registration Statement, the Pricing Prospectus and the Prospectus, accurately and fully describes in all material respects of: (A)
accounting policies which the Company believes are the most important in the portrayal of the financial condition and results of operations
of the Company and the Subsidiaries on a consolidated basis and which require management’s most difficult, subjective or complex
judgments (“critical accounting policies”); (B) judgments and uncertainties affecting the application of critical
accounting policies; and (C) explanation of the likelihood that materially different amounts would be reported under different conditions
or using different assumptions. The Company’s board of directors and senior management have reviewed and agreed with the selection,
application and disclosure of critical accounting policies. The section entitled “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” in the Registration Statement, the Pricing Prospectus and the Prospectus, accurately
and fully describes: (x) all material trends, demands, commitments, events, uncertainties and risks, and the potential effects thereof,
that the Company believes would materially affect liquidity and are reasonably likely to occur; and (y) all material off-balance sheet
arrangements that have or are reasonably likely to have a current or future effect on the financial condition, changes in financial condition,
revenues or expenses, results of operations, liquidity, capital expenditures or capital resources of the Company and the Subsidiaries
on a consolidated basis. There are no outstanding guarantees or other contingent obligations of the Company or the Subsidiaries that
could reasonably be expected to have a Material Adverse Effect. All tax relief, concession and preferential treatment obtained by the
Company or the Subsidiaries are valid, binding and enforceable.
(eee)
Payment of Dividends. Except as disclosed in the Registration Statement, Pricing Prospectus and the Prospectus, none of the Company’s
Subsidiaries is currently prohibited, directly or indirectly, from paying any dividends to the Company or its other subsidiaries, from
making any other distribution on such Subsidiary’s shares, from repaying to the Company or the other subsidiaries any loans or
advances to such Subsidiary from the Company or the other subsidiaries or from transferring any of such Subsidiary’s property or
assets to the Company or any other subsidiary.
SECTION
2. Firm Shares.
(a) Purchase
of Firm Shares. On the basis of the representations and warranties herein contained, but subject to the terms and conditions herein
set forth, the Company agrees to issue and sell to the Underwriters an aggregate of 1,500,000 Firm Shares at a purchase price (net of
discounts) of $3.7 per Ordinary Share. The Underwriters agree to purchase from the Company the Firm Shares.
(b) Delivery
of and Payment for Firm Shares. Delivery of and payment for the Firm Shares shall be made at 10:00 A.M., Eastern time, on the third
(3rd) Business Day following the Applicable Time, or at such time as shall be agreed upon by the Underwriters and the Company,
at the offices of the Representative’s counsel or at such other place as shall be agreed upon by the Underwriters and the Company.
The hour and date of delivery of and payment for the Firm Shares are called the “Closing Date.” The closing of the
payment of the purchase price is referred to herein as the “Closing.” Payment for the Firm Shares shall be made on
the Closing Date by wire transfer in Federal (same day) funds upon delivery to the Underwriters of certificates (in form and substance
reasonably satisfactory to the Underwriters) representing the Firm Shares (or if uncertificated through the full fast transfer facilities
of the Depository Trust Company (the “DTC”)) for the account of the Underwriters. The Firm Shares shall be registered
in such names and in such denominations as the Underwriters may request in writing at least two Business Days prior to the Closing Date.
If certificated, the Company will permit the Underwriters to examine and package the Firm Shares for delivery at least one full Business
Day prior to the Closing Date. The Company shall not be obligated to sell or deliver the Firm Shares except upon tender of payment by
the Underwriters for all the Firm Shares. A “Business Day: means any day other than Saturday, Sunday or other day on which commercial
banks in the City of New York are authorized or required by law to remain closed; provided that banks shall not be deemed to be authorized
or obligated to be closed due to a “shelter in place,” “non-essential employee” or similar closure of physical
branch locations at the direction of any governmental authority if such banks’ electronic funds’ transfer systems (including
for wire transfers) are open for use by customers on such day.
(c) Underwriting
Discount. In consideration of the services to be provided for hereunder, the Underwriters shall receive a seven point five percent
(7.5%) underwriting discount, with respect to any Offered Securities sold to investors in this Offering.
SECTION
3. Covenants of the Company.
The
Company covenants and agrees with the Underwriters as follows:
(a) Underwriters’
Review of Proposed Amendments and Supplements. During the period beginning at the Applicable Time and ending on the later of the
Closing Date or such date as, in the opinion of Representative’s counsel, the Prospectus is no longer required by law to be delivered
in connection with sales by the Underwriters or selected dealers, including under circumstances where such requirement may be satisfied
pursuant to Rule 172 under the Securities Act (the “Prospectus Delivery Period”), prior to amending or supplementing
the Registration Statement or the Prospectus, including any amendment or supplement through incorporation by reference of any report
filed under the Exchange Act, the Company shall furnish to the Underwriters for review a copy of each such proposed amendment or supplement,
and the Company shall not file any such proposed amendment or supplement to which the Underwriters reasonably objects.
(b) Securities
Act Compliance. After the date of this Agreement, during the Prospectus Delivery Period, the Company shall promptly advise the Underwriters
in writing (i) of the receipt of any comments of, or requests for additional or supplemental information from, the Commission, (ii) of
the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement to the Pricing
Prospectus or the Prospectus, (iii) of the time and date that any post-effective amendment to the Registration Statement becomes effective
and (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective
amendment thereto or of any order or notice preventing or suspending the use of the Registration Statement, the Pricing Prospectus or
the Prospectus, or of any proceedings to remove, suspend or terminate from listing or quotation the Offered Securities from any securities
exchange upon which it is listed for trading or included or designated for quotation, or of the threatening or initiation of any proceedings
for any of such purposes. If the Commission shall enter any such stop order or order or notice of prevention or suspension at any time,
the Company will use commercially reasonable efforts to obtain the lifting of such order at the earliest possible moment, or will file
a new registration statement and use commercially reasonable efforts to have such new registration statement declared effective as soon
as practicable. Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b) and 430A, as applicable, under
the Securities Act, including with respect to the timely filing of documents thereunder, and will confirm that any filings made by the
Company under such Rule 424(b) were received in a timely manner by the Commission.
(c) Exchange
Act Compliance. During the Prospectus Delivery Period, to the extent the Company becomes subject to reporting obligation under the
Exchange Act, the Company will file all documents required to be filed with the Commission pursuant to Sections 13, 14, or 15 of the
Exchange Act in the manner and within the time periods required by the Exchange Act.
(d) Amendments
and Supplements to the Registration Statement, Prospectus, and Other Securities Act Matters. If, during the Prospectus Delivery Period,
any event or development shall occur or condition exist as a result of which the Disclosure Package or the Prospectus as then amended
or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the
statements therein in the light of the circumstances under which they were made, as the case may be, not misleading, or if it shall be
necessary to amend or supplement the Disclosure Package or the Prospectus, in order to make the statements therein, in the light of the
circumstances under which they were made, as the case may be, not misleading, or if in the opinion of the Underwriters it is otherwise
necessary to amend or supplement the Registration Statement, the Disclosure Package or the Prospectus, or to file a new registration
statement containing the Prospectus, in order to comply with law, including in connection with the delivery of the Prospectus, the Company
agrees to (i) notify the Underwriters of any such event or condition (unless such event or condition was previously brought to the Company’s
attention by the Underwriters during the Prospectus Delivery Period) and (ii) promptly prepare (subject to Section 3(a) and Section
3(f) hereof), file with the Commission (and use commercially reasonable efforts to have any amendment to the Registration Statement
or any new registration statement to be declared effective) and furnish at its own expense to the Underwriters and to dealers, amendments
or supplements to the Registration Statement, the Disclosure Package or the Prospectus, or any new registration statement, necessary
in order to make the statements in the Disclosure Package or the Prospectus as so amended or supplemented, in the light of the circumstances
under which they were made, as the case may be, not misleading or so that the Registration Statement, the Disclosure Package or the Prospectus,
as amended or supplemented, will comply with law.
(e) Permitted
Free Writing Prospectuses. The Company represents that it has not made, and agrees that, unless it obtains the prior written consent
of the Underwriters, it will not make, any offer relating to the Offered Securities that would constitute an Issuer Free Writing Prospectus
or that would otherwise constitute a “free writing prospectus” (as defined in Rule 405 under the Securities Act) required
to be filed by the Company with the Commission or retained by the Company under Rule 433 under the Securities Act; provided that the
prior written consent of the Underwriters hereto shall be deemed to have been given in respect of each free writing prospectuses listed
on Schedule B hereto. Any such free writing prospectus consented to by the Underwriters is hereinafter referred to as
a “Permitted Free Writing Prospectus.” The Company agrees that (i) it has treated and will treat, as the case may
be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus, and (ii) has complied and will comply, as the case may
be, with the requirements of Rules 164 and 433 under the Securities Act applicable to any Permitted Free Writing Prospectus, including
in respect of timely filing with the Commission, legend-setting and record keeping.
(f) Copies
of any Amendments and Supplements to the Prospectus. The Company agrees to furnish the Underwriters, without charge, during the Prospectus
Delivery Period, as many copies of each of the preliminary prospectuses, the Prospectus, and the Disclosure Package, and any amendments
and supplements thereto (including any documents incorporated or deemed incorporated by reference therein) as the Underwriters may reasonably
request.
(g) Use
of Proceeds. The Company shall apply the net proceeds from the sale of the Offered Securities sold by it in the manner described
under the caption “Use of Proceeds” in the Disclosure Package and the Prospectus.
(h) Transfer
Agent. The Company shall engage and maintain, at its expense, a registrar and transfer agent for the Offered Securities for not less
than three years after the Closing Date.
(i) Internal
Controls. The Company will maintain a system of internal accounting controls designed to provide reasonable assurances that: (i)
transactions are executed in accordance with management’s general or specific authorization; (ii) transactions are recorded as
necessary in order to permit preparation of financial statements in accordance with U.S. GAAP and to maintain accountability for assets;
(iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded
accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any
differences. The internal controls, upon consummation of the offering of the Offered Securities, will be, overseen by the Audit Committee
(the “Audit Committee”) of the Board in accordance with the rules of the Nasdaq Stock Market (“Nasdaq”).
(j) Exchange
Listing. The Ordinary Shares have been duly authorized for listing on the Nasdaq Capital Market, subject to official notice of issuance.
The Company is in material compliance with the provisions of the rules and regulations promulgated by Nasdaq and has no reason to believe
that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements (to the extent
applicable to the Company as of the date hereof, the Closing Date; and subject to all exemptions and exceptions from the requirements
thereof as are set forth therein, to the extent applicable to the Company). Without limiting the generality of the foregoing and subject
to the qualifications above: (i) all members of the Company’s board of directors who are required to be “independent”
(as that term is defined under applicable laws, rules and regulations), including, without limitation, all members of each of the audit
committee, compensation committee and nominating committee of the Company’s board of directors, will, on the Closing Date, meet
the qualifications of independence as set forth under such laws, rules and regulations, (ii) the audit committee of the Company’s
board of directors will, on the Closing Date, have at least one member who is an “audit committee financial expert” (as that
term is defined under such laws, rules and regulations), and (iii) that, based on discussions with Nasdaq, the Company meets all requirements
for listing on the Nasdaq Capital Market.
(k) Future
Reports to the Underwriters. For one year after the date of this Agreement, the Company will furnish, if not otherwise available
on EDGAR, to the Representative at 560 Lexington Ave, 16th floor, NY, NY 10022, Attention: Dajiang Guo, Chief Executive Officer: (i)
as soon as practicable after the end of each fiscal year, copies of the Annual Report of the Company containing the balance sheet of
the Company as of the close of such fiscal year and statements of income, shareholders’ equity and cash flows for the year then
ended and the opinion thereon of the Company’s independent public or certified public accountants; (ii) as soon as practicable
after the filing thereof, copies of each proxy statement, Annual Report on Form 20-F, quarterly financial statements using a Form 6-K
or other report filed by the Company with the Commission; and (iii) as soon as available, copies of any report or communication of the
Company mailed generally to holders of its shares.
(l) No
Manipulation of Price. The Company will not take, directly or indirectly, any action designed to cause or result in, or that has
constituted or might reasonably be expected to constitute, the stabilization or manipulation of the price of any securities of the Company.
(m) Existing
Lock-Up Agreements. Except as described in the Registration Statement, the Disclosure Package, and the Prospectus, there are no existing
agreements between the Company and its security holders that prohibit the sale, transfer, assignment, pledge, or hypothecation of any
of the Company’s securities. The Company will direct the transfer agent to place stop transfer restrictions upon the securities
of the Company that is bound by such “lock-up” agreements for the duration of the periods contemplated therein.
(n)
Lock-up Arrangements.
(i)
The Company will not, without the prior written consent of the Representative, for a period of three (3) months from the commencement
of the sale of the public securities in the offering (the “Company Lock-Up Period”), (i) offer, pledge, announce the
intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any
option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, or file with the Commission a registration
statement under the Securities Act relating to, any Ordinary Shares or any securities convertible into or exercisable or exchangeable
for Ordinary Shares, or (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences
of ownership of the Ordinary Shares or any such other securities, whether any such transaction described in clause (i) or (ii) above
is to be settled by delivery of Ordinary Shares or such other securities, in cash or otherwise, except to the Underwriters pursuant to
this Agreement. The Company agrees not to accelerate the vesting of any option or warrant or the lapse of any repurchase right prior
to the expiration of the Company Lock-Up Period.
(ii)
The restrictions contained in Section 3(n)(i) hereof shall not apply to: (A) the Offered Securities, (B) Ordinary Shares issued
pursuant to the conversion or exchange of convertible or exchangeable securities, in each case outstanding as of the Closing Date and
described in the Registration Statement, the Disclosure Package or the Prospectus, (C) Ordinary Shares or options to purchase Ordinary
Shares or other Ordinary Shares based award issued or granted pursuant to the Company’s share incentive plans, share purchase plan,
share ownership plan or dividend reinvestment plan in effect at the Closing Date and as described in the Registration Statement, the
Disclosure Package or the Prospectus, and (D) Ordinary Shares or other securities issued in connection with a transaction with an unaffiliated
third party that includes a bona fide commercial relationship (including joint ventures, marketing or distribution arrangements, collaboration
agreements or intellectual property license agreements) or any acquisition of assets or acquisition of not less than a majority or controlling
portion of the equity of another entity; provided that (x) the aggregate number of Ordinary Shares issued pursuant to clause (D) shall
not exceed five percent (5%) of the total number of outstanding Ordinary Shares immediately following the issuance and sale of the Offered
Securities pursuant hereto and (y) the recipient of any such Ordinary Shares or other securities issued or granted pursuant to clause
(D) during the Company Lock-Up Period shall enter into an agreement substantially in the form of Exhibit A hereto.
(iii) If
the Representative, in its sole discretion, agrees to release or waive the restrictions or a lock-up letter described in this section
for an officer or director of the Company and provides the Company with notice of the impending release or waiver substantially in the
form of Exhibit B hereto at least three business days before the effective date of the release or waiver, the Company agrees to
announce the impending release or waiver substantially in the form of Exhibit C hereto through a major news service at least two
business days before the effective date of the release or waiver.
(iv)
On or prior to the date hereof, the Company shall have furnished to the Representative an agreement substantially in the form of Exhibit
A hereto (the “Insider Lock-Up Agreement”) from each of the Company’s officers, directors, security
holders of 5% or more of the Ordinary Shares or securities convertible into or exercisable for Ordinary Shares listed on Schedule
D, which provides that each of the individuals and entities listed on Schedule D agrees not to, subject to certain exceptions
provided therein in the Insider Lock-Up Agreement, for a period of six (6) months from the date hereof (the “Insider Lock-Up
Period”), (i) offer, pledge, sell, contract to sell, grant, lend, or otherwise transfer or dispose of, directly or indirectly,
any ordinary shares or any securities convertible into or exercisable or exchangeable for ordinary shares (“Insider Lock-Up
Securities”), whether now owned or hereafter acquired or with respect to which such person has or thereafter acquires the power
of disposition; (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of the Insider Lock-Up Securities, whether any such transaction described in clause (i) or (ii) above is to be settled by
delivery of Insider Lock-Up Securities, in cash or otherwise; (iii) make any demand for or exercise any right with respect to the registration
of any Insider Lock-Up Securities; or (iv) publicly disclose the intention to make any offer, sale, pledge or disposition, or to enter
into any transaction, swap, hedge or other arrangement relating to any Insider Lock-Up Securities.
(o) Notwithstanding
the restrictions contained in Section 3(n), the Company, on behalf of itself and any successor entity, agrees that, without
the prior written consent of the Underwriters, it will not, for a period of three (3) months from the commencement of the Company’s
first day of trading, directly or indirectly in any “at-the-market” or continuous equity transaction, offer to sell, sell,
contract to sell, grant any option to sell or otherwise dispose of shares of the Company or any securities convertible into or exercisable
or exchangeable for shares of the Company.
(p) Right
of First Refusal. The Company and the Representative agree that for a period of twelve (12) months from the Closing Date, the Company
grants the Representative the right (provided that the Offering is completed) to provide investment banking services to the Company on
an exclusive basis in all matters for which investment banking services are sought by the Company (such right, the “Right of
First Refusal”), which right is exercisable in the Representative’s sole discretion. For these purposes, investment banking
services shall include, without limitation, (a) acting as lead or joint-lead manager for any underwritten public offering; (b) acting
as lead or joint book-runner and/or lead or joint placement agent, initial purchaser in connection with any private offering of securities
of the Company; and (c) acting as financial advisor in connection with any sale or other transfer by the Company, directly or indirectly,
of a majority or controlling portion of its share capital or assets to another entity, any purchase or other transfer by another entity,
directly or indirectly, of a majority of controlling portion of the share capital or assets of the Company, and any merger or consolidation
of the Company with another entity. The Representative shall notify the Company of its intention to exercise the Right of First Refusal
within five (5) Business Days following notice in writing by the Company. Any decision by the Representative to act in any such capacity
shall be contained in separate agreements, which agreements would contain, among other matters, provisions for customary fees for transactions
of similar size and nature, as may be mutually agreed upon, and indemnification of the Representative and shall be subject to general
market conditions. If the Representative declines to exercise the Right of First Refusal in writing, the Company shall have the right
to retain any other person or persons to provide such services on terms and conditions which are not more favorable to such other person
or persons than the terms declined by the Representative. The Right of First Refusal granted hereunder may be terminated by the Company
for “Cause,” which shall mean a material breach by the Representative of this Agreement or a material failure by the Representative
to provide the services as contemplated by this Section 3(p).
SECTION
4. Payment of Fees and Expenses; Advisory Fees. Whether or
not the transactions contemplated in this Agreement are consummated or this Agreement is terminated, the Company agrees to pay all costs,
fees and expenses incurred in connection with the transactions contemplated hereby, including without limitation (i) all of the reasonable
and documented out-of-pocket expenses (including, but not limited to, travel, due diligence expenses, reasonable fees and expenses of
its legal counsel, roadshow and background check on the Company’s principals) incurred by the Representative in an aggregate amount
not to exceed $250,000 (inclusive of the Advance as defined below), provided that any expense over $5,000 shall require prior written
or email approval of the Company, (ii) all expenses incident to the issuance and delivery of the Offered Securities (including all printing
and engraving costs, if any), (iii) all fees and expenses of the clearing firm, registrar and transfer agent of the Offered Securities,
(iv) all necessary issue, transfer and other stamp taxes in connection with the issuance and sale of the Offered Securities, (v) all
fees and expenses of the Company’s counsel, independent public or certified public accountants and other advisors, (vi) all costs
and expenses incurred in connection with the preparation, printing, filing, shipping and distribution of the Registration Statement (including
financial statements, exhibits, schedules, consents and certificates of experts), each Issuer Free Writing Prospectus, each preliminary
prospectus and the Prospectus, and all amendments and supplements thereto, and this Agreement, and (vii) all filing fees, attorneys’
fees and expenses incurred by the Company, or the Representative, in connection with qualifying or registering (or obtaining exemptions
from the qualification or registration of) all or any part of the Offered Securities for offer and sale under the state securities or
blue sky laws, and, if requested by the Representative, preparing and printing a “Blue Sky Survey” or memorandum, and any
supplements thereto, advising the Representative of such qualifications, registrations and exemptions. The Company has advanced $90,000
to the Representative to cover its out-of-pocket expenses (the “Advance”). The Advance will be returned to the Company
to the extent such out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4). At the
closing of the Offering, the Company agrees to pay the Representative a sum in cash equal to one percent (1%) of the actual amount of
the gross Offering proceeds (which includes any gross proceeds from the sale of any Additional Shares) as a non-accountable expense of
the Offering. The Company has paid an advisory fee to the Representative in connection with services provided for the Offering, in the
amount of 50,000.00.
SECTION
5. Conditions of the Obligations of the Underwriters. The
obligations of the Underwriters to purchase the Offered Securities as provided herein on the Closing Date shall be subject to (1) the
accuracy of the representations and warranties on the part of the Company set forth in Section 1 hereof as of the date hereof
and as of the Closing Date as though then made; (2) the timely performance by the Company of its covenants and other obligations hereunder;
and (3) each of the following additional conditions:
(a) Accountant’s
Comfort Letter. On the date hereof, the Representative shall have received from the Accountant, a letter dated the date hereof addressed
to the Representative, in form and substance satisfactory to the Representative, containing statements and information of the type ordinarily
included in accountants’ “comfort letters” to Representative, delivered according to Statement of Auditing Standards
No. 72 (or any successor bulletin), with respect to the audited and unaudited financial statements and certain financial information
contained in the Registration Statement and the Prospectus.
(b) Effectiveness
of Registration Statement; Compliance with Registration Requirements; No Stop Order. During the period from and after the execution
of this Agreement to and including the Closing Date:
(i)
the Company shall have filed the Prospectus with the Commission (including the information required by Rule 430A under the Securities
Act) in the manner and within the time period required by Rule 424(b) under the Securities Act; or the Company shall have filed a post-effective
amendment to the Registration Statement containing the information required by such Rule 430A, and such post-effective amendment shall
have become effective; and
(ii)
no stop order suspending the effectiveness of the Registration Statement, or any post-effective amendment to the Registration Statement,
shall be in effect and no proceedings for such purpose shall have been instituted or threatened by the Commission.
(c) No
Material Adverse Change. For the period from and after the date of this Agreement to and including the Closing Date, in the reasonable
judgment of the Representative, there shall not have occurred any Material Adverse Change.
(d) CFO
Certificate. On the Closing Date, the Representative shall have received a written certificate executed by the Chief Financial Officer
of the Company, dated as of such date, on behalf of the Company, with respect to certain financial
data contained in the Registration Statement, Disclosure Package and the Prospectus,
providing “management comfort” with respect to such information, in form and substance reasonably satisfactory to the Underwriters.
(e) Officers’
Certificate. On the Closing Date, the Representative shall have received a written certificate executed by the Chief Executive Officer
and the Chief Financial Officer of the Company, dated as of such date, to the effect that the signers of such certificate have reviewed
the Registration Statement, the Disclosure Package and the Prospectus and any amendment or supplement thereto, each Issuer Free Writing
Prospectus and this Agreement, to the effect that:
(i)
The representations and warranties of the Company in this Agreement are true and correct, as if made on and as of such Closing Date,
and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or
prior to such Closing Date;
(ii)
No stop order suspending the effectiveness of the Registration Statement or the use of the Prospectus has been issued and no proceedings
for that purpose have been instituted or are pending or, to the Company’s knowledge, threatened under the Securities Act; no order
having the effect of ceasing or suspending the distribution of the Offered Securities or any other securities of the Company has been
issued by any securities commission, securities regulatory authority or stock exchange in the United States and no proceedings for that
purpose have been instituted or are pending or, to the knowledge of the Company, contemplated by any securities commission, securities
regulatory authority or stock exchange in the United States; and
(iii)
Subsequent to the respective dates as of which information is given in the Registration Statement and the Prospectus, there has not been:
(a) any Material Adverse Change; (b) any transaction that is material to the Company and the Subsidiaries taken as a whole, except transactions
entered into in the ordinary course of business; (c) any obligation, direct or contingent, that is material to the Company and the Subsidiaries
taken as a whole, incurred by the Company or any Subsidiary, except obligations incurred in the ordinary course of business; (d) any
material change in the share capital (except changes thereto resulting from the exercise of outstanding options or warrants or conversion
of outstanding indebtedness into Ordinary Shares of the Company) or outstanding indebtedness of the Company or any Subsidiary (except
for the conversion of such indebtedness into Ordinary Shares of the Company); (e) any dividend or distribution of any kind declared,
paid or made on Ordinary Shares of the Company; or (f) any loss or damage (whether or not insured) to the property of the Company or
any Subsidiary which has been sustained or will have been sustained which has a Material Adverse Effect.
(f) Chief
Executive Officer’s Certificate. On the Closing Date, the Representative shall have received a certificate of the Company signed
by the Chief Executive Officer of the Company, dated such Closing Date, certifying: (i) that each of the Company’s certificate
of incorporation and memorandum and articles of association attached to such certificate is true and complete, has not been modified
and is in full force and effect; (ii) that each of the Subsidiaries articles of association, memorandum of association or charter documents
attached to such certificate is true and complete, has not been modified and is in full force and effect; (iii) that the resolutions
of the Company’s board of directors relating to the Offering attached to such certificate are in full force and effect and have
not been modified; and (iv) the good standing of the Company and each of the Subsidiaries (except in such jurisdictions where the concept
of good standing is not applicable). The documents referred to in such certificate shall be attached to such certificate.
(g) Bring-down
Comfort Letter. On the Closing Date, the Representative shall have received from the Accountant, a letter dated such date, in form
and substance satisfactory to the Representative, to the effect that the Accountant reaffirms the statements made in the letter furnished
by it pursuant to Section 5(a), except that the specified date referred to therein for the carrying out of procedures shall be no more
than three Business Days prior to the Closing Date.
(h) Insider
Lock-Up Agreement from Certain Security holders of the Company. On or prior to the date hereof, the Company shall have furnished
to the Representative the Insider Lock-Up Agreement substantially in the form of Exhibit A hereto from each of the Company’s
officers, directors, security holders of 5% or more of the Ordinary Shares or securities convertible into or exercisable for Ordinary
Shares listed on Schedule D hereto.
(i) Exchange
Listing. The Offered Securities to be delivered on the Closing Date shall have been approved for listing on the Nasdaq Capital Market,
subject to official notice of issuance.
(j) Company
Counsel Opinions. On the Closing Date, the Representative shall have received:
| (i) | the
favorable opinion of Robinson & Cole LLP, the U.S. counsel to the Company, addressed to the Underwriters, in form and substance reasonably
satisfactory to the Underwriters and a negative assurance letter, addressed to the Underwriters, in form and substance reasonably satisfactory
to the Representative; |
| |
(ii) |
the favorable
opinion of Forbes Hare, British Virgin Islands counsel to the Company, addressed to the Underwriters, in form and substance reasonably
satisfactory to the Representative; |
| |
(iii) |
the favorable
opinion of Han Kun Law Offices LLP, the Hong Kong counsel to the Company, addressed to the Underwriters, in form and substance reasonably
satisfactory to the Underwriters and a negative assurance letter, addressed to the Underwriters, in form and substance reasonably
satisfactory to the Representative. |
The
Underwriters and their counsel shall rely on the opinions of (i) the Company’s BVI counsel, Forbes Hare, filed as Exhibit 5.1 to
the Registration Statement, as to the due incorporation and validity of the Offered Securities, (ii) the Company’s British Virgin
Islands counsel, Forbes Hare, filed as Exhibit 8.1 to the Registration Statement, (iii) the Company’s Hong Kong counsel, Han Kun
Law Offices LLP, filed as Exhibit 99.6 to the Registration Statement, and (iii) the Company’s People’s Republic of China
(“PRC”) counsel, Han Kun Law Offices, filed as Exhibit 99.7 to the Registration Statement, as well as the opinions
delivered on the Closing Date pursuant to this Section.
(k) Additional
Documents. On or before the Closing Date, the Representative, and counsel for the Representative shall have received such information,
documents, and opinions as they may reasonably require for the purposes of enabling them to pass upon the issuance and sale of the Offered
Securities as contemplated herein, or in order to evidence the accuracy of any of the representations and warranties, or the satisfaction
of any of the conditions or agreements, herein contained.
If
any condition specified in this Section 5 is not satisfied when and as required to be satisfied, this Agreement may be terminated
by the Representative by written notice to the Company at any time on or prior to the Closing Date, which termination shall be without
liability on the part of any party to any other party, except that Section 4 (with respect to the reimbursement of out-of-pocket
accountable, bona fide expenses actually incurred by the Representative) and Section 7 shall at all times be effective and
shall survive such termination.
SECTION
6. Effectiveness of this Agreement. This Agreement shall
not become effective until the later of (i) the execution of this Agreement by the parties hereto and (ii) notification (including by
way of oral notification from the reviewer at the Commission) by the Commission to the Company of the effectiveness of the Registration
Statement under the Securities Act.
SECTION
7. Indemnification.
(a) Indemnification
by the Company. The Company shall indemnify and hold harmless the Underwriters, their respective affiliates and each of their respective
directors, officers, members, employees and agents and each person, if any, who controls such Underwriters within the meaning of Section
15 of the Securities Act of or Section 20 of the Exchange Act (collectively the “Underwriter Indemnified Parties,”
and each a “Underwriter Indemnified Party”) from and against any losses, claims, damages or liabilities (including
in settlement of any litigation if such settlement is effected with the prior written consent of the Company) arising out of (i) an untrue
statement or alleged untrue statement of a material fact contained in the Registration Statement, including the information deemed to
be a part of the Registration Statement at the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the
Securities Act Regulations, or arise out of or are based upon the omission from the Registration Statement, or alleged omission to state
therein, a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading; or (ii) an untrue statement or alleged untrue statement of a material fact contained in the
Prospectus, or any amendment or supplement thereto, or in any other materials used in connection with the Offering, or arise out of or
are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading, and shall reimburse such Underwriter Indemnified
Party for any legal or other expenses reasonably incurred by it in connection with evaluating, investigating or preparing to defend or
defending against or appearing as third party witness in connection with any such loss, claim, damage, liability or action; as
such fees and expenses are incurred. provided, however, that the Company shall not be liable in any such case to the extent that
any such loss, claim, damage, expense or liability arises out of or is based upon an untrue statement in, or omission from any preliminary
prospectus, any Registration Statement or the Prospectus, or any such amendment or supplement thereto, or any Issuer Free Writing Prospectus
or in any other materials used in connection with the Offering made in reliance upon and in conformity with the Underwriter Information.
The indemnification obligations under this Section 7(a) are not exclusive and will be in addition to any liability, which the
Company might otherwise have and shall not limit any rights or remedies which may otherwise be available at law or in equity to each
Underwriter Indemnified Party.
(b) Indemnification
by the Underwriters. The Underwriters shall indemnify and hold harmless the Company and the Company’s affiliates and each of
their respective directors, officers, employees, agents and each person, if any, who controls the Company within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act (collectively the “Company Indemnified Parties” and each
a “Company Indemnified Party”) from and against any losses, claims, damages or liabilities (including in settlement
of any litigation if such settlement is effected with the prior written consent of the Underwriters) arising out (i) any untrue statement
of a material fact contained in any preliminary prospectus, any Issuer Free Writing Prospectus, any “issuer information”
filed or required to be filed pursuant to Rule 433(d) of the Securities Act Regulations, any Registration Statement or the Prospectus,
or in any amendment or supplement thereto, or (ii) the omission to state in any preliminary prospectus, any Issuer Free Writing Prospectus,
any “issuer information” filed or required to be filed pursuant to Rule 433(d) of the Securities Act Regulations, any Registration
Statement or the Prospectus, or in any amendment or supplement thereto, a material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were made, not misleading, but in each case only to the extent
that the untrue statement or omission was made in reliance upon and in conformity with the Underwriters Information and shall reimburse
the Company for any legal or other expenses reasonably incurred by such party in connection with investigating or preparing to defend
or defending against or appearing as third party witness in connection with any such loss, claim, damage, liability, action, investigation
or proceeding, as such fees and expenses are incurred. Notwithstanding the provisions of this Section 7(b), in no event shall any
indemnity by the Underwriters under this Section 7(b) exceed the total discounts and commission received by the Underwriters
in connection with the Offering. The indemnification obligations under this Section 7(b) are not exclusive and will be in addition
to any liability, which the Underwriter might otherwise have and shall not limit any rights or remedies which may otherwise be available
at law or in equity to each Company Indemnified Party.
(c) Procedure.
Promptly after receipt by an indemnified party under this Section 7 of notice of the commencement of any action, the indemnified
party shall, if a claim in respect thereof is to be made against an indemnifying party under this Section 7, notify such indemnifying
party in writing of the commencement of that action; provided, however, that the failure to notify the indemnifying party shall not relieve
it from any liability which it may have under this Section 7 except to the extent it has been materially adversely prejudiced by such
failure; and, provided, further, that the failure to notify an indemnifying party shall not relieve it from any liability which it may
have to an indemnified party otherwise than under this Section 7. If any such action shall be brought against an indemnified party,
and it shall notify the indemnifying party thereof, the indemnifying party shall be entitled to participate therein and, to the extent
that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense of such action with counsel reasonably
satisfactory to the indemnified party (which counsel shall not, except with the written consent of the indemnified party, be counsel
to the indemnifying party). After notice from the indemnifying party to the indemnified party of its election to assume the defense of
such action, except as provided herein, the indemnifying party shall not be liable to the indemnified party under Section 7(a) or 7(b),
as applicable, for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense of such
action other than reasonable costs of investigation; provided, however, that any indemnified party shall have the right to
employ separate counsel in any such action and to participate in the defense of such action but the fees and expenses of such counsel
(other than reasonable costs of investigation) shall be at the expense of such indemnified party unless (i) the employment thereof has
been specifically authorized in writing by the Company in the case of a claim for indemnification under Section 7(a), (ii) such
indemnified party shall have been advised by its counsel that there may be one or more legal defenses available to it which are different
from or additional to those available to the indemnifying party, or (iii) the indemnifying party has failed to assume the defense of
such action and employ counsel reasonably satisfactory to the indemnified party within a reasonable period of time after notice of the
commencement of the action or the indemnifying party does not diligently defend the action after assumption of the defense, in which
case, if such indemnified party notifies the indemnifying party in writing that it elects to employ separate counsel at the expense of
the indemnifying party, the indemnifying party shall not have the right to assume the defense of (or, in the case of a failure to diligently
defend the action after assumption of the defense, to continue to defend) such action on behalf of such indemnified party and the indemnifying
party shall be responsible for legal or other expenses subsequently incurred by such indemnified party in connection with the defense
of such action; provided, however, that the indemnifying party shall not, in connection with any one such action or
separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances,
be liable for the reasonable fees and expenses of more than one separate firm of attorneys at any time any such indemnified party (in
addition to any local counsel), which firm shall be designated in writing by the Underwriters if the indemnified party under this Section
7 is an Underwriter Indemnified Party or by the Company if an indemnified party under this Section 7 is a Company Indemnified
Party. Subject to this Section 7(c), the amount payable by an indemnifying party under Section 7 shall include, but not
be limited to, (x) reasonable legal fees and expenses of counsel to the indemnified party and any other expenses in investigating, or
preparing to defend or defending against, or appearing as a third party witness in respect of, or otherwise incurred in connection with,
any action, investigation, proceeding or claim, and (y) all amounts paid in settlement of any of the foregoing. No indemnifying party
shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of judgment with respect
to any pending or threatened action or any claim whatsoever, in respect of which indemnification or contribution could be sought under
this Section 7 (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise
or consent (i) includes an unconditional release of each indemnified party in form and substance reasonably satisfactory to such indemnified
party from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability
or a failure to act by or on behalf of any indemnified party. Subject to the provisions of the following sentence, no indemnifying party
shall be liable for settlement of any pending or threatened action or any claim whatsoever that is effected without its written consent
(which consent shall not be unreasonably withheld, conditioned or delayed), but if settled with its written consent, if its consent has
been unreasonably withheld, conditioned or delayed or if there be a judgment for the plaintiff in any such matter, the indemnifying party
agrees to indemnify and hold harmless any indemnified party from and against any loss or liability by reason of such settlement or judgment.
In addition, if at any time an indemnified party shall have requested that an indemnifying party reimburse the indemnified party for
fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated herein
effected without its written consent if (i) such settlement is entered into more than forty-five (45) days after receipt by such indemnifying
party of the request for reimbursement, (ii) such indemnifying party shall have received notice of the terms of such settlement at least
thirty (30) days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified
party in accordance with such request prior to the date of such settlement.
(d) Contribution.
If the indemnification provided for in this Section 7 is unavailable or insufficient to hold harmless an indemnified party
under Section 7(a) or Section 7(b), then each indemnifying party shall, in lieu of indemnifying such indemnified party,
contribute to the amount paid, payable or otherwise incurred by such indemnified party as a result of such loss, claim, damage, expense
or liability (or any action, investigation or proceeding in respect thereof), as incurred, (i) in such proportion as shall be appropriate
to reflect the relative benefits received by the indemnifying party or parties on the one hand and the indemnified party or parties on
the other hand from the offering of the Offered Securities, or (ii) if the allocation provided by clause (i) of this Section 7(d) is
not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause
(i) of this Section 7(d) but also the relative fault of the indemnifying party or parties on the one hand and the indemnified
party or parties on the other with respect to the statements, omissions, acts or failures to act which resulted in such loss, claim,
damage, expense or liability (or any action, investigation or proceeding in respect thereof) as well as any other relevant equitable
considerations. The relative benefits received by the Company on the one hand and the Underwriters on the other with respect to such
offering shall be deemed to be in the same proportion as the total proceeds from the offering of the Offered Securities purchased by
investors as contemplated by this Agreement (before deducting expenses) received by the Company bear to the total underwriting discounts
received by the Underwriters in connection with the Offering, in each case as set forth in the table on the cover page of the Prospectus.
The relative fault of the Company on the one hand and the Underwriters on the other shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company on the one hand or the Underwriters on the other, the intent of the parties and their
relative knowledge, access to information and opportunity to correct or prevent such untrue statement, omission, act or failure to act;
provided that the parties hereto agree that the written information furnished to the Company by the Underwriters for use in any preliminary
prospectus, any Registration Statement or the Prospectus, or in any amendment or supplement thereto, consists solely of the Underwriters’
Information. The Company and the Underwriters agree that it would not be just and equitable if contributions pursuant to this Section
7(d) be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations
referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, damage, expense, liability, action,
investigation or proceeding referred to above in this Section 7(d) shall be deemed to include, for purposes of this Section
7(d), any legal or other expenses reasonably incurred by such indemnified party in connection with investigating, preparing to defend
or defending against or appearing as a third party witness in respect of, or otherwise incurred in connection with, any such loss, claim,
damage, expense, liability, action, investigation or proceeding. Notwithstanding the provisions of this Section 7(d), the Underwriters
shall not be required to contribute any amount in excess of the total discounts received in cash by the Underwriters in connection with
the Offering less the amount of any damages that the Underwriters have otherwise paid or become liable to pay by reason of any untrue
or alleged untrue statement, omission or alleged omission, act or alleged act or failure to act or alleged failure to act. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation.
SECTION
8. Termination of this Agreement. Prior to the Closing Date,
whether before or after notification by the Commission to the Company of the effectiveness of the Registration Statement under the Securities
Act, this Agreement may be terminated by the Representative by written notice given to the Company if at any time (i) trading or quotation
in any of the Company’s securities shall have been suspended or limited by the Commission or by Nasdaq; (ii) a general banking
moratorium shall have been declared by any U.S. federal, Hong Kong or British Virgin Islands authorities; (iii) there shall have occurred
any outbreak or escalation of national or international hostilities or any crisis or calamity, or any change in the United States, Hong
Kong, PRC or international financial markets, or any substantial change or development involving a prospective substantial change in
United States’, Hong Kong’s, PRC’s or international political, financial or economic conditions that, in the reasonable
judgment of the Underwriters, is material and adverse and makes it impracticable to market the Offered Securities in the manner and on
the terms described in the Prospectus or to enforce contracts for the sale of securities, (iv) if the Company shall have sustained a
material loss by fire, flood, accident, hurricane, earthquake, theft, sabotage or other calamity or malicious act which, whether or not
such loss shall have been insured, will, in the Representative’s opinion, make it inadvisable to proceed with the delivery of the
Securities, (v) if the Company is in material breach of any of its representations, warranties or covenants hereunder, or (vi) if the
Representative shall have become aware after the date hereof of such a material adverse change in the conditions or prospects of the
Company, or such adverse material change in general market conditions as in the Representative’s judgment would make it impracticable
to proceed with the offering, sale and/or delivery of the Securities or to enforce contracts made by the Underwriters for the sale of
the Securities. Any termination pursuant to this Section 8 shall be without liability on the part of (a) the Company to any
of the Underwriters, except the Company shall be, subject to demand by the Underwriters, obligated to reimburse the Underwriters for
only those out-of-pocket expenses (including the reasonable fees and expenses of their counsel, and expenses associated with a due diligence
report), actually incurred by the Underwriters in connection herewith as allowed under FINRA Rule 5110, less any amounts previously paid
by the Company; provided, however, that all such expenses shall not exceed $250,000 in the aggregate, (b) the Underwriters
to the Company, or (c) of any party hereto to any other party except that the provisions of Section 4 (with respect to the
reimbursement of out-of-pocket accountable, bona fide expenses actually incurred by the Underwriters) and Section 7 shall at
all times be effective and shall survive such termination.
SECTION
9. No Advisory or Fiduciary Responsibility.
The Company hereby acknowledges that the Underwriters are acting solely as underwriters in connection with the offering of the Offered
Securities. The Company further acknowledges that the Underwriters are acting pursuant to a contractual relationship created solely by
this Agreement entered into on an arms-length basis and in no event do the parties intend that the Underwriters act or be responsible
as a fiduciary to the Company, its management, shareholders, creditors or any other person in connection with any activity that the Underwriters
may undertake or have undertaken in furtherance of the offering of the Offered Securities, either before or after the date hereof. The
Underwriters hereby expressly disclaim any fiduciary or similar obligations to the Company, either in connection with the transactions
contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its understanding and
agreement to that effect. The Company hereby further confirms its understanding that no Underwriter has assumed an advisory or fiduciary
responsibility in favor of the Company with respect to the Offering contemplated hereby or the process leading thereto, including, without
limitation, any negotiation related to the pricing of the Offered Securities; and the Company has consulted its own legal and financial
advisors to the extent it has deemed appropriate in connection with this Agreement and the Offering. The Company and the Underwriters
agree that they are each responsible for making their own independent judgments with respect to any such transactions and that any opinions
or views expressed by the Underwriters to the Company regarding such transactions, including but not limited to any opinions or views
with respect to the price or market for the Company’s securities, do not constitute advice or recommendations to the Company. The
Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Underwriters
with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated
by this Agreement or any matters leading up to such transactions.
SECTION
10. Representations and Indemnities to Survive Delivery; Third-Party
Beneficiaries. The respective indemnities, agreements, representations, warranties, and other statements of the Company, of its officers,
and of the Underwriters set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation
made by or on behalf of the Underwriters or the Company or any of its or their partners, officers or directors or any controlling person,
as the case may be, and will survive delivery of and payment for the Offered Securities sold hereunder and any termination of this Agreement.
Each investor shall be a third-party beneficiary with respect to the representations, warranties, covenants, and agreements of the Company
set forth herein.
SECTION
11. Notices. All communications hereunder shall be in writing
and shall be mailed, hand delivered, or emailed to the parties hereto as follows:
If
to the Underwriters:
Revere
Securities LLC
560
Lexington Ave, 16th floor
New
York, NY 10022
Attn:
Mr. Dajiang Guo, Chief Executive Officer
Email:
dguo@reveresecurities.com
With
a copy (which shall not constitute notice) to:
Hunter
Taubman Fischer & Li, LLC
950
Third Avenue, 19th Floor
New
York, NY 10022
Attn: Joan Wu, Esq.
Email:
jwu@htflawyers.com
If
to the Company:
Raytech
Holding Limited
Unit
609, 6/F, Nan Fung Commercial Centre,
No.19
Lam Lok Street, Kowloon Bay, Hong Kong
Attn:
Mr. Tim Hoi Ching, Chairman and Chief Executive Officer
Email:
ray@raytech.com.hk
With
a copy (which shall not constitute notice) to:
Robinson
& Cole LLP
Chrysler
East Building
666
Third Avenue, 20th floor
New
York, NY 10017
Attn:
Arila Er Zhou, Esq.
Email:
azhou@rc.com
Any
party hereto may change the address for receipt of communications by giving written notice to the others.
SECTION
12. Successors. This Agreement will inure to the benefit
of and be binding upon the parties hereto and to the benefit of the employees, officers, and directors and controlling persons referred
to in Section 7, and in each case their respective successors, and no other person will have any right or obligation hereunder.
The term “successors” shall not include any purchaser of the Offered Securities as such merely by reason of such purchase.
SECTION
13. Partial Unenforceability. The invalidity or unenforceability
of any Section, paragraph, or provision of this Agreement shall not affect the validity or enforceability of any other Section, paragraph,
or provision hereof. If any Section, paragraph, or provision of this Agreement is for any reason determined to be invalid or unenforceable,
there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable.
SECTION
14. Governing Law Provisions. This Agreement shall be governed
by and construed in accordance with the internal laws of the State of New York, without giving effect to conflict of laws principles
thereof.
SECTION
15. Consent to Jurisdiction. No legal suit, action, or proceeding
arising out of or relating to this Agreement or the transactions contemplated hereby (each, a “Related Proceeding”)
may be commenced, prosecuted, or continued in any court other than the courts of the State of New York located in the City and County
of New York or in the United States District Court for the Southern District of New York, which courts (collectively, the “Specified
Courts”) shall have jurisdiction over the adjudication of any Related Proceeding, and the parties to this Agreement hereby
irrevocably consent to the exclusive jurisdiction the Specified Courts and personal service of process with respect thereto. The parties
to this Agreement hereby irrevocably waive any objection to the laying of the venue of any Related Proceeding in the Specified
Courts and irrevocably waive and agree not to plead or claim in any Specified Court that any Related Proceeding brought in any Specified
Court has been brought in an inconvenient forum. The official language of this Agreement is English and the parties agree that it shall
be governed by the meanings of and interpreted in the English language.
SECTION
16. General Provisions. This Agreement constitutes the entire
agreement of the parties to this Agreement relating to the subject matter hereof and supersedes all prior written or oral and all contemporaneous
oral agreements, understandings, and negotiations with respect to the Offering. This Agreement may be executed in two or more counterparts,
each one of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This
Agreement may not be amended or modified unless in writing by all of the parties hereto, and no condition herein (express or implied)
may be waived unless waived in writing by each party whom the condition is meant to benefit. The section headings herein are for the
convenience of the parties only and shall not affect the construction or interpretation of this Agreement.
Each
of the parties hereto acknowledges that it is a sophisticated business person who was adequately represented by counsel during negotiations
regarding the provisions hereof, including, without limitation, the indemnification and contribution provisions of Section 7, and
is fully informed regarding said provisions. Each of the parties hereto further acknowledges that the provisions of Section 7 hereto
fairly allocate the risks in light of the ability of the parties to investigate the Company, its affairs, and its business in order to
assure that adequate disclosure has been made in the Registration Statement, any preliminary prospectus and the Prospectus (and any amendments
and supplements thereto), as required by the Securities Act and the Exchange Act.
The
respective indemnities, contribution agreements, representations, warranties, and other statements of the Company and the Underwriters
set forth in or made pursuant to this Agreement shall remain operative and in full force and effect, regardless of (i) any investigation,
or statement as to the results thereof, made by or on behalf of the Underwriters, the officers or employees of the Underwriters, any
person controlling any of the Underwriters, the Company, the officers or employees of the Company, or any person controlling the Company,
(ii) acceptance of the Offered Securities and payment for them as contemplated hereby and (iii) termination of this Agreement.
Except
as otherwise provided, this Agreement has been and is made solely for the benefit of and shall be binding upon the Company, the Underwriters,
the Underwriters’ officers and employees, any controlling persons referred to herein, the Company’s directors and the Company’s
officers who sign the Registration Statement and their respective successors and assigns, all as and to the extent provided in this Agreement,
and no other person shall acquire or have any right under or by virtue of this Agreement. The term “successors and assigns”
shall not include a purchaser of any of the Offered Securities from the Underwriters merely because of such purchase.
[Signature
Page Follows]
If
the foregoing is in accordance with your understanding of our agreement, kindly sign and return to the Company the enclosed copies hereof,
whereupon this instrument, along with all counterparts hereof, shall become a binding agreement in accordance with its terms.
| |
Very truly yours, |
| |
|
|
| |
Raytech Holding Limited |
| |
|
|
| |
By: |
/s/ Tim Hoi
Ching |
| |
Name: |
Tim Hoi Ching |
| |
Title: |
Chairman and Chief Executive Officer |
The
foregoing Underwriting Agreement is hereby confirmed and accepted by the Underwriters as of the date first above written.
| For itself and on behalf of the several |
|
| Underwriters listed on Schedule A hereto |
|
| |
|
| REVERE SECURITIES LLC |
|
| |
|
| By: |
/s/ Dajiang Guo |
|
| |
Name: |
Dajiang Guo |
|
| |
Title: |
Chief Executive Officer |
|
SCHEDULE
A
| Underwriter | |
Number of
Firm Shares | |
| Revere Securities LLC | |
| 1,125,000 | |
| R. F. Lafferty & Co., Inc. | |
| 225,000 | |
| Dominari Securities LLC | |
| 150,000 | |
| Total | |
| 1,500,000 | |
SCHEDULE
B
Issuer
Free Writing Prospectus(es)
SCHEDULE
C
Pricing
Information
Number
of Firm Shares: 1,500,000
Number
of Option Shares: 225,000
Public
Offering Price per Firm Shares: $4
Public
Offering Price per Option Shares: $4
Underwriting
Discount per Firm Shares: $0.3
Underwriting
Discount per Option Shares: $0.3
Proceeds
to Company per Firm Shares (before expenses): $3.7
Proceeds
to Company per Option Shares (before expenses): $3.7
SCHEDULE
D
Lock-Up
Parties
Name
SCHEDULE
E
Subsidiaries
of Raytech Holding Limited
| Subsidiaries |
|
Jurisdiction
of Incorporation or Organization |
| Pure Beauty Manufacturing
Company Limited |
|
Hong Kong, S.A.R., PRC |
EXHIBIT
A
Form
of Lock-Up Agreement
[●],
2024
Revere Securities
LLC
650 5th Ave
– 35th Floor
New York,
NY 10019
Re:
Raytech Holding Limited — Initial Public Offering
Ladies
and Gentlemen:
The
undersigned, an officer, director, and/or holder of Ordinary Shares (the “Ordinary Shares”), or rights to acquire
Ordinary Shares (the “Shares”) of Raytech Holding Limited (the “Company”), understands that you
are the representative (the “Representative”) of several underwriters (collectively, the “Underwriters”),
named or to be named in the final form of Schedule A to the underwriting agreement (the “Underwriting Agreement”)
to be entered into among the Underwriters and the Company, providing for the public offering (the “Public Offering”)
of securities of the Company (the “Securities”) pursuant to a registration statement filed or to be filed (the “Registration
Statement”) with the U.S. Securities and Exchange Commission (the “SEC”).
In
consideration of the Underwriters’ agreement to enter into the Underwriting Agreement and to proceed with the Public Offering of
the Securities, and for other good and valuable consideration, receipt of which is hereby acknowledged, the Undersigned hereby agrees,
for the benefit of the Company, the Representative and the other Underwriters that, without the prior written consent of the Representative,
the Undersigned will not, during the period commencing on the date of this Lock-up Agreement and continuing and including the date that
is six (6) months after the closing of the Public Offering (the “Lock-Up Period”), unless otherwise provided herein,
directly or indirectly (a) offer, sell, agree to offer or sell, solicit offers to purchase, grant any call option or purchase any put
option with respect to, pledge, encumber, assign, borrow or otherwise dispose of (each a “Transfer”) any Relevant
Security (as defined below) or otherwise publicly disclose the intention to do so, (b) cause the Company to file any registration statement
with the SEC relating to the offering of any Ordinary Shares of the Company or any securities convertible into or exercisable or exchangeable
for Ordinary Shares of the Company, or (c) enter into any swap, derivative or other transaction or arrangement that Transfers to another,
in whole or in part, any economic consequence of ownership of a Relevant Security, whether or not such transaction is to be settled by
the delivery of Relevant Securities, other securities, cash or other consideration, or otherwise publicly disclose the intention to do
so. As used herein, the term “Relevant Security” means any Share, any warrant to purchase Shares or any other security
of the Company or any other entity that is convertible into, or exercisable or exchangeable for, Shares or any other equity security
of the Company, in each case owned beneficially or otherwise by the Undersigned on the date of closing of the Public Offering or acquired
by the Undersigned during the Lock-Up Period.
The
restrictions in the foregoing paragraph shall not apply to (a) any exercise (including a cashless exercise or broker-assisted exercise
and payment of tax obligations), vesting or settlement, as applicable, by the Undersigned of options or warrants to purchase Shares or
other equity awards pursuant to any share incentive or award plan or share purchase plan of the Company; provided that any Shares received
by the Undersigned upon such exercise, conversion or exchange will be subject to the Lock-Up Period, (b) any establishment of a trading
plan pursuant to Rule 10b5-1 under the Exchange Act for the Transfer of the Shares (a “Trading Plan”); provided that
(i) the Trading Plan shall not provide for or permit any Transfers, sales or other dispositions of Shares during the Lock-Up Period and
(ii) the Trading Plan would not require any filing under Section 16(a) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and no such filing is voluntarily made, (c) any Transfer of the Shares acquired in open market transactions following
the closing of the Public Offering, provided the Transfer would not require any filing under Section 16(a) of the Exchange Act and no
such filing is voluntarily made, (d) the Transfer of the Undersigned’s Ordinary Shares or any security convertible into or exercisable
or exchangeable for Ordinary Shares to the Company in connection with the termination of the Undersigned’s employment with the
Company or pursuant to contractual arrangements under which the Company has the option to repurchase such shares, provided that no filing
by any party under the Exchange Act shall be required or shall be made voluntarily within 45 days after the date the Undersigned ceases
to provide services to the Company, and after such 45th day, if the Undersigned is required to file a report under the Exchange
Act reporting a reduction in beneficial ownership of Ordinary Shares during the Lock-Up Period, the Undersigned shall clearly indicate
in the footnotes thereto that the filing relates to the termination of the Undersigned’s employment, and no other public announcement
shall be made voluntarily in connection with such transfer (other than the filing on a Form 5 made after the expiration of the Lock-Up
Period), (e) the conversion of the outstanding securities into Ordinary Shares, provided that any such Ordinary Shares received upon
such conversion shall be subject to the restrictions on Transfer set forth in this Lock-Up Agreement, or (f) the Transfer of the Shares
or any security convertible into or exercisable or exchangeable for Ordinary Shares pursuant to a bona fide third-party tender offer
for securities of the Company, merger, consolidation or other similar transaction that is approved by the board of directors of the Company,
made to all holders of Ordinary Shares involving a change of control (as defined below), provided that all of the Undersigned’s
Relevant Securities subject to this Lock-Up Agreement shall remain subject to the restrictions herein. For purposes of this Lock-Up Agreement,
“change of control” means any bona fide third party tender offer, merger, consolidation, or other similar transaction, in
one transaction or a series of related transactions, the result of which is that any “person” (as defined in Section 13(d)(3)
of the Exchange Act), or group of affiliated persons, other than the Company, becomes the beneficial owner (as defined in Rules 13d-3
and 13d-5 of the Exchange Act) of 50% or more of the total voting power of the voting shares of the Company (or the surviving entity).
In
addition, the Undersigned further agrees that, except for the Registration Statement or any registration statement on Form S-8, during
the Lock-Up Period, the Undersigned will not, without the prior written consent of the Representative: (a) file or participate in the
filing with the SEC any registration statement or circulate or participate in the circulation of any preliminary or final prospectus
or other disclosure documents, in each case with respect to any proposed offering or sale of a Relevant Security beneficially owned by
the Undersigned, or (b) exercise any rights the Undersigned may have to require registration with the SEC of any proposed offering or
sale of a Relevant Security beneficially owned by the Undersigned.
In
furtherance of the Undersigned’s obligations hereunder, the Undersigned hereby authorizes the Company during the Lock-Up Period
to cause the transfer agent for the Relevant Securities to decline to Transfer, and to note stop transfer restrictions on the register
of members and other records relating to, Relevant Securities for which the Undersigned is the record owner and the Transfer of which
would be a violation of this Lock-Up Agreement and, in the case of the Relevant Securities for which the Undersigned is the beneficial
owner but not the record owner, the Undersigned agrees that during the Lock-Up Period it will use its reasonable best efforts to cause
the record owner to authorize the Company to cause the relevant transfer agent to decline to transfer and to note stop transfer restrictions
on the register of members and other records relating to such Relevant Securities to the extent such transfer would be a violation of
this Lock-Up Agreement.
Notwithstanding
the foregoing or anything contained herein to the contrary, the Undersigned may transfer the Undersigned’s Relevant Securities:
| |
(i) |
as
a bona fide gift or gifts; |
| (ii) | To
any immediate family member of the Undersigned, or to any trust, partnership, limited liability company, or other legal entity commonly
used for estate planning purposes which are established for the direct or indirect benefit of the Undersigned or a member or members
of the immediate family of the Undersigned; |
| |
|
|
| |
(iii) |
if
the Undersigned is a corporation, partnership, limited liability company, trust or other business entity, (1) to another corporation,
partnership, limited liability company, trust, or other business entity that is a direct or indirect Affiliate (as defined in Rule
405 under the Securities Act of 1933, as amended) of the Undersigned, (2) to partners, limited liability company members, shareholders
of the Undersigned or holders of similar equity interests in the Undersigned, or (3) in connection with a sale, merger or transfer
of all or substantially all of the assets of the Undersigned or any other change of control of the Undersigned, not undertaken for
the purpose of avoiding the restrictions imposed by this Lock-Up Agreement; |
| |
(iv) |
if
the Undersigned is a trust, to the trustee or beneficiary of such trust or to the estate of a beneficiary of such trust; |
| |
(v) |
by
testate or intestate succession; |
| |
(vi) |
by
operation of law, such as pursuant to a qualified domestic order or in connection with a divorce settlement; |
| |
(vii) |
pursuant
to the Underwriting Agreement; or |
| |
(viii) |
the
withholder of Ordinary Shares by, or surrender of Ordinary Shares to, the Company pursuant to a “net” or “cashless”
exercise or settlement feature to cover taxes due upon or the consideration required in connection with the exercise of securities
issued under an equity incentive plan or share purchase plan of the Company; |
provided,
in the case of clauses (i)-(vi), that (A) such transfer shall not involve a disposition for value, (B) the transferee agrees in writing
with the Underwriters and the Company to be bound by the terms of this Lock-Up Agreement, and (C) such transfer would not require any
filing under Section 16(a) of the Exchange Act and no such filing is voluntarily made.
For
purposes of this Lock-Up Agreement, “immediate family” shall mean any relationship by blood, marriage, or adoption, not more
remote than the first cousin.
If
the Undersigned is an officer or director of the Company, (i) the Representative agrees that at least three business days before the
effective date of any release or waiver of the foregoing restrictions in connection with a Transfer of the Shares, the Representative
will notify the Company of the impending release or waiver and (ii) the Company has agreed in the Underwriting Agreement to announce
the impending release or waiver by press release substantially in the form of Exhibit C hereto through a major news service at
least two business days before the effective date of the release or waiver. Any release or waiver granted by the Representative hereunder
to any such officer or director shall only be effective two business days after the publication date of such press release. The provisions
of this paragraph will not apply if (a) the release or waiver is effected solely to permit a transfer not for consideration and (b) the
transferee has agreed in writing to be bound by the same terms described in this Lock-Up Agreement to the extent and for the duration
that such terms remain in effect at the time of the transfer.
The
Undersigned, whether or not participating in the Public Offering, understands that the Underwriters are entering into the Underwriting
Agreement and proceeding with the Public Offering in reliance upon this Lock-Up Agreement.
The
Undersigned hereby represents and warrants that the Undersigned has full power and authority to enter into this Lock-Up Agreement and
that this Lock-Up Agreement has been duly authorized (if the Undersigned is not a natural person) and constitutes the legal, valid, and
binding obligation of the Undersigned, enforceable in accordance with its terms. Upon request, the Undersigned will execute any additional
documents necessary in connection with the enforcement hereof. Any obligations of the Undersigned shall be binding upon the successors
and assigns of the Undersigned from the date of this Lock-Up Agreement.
This
Agreement shall be delivered to the Representative prior to the execution of the Underwriting Agreement and shall automatically terminate
upon the earliest to occur, if any, of (1) either the Underwriter, on the one hand, or the Company, on the other hand, advising the other
in writing, they have determined not to proceed with the Offering, (2) termination of the Underwriting Agreement before the sale of Ordinary
Shares, (3) the withdrawal of the Registration Statement, or (4) the termination of the Offering prior to the sale of Ordinary Shares.
This
Lock-Up Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflict
of laws principles thereof. Delivery of a signed copy of this Lock-Up Agreement by facsimile or e-mail/.pdf transmission shall be effective
as the delivery of the original hereof.
[Signature
page follows]
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Very truly yours, |
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Signature: |
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Name (printed): |
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Title (if applicable): |
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Entity (if applicable): |
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[Signature
page to the lock-up agreement]
EXHIBIT
B
FORM
OF WAIVER OF LOCK-UP
[●],
202[●]
[Name
and Address of
Officer
or Director
Requesting
Waiver]
Dear
Mr./Ms. [Name]:
This
letter is being delivered to you in connection with the offering by Raytech Holding Limited (the “Company”) of [●]
Ordinary Shares, and the lock-up letter dated [●], 202[●] (the “Lock-up Letter”),
executed by you in connection with such offering, and your request for a [waiver] [release] dated [●], 202[●], with
respect to [●] Ordinary Shares (the “Shares”).
The
undersigned hereby agree to [waive] [release] the transfer restrictions set forth in the Lock-up Letter, but only with respect
to the Shares, effective[●], 202[●]; provided, however, that such [waiver] [release] is conditioned on the Company announcing
the impending [waiver] [release] by press release through a major news service at least two business days before effectiveness of such
[waiver] [release]. This letter will serve as notice to the Company of the impending [waiver] [release].
Except
as expressly [waived] [released] hereby, the Lock-up Letter shall remain in full force and effect.
| Very truly yours, |
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| Acting severally on behalf of themselves and the several Underwriters named in Schedule A hereto |
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| [●] |
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| By: |
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Name: |
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Title: |
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cc:
Raytech Holding Limited
EXHIBIT
C
Form
of Press Release
RAYTECH
HOLDING LIMITED
[●],
202[●]
Raytech
Holding Limited (the “Company”) announced today that Revere Securities LLC, acting as representative for the underwriters
in the Company’s recent public offering of [●] of the Company’s Ordinary Shares, is [waiving] [releasing] a lock-up
restriction with respect to [●] Ordinary Shares held by [certain officers or directors] [an officer or director] of the Company.
The [waiver] [release] will take effect on [●], 20[●], and the securities may be sold on or after such date.
This
press release is not an offer or sale of the securities in the United States or in any other jurisdiction where such offer or sale is
prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration
under the Securities Act of 1933, as amended.
36
Exhibit 99.1
Raytech Holding Limited Announces Pricing of
Its Initial Public Offering
Hong Kong, May 15, 2024 (GLOBE NEWSWIRE) -- Raytech Holding Limited
(the “Company” or “RAY”), a Hong Kong-headquartered company specializes in design, sourcing and wholesale of personal
care electrical appliances for international brand owners, today announced the pricing of its initial public offering (the “Offering”)
of 1,500,000 ordinary shares (the “Ordinary Shares”) at a public offering price of $4 per share for total gross proceeds of
$6,000,000, before deducting underwriting discounts and other offering expenses. The Ordinary Shares have been approved for listing on
the Nasdaq Capital Market and commenced trading today, under the ticker symbol “RAY”.
The Company has granted the underwriters an option, exercisable within
45 days from the closing date of the Offering, to purchase up to an additional 225,000 Ordinary Shares at the initial public offering
price, less underwriting discounts, to cover over-allotments, if any.
The Offering is expected to close on May 17, 2024, subject to the satisfaction
of customary closing conditions.
The Offering is being conducted on a firm commitment basis. Revere
Securities, LLC, acted as the representative of the underwriters, R.F. Lafferty & Co., Inc. acted as the joint book runner, and Dominari
Securities LLC acted as co-manager for the Offering. (the “Underwriters”) for the Offering. Robinson & Cole LLP is acting
as U.S. counsel to the Company, and Hunter Taubman Fischer & Li LLC is acting as U.S. counsel to the Underwriters, in connection with
the Offering.
The Company intends to use the proceeds from this Offering for 1) brand
promotion and marketing (25%); 2) recruitment of talented personnel (25%); 3) strategic investments and acquisitions (25%); and 4) general
working capital (25%).
A registration statement on Form F-1 (File No. 333-275197) relating
to the Offering, as amended, has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and was declared effective
by the SEC on May 13, 2024. The Offering is being made only by means of a prospectus. Copies of the final prospectus related to the Offering
may be obtained, when available, from Revere Securities LLC by email at info@reveresecurities.com or via standard mail to Revere
Securities LLC, 560 Lexington Avenue 16Fl, NY, NY 10022. In addition, a copy of the final prospectus can also be obtained via the SEC’s
website at www.sec.gov.
Before you invest, you should read the prospectus and other documents
the Company has filed or will file with the SEC for more information about the Company and the Offering. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction.
About Raytech Holding Limited
Raytech Holding Limited is a Hong Kong-headquartered company with
over 10 years of experience in the personal care electrical appliance industry. Through its operating subsidiary in Hong Kong, it sources
and wholesales a diverse range of personal care electrical appliances ranging from hair styling, tooling, trimmer, eyelash curler, neck
care, to nail care and other body and facial care appliances for international brand owners, providing integrated product design, production
processing, and manufacturing solutions. For more information please visit: https://www.raytech.com.hk/; https://ir.raytech.com.hk/.
Forward-Looking Statement
This press release contains forward-looking statements. Forward-looking
statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions
and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,”
“should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar
expressions that do not relate solely to historical matters, it is making forward-looking statements. These forward-looking statements
include, without limitation, the Company’s statements regarding the expected trading of its Ordinary Shares on the Nasdaq Capital Market
and the closing of the Offering. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties
that may cause actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These
forward-looking statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market
conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk
Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not
to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s
filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these
forward-looking statements to reflect events or circumstances that arise after the date hereof.
For more information, please contact:
Underwriters
Revere Securities LLC
560 Lexington Ave, 16th Floor,
New York, NY10022
(212) 688-2350
contact@reveresecurities.com
R.F. Lafferty & Co., Inc.
40 Wall Street, 29th Floor
New York, NY 10005
(212) 293-9090
offerings@rflafferty.com
Investor Relations
WFS Investor Relations Inc.
Janice Wang, Managing Partner
Email: services@wealthfsllc.com
Phone: +86 13811768599
+1 628 283 9214
Exhibit 99.2
Raytech Holding Limited Announces Closing of $6
Million Initial Public Offering
Hong Kong, May 17, 2024 (GLOBE NEWSWIRE) -- Raytech Holding Limited (the
“Company” or “RAY”), a Hong Kong-headquartered company specializing in design, sourcing and wholesale of personal
care electrical appliances for international brand owners, today announced the closing of its initial public offering (the "Offering")
of 1,500,000 ordinary shares (the "Ordinary Shares") at an initial public offering price of $4 per share for total gross proceeds
of $6,000,000, before deducting underwriting discounts and other offering expenses. The Offering closed on May 17, 2024, and the Ordinary
Shares began trading on Nasdaq Capital Market on May 15, 2024, under the ticker symbol "RAY". The Company has granted the underwriters,
an option, within 45 days from the closing date of the Offering, to purchase up to an additional 225,000 Ordinary Shares at the initial
public offering price, less underwriting discounts, to cover the over-allotments, if any.
The Offering was conducted on a firm commitment basis. Revere Securities
LLC, acted as the representative of the underwriters, R.F. Lafferty & Co., Inc. acted as the joint book runner, and Dominari Securities
LLC acted as co-manager, (the “Underwriters”) for the Offering. Robinson & Cole LLP acted as U.S. counsel to the Company,
and Hunter Taubman Fischer & Li LLC acted as U.S. counsel to the Underwriters, in connection with the Offering.
The Company intends to use the proceeds from this Offering for 1) brand
promotion and marketing (25%); 2) recruitment of talented personnel (25%); 3) strategic investments and acquisitions (25%); and 4) general
working capital (25%).
A registration statement on Form F-1 (File No. 333-275197) relating to
the Offering, as amended, has been filed with the U.S. Securities and Exchange Commission (the "SEC") and was declared effective
by the SEC on May 13, 2024. The Offering is being made only by means of a prospectus. Copies of the final prospectus related to the Offering
may be obtained, when available, from Revere Securities LLC by email at info@reveresecurities.com or via standard mail to Revere
Securities LLC, 560 Lexington Avenue 16Fl, NY, NY 10022. In addition, a copy of the final prospectus can also be obtained via the SEC's
website at www.sec.gov.
Before you invest, you should read the prospectus and other documents the
Company has filed or will file with the SEC for more information about the Company and the Offering. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities
in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction.
About Raytech Holding Limited
Raytech Holding Limited is a Hong Kong-headquartered company with over
10 years of experience in the personal care electrical appliance industry. Through its operating subsidiary in Hong Kong, it sources and
wholesales a diverse range of personal care electrical appliances ranging from hair styling, tooling, trimmer, eyelash curler, neck care,
to nail care and other body and facial care appliances for international brand owners, providing integrated product design, production
processing, and manufacturing solutions. For more information please visit: https://www.raytech.com.hk/; https://ir.raytech.com.hk/.
Forward-Looking Statement
This press release contains forward-looking statements. Forward-looking
statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions
and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend,"
"should," "believe," "expect," "anticipate," "project," "estimate" or similar
expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not
guarantees of future performance and involve risks and uncertainties that may cause actual results to differ materially from the Company's
expectations discussed in the forward-looking statements. These forward-looking statements are subject to uncertainties and risks including,
but not limited to, the uncertainties related to market conditions, and other factors discussed in the “Risk Factors” section
of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance
upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which
are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements
to reflect events or circumstances that arise after the date hereof.
For more information, please contact:
Underwriters
Revere Securities LLC
560 Lexington Ave, 16th Floor,
New York, NY10022
(212) 688-2350
contact@reveresecurities.com
R.F. Lafferty & Co., Inc.
40 Wall Street, 29th Floor
New York, NY 10005
(212) 293-9090
offerings@rflafferty.com
Investor Relations
WFS Investor Relations Inc.
Janice Wang, Managing Partner
Email: services@wealthfsllc.com
Phone: +86 13811768599
+1 628 283 9214
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