AS 2024 年 9 月 27 日に米国証券取引委員会に提出された

登録 いいえ333-282302

ユナイテッド 州
証券取引委員会
ワシントン D. C. 20549

第2号改訂 TO

フォーム F-1
登録申告書
UNDER
1933 年の証券法

トップ ウェルスグループホールディングス
(登録者の正確な氏名はその定款に記載)

単位 714 、 715 、 7F, 香港プラザ
188 コノート · ロード · ウエスト
香港.香港
電話番号： + 85 2 3615 8567
(登録者は主に事務室の住所を実行し、郵便番号と電話番号、市外局番を含む)

c / o コーリンユニバーサル社です。
122 東 42^nd ストリート, 18^{これは…。} フロア
ニューヨークです, ニューヨークです。 10168
+ 1 （800） 221-0102
(サービスエージェントの名前、住所、郵便番号と電話番号、市外局番を含む)

コピーされました

近似する. 一般販売の開始日をお勧めします本登録声明の有効日以降、できるだけ早く。

If このフォームに登録されている有価証券は、規則 415 の下で遅延または継続的に提供されます。 1933 年の証券法、次のボックスをチェックしてください。」と

If このフォームは、証券法第 462 条 （ b ） に基づく募集のための追加有価証券を登録するために提出されます。 ボックスに、同じオファリングの以前の有効な登録申告書の証券法登録申告書番号をリストします。 ↓ ↓

もし…。 本表は、証券法第462条(C)条に基づいて提出された発効後修正案ですので、以下のブロックを選択してリストアップしてください 証券法は，同一発行の比較的早く発効した登録宣言番号を登録する

もし…。 本表は証券法第462条に基づいて提出された発効後修正案ですので、以下のブロックを選択してリストアップしてください 証券法は，同一発行の比較的早く発効した登録宣言番号を登録する

指示する 登録者が 1933 年の証券法規則 405 で定義されている新興成長企業であるかどうかをチェックマークすることによって。

この目論見書について募集説明書の概要

供物リスク要因

特別注釈について 展望的な声明

収益の使用

薄めにする

マネジメントの 財務状況と経営実績の議論と分析

会社の歴史と構造

商売人

監督管理

管理する

プリンシパル 株主

関係者取引株式の説明 資本将来売却する資格のある株

配送計画

民事責任の実行可能性

株主.株主

数量

普通 株 オーナー

Winwin Development Group Limited

株主名

数量

普通

株式

登録済み

●

収益、コストまたは支出の予想される変化

●

当社の製品の需要と市場受け入れに関する期待

●

負債と資本総額

すべてに遡及効果を与えること 2023 年 10 月 12 日のプロ · ラタ株式発行後の発行済 · 発行済株式 2700 万株 （ 株式として扱われている ） 分裂、最も早い時期から提示されます。

添付ノートはこれらの不可欠な部分を形成します。 連結財務諸表。

ピークフォーチュングループホールディングス有限公司

連結営業決算書等 総合利益 （ 損失 ）

（ 米ドル （ 「 $」 ） で表される金額 ） 株数と額面価額を除く ）

12月31日までの年度

販売 （ 関係者への販売を含む

ゼロ

2022 年と

ゼロ

2021 年 ）

行政費

所得税引前利益 （ 損失 ）

所得税 （ 経費 ） 控除

当期利益と総合利益

1 株当たり利益 ：

普通株式、 — ベーシックおよび希釈

1 株当たり基本利益および希釈利益の算出に使用される加重平均残高株式

普通株式、基本株式および希釈株式 *

すべてに遡及効果を与えること 2023 年 10 月 12 日のプロ · ラタ株式発行後の発行済 · 発行済株式 2700 万株 （ 株式として扱われている ） 分裂、最も早い時期から提示された。

添付ノートはこれらの不可欠な部分を形成します。 連結財務諸表。

ピークフォーチュングループホールディングス有限公司

合併権益変動表

（ 米ドル （ 「 $」 ） で表される金額 ） 株数と額面価額を除く ）

ごく普通である

ストック

優秀 *

金額

その他の内容

支払済み

資本金

(累計)

損失 ）

保持

収益

株式分割とみなす Pro Rata 株式発行

組織再編による資本削減

当期利益と総合利益

2023年12月31日現在の残高

すべてに遡及効果を与えること 2023 年 10 月 12 日のプロ · ラタ株式発行後の発行済 · 発行済株式 2700 万株 （ 株式として扱われている ） 分裂、最も早い時期から提示されます。

添付ノートは、 連結財務諸表。

ピークフォーチュングループホールディングス有限公司

統合現金フロー表

（ 米ドル （ 「 $」 ） で表される金額 ） 株数と額面価額を除く ）

12月31日までの年度

経営活動のキャッシュフロー

純利益(赤字)

調整 ： — 。

財産·工場·設備の減価償却

繰延税額相殺

借入金収益

組織再編による資本削減

株式分割とみなされるプロ · ラタ株式発行の収益

トップ · ウェルス · インターナショナルの株式発行収益

融資活動が提供する現金純額

現金及び現金等価物 （ 死亡 ） の増加

年初現金および現金等価物

年末現金および現金等価物

現金残高及び現金等価物の分析

銀行残高

添付ノートは、 連結財務諸表。

トップ · ウェルス · グループホールディングス 限定

連結財務諸表付記

2023年12月31日まで及び2022年12月31日まで年度

概要情報と運用基盤

トップウェルスグループホールディングス有限公司 ケイマン諸島で設立された有限責任会社ですトップ · ウェルス · グループ · ホールディング · リミテッドとその子会社 「会社」と定義されます。本報告書の執筆時点において、当社の直接かつ最終的な親会社は Winwin Development です。 グループ · リミテッド （ 「 Winwin 」 ） 。このレポートの日付時点で、 Winwin は

ウォン · キム · クワン · キングス氏が所有する%

氏所有の% 。 チョン · キン · ファイ。

本報告書の作成日現在、当社およびその子会社の詳細は以下のとおりです。

実体名

登録成立日

トップ · ウェルス · グループ · リミテッド

2023年1月18日

ピークフォーチュングループホールディングス有限公司

投資持株

計算すべき費用その他は支払わなければならない

経費その他の買掛金 主に給与やその他の専門手数料の支払額を表しています

借金をする

2023 年 12 月 31 日に終了した年度は、 当社は、 2 つの無担保無利子スタンバイブリッジローンファシリティを設立しました。1 つは、少数株主から取得した、 施設制限は US $です。

， of which US$

独立した第三者から現在まで描かれています 設定は US $です

， of which US$

引き下げられた両施設の返済は、日付から 1 年以内に支払われます。 最初の引き下げです

リース事業

当社は、事業リースを オフィスと倉庫の保管。会社の賃貸借契約は、

トゥ

何年か

2022 年 12 月 31 日現在、当社 まだ開始されていない追加の材料の運営リースはありません

以下の表で説明します。 会社の運営契約について。

12月31日まで

加重平均残余賃貸期間--レンタルを経営します

年間

年間

加重平均割引率-レンタル経営

オペレーティングリース債務の満期 （ 割引外キャッシュフロー ） は以下の通りです。

期日まで

リース支払総額を経営する

計上された利息を差し引く

リース負債総額を経営する

所得税

当社およびその子会社は 各事業体が居住している場所から得られる所得について事業体単位で所得税の対象となります

当社とその子会社 Top ウェルス · ビルジア諸島は、ケイマン諸島とイギリス領ヴァージン諸島にそれぞれ本拠を置いています。両社は現在常設。 所得税の休暇なので両社は所得税を発生しません

当社の事業子会社、 香港で法人化された Top Wealth International は、以下の所得税率の対象となります。

最初の HK $%

評価可能な利益 and

その後の評価可能な利益の% 。

十二月三十一日までの年度

所得税引前利益 （ 損失 ）

香港の所得税率における税制効果

優遇税率の税制効果

未認識の税金損失の税金効果

非控除支出

過去数年間の超過引当額

減税の税制効果

総額

有効所得税率(%)

十二月三十一日までの年度

実効所得税率 — 香港

認識されていない資料はなかった 一時的な違い

繰延税金資産の構成要素 負債とその動きは以下の通りでした

税損

減価償却

手当

利子

所得税

関係者取引

2023 年、同社は以下の 関係者取引 ：

名前.名前

金額

関係.関係

注記

チョン · キン · ファイ

当社の元取締役 · 主席

無担保無利子ローンの返済支払、需要に応じて返済

収入 — キャビアの販売

マザーネイチャーヘルス （ 香港 ） リミテッド （ 顧客 E ） （ 注 b ）

同社の元取締役は、同関連会社の元取締役でもあります。

収入 — キャビアの販売

Sky Channel Management Limited （ 注 d ）

当社の主たる所有者は、同関連会社の元取締役でした。

マーケティング費用

チョン · キン · ファイ

当社の元取締役 · 主席

無担保無利子ローンの支払金、オンデマンド返済金

チョン · キン · ファイ

当社の元取締役 · 主席

2022 年 12 月 31 日時点のトップ · ウェルス · インターナショナルの普通株式発行債権額。支払額は 2023 年 5 月 13 日に行われた。

ウォン · キム · クワン · キングズ

当社の取締役および支配株主

無担保無利子ローンの支払金、オンデマンド返済金

ウォン · キム · クワン · キングズ

当社の取締役および支配株主

トップ · ウェルス · インターナショナルの無担保無利子ローンの通常株式への転換

2021 年、当社は以下の 関係者取引 ：

無担保無利子融資に対応して，金を引き出してから1年以内に返済する

2022 年 12 月 31 日現在、当社 関係者との残高は以下の通りでした

名前.名前

金額

関係.関係

注記

マザーネイチャーヘルス （ 香港 ） リミテッド （ 顧客 E ） （ 注 c ）

同社の元取締役は、同関連会社の元取締役でもあります。

売掛金

チョン · キン · ファイ

当社の元取締役 · 主席

無担保無利子債権、需要に応じて返済可能

ウォン · キム · クワン · キングズ

当社の取締役および支配株主

無担保無利子ローンの支払、需要に応じて返済

注：

この関係者との取引は、 2022 年 8 月 31 日以降に停止しました。

この関係者との取引は、 2022 年 9 月 3 日に開始されました。支配株主は、 2022 年 8 月 28 日にこの関係者に対するすべての持分を処分しました。これらの取引は、 2023 年 12 月 31 日期における関係者取引とはみなされていません。

この関係者との取引は、 2022 年 1 月 27 日に開始されました。元取締役は 2022 年 2 月 10 日に辞任しました。これらの取引は、 2023 年 12 月 31 日期における関係者取引とはみなされません。

この関係者との取引は、 2022 年 12 月 31 日以降に終了しました。

濃度とリスク

当社は重大な影響を受けていません。 集中リスク以外の財務リスクは、以下のように分析されます。

顧客

10% 以上の顧客 当社の収益または重要な売掛金の残高は、以下のように分析されます。

顧客A

発表されました

Winwin Development Group Limited

Beyond Gloryユニバーサル株式会社

KINE Sky Global Limited

国智控股有限公司

シクマ資本有限公司

水星環球投資有限公司

株を比例して発行した後、Top Win Development Group LimitedはWealth Group Holding Limited 74.67%(20，160，000株普通株に相当)，6.40%(相当)を保有している Beyond Glory Worldwide Limitedは1，728，000株の普通株を持ち，Ken Sky Globalは6.53%(1，764，000株の普通株に相当)を持つ. 国智控股有限公司は6.53%(176.4万株普通株に相当)、3.33%(90万株普通株に相当)を保有している それぞれシクマ資本有限会社と水星環球投資有限公司が2.53%(684，000株の普通株に相当)を保有している。 株主が株式を保有する割合は株式を比例して発行する前後で変わらない。

2023年10月16日、国家智恵控股有限公司 KINE Sky Global Limitedは432，000株と432，000株の普通株を314，685香港ドルでHarmony Global Limitedに譲渡した それぞれ314，685香港ドル(約40，344ドル)と314，685香港ドル(約40，344ドル)だった。当日Beyond Global Worldwide Limitedは 540，000株の普通株は墨丘利環球投資有限公司に与えられ、代償は香港ドル393，356元(約50，430ドル)である。

コンサルティング会社株式オプション

頂上フォーチュン·グループ(国際)有限公司 当該子会社の経営者は、海通証券さんとの企業開発コンサルタント委任契約(“顧問”)を締結する 協議“)は，その中でピークフォーチュングループ(国際)有限会社にMr.Chenを委任し，任期10カ月，8月から発効した 2022年6月1日から2023年6月30日まで、企業発展、プロジェクト管理、資本融資に関するコンサルティングサービスを提供します。 同社の米国での初公募株。コンサルタント協定によると、創富グループ(国際)有限公司は ピークフォーチュン·グループ·ホールディングスにMr.Chenに株式オプションを付与して合計108万株を買収するよう促しました ピーク富集団持株有限公司は会社が初めて公募した後、ピーク富集団持株有限公司の普通株の4%を占めた。 初公募前に発行され、発行された(“顧問株式購入”)。Mr.Chenに付与されたオプションが授与され 3年以内に3回の均等額に分けて行使することができ，それぞれ会社にある ナスダック資本市場に看板を掲げて上場します。すべての選択権は会社設立3周年後60ヶ月以内に行使しなければならない 列挙してください。そうでなければ、行使されなかったオプションは無効になります。顧問株式オプションの適用行権価格 Mr.Chenは当社の普通株式1株当たり株価の50%(50%)を付与する。

私たちは発行と取引のたびに 証券法の下の条例D又は第2条に基づく 証券法第4(2)項公開に触れない又はSに依存した証券条例による取引について 発行者がオフショア取引で販売する行為について。これらの証券の発行には引受業者が参加していない。 

プロジェクト8.証拠品および財務諸表の添付表

(A)展示品。

証拠品番号：

説明する

配給代理プロトコルフォーマット

会社規約(ここでは表F-1登録説明書の添付ファイル3.1(書類番号333-275684)を引用し、改訂され、最初は2023年11月21日に米国証券取引委員会に提出された)

ディレクター

2024 年 9 月 27 日

名前： Feiyong 、李

/ s / Phei Suan， HO

ディレクター

2024 年 9 月 27 日

名前： Phei Suan， HO

/ s / Wai Chun， CHIK

ディレクター

2024 年 9 月 27 日

名前： ワイチュン、チック

代理人による署名 アメリカ合衆国の

1933 年の証券法に基づき、 アメリカ合衆国における正当な権限を与えられた代表者は、この登録声明に署名しました 2024 年 9 月 27 日にニューヨーク州ニューヨークで開催された。

コーリンユニバーサル社です。

許可されたアメリカ代表

US-GAAP：AdditionalPaidInCapitalMembers

アメリカ-公認会計基準：前払いメンバーを保留

twg： MrWongKimKwanKings メンバー

twg ： MrChongKinFai メンバー

twg： TopWealthBVIGroupLimited メンバー

twg： TopWealthGroupInternationalLimited メンバー

米国-GAAP：IPOメンバー

米国-GAAP：IPOメンバー

アメリカ-アメリカ公認会計基準：普通株式メンバー

米国-GAAP：IPOメンバー

twg： TopWealthGroupHoldingLimitedMember

twg： TopWealthBVIGroupLimited メンバー

twg： TopWealthGroupInternationalLimited メンバー

twg： WinwinDevelopmentGroupLimited メンバー

twg ： BeyondGloryWorldwideLimitedMembertwg： KeenSkyGlobalLimitedMembertwg： StateWisdomHoldingsLimited メンバーtwg： SnowBearCapitalLimited メンバーtwg： MercuryUniversalInvestmentLimited メンバー

twg： GreetHarmonyGlobalLimited メンバー

twg： USDToHKYearEndMember

twg： USDToHK 平均レートメンバー

twg： USDToHK 平均レートメンバー

twg： USDToHK 平均レートメンバー

twg： ThirdPartiesMember

twg： ThirdPartiesMember

米国-公認会計基準：関連側メンバー

米国-公認会計基準：関連側メンバー

米国-GAAP：デバイス構成員

米国-GAAP：デバイス構成員

アメリカ-公認会計基準：リース改善メンバー

アメリカ-公認会計基準：リース改善メンバー

twg： OverProvisionInPreviousYearsMember

twg： UnderProvisionInPreviousYearsMember

twg： UnderProvisionInPreviousYearsMember

twg： UnderProvisionInPreviousYearsMember

国：香港

国：香港

twg： 税金損失メンバー

twg： 減価償却手当会員

twg： 税金損失メンバー

twg： 減価償却手当会員

twg： 税金損失メンバー

twg： 減価償却手当会員

twg： 税金損失メンバー

twg： 減価償却手当会員

twg： 税金損失メンバー

twg： 減価償却手当会員

SRT：シーン予測メンバ

twg： 顧客メンバー

アメリカ公認会計基準：売掛金メンバー

US-GAAP：顧客集中度リスクメンバー

twg： 顧客メンバー

アメリカ公認会計基準：売掛金メンバー

US-GAAP：顧客集中度リスクメンバー

twg： 顧客メンバー

アメリカ公認会計基準：売掛金メンバー

US-GAAP：顧客集中度リスクメンバー

twg： 顧客メンバー

アメリカ公認会計基準：売掛金メンバー

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iso4217： USD

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xbrli： 株式

Fair Value Measurements — Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Inputs used to measure fair value are classified using the following hierarchy:

The Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable and accrued expenses reflected as current assets and current liabilities. Due to the short-term nature of these instruments, management considers their carrying value to approximate their fair value.

New accounting standards

Financial Instruments —Credit Losses

In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13 (Topic 326), Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments, which replaces the existing incurred loss impairment model with an expected credit loss model and requires an asset measured at amortized cost to be presented at the net amount expected to be collected. The guidance became effective for the Company beginning January 1, 2023. The adoption did not have a material impact on the Company’s consolidated financial statements.

Accounts receivables are reviewed for impairment on a quarterly basis and are presented net of an allowance for expected credit losses. The allowance for expected credit losses is estimated based on the Company’s analysis of amounts due, historical delinquencies and write-offs, and current economic conditions, together with reasonable and supportable forecasts of short-term economic conditions. The allowance for expected credit losses is recognized in net income (loss) and any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Write-offs of accounts receivable, together with associated allowances for expected credit losses, are recognized in the period in which balances are deemed uncollectible. The Company does not have a history of significant write-offs. As of June 30, 2023 and December 31, 2021, the total allowance for expected credit losses on the Company’s accounts receivable were Nil and Nil.

On December 14, 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” to enhance the transparency and decision usefulness of income tax disclosures. The amendments require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pre-tax income or loss by the applicable statutory income tax rate). In addition, public business entities are required to provide certain qualitative disclosures about the rate reconciliation and the amount of income taxes paid (net of refunds received) disaggregated (1) by federal (national), state, and foreign taxes and (2) by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). For public business entities, the standard is effective for annual periods beginning after December 15, 2024. The amendments in this ASU require a cumulative effect adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets) as of the beginning of the annual reporting period in which an entity adopts the amendments. The Company is evaluating the impact of this standard on the Company’s consolidated financial statements.

We have evaluated all the recently issued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board or other standards-setting bodies through the date of this report and do not believe the future adoption of any such standards will have a material impact on our consolidated financial statements.

Corporate History and Structure

Top Wealth Group Holding Limited is a holding company with no operations of its own. We conduct our operations in Hong Kong primarily through, Top Wealth Group (International Limited), our Operating Subsidiary in Hong Kong. The ordinary shares offered in this prospectus are those of Top Wealth Group Holding Limited.

The following diagram illustrates the corporate structure of Top Wealth Group Holding Limited and its subsidiary as of the date of this prospectus.

Top Wealth Group Holding Limited was incorporated as a limited liability company on February 1, 2023 under law of the Cayman Islands. It is a holding company and is not actively engaged in any business. Under its memorandum of association, Top Wealth Group Holding Limited is authorized to issue 500,000,000 Ordinary Shares, par value US$0.0001 per share, of which 29,000,000 Ordinary Shares are issued and outstanding. The registered office of Top Wealth Group Holding Limited is at the office of Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands.

Top Wealth (BVI) Holding Limited was incorporated under the law of the British Virgin Islands as the intermediate holding company of Top Wealth Group (International) Limited, on January 18, 2023 as part of the reorganization. Top Wealth (BVI) Holding Limited is wholly-owned by Top Wealth Group Holding Limited.

Top Wealth Group (International) Limited was incorporated on September 22, 2009 under the laws of Hong Kong. Top Wealth Group (International) Limited is our operating entity and is indirectly wholly-owned by Top Wealth Group Holding Limited through Top Wealth (BVI) Holding Limited.

History of Shares

On February 1, 2023, the date of the incorporation of Top Wealth Group Holding Limited, 1 Ordinary Share was issued to Ogier Global Subscriber (Cayman) Limited. On March 1, 2023, the 1 Ordinary Share was transferred from Ogier Global Subscriber (Cayman) Limited to Winwin Development Group Limited and the Top Wealth Group Holding Limited further issued 99 Ordinary Shares to Winwin Development Group Limited on the same date.

On April 18, 2023, 650 Ordinary Shares were further issued to Winwin Development Group Limited, whereby Top Wealth Group Holding Limited was then solely owned by Winwin Development Group Limited as to 750 Ordinary Shares.

Furthermore, on the same date, April 18, 2023, Winwin Development Group Limited entered into Sale and Purchase Agreements with: Keen Sky Global Limited, State Wisdom Holdings Limited, Beyond Glory Worldwide Limited, Snow Bear Capital Limited and Mercury Universal Investment Limited, respectively. Pursuant to the Sales and Purchase Agreements, Winwin Development Group Limited is to sell, and Beyond Glory Worldwide Limited, Keen Sky Global Limited, State Wisdom Holdings Limited, Snow Bear Capital Limited, and Mercury Universal Investment Limited are to acquire, 6.40%, 6.53%, 6.53%, 3.33%, 2.53% equity interests in Top Wealth Group Holding Limited, at the consideration of HK$1,424,000 (approximately US$182,564), HK$1,453,000 (approximately US$186,282), HK$1,453,000 (approximately US$186,282), HK$742,000 (approximately US$95,128), and HK$565,000(approximately US$72,436), respectively. On the same date, Winwin Development Group Limited executed the instrument of transfers whereby Winwin Development Group Limited have transferred 48, 49, 49, 25, and 19 Ordinary Shares, out of its 750 Ordinary Shares, to Beyond Glory Worldwide Limited, Keen Sky Global Limited, State Wisdom Holdings Limited, Snow Bear Capital Limited and Mercury Universal Investment Limited, respectively.

On October 12, 2023, in contemplation of Company’s initial public offering, Top Wealth Group Holding Limited further issued 26,999,250 Ordinary Shares in aggregate to its shareholders at par value, on a pro rata basis proportional to the shareholders’ existing equity interests (collectively refers as the “Pro Rata Share Issuance”), which has been treated as a share split. All references to the number of ordinary shares and per-share data in the accompanying consolidated financial statements have been retroactively adjusted to reflect such issuance of shares. After the Pro Rata Share Issuance, 27,000,000 Ordinary Shares were issued and outstanding. The following table sets forth the breakdown of the Pro Rata Share Issuance to each shareholder:

Subsequent to the Pro Rata Share Issuance, Top Wealth Group Holding Limited was 74.67% (representing 20,160,000 Ordinary Shares) owned by Winwin Development Group Limited, 6.40% (representing 1,728,000 Ordinary Shares) owned by Beyond Glory Worldwide Limited, 6.53% (representing 1,764,000 Ordinary Shares) owned by Keen Sky Global Limited, 6.53% (representing 1,764,000 Ordinary Shares) owned by State Wisdom Holdings Limited, 3.33% (representing 900,000 Ordinary Shares) owned by Snow Bear Capital Limited, and 2.53% (representing 684,000 Ordinary Shares) owned by Mercury Universal Investment Limited, respectively. The percentage of the ownership of equity interests held by the shareholders remained the same before and after the Pro Rata Share Issuance.

On October 16, 2023, State Wisdom Holdings Limited and Keen Sky Global Limited transferred 432,000 and 432,000 Ordinary Shares to Greet Harmony Global Limited at the consideration of HK$314,685 (approximately US$40,344) and HK$314,685 (approximately US$40,344), respectively. On the same day, Beyond Global Worldwide Limited transferred 540,000 Ordinary Shares to Mercury Universal Investment Limited at the consideration of HK$393,356 (approximately US$50,430). The following table sets forth the breakdown of equity ownership of the Company after the series of transactions in October 16, 2023:

On April 18, 2024, the Company closed its initial public offering of 2,000,000 Ordinary Shares at a public offering price of US$4.00 per Ordinary Share.

On July 2, 2024, the Company filed the registration statement on Form F-1 with the SEC (File No. 333-280654) (as amended, the “Resale Prospectus”), which was declared effective on July 23, 2024, for 6 existing shareholders of the Company to register their existing shareholding of an aggregate of 6,840,000 Ordinary Shares to be sold pursuant to the Resale Prospectus. The following table sets forth the breakdown of number of ordinary shares registered for sale in the resale prospectus by the existing shareholders:

As of the date of this prospectus, 29,000,000 Ordinary Shares were issued and outstanding.

BUSINESS

Overview

Our mission is to become a world-renowned supplier of the finest selection of caviar and offer caviar-based gourmet products around the globe with unparalleled gastronomical experience.

Headquartered in Hong Kong, we are a fast-growing supplier of caviar products. We are currently specialized in supplying high-quality sturgeons caviar. Our caviar is endorsed with the Convention on International Trade in Endangered Species of Wild Fauna and Flora (“CITES”) permits, which certifies that our caviar is legally traded. We are one of the major suppliers of caviar in Hong Kong. We have secured a long-term and exclusive supply of caviar raw products from a PRC sturgeon farm.

Since we established our caviar business in August 2021, we had supplied caviar to our customers under their brand labels (i.e. private labeling) or without brand labels. Subsequently in November 2021, we established our own caviar brand, “Imperial Cristal Caviar”, and started selling caviar under our own brand as well. With its exquisite package design, we consider our branded caviar is ideal to be presented as both culinary delights and festive gifts. Imperial Cristal Caviar has continuously achieved tremendous sales growth since its launch in the market.

In March 2023, as the addition to the gastronomical experience of our caviar, we have commenced our wine trading business line, to complement our caviar business. For the fiscal year ended December 31, 2023, our wine trading business line contributed revenue of US$4,460,092, compared to Nil for the fiscal year ended December 31, 2022. The fine wine we distribute include white wine, red wine, and Champagne, from various countries including France, Greek, and Spain, etc. Our wine trading business only involves the distribution of fine wine within Hong Kong on business-to-business (B2B) sales, primarily to our F&B related distributor customers, in particular, the F&B related distributor customers who we supply our caviar product. We do not import or manufacture the wine we distribute, instead, we source the wines from our wine suppliers in Hong Kong on an as-demand per order basis. Therefore, we are not subject to the relevant licensing requirements that apply to sale of alcoholic beverages in Hong Kong.

We take pride in our well-tested, reliable caviar supply chain management module, which helps ensure the palatability and freshness of our products when they reach our customers. We believe we are among one of the few Hong Kong caviar suppliers being able to secure a long-term and exclusive supply of caviar raw products from a PRC sturgeon farm. In April 2022, we entered into an exclusive supply agreement with the agent and distributor of a well-established sturgeon farm in Fujian, the PRC, which appointed us as its exclusive distributor in Hong Kong and Macau for conducting overseas distribution and granted us the rights to procure caviar directly from it for a term of 10 years. This sturgeon farm is one of the six existing PRC sturgeon farms which are officially permitted to export locally-bred roe. We have engaged a Hong Kong-based supply chain management company to handle the logistics, warehousing and packaging workflows in our supply chain, so we can strategically focus on brand-building and product quality assurance.

We are dedicated to enhancing our brand awareness. As part of our sales and marketing efforts, we have proactively participated in food expo and set up pop-up stores across the world. We have also collaborated with famous food bloggers and used different online platforms and media coverage to promote and strengthen the publicity of our products. We regularly invite chefs of notable hotels and restaurants to our tasting events.

We generate all of our revenues, through our Operating Subsidiary, from trading of caviar products and wine. Our revenues for the years ended December 31, 2023, 2022 and 2021 were US$16.9 million, US$8.5 million and US$19,615, respectively. We have turned around from a loss before tax of approximately US$16,888 for the year ended December 31, 2021 to a profit before tax of approximately US$2.3 million for the year ended December 31, 2022, and we have maintained a profit before tax of approximately US$3.3 million for the year ended December 31, 2023.

Our top five customers accounted for 92.0% and 91.1% of our total revenues for the years ended December 31, 2023 and 2022. Our customers, including our top five customers, primarily include food and beverage (“F&B”) related distributors. We have strategically focused on business-to-business sales (B2B) which would allow us access to our customers’ sales network and consumer base that helps us maximize the reach of our products swiftly and effectively. As our caviar products gain popularity worldwide, our customer base has continuously expanded as a result of customers’ referral and our marketing efforts. Our caviar products are mainly sold to customers based in Hong Kong and a substantial portion are exported overseas by our customers. As our products gradually become more well-known in the international market, we aspire to expand our sales channels from only selling through distributors to selling our products directly to overseas customers.

Our major suppliers include (i) a distributor and agent of a sturgeon farm in the PRC, Fujian Aoxuanlaisi Biotechnology Co., Ltd (“Fujian Aoxuanlaisi”), which supplies caviar raw product to us; (ii) a Hong Kong supply chain management company, Sunfun (China) Limited (“Sunfun China”), which handles the logistics, warehousing and packaging workflows in our supply chain; (iii) a Hong Kong wine distributor, which supplies fine wine to us; and (iv) other suppliers which supply packaging materials and printing services to us. We materially rely on Fujian Aoxuanlaisi as our supplier for caviar raw product. Fujian Aoxuanlaisi is the agent and ppointed distributor of a well-established PRC sturgeon farm, operated by Fujian Longhuang Biotech Co. Limited (“Fujian Longhuang”). Fujian Aoxuanlaisi and Fujian Longhuang currently maintain a long-term exclusive sales agreement for 15 years, from December 2020 to December 2035. Historically, before April 2022, we obtained the supply of caviar raw product from Fujian Aoxuanlaisi on an as-demand per order basis, without any long-term agreements. In April 2022, our Operating Subsidiary, Top Wealth Group (International) Limited, has entered into the Caviar Sales Agreement with Fujian Aoxuanlaisi, appointed us as its exclusive distributor in Hong Kong and Macau. We do not have any direct supply agreement with Fujian Longhuang, the PRC sturgeon farm.

For the years ended December 31, 2023, 2022 and 2021, our procurement from Fujian Aoxuanlaisi amounted to approximately US$6.2 million, US$5.3 million, and US$0.3 million respectively, representing approximately 64.3%, 90% and 100% of our total purchases for the corresponding year. Our material reliance on Fujian Aoxuanlaisi as the supplier of our caviar raw product exposes us to unique and significant risk, for detailed discussion, please see “Risk Factors — Risks related to our Business and Industry — We materially rely on Fujian Aoxuanlaisi Biotechnology Co., Ltd (“Fujian Aoxuanlaisi”), the exclusive distributor of a PRC sturgeon farm, as our supplier for the supply of caviar raw product. Such arrangement materially and adversely exposes us to unique risk. Any disruption in the supplier’s relationships, either between Fujian Aoxuanlaisi and the PRC sturgeon farm, or between Fujian Aoxuanlaisi and us, could have a material adverse effect on our business. Any disruption in the provision of caviar from Fujian Aoxuanlaisi or PRC sturgeon farm and our inability to identify alternative caviar supplier may materially and adversely affect our business operations and financial results.”

Competitive Strengths

A fast-growing luxury caviar products supplier with a premier brand image

We position ourselves as a luxury caviar products supplier aiming to supply the finest selection of luxury caviar products and offer gourmet products around the globe with unparalleled gastronomical experience. We are currently specialized in supplying high quality sturgeons caviar. In November 2021, we established our own caviar brand, “Imperial Cristal Caviar”. From the feedback of our distbributors and customers, our Imperial Cristal Caviar is highly recognized by the end-consumers in terms of its tastiness, texture, palatability, appearance and packaging. Our packaging carries a delicate design that conveys elegance and exclusivity and is ideal to be presented as both culinary delights and festive gifts. We also gladly learned from our distributor customers and market survey that our caviar products are also well-received by chefs of restaurants who serve our caviar products on their menus.

An extensive distribution network which allows us to stay abreast of the latest trend and development of consumers’ taste

We have access to an extensive distribution network through our distributors customers which allows us to connect with a broad range of consumers around the world and to stay abreast of the latest trend and development of consumers’ taste. Our caviar products are mainly sold to F&B related distributors in Hong Kong, which then export and resell such goods to downstream customers such as supermarket, retail stores, F&B chain and consumers across the world. Leveraging the sales network and consumer base of our distributors, our caviar products have been exported overseas to different countries. Through sales channels that cover extensive points of sale across countries and regions, we serve a variety of consumer groups with diversified demands, which deepens our market penetration and extends our geographical coverage.

A strict and comprehensive quality control system to effectively control our product safety and quality

Food safety and quality control are of paramount importance to our reputation and business. To ensure food safety and quality, we have established a comprehensive standards and requirements regarding our supply chain, ranging from procurement, logistics, warehousing to packaging.

We carefully select the source of caviar supplies. We have reviewed all certifications required from our caviar supplier in the PRC for, among other things, the operation of sturgeon farm in the PRC and exporting caviar products overseas. Our caviar products are endorsed with the CITES permits, which certifies that our caviar is legally traded. We conduct sample inspection on each incoming batch of caviar.

Our food processing factory is operated by the supply chain management company and we require its staff to follow a comprehensive set of operation manual and technical protocols prescribed by us. We provide instruction and regular on-the-job training to the processing staff to ensure their work standard and efficiency. In order to maintain the quality and freshness of our caviar, our food processing factory is equipped with temperature control system that mandates a prescribed temperature range. We implement strict and comprehensive measures in our food processing factory to ensure sanitation and hygiene at the premises, such as mandating the processing staff to wear standardized clothing, conducting regular inspection on the packaging equipment and performing routine maintenance and cleaning.

The supply chain management company has designated a quality control staff at our food processing factory to inspect and monitor the processing procedures. The quality control staff will conduct quality control testing and inspection throughout the packaging process and ensure the taste, size, quality and packaging of our caviar products conform with our quality standards and requirements.

Since the establishment of our caviar business and up to the date of this prospectus, we did not encounter any material food safety incidents and we had not experienced any product liability claims.

A stable and exclusive procurement source of caviar

We take pride in our well-tested, reliable caviar supply chain management module, which helps ensure the palatability and freshness of our products when they reach our customers. We believe we are among one of the few Hong Kong caviar suppliers being able to secure long-term and exclusive supply of caviar from sturgeon farm. We have entered into an exclusive supply agreement with the distributor of a well-established sturgeon farm in the PRC in April 2022, which appointed us as its exclusive distributor in Hong Kong and Macau for conducting overseas distribution and granted us the rights to procure caviar directly from it for a term of 10 years. This sturgeon farm is one of the six existing PRC sturgeon farms which are officially permitted to export locally-bred roe. Our end-to-end supply chain business model not only improves cost efficiency, it also promotes consumers’ confidence in our caviar products as well as facilitate our sales and marketing plans.

Growth Strategies

Expand the global market reach of our caviar product

We strive to strengthen the global market reach of our caviar product in developed markets with a strong consumer base, such as Europe, the United States, Japan, Dubai, Australia and Southeast Asia (collectively, the “Target Regions”). We intend to establish representative offices at each of the Target Regions to access the local consumers. We currently plan to recruit local sales and marketing staff to conduct marketing activities in such regions, ranging from (i) conducting product promotion; (ii) brand building; (iii) maintaining regular communication with local customers; (iv) collecting feedbacks from local consumers on our products; and (v) maintaining regular communication and interaction with different industry players, so we can stay abreast of the latest trend and development of local consumers’ tastes.

As our products gradually become more well-known in the international market, we aspire to expand our sales channels from only selling through distributors to selling our products directly to overseas customers. Material obstacles that we have to overcome include (i) the competition for high-quality sales and distribution partners is intense and we may not be able to offer more favorable arrangement than our competitors; (ii) there may not be suitable distribution channels or overseas customers in the markets that we planned to expand; (iii) we may not be able to hire, train and retain skilled local sales and marketing staffs; and (iv) we may encounter difficulties in adapting our logistics and management systems to an expanded distribution network. However, leveraging our competitive strengths described in the paragraph headed “Competitive Strengths” above, we are confident that we will be able to expand our sales channels to overseas customers three years after the Offering.

Strengthen our sales and marketing activities

We plan to strengthen our sales and marketing activities and increase our market exposure and brand awareness by participating in food-expo and collaborating with luxurious restaurants, hotels and private clubs to host tasting events in different countries and regions. Further, we plan to invite the media and chefs from notable restaurants and hotels to visit the sturgeon farm which supplies caviar raw products to us. We believe we can provide the participants with a better understanding of our procurement source and give them stronger assurance with respect to our product safety, quality and hygienic conditions, thereby enhancing the brand image of our products.

Expand our procurement source and broaden our product portfolio

We are committed to sourcing top-quality caviar from the best sturgeon farms around the world. We currently plan to expand our procurement source and broaden our product portfolio by exploring potential co-operations with sturgeon farms located in Europe and/or the United States. In identifying suitable caviar suppliers, we will conduct on-site inspection at the selected sturgeon farms and conduct legal and business due diligence on their background and operations. We would also verify that the caviar supplied by the selected sturgeon farms complies with the Convention on International Trade in Endangered Species of Wild Fauna and Flora. We believe that expansion in our product portfolio will provide a wider selection of caviar for our customers in terms of places of origin, as well as species and ages of sturgeon.

Depending on the availability of potential acquisition targets, we also plan to carry out vertical expansion by acquiring non-controlling stakes in suitable sturgeon farms in Europe and/or the United States. We believe that through integration with upstream sturgeon farms, we can guarantee a stable supply of caviar with consistent high quality.

Our Caviar Products and Our Own Brand

Headquartered in Hong Kong, we are a fast-growing supplier of luxury caviar products. We are currently specialized in supplying premium class sturgeons caviar. Our caviar is endorsed with the CITES permits, which certifies that our caviar is legally traded. We are one of the major suppliers of caviar in Hong Kong being able to secure a long-term and exclusive supply of caviar raw products from sturgeon farm.

Since we established our caviar business in August 2021, we had supplied caviar to our customers under their brand labels (i.e. private labelling) or without brand labels. Subsequently in November 2021, we established our own caviar brand, “Imperial Cristal Caviar”, and started selling caviar under our own brand as well. With its exquisite package design, our branded caviar is ideal to be presented as both culinary delights and festive gifts. Imperial Cristal Caviar has continuously achieved tremendous sales growth since its launch in the market.

The table below sets forth details of our own brand caviar products:

Product Line		:		Imperial
Sturgeon Species		:		Huso Dauricus
Roe Size		:		3.2mm – 3.4mm
Packaging Size		:		10/30/50/100/250 gram

Product Line		:		Osietra
Sturgeon Species		:		Acipenser Schrenckii and Huso Dauricus
Roe Size		:		2.9mm – 3.1mm
Packaging Size		:		10/30/50/100/250 gram

Operation Flow

The diagram below illustrates the operation flow of our product supply chain:

(a) Receipt of purchase order from customer

Our customers place orders with us on an as-needed basis and their purchase orders generally set forth the key terms including species of sturgeon, roe size, quantity and unit price per kilogram.

(b) Procurement of caviar from sturgeon farm

Depending on our inventory level and customers’ orders on hand, our sales and marketing staff will place purchase orders with the agent and exclusive distributor of a sturgeon farm in the PRC. The quantity that we order from the supplier is typically slightly in excess of the quantity ordered by our customers such that we could maintain certain inventory to meet any ad-hoc orders from our customers.

(c) Importation from the PRC

Our supplier will arrange for the transportation of caviar from the PRC to Hong Kong by air cargo. Our supplier is responsible for obtaining CITES permit in the PRC and handling the required documentation for the export of goods to Hong Kong. The supply chain management company engaged by us will handle the customs clearance procedures in Hong Kong and collect our goods at the designated port.

(d) Packaging at the Hong Kong food processing factory

We engage a Hong Kong-based supply chain management company to handle the processing of our products. The supply chain management company deploys labor to perform food packaging and labelling at our food processing factory located in Hong Kong. Depending on the purchase order and requirements of our customers, our caviar products are packaged in different sizes of containers and labelled with our own brand or our customers’ brands (i.e. private labelling) or without brand labels. We provide instruction and regular on-the-job training to the processing staff to ensure their work standard and efficiency. In order to maintain the quality and freshness of our caviar, our food processing factory is equipped with temperature control system that mandates a prescribed temperature range.

(e) Quality inspection

The supply chain management company has designated a quality control staff at our food processing factory to inspect and monitor the processing procedures. The quality control staff will conduct quality control testing and inspection throughout the packaging process and ensure the taste, size, quality and packaging of our caviar products conform with our quality standards and requirements.

(f) Local delivery/Exportation to foreign countries

The supply chain management company engaged by us will also provide logistics, transportation and customs clearance services for delivering our caviar products to the destination specified by our customers on or before our prescribed time. Our products are mainly sold free on board (“FOB”) in Hong Kong. Depending on our customers’ requirements, our caviar products are either delivered to specified locations in Hong Kong or exported overseas. The supply chain management company is responsible for applying for re-export license for the re-exportation of our caviar products to foreign countries on our behalf.

Our Customers

Our customers primarily and substantially include F&B-related distributors. We have strategically focused on business-to-business sales (B2B) which would allow us access to our customers’ sales network and consumer base that helps us maximize the reach of our products swiftly and effectively. As our caviar products gain popularity worldwide, our customer base has continuously expanded as a result of customers’ referral and our marketing efforts.

Furthermore, to complement our caviar business, in March 2023, we have commenced our wine trading business line.

Our wine trading business only involves the distribution of fine wine within Hong Kong on business-to-business (B2B) sales, primarily to our F&B related distributor customers, in particular, the F&B related distributor customers who we supply our caviar product.

For the year ended December 31, 2022, there were four customers each generated over 10% of our total revenue for the year, and they in aggregate accounted for approximately 82.6% of our total revenue for the year. One of these four customers is our related party and all of our transactions with such related party have been ceased after December 31, 2022. Our top five customers are Sunfun (China) Limited, accounting for 37.4% of our sales volume, Channel Power Limited, accounting for 17.7% of sales volume, Beauty and Health International Company Limited, accounting for 15% of sales volume, Beauty and Health International E-Commerce Limited, accounting for 12.5% of our sales volume, and Mother Nature Health (HK) Limited, accounting for 9.4% of our sales volume. For the year ended December 31, 2023, there were three customers each generated over 10% of our total revenue for the period, and they in aggregate accounted for approximately 75.5% of our sales volume. Our top 3 customers for the year ended December 31, 2023 are, Mother Nature Health (HK) Limited, accounting for 34.5 % of our sales volume in the period, Sunfun (China) Limited, accounting for 25.0% of our sales volume, A One Marketing Limited accounting for 16.5% of our sales volume.

Geographical coverage

Our caviar products are mainly sold to customers based in Hong Kong and a substantial portion are exported overseas by our customers. As our caviar products gradually become more well-known in the international market, we aspire to expand our sales channels from only selling through distributors to selling our products directly to overseas customers.

Substantially all of the fine wine we distributed are sold to F&B distributors customers based in Hong Kong.

General terms with customers

Our customers place purchase orders for our caviar products and wine with us on an as-needed basis. For our caviar product, we entered into distributorship agreements with our F&B related distributor customers.

The material terms of our distributorship agreements for our caviar product with our F&B related distributor customers are summarized as follows:

Product return

Due to the perishable nature of caviar, we generally do not accept any product return from our customers except under certain limited circumstances, such as when products are defective, poorly packaged or damaged or the quantity delivered was inconsistent with the purchase order. Our customers are normally required to report any quality issue to us within three business days upon their receipt of our products. We have not experienced any material product return so far.

Credit and payment terms

We generally grant our customers a credit period ranging from 30 to 60 days from the invoice date. Our customers generally settle their payments in Hong Kong dollars by telegraphic transfer.

Seasonality

Up to the date of this prospectus, we have not experienced any pronounced seasonality, but such fluctuations may have been masked by our rapid growth.

Pricing Strategies

The selling prices of our caviar products are determined on a cost-plus pricing approach with reference to, among other things, cost of sales which mainly represents procurement costs and costs incurred in relation to our supply chain management and a percentage of mark-up over our estimated cost of sales. The percentage of mark-up may vary based on factors such as (i) prevailing market prices for different caviar products; (ii) size of purchase order; (iii) type of customer; (iv) length of relationship with the customer; (v) supply and demand mechanism in our target markets; (vi) consumer preference; and (vii) any positive impact on our brand reputation.

Sales and Marketing

We have strategically focused on business-to-business sales (B2B) which would allow us access to our customers’ sales network and consumer base that helps us maximize the reach of our products swiftly and effectively. As our caviar products gain popularity worldwide, our customer base has gradually expanded as a result of customers’ referral and our marketing efforts.

We are dedicated to enhancing our brand awareness. Our sales and marketing representatives are primarily responsible for conducting business development and marketing activities. They are responsible for (i) enhancing our promotion and sales efforts; (ii) actively approaching and liaising with our existing and potential customers; and (iii) collecting feedbacks and handling any queries on our products from customers.

As part of our sales and marketing efforts, we have proactively participated in food expo and set up pop-up stores across the world. We have also collaborated with famous food bloggers and used different online platforms and media coverage to promote and strengthen the publicity of our products. We regularly invite chefs of notable hotels and restaurants to our tasting events.

Our Suppliers

Our major suppliers include (i) a exclusive distributor and agent of a sturgeon farm in the PRC, Fujian Aoxuanlaisi Biotechnology Co., Ltd (“Fujian Aoxuanlaisi”), which supplies caviar raw product to us; (ii) a Hong Kong supply chain management company, Sunfun (China) Limited (“Sunfun China”), which handles the logistics, warehousing and packaging workflows in our supply chain; (iii) a Hong Kong wine distributor, which supplies fine wine to us; and (iv) other suppliers which supply packaging materials and printing services to us.

We materially rely on Fujian Aoxuanlaisi as our supplier for caviar raw product. Fujian Aoxuanlaisi is the agent and appointed distributor of a well-established PRC sturgeon farm, operated by Fujian Longhuang Biotech Co. Limited (“Fujian Longhuang”). Fujian Aoxuanlaisi and Fujian Longhuang currently maintain a long-term exclusive sales agreement for 15 years, from December 2020 to December 2035. Historically, before April 2022, we obtained the supply of caviar raw product from Fujian Aoxuanlaisi on an as-demand per order basis, without any long-term agreements. In April 2022, our Operating Subsidiary, Top Wealth Group (International) Limited, has entered into the Caviar Sales Agreement with Fujian Aoxuanlaisi, appointed us as its exclusive distributor in Hong Kong and Macau. We do not have any direct supply agreement with Fujian Longhuang, the PRC sturgeon farm.

For the years ended December 31, 2023, 2022 and 2021, our procurement from Fujian Aoxuanlaisi amounted to approximately US$6.2 million, US$5.3 million, and US$0.3 million respectively, representing approximately 64.3%, 90% and 100% of our total purchases for the corresponding year.

For fiscal ended December 31, 2023, Hong Kong wine distributor and importer, Silver Fame International (HK) Limited, supplies fine wine to us. We have not entered any agreement with Silver Fame International (HK) Limited, we obtain the supply of the fine wine from which on an as-demand per order basis. For the years ended December 31, 2023, 2022 and 2021, our procurement from Silver Fame International (HK) Limited amounted to approximately US$3.4 million, US$0.6 million, and nil respectively, representing approximately 35.6%, 10% and 0% of our total purchases for the corresponding year.

Fujian Aoxuanlaisi, the distributor of the PRC sturgeon farm

In April 2022, our Operating Subsidiary, Top Wealth Group (International) Limited, has entered into the Caviar Sales Agreement with Fujian Aoxuanlaisi, the agent and the distributor of Fujian Longhuang, a PRC sturgeon farm. Pursuant to the Caviar Sales Agreement between Fujian Aoxuanlaisi and Top Wealth Group (International) Limited, by way of Power of Attorney, Fujian Aoxuanlaisi appointed Top Wealth Group (International) Limited as its exclusive distributor in Hong Kong and Macau for conducting overseas distribution and granted Top Wealth Group (International) Limited the rights to procure caviar directly for a term of 10 years, from 30 April 2022 to 30 April 2032. The Caviar Sales Agreement between our Operating Subsidiary and Fujian Aoxuanlaisi and the Power of Attorney granted by Fujian Aoxuanlaisi are collectively referred as the “Exclusive Supply Agreement.”

The principal terms of the Exclusive Supply Agreement are summarized as follows:

There are no limitations on our business or ability to enter contracts with other caviar producers. There are no obligations for us to distribute caviar in Macau and we currently do not have plans to expand our business to Macau. To the best of our management’s understanding, the Fujian Aoxuanlaisi also supplies its caviar to other distributors in the PRC, Japan and various European countries. According to the exclusive supply agreement, Fujian Aoxuanlaisi has obligation to maintain long-term stable supply of caviar to us, even in the event of limited supply. According to the exclusive supply agreement, in the event Fujian Aoxuanlaisi fails to adhere to the minimum annual supply commitment in any year during the term of the exclusive supply agreement, Fujian Aoxuanlaisi shall make up the shortfall by increasing the volume of supply in the following year and the unit price attributable to such volume shall be reduced by a certain percentage.

Supply chain management company

Historically and as of the date of this prospectus, we have engaged a Hong Kong-based supply chain management company, Sunfun China Limited (“Sunfun China”), to handle the logistics, warehousing and packaging workflows in our supply chain, so we can strategically focus on brand-building and product quality assurance. On July 31, 2021, our Operating Subsidiary, Top Wealth Group (International) Limited has entered into a Food Processing Factory Leasing and Service Project Agreement (“Leasing and Service Agreement”) with Sunfun China, and such agreement is subsequently renewed on September 10, 2024, until March 31, 2026.

Pursuant to Leasing and Service Agreement, in respect of logistics services, Sunfun China is responsible for handling the customs clearance procedures and applying for import license in Hong Kong and collecting our goods at the designated delivery port. The supply chain management company is also responsible for the transportation of our caviar through cold-chain to the places designated by our customers and handling the application procedures for re-export license for delivery to foreign countries. Furthermore, Sunfun China has also leased a food processing factory located in Tsuen Wan, Hong Kong, to Top Wealth Group (International) Limited, for carrying out the packaging and labelling of our caviar products. The food processing factory has obtained a food factory license from the Food and Environmental Hygiene Department of Hong Kong which is essential for food business involving the preparation of food for sale for human consumption off the premises. The license is valid for one year from April 18, 2024 to April 17, 2025. To safeguard the palatability and freshness of our caviar products, the food processing factory is equipped with temperature control system that mandates a prescribed temperature range. Upon our requests, the Sunfun China will deploy labor for food packaging and labelling at our food processing factory located in Hong Kong.

The principal terms of Leasing and Service Agreement are summarized as follows:

As of the date of this prospectus, we have not experienced any material dispute with our suppliers and we do not foresee any material circumstances which would result in early termination of the supply agreement with our suppliers.

Inventory Management