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of Contents](#TOC)\n\n​\n\n​\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**WASHINGTON, D.C. 20549**\n\n​\n\n**FORM ****20-F**\n\n**(Mark One)**\n\n​\n\n☐\n\n**REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**OR**\n\n​\n\n☒\n\n**ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**For the fiscal year ended****December 31, 2025****.**\n\n​\n\n**OR**\n\n​\n\n☐\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**For the transition period from****                   to**\n\n**OR**\n\n​\n\n☐\n\n**SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**Date of event requiring this shell company report**\n\nCommission file number:  001-38313\n\n**Amber International Holding Limited**\n\n(Exact name of Registrant as specified in its charter)\n\nN/A\n\n(Translation of Registrant’s name into English)\n\nCayman Islands\n\n(Jurisdiction of incorporation or organization)\n\n1 Wallich Street, #30-02 Guoco Tower,\n\nSingapore 078881 Tel: +65 60220228\n\n(Address of principal executive offices)\n\nJosephine Ngai, Chief Financial Officer\n\n1 Wallich Street, #30-02 Guoco Tower,\n\nSingapore 078881 Tel: +65 60220228\n\nE-mail: josephine.ngai@ambr.io\n\n(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)\n\nSecurities registered or to be registered pursuant to Section 12(b) of the Act:\n\n​\n\nTitle of each class\n\n  ​ ​ ​\n\nTrading Symbol\n\n  ​ ​ ​\n\nName of each exchange on which registered\n\nAmerican Depositary Shares, one representing five Class A ordinary shares, par value US$0.001 per share*\n*Not for trading, but only in connection with the listing on the Nasdaq Global Market of American depositary shares.\n\n​\n\nAMBR\n\n​\n\nNasdaq Global Market\n\n​\n\n**Securities registered or to be registered pursuant to Section 12(g) of the Act:**\n\nNone\n\n(Title of Class)\n\n**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:**\n\nNone\n\n(Title of Class)\n\nIndicate the number of outstanding shares of each of the Issuer’s classes of capital or common stock as of the close of the period covered by the annual report.\n\nAs of December 31, 2025, there were 471,376,257 ordinary shares outstanding, par value $0.001 per share, being the sum of 435,143,020 Class A ordinary shares and 36,233,237 Class B ordinary shares.\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.\n\n☐ Yes  ☒ No\n\n​\n\n[Table of Contents](#TOC)\n\nIf this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.\n\n☐ Yes  ☒ No\n\nIndicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.\n\n☒ Yes  ☐ No\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).\n\n☒ Yes  ☐ No\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.:\n\nLarge accelerated filer. ☐\n\n  ​ ​ ​\n\nAccelerated filer ☒\n\n  ​ ​ ​\n\nNon-accelerated filer ☐\n\n  ​ ​ ​\n\nEmerging growth company ☐\n\nIf an emerging growth company that prepare its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\nIndicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:\n\nU.S. GAAP ☐\n\n  ​ ​ ​\n\nInternational Financial Reporting Standards as issued\nby the International Accounting Standards Board ☒\n\n  ​ ​ ​\n\nOther ☐\n\n​\n\nIf “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.\n\n☐ Item 17  ☐ Item 18\n\nIf this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).\n\n☐ Yes  ☒ No\n\n(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)\n\nIndicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.\n\n☐ Yes  ☐ No\n\nOf the 435,143,020 Class A ordinary shares as of December 31, 2025, 2,188,634 were held by JPMorgan Chase Bank N.A., our depositary, representing Class A ordinary shares underlying the share based awards reserved for issuance under our Post-IPO Share Incentive Plan and our 2018 Share Incentive Plan.\n\n​\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\n**TABLE OF CONTENTS**\n\n[**PART I**](#PARTI_179511)\n\n​\n\n​\n\n[ITEM 1.](#ITEM1IDENTITYOFDIRECTORSSENIORMANAGEMENT)\n\n[IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS](#ITEM1IDENTITYOFDIRECTORSSENIORMANAGEMENT)\n\n1\n\n[ITEM 2.](#ITEM2OFFERSTATISTICSANDEXPECTEDTIMETABLE)\n\n[OFFER STATISTICS AND EXPECTED TIMETABLE](#ITEM2OFFERSTATISTICSANDEXPECTEDTIMETABLE)\n\n1\n\n[ITEM 3.](#ITEM3KEYINFORMATION_539254)\n\n[KEY INFORMATION](#ITEM3KEYINFORMATION_539254)\n\n1\n\n[ITEM 4.](#ITEM4INFORMATIONONTHECOMPANY_998566)\n\n[INFORMATION ON THE COMPANY](#ITEM4INFORMATIONONTHECOMPANY_998566)\n\n56\n\n[ITEM 4A](#ITEM4AUNRESOLVEDSTAFFCOMMENTS_256387)\n\n[UNRESOLVED STAFF COMMENTS](#ITEM4AUNRESOLVEDSTAFFCOMMENTS_256387)\n\n68\n\n[ITEM 5.](#ITEM5OPERATINGANDFINANCIALREVIEWANDPROSP)\n\n[OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#ITEM5OPERATINGANDFINANCIALREVIEWANDPROSP)\n\n68\n\n[ITEM 6.](#ITEM6DIRECTORSSENIORMANAGEMENTANDEMPLOYE)\n\n[DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#ITEM6DIRECTORSSENIORMANAGEMENTANDEMPLOYE)\n\n81\n\n[ITEM 7.](#ITEM7MAJORSHAREHOLDERSANDRELATEDPARTYTRA)\n\n[MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#ITEM7MAJORSHAREHOLDERSANDRELATEDPARTYTRA)\n\n91\n\n[ITEM 8.](#ITEM8FINANCIALINFORMATION_469941)\n\n[FINANCIAL INFORMATION](#ITEM8FINANCIALINFORMATION_469941)\n\n94\n\n[ITEM 9.](#ITEM9THEOFFERANDLISTING_837699)\n\n[THE OFFER AND LISTING](#ITEM9THEOFFERANDLISTING_837699)\n\n95\n\n[ITEM 10.](#ITEM10ADDITIONALINFORMATION_718205)\n\n[ADDITIONAL INFORMATION](#ITEM10ADDITIONALINFORMATION_718205)\n\n95\n\n[ITEM 11.](#ITEM11QUANTITATIVEANDQUALITATIVEDISCLOSU)\n\n[QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#ITEM11QUANTITATIVEANDQUALITATIVEDISCLOSU)\n\n105\n\n[ITEM 12.](#ITEM12DESCRIPTIONOFSECURITIESOTHERTHANEQ)\n\n[DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](#ITEM12DESCRIPTIONOFSECURITIESOTHERTHANEQ)\n\n106\n\n[**PART II**](#PARTII_422372)\n\n​\n\n​\n\n[ITEM 13.](#ITEM13DEFAULTSDIVIDENDARREARAGESANDDELIN)\n\n[DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES](#ITEM13DEFAULTSDIVIDENDARREARAGESANDDELIN)\n\n108\n\n[ITEM 14.](#ITEM14MATERIALMODIFICATIONSTOTHERIGHTSOF)\n\n[MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS](#ITEM14MATERIALMODIFICATIONSTOTHERIGHTSOF)\n\n108\n\n[ITEM 15.](#ITEM15CONTROLSANDPROCEDURES_956790)\n\n[CONTROLS AND PROCEDURES](#ITEM15CONTROLSANDPROCEDURES_956790)\n\n108\n\n[ITEM 16A.](#ITEM16AAUDITCOMMITTEEFINANCIALEXPERT_449)\n\n[AUDIT COMMITTEE FINANCIAL EXPERT](#ITEM16AAUDITCOMMITTEEFINANCIALEXPERT_449)\n\n112\n\n[ITEM 16B.](#ITEM16BCODEOFETHICS_249461)\n\n[CODE OF ETHICS](#ITEM16BCODEOFETHICS_249461)\n\n112\n\n[ITEM 16C.](#ITEM16CPRINCIPALACCOUNTANTFEESANDSERVICE)\n\n[PRINCIPAL ACCOUNTANT FEES AND SERVICES](#ITEM16CPRINCIPALACCOUNTANTFEESANDSERVICE)\n\n112\n\n[ITEM 16D.](#ITEM16DEXEMPTIONSFROMTHELISTINGSTANDARDS)\n\n[EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES](#ITEM16DEXEMPTIONSFROMTHELISTINGSTANDARDS)\n\n112\n\n[ITEM 16E.](#ITEM16EPURCHASESOFEQUITYSECURITIESBYTHEI)\n\n[PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS](#ITEM16EPURCHASESOFEQUITYSECURITIESBYTHEI)\n\n113\n\n[ITEM 16F.](#ITEM16F_63808)\n\n[CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT](#ITEM16F_63808)\n\n113\n\n[ITEM 16G.](#ITEM16GCORPORATEGOVERNANCE_683248)\n\n[CORPORATE GOVERNANCE](#ITEM16GCORPORATEGOVERNANCE_683248)\n\n114\n\n[ITEM 16H.](#ITEM16HMINESAFETYDISCLOSURE_498329)\n\n[MINE SAFETY DISCLOSURE](#ITEM16HMINESAFETYDISCLOSURE_498329)\n\n114\n\n[ITEM 16I.](#ITEM16IDISCLOSUREREGARDINGFOREIGNJURISDI)\n\n[DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#ITEM16IDISCLOSUREREGARDINGFOREIGNJURISDI)\n\n114\n\n[ITEM 16J.](#ITEM16JINSIDERTRADINGPOLICIES_132056)\n\n[INSIDER TRADING POLICIES](#ITEM16JINSIDERTRADINGPOLICIES_132056)\n\n114\n\n[ITEM 16K.](#ITEM16KCYBERSECURITY_908849)\n\n[CYBERSECURITY](#ITEM16KCYBERSECURITY_908849)\n\n114\n\n[**PART III**](#PARTIII_998881)\n\n​\n\n​\n\n[ITEM 17.](#ITEM17FINANCIALSTATEMENTS_643046)\n\n[FINANCIAL STATEMENTS](#ITEM17FINANCIALSTATEMENTS_643046)\n\n116\n\n[ITEM 18.](#ITEM18FINANCIALSTATEMENTS_815150)\n\n[FINANCIAL STATEMENTS](#ITEM18FINANCIALSTATEMENTS_815150)\n\n116\n\n[ITEM 19.](#ITEM19EXHIBITSCompanytoaddanynewmaterial)\n\n[EXHIBITS](#ITEM19EXHIBITSCompanytoaddanynewmaterial)\n\n116\n\n​\n\n​\n\n​\n\ni\n\n[Table of Contents](#TOC)\n\n**CONVENTIONS THAT APPLY TO THIS ANNUAL REPORT**\n\nUnless otherwise indicated and except where the context otherwise requires, references in this annual report to:\n\n●\n\n“ADSs” refers to our American depositary shares. Two ADSs represent one Class A ordinary share before November 14, 2022, and one ADS represent five Class A ordinary shares effective from November 14, 2022;\n\n●\n\n“Amber Group” refers to Amber Global Limited, Amber DWM Holding Limited’s shareholder and strategic partner;\n\n●\n\n“Amber Premium” is the brand name under which Amber International Holding Limited operates its institutional crypto financial services and solutions business;\n\n●\n\n“Bitcoin” refers to the first peer-to-peer electronic cash system of global, decentralized, scarce, digital money;\n\n●\n\n“blockchain” refers to a cryptographically secure digital ledger that maintains a record of all transactions that occur on the network and follows a consensus protocol for confirming new blocks to be added to the blockchain;\n\n●\n\n“China” or “PRC” refers to the People’s Republic of China, including Chinese Mainland, Hong Kong and Macau and, only for the purpose of this annual report, excluding Taiwan; the only instances in which “China” or “the PRC” do not include Hong Kong or Macau are when used in the case of laws and regulations, including, among others, tax matters, adopted by the People’s Republic of China; the legal and operational risks associated with operating in China also apply to our operations in Hong Kong;\n\n●\n\n“Client Assets on Platform” refers to the total U.S. dollar equivalent value of client assets as of a specific date;\n\n●\n\n“crypto” refers to any cryptography-based market, system, application, or decentralized network;\n\n●\n\n“crypto asset” refers to any digital asset built using blockchain technology, including cryptocurrencies, stablecoins, and security tokens;\n\n●\n\n“cryptocurrency” refers to Bitcoin and alternative coins, or “altcoins,” launched after the success of Bitcoin, designed to work as a medium of exchange, store of value, or to power applications and excludes security tokens;\n\n●\n\n“Cumulative KYC’ed Users” refers to the total number of clients that completed the Company’s Know Your Customer identity verification as of a specific date;\n\n●\n\n“DeFi” refers to “decentralized finance,” a peer-to-peer software-based network of protocols that can be used to facilitate traditional financial services like borrowing, lending, trading derivatives, insurance and more through smart contracts;\n\n●\n\n“DWM Asset Restructuring” has the meaning ascribed to it in “Item 3. Key Information”;\n\n●\n\n“Group” means the Company and its consolidated entities;\n\n●\n\n“HK$” or “Hong Kong dollars” refers to the legal currency of Hong Kong;\n\n●\n\n“mining” refers to the process by which new blocks are created, and thus new transactions are added to the blockchain;\n\n●\n\n“Merger” has the meaning ascribed to it in “Item 3. Key Information”;\n\n●\n\n“Onchain economy” refers to a new open financial system built onchain;\n\n●\n\n“ordinary shares” refer to our Class A and Class B ordinary shares, par value US$0.001 per share;\n\n●\n\n“RMB” or “Renminbi” refers to the legal currency of China;\n\n●“SGD” or “Singapore dollars” refers to the legal currency of Singapore;\n\nii\n\n[Table of Contents](#TOC)\n\n●\n\n“smart contract” refers to software that digitally facilitates or enforces a rules-based agreement or terms between transacting parties;\n\n●\n\n“stablecoin” refers to crypto assets designed to minimize price volatility;\n\n●\n\n“staking” refers to an energy efficient equivalent of mining;\n\n●\n\n“wallet” refers a place to store public and private keys for crypto assets;\n\n●\n\n“we,” “us,” “our company,” “our,” “the Company” refers to Amber International Holding Limited, which was known as iClick Interactive Asia Group Limited (“iClick”) prior to the consummation of the Merger. Amber International Holding Limited (“Amber International”) is a Cayman Islands holding company with no operations of its own and conducts its business through its subsidiaries.\n\n●\n\n“$,” “US$,” “dollars” or “U.S. dollars” refers to the legal currency of the United States;\n\nOur financial statements are expressed in the U.S. dollar, which is our reporting currency. Certain of our financial data in this annual report on Form 20-F are translated into U.S. dollars solely for the reader’s convenience. Unless otherwise noted, all convenience translations from Singapore dollars to U.S. dollars, Renminbi to U.S. dollars, and from Hong Kong dollars to U.S. dollars, in this annual report on Form 20-F were made at a rate of SGD1.2859 to US$1.00, RMB6.9931 to US$1.00, and HK$7.7833 to US$1.00, respectively, which were the exchange rates set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System on December 31, 2025. We make no representation that any Singapore dollar/ Renminbi/ Hong Kong dollar or U.S. dollar amounts could have been, or could be, converted into U.S. dollars or Singapore dollar/ Renminbi/ Hong Kong dollar, as the case may be, at any particular rate, at the respective rate stated above, or at all. Any discrepancies in any table between the amounts identified as total amounts and the sum of the amounts listed therein are due to rounding.\n\nOn March 12, 2025, iClick completed its merger (the “Merger”) with Amber DWM Holding Limited (“Amber DWM”). The Merger is accounted for as a reverse acquisition for accounting purposes. Accordingly, the Merger is treated as the equivalent of Amber DWM issuing shares for the acquisition of iClick, accompanied by a recapitalization, for accounting purposes. The financial results of iClick have been included in our consolidated financial results since March 12, 2025. In connection with the Merger, we entered into intercompany services agreements with certain wholly owned subsidiaries of our parent, Amber Group. These agreements would afford us with substantially the same economic benefits as the transactions contemplated under the merger agreement signed in connection with the Merger, pending certain regulatory approvals for DWM Asset Restructuring contemplated under the merger agreement. This includes our entitlement to 100% of the consolidated net income generated from certain contracts associated with WhaleFin Technologies Limited (“WFTL”) (the “WFTL Assigned Contracts”) effective from January 1, 2025. Therefore, the net income from WFTL Assigned Contracts was not reflected in our results before 2025. On October 28, 2025, the WFTL Assigned Contracts were assumed by AG Global Technology Limited Inc. (“AGTL”), which is also a wholly owned subsidiary of Amber Group and an affiliate of the Company. On November 25, 2025, Amber Match Limited, one of our wholly owned subsidiaries, entered into intercompany services agreement with AGTL to replace its previous agreement with WFTL on substantially the same terms (the “AGTL Assigned Contracts”) (collectively, the “Assigned Contracts”).\n\nDuring the reporting period, we provided institutional crypto financial services and solutions operating under the brand name “Amber Premium”. We optimized our business to drive returns to the shareholders through proactive monitoring our operations and market trends. As of the end of 2025, certain operations under iClick were classified as held-for-sale, and we completed one of the disposals in October 2025. The disposed business was deconsolidated from the Group upon the respective disposal and the results of the held-for-sale and disposed businesses are reflected in the Group’s consolidated financial statements included in this annual report as discontinued operations accordingly. See Note 5 to the financial statements included elsewhere in this annual report.\n\n​\n\n​\n\niii\n\n[Table of Contents](#TOC)\n\n**FORWARD-LOOKING STATEMENTS**\n\nThis annual report on Form 20-F contains forward-looking statements that relate to our current expectations and views of future events. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigations Reform Act of 1995.\n\nYou can identify some of these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include statements relating to:\n\n●\n\nour mission, goals and strategies;\n\n●\n\nour future business development, financial condition and results of operations;\n\n●\n\nthe expected growth of our industry;\n\n●\n\nour expectations regarding demand for and market acceptance of our products, services and solutions;\n\n●\n\ncompetition in our industry;\n\n●\n\nour ability to successfully remediate the material weaknesses in our internal control over financial reporting;\n\n●\n\nrelevant government policies and regulations relating to our business and industry;\n\n●\n\ngeneral economic and business conditions globally and in jurisdictions where we operate; and\n\n●\n\nassumptions underlying or related to any of the foregoing.\n\nYou should read this annual report and the documents that we refer to in this annual report and have filed as exhibits to this annual report completely and with the understanding that our actual future results may be materially different from what we expect. Other sections of this annual report discuss factors which could adversely impact our business and financial performance. Moreover, we operate in an evolving environment. New risk factors emerge from time to time and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.\n\nYou should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in this annual report relate only to events or information as of the date on which the statements are made in this annual report. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.\n\niv\n\n[Table of Contents](#TOC)\n\n**ENFORCEABILITY OF CIVIL LIABILITIES**\n\nWe are incorporated in the Cayman Islands to take advantage of certain benefits associated with being a Cayman Islands exempted limited liability company, such as political and economic stability, an effective judicial system (except for certain disadvantages discussed below), a favorable tax system, the absence of exchange control or currency restrictions and the availability of professional and support services. However, certain disadvantages accompany incorporation in the Cayman Islands. These disadvantages include that the Cayman Islands has a less developed body of securities laws as compared to the United States and provides significantly less protection to investors. In addition, Cayman Islands companies may not have standing to sue before the federal courts of the United States. Our constituent documents do not contain provisions requiring that disputes be submitted to arbitration, including those arising under the securities laws of the United States, between us, our officers, directors and shareholders.\n\nWe conduct all of our current operations outside the United States, and all of our assets are located outside the United States. Many of our directors and executive officers are nationals or residents of jurisdictions other than the United States and most of their assets are located outside of the United States. As a result, it may be difficult for a shareholder to effect service of process within the United States upon us or such persons, or to enforce against us, our assets, our directors or officers, or the judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.\n\n**Cayman Islands**\n\nTravers Thorp Alberga, Attorneys at Law, our counsel as to Cayman Islands law, has advised us that there is uncertainty as to whether the courts of the Cayman Islands would (1) recognize or enforce judgments of U.S. courts obtained against us or our directors or officers, predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States, or (2) entertain original actions brought in the Cayman Islands against us, our assets, or our directors or officers, predicated upon the securities laws of the United States or any state in the United States.\n\nTravers Thorp Alberga, Attorneys at Law, has informed us that although there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state courts of the United States (and the Cayman Islands are not a party to any treaties for the reciprocal enforcement or recognition of such judgments), a judgment obtained in such jurisdiction will be recognized and enforced in the courts of the Cayman Islands at common law, without any re-examination of the merits of the underlying dispute, by an action commenced on the foreign judgment debt in the Grand Court of the Cayman Islands, provided such judgment (a) is given by a foreign court of competent jurisdiction, (b) imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given, (c) is final, (d) is not in respect of taxes, a fine or a penalty; and (e) was not obtained in a manner and is not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands. However, the Cayman Islands courts are unlikely to enforce a judgment obtained from the U.S. courts under civil liability provisions of the U.S. federal securities law if such judgment is determined by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. Because such a determination has not yet been made by a court of the Cayman Islands, it is uncertain whether such civil liability judgments from U.S. courts would be enforceable in the Cayman Islands.\n\nHowever, the Cayman Islands courts are unlikely to enforce a judgment obtained from the United States courts under the civil liability provisions of the securities laws if such judgment is determined by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. A Cayman Islands court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.\n\nv\n\n[Table of Contents](#TOC)\n\n**Singapore**\n\nHarry Elias Partnership LLP, our counsel as to Singapore law, has advised us that there is uncertainty as to whether judgments of courts in the United States based upon the civil liability provisions of the securities laws of the United States or any state or territory of the United States will be recognized and/or enforced by the Singapore courts, and there is doubt as to whether the Singapore courts will enter judgments in original actions brought in the Singapore courts based solely on the civil liability provisions of these securities laws. An in persona final and conclusive judgment in the federal or state courts of the United States under which a fixed sum of money is payable may generally be enforced as a debt in the Singapore courts under the common law as long as it is established that the Singapore courts have jurisdiction over the judgment debtor. However, the Singapore courts are unlikely to enforce a foreign judgment if (a) the foreign judgment is inconsistent with a prior local judgment that is binding on the same parties; (b) the recognition or enforcement of the foreign judgment would contravene the public policy of Singapore; (c) the proceedings in which the foreign judgment was obtained were contrary to principles of natural justice; (d) the foreign judgment was obtained by fraud; or (e) the enforcement of the foreign judgment amounts to the direct or indirect enforcement of a foreign penal, revenue or other public law.\n\nIn particular, the Singapore Courts may potentially not allow the enforcement of any foreign judgment for a sum payable in respect of taxes, fines, penalties or other similar charges, including the judgments of courts in the United States based upon the civil liability provisions of the securities laws of the United States or any state or territory of the United States. In respect of civil liability provisions of the United States federal and state securities laws that permit punitive damages against us and our Directors or Executive Officers, we are unaware of any decision by the Singapore courts that has considered the specific issue of whether a judgment of a United States court based on such civil liability provisions of the securities laws of the United States or any state or territory of the United States is enforceable in Singapore.\n\n**Hong Kong**\n\nH.M. Chan & Co., our counsel as to Hong Kong law, has advised us that there is uncertainty as to whether the courts of Hong Kong would (i) recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States or (ii) entertain original actions brought in Hong Kong against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.\n\nA judgment of a court in the United States predicated upon U.S. federal or state securities laws may be enforced in Hong Kong at common law by bringing an action in a Hong Kong court on that judgment for the amount due thereunder, and then seeking summary judgment on the strength of the foreign judgment, provided that the foreign judgment, among other things, is (1) for a debt or a definite sum of money (not being taxes or similar charges to a foreign government taxing authority or a fine or other penalty) and (2) final and conclusive on the merits of the claim, but not otherwise. Such a judgment may not, in any event, be so enforced in Hong Kong if (a) it was obtained by fraud; (b) the proceedings in which the judgment was obtained were opposed to natural justice; (c) its enforcement or recognition would be contrary to the public policy of Hong Kong; (d) the court of the United States was not jurisdictionally competent; or (e) the judgment was in conflict with a prior Hong Kong judgment.\n\nHong Kong has no arrangement for the reciprocal enforcement of judgments with the United States. As a result, there is uncertainty as to the enforceability in Hong Kong, in original actions or in actions for enforcement, of judgments of United States courts of civil liabilities predicated solely upon the federal securities laws of the United States or the securities laws of any State or territory within the United States.\n\nvi\n\n[Table of Contents](#TOC)\n\n**PRC**\n\nJingtian & Gongcheng, our counsel as to PRC law, has advised us that under the PRC Civil Procedures Law, courts in China may recognize and enforce foreign judgments pursuant to treaties between China and the country where the judgment is rendered or reciprocity arrangements for the recognition and enforcement of foreign judgments. China does not have any treaties or other arrangements that provide for the reciprocal recognition and enforcement of foreign judgments with the United States or the Cayman Islands. Therefore, Jingtian & Gongcheng, our counsel as to PRC law, has advised us that there is substantial uncertainty as to whether the courts of the PRC would (1) recognize or enforce judgments of U.S. courts obtained against us, our assets or our directors or officers, predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States, or (2) entertain original actions brought in the PRC against us, our assets or our directors or officers, predicated upon the securities laws of the United States or any state in the United States. Under the PRC Civil Procedures Law, foreign shareholders may originate actions based on PRC law against us, our assets or our directors or officers in China if they can establish sufficient connection to China for a PRC court to have jurisdiction, and meet other procedural requirements, including, among others, the plaintiff must have a direct interest in the case, and there must be a concrete claim, a factual basis and a cause for the suit. However, it will be difficult for foreign shareholders, by virtue only of holding the ordinary shares, to establish a sufficient connection to China for a PRC court to have jurisdiction as required under the PRC Civil Procedures Law.\n\n​\n\n​\n\nvii\n\n[Table of Contents](#TOC)\n\n**PART I**"}