{"url_path":"/sec/chow/10-k/2026/item-4","section_key":"item-4","section_title":"Item 4 INFORMATION ON THE COMPANY**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/2041829/0001493152-26-023952-index.html","accession_number":"0001493152-26-023952","cik":"0002041829","ticker":"CHOW","issuer_name":"ChowChow Cloud International Holdings Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/2041829/0001493152-26-023952-index.html","primary_entity_key":"0002041829","primary_entity_name":"ChowChow Cloud International Holdings Ltd"},"word_count":5921,"has_tables":true,"body_markdown":"**ITEM\n4. INFORMATION ON THE COMPANY**\n\n \n\n**A.**\n**History\nand Development of the Company**\n\n \n\nSCS\nis an operating company incorporated in Hong Kong on December 3, 2014, and Yee Kar Wing and Hui Wai Ming were its shareholders until\nSeptember 26, 2023. As part of a restructuring exercise, Vigorous Elite Holdings Limited became the sole shareholder of SCS on September\n26, 2023, and ChowChow Cloud International Holdings Limited was incorporated on October 8, 2024. On October 18, 2024, the Company subdivided\nits authorized share capital to US$50,000 divided into 500,000,000 Ordinary Shares of nominal or par value of US$0.0001 each. Subsequently,\non October 24, 2024, the shareholders of Vigorous Elite Holdings Limited transferred all their shareholdings in Vigorous Elite Holdings\nLimited to the Company in consideration for shares in the Company resulting in the Company becoming the sole shareholder of Vigorous\nElite Holdings Limited, and the ultimate holding company of SCS.\n\n \n\nSince\nour inception, we have focused on innovation in our cloud solutions and the application of emerging technologies such as cloud technology\nand AI. Our efforts are backed by our team of experts, deep understanding of evolving IT needs, high operational flexibility, and flat,\nefficient organization structure. Together, these features enable fast solution development, launch and iteration, and a series of customer-oriented\ncloud solutions and go-to-market strategies. Thus, we are able to rapidly expand even with a limited operating history.\n\n \n\nWe\nprimarily operate our business in the Asia-Pacific region with a strong presence in Hong Kong and Singapore. Throughout our over eleven\nyears of operating history, we have proactively sought opportunities for growth in our cloud solutions business and by accumulating our\nproject experience and building customer relationships and reputation in Hong Kong. Currently, we have expanded our geographical presence\nto other regions in Asia-Pacific including Singapore, the Philippines, Taiwan, Indonesia and Australia since 2019.\n\n \n\nThroughout\nour more than eleven years of operation, we have proactively sought growth opportunities in our cloud solutions business, where we have\naccumulated extensive project experience and built solid customer relationships and reputation in Hong Kong. Since 2019, we have been\nexpanded our geographical presence to other regions in Asia-Pacific, and now have operations in Hong Kong, Singapore, the Philippines,\nTaiwan, Indonesia and Australia. In particular, we have a significant presence in Hong Kong and Singapore.\n\n \n\nOur\nOrdinary Shares began trading on NYSE American under the symbol “CHOW” on September 16, 2025. On September 17, 2025, we closed\nour IPO of 2,990,000 Ordinary Shares, including 390,000 over-allotment shares, at a price of US$4.00 per share to the public, for a total\nof US$11,960,000 of gross proceeds to us, before deducting underwriting discounts and other offering expenses.\n\n \n\n**B.**\n**Business\nOverview**\n\n \n\n**Overview**\n\n \n\nWe\nare a pioneer in providing one-stop cloud solutions that support companies across the IT industry value chain throughout their entire\ncloud transformation journey from consulting, deployment and migration to cloud environment building and management. We were founded\nin December 2014 by a group of passionate and experienced professionals, who envisioned the potential of cloud technology to transform\nthe way businesses of various sizes operate. Recognizing the growing need for digitization and the benefits that cloud technology could\nbring to businesses, our founders set out to create a company that would bridge the gap between cloud services providers and companies\nwho seek to move to the cloud.\n\n \n\nOur\nbusiness primarily comprises (i) digital transformation consulting services consisting primarily of cloud suitability assessment, real-time\nresource management and strategic planning and advisory, (ii) professional IT services comprising a wide range of capabilities designed\nto facilitate seamless cloud integration and digital transformation, (iii) AI-powered proactive cloud managed services covering all aspects\nof day-to-day cloud maintenance and support, and (iv) IT infrastructure solutions covering on-premise private cloud setups and public\ncloud integrations including infrastructure applications such as our Sereno Cloud App360 AI and Data Science Platform (the “AI\n& Data Science Platform”), which consists of several core components.\n\n \n\n30\n\n \n\n \n\nSince\nour inception, we have focused on innovation in our cloud solutions and the application of emerging technologies such as cloud technology\nand AI. Our efforts are backed by our team of experts, deep understanding of evolving IT needs, high operational flexibility, and flat,\nefficient organization structure. Together, these features enable fast solution development, launch and iteration, and a series of customer-oriented\ncloud solutions and go-to-market strategies. Thus, we are able to rapidly expand even with a limited operating history.\n\n \n\nWe\nprimarily operate our business in the Asia-Pacific region with a strong presence in Hong Kong and Singapore. Throughout our over eleven\nyears of operating history, we have proactively sought opportunities for growth in our cloud solutions business and by accumulating our\nproject experience and building customer relationships and reputation in Hong Kong. Currently, we have expanded our geographical presence\nto other regions in Asia-Pacific including Singapore, the Philippines, Taiwan, Indonesia and Australia since 2019.\n\n \n\nThroughout\nour more than eleven years of operation, we have proactively sought growth opportunities in our cloud solutions business, where we have\naccumulated extensive project experience and built solid customer relationships and reputation in Hong Kong. Since 2019, we have been\nexpanded our geographical presence to other regions in Asia-Pacific, and now have operations in Hong Kong, Singapore, the Philippines,\nTaiwan, Indonesia and Australia. In particular, we have a significant presence in Hong Kong and Singapore.\n\n \n\nWe\nhad served over 150 clients and 500 tenants in each of 2024 and 2025. Our clients are primarily divided into two categories, namely IT\npartner clients and end-user clients. Our partner clients primarily include system integration solutions providers, telecommunication\ncompanies and wholesalers, who typically procure our cloud solutions to provide services to end users, while our end-user clients primarily\ninclude government, public utility companies, non-governmental organizations, small and medium-sized enterprises, large multinational\ncorporations and local enterprises in industries such as financial services, logistics and education. Tenant refers to our clients’\ndedicated and isolated space within the cloud environment where their users, data, and resources are stored independently from others,\nwhich we help to manage and optimize. We believe that our diverse and extensive customer base provides us with a stable business and\ndiversified sources of revenue.\n\n \n\nGoing\nforward, we plan to capture the extensive potential of the cloud computing market in the Asia-Pacific region through our enriching cloud\nsolutions and expanding cloud infrastructure.\n\n \n\n**Corporate\nInformation**\n\n \n\nOur\nprincipal executive offices are located at 8/F, Kwok Kee Group Centre, 107 How Ming Street, Kwun Tong, Hong Kong. Our telephone number\nat this address is +852 3461 3788. Our registered office in the Cayman Islands is located at Harneys Fiduciary (Cayman) Limited, 4th\nFloor, Harbour Place, 103 South Church Street, PO Box 10240, Grand Cayman, KY1-1002, Cayman Islands. Our agent for service of process\nin the United States is Cogency Global Inc., located at 122 East 42nd Street, 18th Floor, New York, NY 10168. Our corporate website is\n*https://www.serenoclouds.com*. Information contained on our website does not constitute part of this Report.\n\n \n\n**Our\nOne-Stop Cloud Solutions**\n\n \n\nWe\npartner with various cloud and technology service provider partners to provide our clients with one-stop cloud solutions, which include\n(i) digital transformation consulting services consisting primarily of cloud suitability assessment, real-time resource management, and\nstrategic planning and advisory; (ii) professional IT services comprising a wide range of capabilities designed to facilitate seamless\ncloud integration and digital transformation; (iii) AI-powered proactive cloud managed services covering all aspects of day-to-day cloud\nmaintenance and support, supported by our IT service management (“ITSM”) platform; and (iv) IT infrastructure solutions covering\non-premise private cloud setups and public cloud integrations including infrastructure applications such as our AI & Data Science\nPlatform, which consists of several core components.\n\n \n\nAll\nof our services and solutions are powered by an extensive collection of cloud-based tools. These tools are licensed from a variety of\nthird-party cloud and technology service providers, which we have meticulously integrated such tools to meet our specific needs. We also\nintegrated a suite of ITSM tools with built-in AI capabilities and algorithms licensed from third-party technology service providers\nand customize the implementation of such algorithms to develop our ITSM platform that meet our specific needs and operational environments,\nwhich is key to delivering our AI-powered proactive cloud managed services. Such tools and algorithms are developed, maintained, and\nupgraded by the third-party technology service providers under proprietary licenses. Furthermore, our AI & Data Science Platform,\nwhich we offer as part of our IT infrastructure solutions, is built based on tools and algorithms from open-source libraries and frameworks.\n\n \n\n31\n\n \n\n \n\n**Digital\nTransformation Consulting Services**\n\n \n\nOur\nteam of experts provides in-depth consulting on cloud strategy, architecture, migration, and optimization to help our clients make informed\ndecisions and maximize the benefits of their digital transformation journey. We provide our clients with personalized guidance to help\nthem identify the most appropriate cloud systems for their business needs, on a free of charge basis. This approach builds trust and\nensures that our recommendations are aligned with the client’s strategic goals. Key features of our digital transformation consulting\nservices include:\n\n \n\n \n●\n**Cloud\nSuitability Assessment.** We work closely with our clients to understand their business requirements, technology infrastructure,\nand long-term goals, and then recommend the most appropriate cloud solutions based on these factors.\n\n \n \n \n\n \n●\n**Real-time\nResource Management.** We provide our clients with real-time visibility into their cloud infrastructure, enabling them to monitor\nsystem performance, optimize resource utilization, and make data-driven decisions that improve cost efficiency and scalability.\n\n \n \n \n\n \n●\n**Strategic\nPlanning and Advisory.** Our team of experts helps our clients develop a long-term cloud strategy and provide deep insight\ninto best practices, emerging technologies, and potential areas for growth and innovation.\n\n \n\n**Professional\nIT Services**\n\n \n\nOur\nprofessional IT services encompass a wide range of capabilities designed to facilitate seamless cloud integration and digital transformation,\nincluding:\n\n \n\n \n●\n**Agile\nCloud System Deployment.** We manage the entire setup and configuration of new cloud systems, ensuring they are optimized for\nour clients’ operational environment. In addition, our experienced team of engineers and consultants work with clients to deploy\ncloud systems quickly and efficiently while minimizing downtime and business disruption.\n\n \n \n \n\n \n●\n**Cloud\nMigration.** We provide comprehensive IT support for migrating applications and data to the cloud, ensuring minimal impact\non our clients’ daily business operations.\n\n \n \n \n\n \n●\n**DevOps\nImplementation.** DevOps is a combination of software development and IT operations brought together to create a unified infrastructure\ndesigned to maximize productivity. Specifically, we help our clients integrate and streamline software development and IT operations\nto foster a culture of collaboration, continuous improvement, and high efficiency.\n\n \n\n \n●\n**Infrastructure\nAutomation.** We use modern tools and practices to automate the provisioning, configuration, and management of infrastructure\nto increase agility and reliability.\n\n \n \n \n\n \n●\n**Application\nModernization.** We help modernize legacy applications to enhance scalability, performance, and integration with new cloud\nenvironments.\n\n \n\n32\n\n \n\n \n\n**AI-powered\nProactive Cloud Managed Services**\n\n \n\nOur\nAI-powered proactive cloud managed services are designed to ensure that our clients’ cloud infrastructure is always operating at\npeak performance, providing them with the reliability and stability they need to succeed in today’s fast-paced business environment.\nKey features of our AI-powered proactive cloud managed services include\n\n \n\n \n●\n**Non-stop\nOperating Systems.** We provide AI-powered predictive monitoring and management of our clients’ cloud environments, helping\nthem analyze historical performance data and predict potential system outages or performance degradations before they occur. This\ncan help schedule maintenance activities during off-peak hours, minimizing downtime and ensuring continuous system availability.\n\n \n \n \n\n \n●\n**Automatic\nSmart Monitoring and Event Management**. Our advanced monitoring tools use machine learning models to continuously monitor\nsystem logs and metrics to automatically detect issues and anomalies in system performance, enabling our team to proactively address\npotential problems for our clients before they escalate.\n\n \n \n \n\n \n●\n**Professional\nIT Expertise Support.** Our team of certified cloud experts with AI-powered chatbots and AI tools are available 24/7 to provide\nfaster and more effective technical support, troubleshooting, and guidance to our clients, giving clients access to the expertise\nneeded at any time.\n\n \n \n \n\n \n●\n**Backup\nand Disaster Recovery Services.** We offer robust data protection and backup solutions, as well as disaster recovery planning\nand implementation, to ensure that our clients’ critical data and applications are always secure and accessible.\n\n \n \n \n\n \n●\n**Cloud\nManaged Security Services.** Recognizing the importance of data security and compliance in the cloud, we offer advanced security\nsolutions such as threat detection and prevention, encryption, and compliance management to safeguard our clients’ critical\ndata and infrastructure.\n\n \n\n**IT\nInfrastructure Solutions**\n\n \n\nWe\nwork closely with our clients to understand their IT needs and provide them with comprehensive, integrated, up-to-date and customized\nIT infrastructure solutions that meet their IT requirements and specifications. Leveraging our AI & Data Science Platform, we help\nour clients build and manage their IT infrastructure, from system deployment to IT maintenance and support.\n\n \n\nOur\nextensive IT infrastructure solutions include both on-premise private cloud setups and public cloud integrations:\n\n \n\n \n●\n**On-premise\nPrivate Cloud Infrastructure.** We provide robust on-premise cloud infrastructure tailored to each client’s specific\nbusiness needs by leveraging best-of-breed cloud solutions from our specialized technology partners.\n\n \n \n \n\n \n●\n**Public\nClouds.** We offer our clients versatile, scalable cloud environments through our partnerships with leading public cloud providers.\n\n \n\n**Our\nSereno Cloud App360 Ai And Data Science Platform**\n\n \n\nWe\nhave developed the AI & Data Science Platform, a comprehensive solution that provides our clients with tools, services, and infrastructure\nto develop, deploy, and manage AI, machine learning, and data science projects. Our AI & Data Science Platform is designed to help\nclients streamline the entire data processing process, from data ingestion and preprocessing to model training, evaluation, deployment\nand monitoring. It provides multi-user, multi-framework interactive computing environments with collaboration, experiment tracking, and\nworkflow management capabilities that make it easy for data scientists and network analysts to collaborate effectively on complex projects.\nThe diagram below illustrates our AI & Data Science Platform:\n\n \n\n \n\n33\n\n \n\n \n\nOur\nAI & Data Science platform is designed with a comprehensive architecture that covers data ingestion, data storage and management,\ndistributed computing, experiment tracking and model management, workflow management, and inference services and deployment, while also\nproviding an interactive computing environment. The diagram below illustrates the architecture of our AI & Data Science Platform:\n\n \n\n \n\n**Our\nRevenue And Pricing Models**\n\n \n\nWe\ntypically charge our clients a fixed service fee at a price based on the scope of services required on a project-by-project basis.\n\n \n\n34\n\n \n\n \n\nWe\ndetermine our credit policies and payment methods with each client based on the type of cloud solutions we are providing to the client,\ntaking into account a number of factors, including, but not limited to, the size of the order, the complexity of the project, the client’s\nbusiness relationship and credit history with us, and the payment terms offered by the suppliers involved. We typically require our clients\nto pay (i) an upfront payment upon signing of contract, (ii) milestone payments when specified milestone events are reached, and (iii)\na final payment upon delivery of relevant services, or on a monthly basis. We either require our clients to make payment upon delivery\nor provide a credit period typically ranging from zero to 60 days after our issuance of invoice or delivery of services.\n\n \n\nWe\nprice our solutions on a case-by-case basis because we typically deliver our solutions on a project-by-project basis, which includes\na range of specifications and varying levels of complexity. For our IT infrastructure solutions, we typically consider, among other things,\n(i) the scope of services, (ii) the estimated time to be spent by various levels of our technical personnel, (iii) the complexity and\nscale of the project, (iv) procurement and supply chain costs, and (v) subcontractor fees (if any). For professional IT services and\nAI-powered proactive cloud managed services, we determine our quotes based on the estimated time to be spent by our technical resources.\n\n \n\nWe\nset out below a summary of the salient terms of a typical purchase order with our customers:\n\n \n\n**Services.**We provide one-off cloud solutions to the customer as specified in the purchase order.\n\n \n\n**Term.**Not specified.\n\n \n\n**Payment.**We are typically entitled to receive payment in advance upon receipt of confirmed order, or payment within 30 days after issuance\nof invoice.\n\n \n\n**Delivery.**We are typically required to deliver our cloud solutions in approximately two weeks to two months after receipt of confirmed\norder.\n\n \n\nWe\nset out below a summary of the salient terms of a typical purchase order with our suppliers:\n\n \n\n**Products/Services.**The supplier provides us with IT products and services as specified in the purchase order.\n\n \n\n**Term.**Not specified.\n\n \n\n**Payment.**We are typically required to make payments to the supplier upon receipt of invoice.\n\n \n\n**Our\nTechnologies**\n\n \n\nWe\nintegrate a variety of technologies into our ITSM platform to deliver our AI-powered proactive cloud managed services to our clients\nthat enable robust, efficient and secure IT operations. Our ITSM platform provides a comprehensive set of tools and solutions designed\nto manage the delivery of IT services. It encompasses a wide range of activities, processes, and policies that are structured to design,\ncreate, deliver, support, and manage IT services within an organization. The primary goal of our ITSM platform is to ensure that IT services\nare aligned with the needs of the business and provide value to its users.\n\n \n\nThe\nkey technologies of our ITSM platform include:\n\n \n\n \n●\n**Cloud\nmonitoring platforms.** We integrated various cloud monitoring platforms to facilitate comprehensive cloud monitoring, enabling\nreal-time analysis and predictive insights into system performance and health.\n\n \n \n \n\n \n●\n**Ticket\nevent management platforms.** Such platforms can be used to efficiently manage tickets and events, ensuring streamlined operations\nand effective response mechanisms.\n\n \n \n \n\n \n●\n**Emergency\ncall and notification systems.** We implemented robust emergency call and notification systems to ensure timely communication\nin crisis situations.\n\n \n\n35\n\n \n\n \n\n \n●\n**AI\nand machine learning models.** Generative AI and machine learning technologies are incorporated for intelligent monitoring,\nautomated responses, and decision support, enhancing our ITSM platform’s capability to predict and mitigate issues proactively.\n\n \n \n \n\n \n●\n**Application\nprogramming interface (“API”).** Custom APIs are developed and integrated across different platforms to facilitate\nseamless data interoperability and automation of workflows.\n\n \n \n \n\n \n●\n**Data\ncollection and monitoring.** Customized data collection and monitoring metrics such as central processing unit (“CPU”)\nusage, memory, disk utilization, and network traffic are configured to maintain system health and performance.\n\n \n\nThese\ntechnologies help us achieve predictive monitoring, smart event management, and decision support, ensuring us to provide high-performance\nand secure cloud managed solutions to our clients.\n\n \n\nOur\nAI & Data Science Platform involves a wide array of technologies and tools to ensure robustness, scalability, and ease of use. We\nintegrated various components into our AI & Data Science Platform for data ingestion, processing, model development, deployment,\nand collaboration. The key technologies of our AI & Data Science Platform include:\n\n \n\n \n●\n**Data\ningestion and storage.** Data ingestion is the process of collecting and importing data files from various sources into a single,\ncloud-based storage medium, such as a database, data warehouse or data lake, for storage, processing and analysis. We integrated\ndata streaming technology with a variety of databases, data warehouses and data lakes to help our clients efficiently store, process\nand analyze data;\n\n \n \n \n\n \n●\n**Data\npreprocessing and transformation**. We integrated various data processing frameworks, extract, transform, load (“ETL”)\ntools and data quality management to help our clients clean and transform raw data to make it suitable for analysis;\n\n \n \n \n\n \n●\n**Interactive\ncomputing environments**. Various interactive computing environments are developed, such as laptop environments and integrated\ndevelopment environments, which accept user input at runtime;\n\n \n \n \n\n \n●\n**Distributed\nprocessing**. We implemented distributed processing to help our clients process large amounts of data across multiple big data\nand distributed computing engines, thereby reducing processing time and improving system performance;\n\n \n \n \n\n \n●\n**Model\ntraining and evaluation**. We incorporated various machine learning frameworks and automated machine learning to allow data\nscientists and developers to build and deploy machine learning models faster and easier;\n\n \n \n \n\n \n●\n**Experiment\ntracking and management**. Our AI & Data Science Platform includes experiment tracking, and model management and versioning\ncapabilities to systematically capture, organize, and manage data related to model training, evaluation, and deployment;\n\n \n \n \n\n \n●\n**Workflow\nmanagement**. We configured workflow orchestration and task scheduling to enable our clients to manage multiple workflows and\ntasks;\n\n \n \n \n\n \n●\n**Model\ndeployment and inferencing**. Model deployment, also known as inference, marks the transition of a machine learning model from\nthe development phase to its operational use in real-world applications. We incorporated model serving, deployment and scaling, and\nAPI management to deliver the predictive capabilities of trained models to end users or other systems in a production environment;\n\n \n \n \n\n \n●\n**Collaboration\nand access control**. We integrated version control, project management, and access control and security capabilities into\nour AI & Data Science Platform which provides a suite of collaboration features with access control for our clients to manage\nprojects among users and teams;\n\n \n\n36\n\n \n\n \n\n \n●\n**Monitoring\nand log management**. Monitoring and log management tools are built in to help our clients prevent, detect, and resolve problems;\nand\n\n \n \n \n\n \n●\n**Additional\nintegration and APIs**. We also integrated various data visualization tools to help clients convey information succinctly and\neffectively, and external APIs that allow clients to integrate their applications with third-party resources, such as a public cloud\nservice or a software-as-a-service application.\n\n \n\n**Research\nAnd Development**\n\n \n\nWe\noutsource the execution of our design, including development, coding, maintenance, debugging, deployment and enhancement of our AI &\nData Science Platform, to third-party service providers. Our CEO and COO, who have an average of approximately 20 years of relevant industry\nexperience, work closely together to design the architecture, key features and functionality of our platforms and related software, taking\ninto consideration factors such as user experience, commercial viability and the lifespan of new modules and version upgrades that we\nmight implement.\n\n \n\nWe\nalso outsource the integration of AI and automation technologies into our ITSM platform that will streamline our operations and improve\nour service quality, such as predictive analytics and advanced automated response systems, to third party service providers, while we\nare responsible for the design and management of our ITSM platform. In addition, we plan to develop on-premise generative AI solutions\nusing open-source large language models to help our clients improve operational efficiency and innovation while ensuring data security.\n\n \n\n**Collaboration\nAnd Strategic Partnerships**\n\n \n\nTo\ngenerate synergies, enhance operational efficiency and facilitate long-term sustainable growth, we proactively work with selected third-party\ncloud and technology service provider partners, including top-tier cloud platforms and specialized technology companies, in our ordinary\ncourse of business.\n\n \n\nWe\nhave built robust relationships with established businesses along the cloud solutions industry value chain and related segments.\n\n \n\n \n●\n*Our\ncloud platform partners.* We collaborate with many leading cloud platforms, which enables us to provide our clients with the appropriate\ncloud platform for their requirements and needs.\n\n \n \n \n\n \n●\n*Our\nspecialized technology partners.* We form collaborations with a spectrum of specialized technology companies that lead in areas\nsuch as cybersecurity, AI, and big data analytics. For instance, we are authorized to access valuable information provided by such\nspecialized technology partners and to participate in various go-to-market and development partner programs. Having a diverse set\nof technology partners enables us to offer customized cloud solutions with products and/or services from such specialized technology\npartners that cover various aspects of digital transformation and cloud adoption that our clients may need, as well as access to\nemerging technologies.\n\n \n\n**Sales\nAnd Marketing**\n\n \n\nWe\nare committed to building a sales model to provide our clients with a full lifecycle superior experience and value-added services. Sales\nactivities will be generally carried out by our dedicated employees. In addition, we also demonstrate expertise, industry knowledge,\nhigh standards of integrity and strong relationship with the regulators.\n\n \n\nWe\nstrive to promote IT awareness and create underlying IT needs by introducing to our customers the latest market trends and technology\nthrough hosting or co-hosting various marketing events with IT product vendors. We regularly organize live webinars, trade show booths,\nseminars, exhibitions, workshops, trainings and telemarketing to share and promote information on our solutions to end-users.\n\n \n\n37\n\n \n\n \n\nIn\nparticular, for marketing idea and content generation, we use generative AI tools to efficiently produce text, images and audio simply\nby inputting data. These tools use machine learning models to generate content that mimics human creativity and intelligence. These marketing\nevents not only increase our market awareness, but also provide an effective platform to better understand end-user needs and preferences,\nwhile generating valuable feedback for our IT product vendors and distributors. Such feedback, in turn, helps us to provide tailor-made\nand up-to-date solutions to end users and strengthens our position as a competitive business partner to our IT product vendors and distributors.\n\n \n\n**Data\nSecurity and Protection**\n\n \n\nWe\nhave a data privacy policy in place that outlines our practices regarding the collection, use and protection of personal data in accordance\nwith applicable data protection laws. Through our data privacy policy, our clients can learn how their data is collected, used and shared\nand give consent or decline for data collection when necessary. In particular, we only collect information that is necessary to provide\nour services, and we only process such information for specific purposes, including service delivery, communications, security and compliance,\nperformance improvement, and marketing and sales. We retain personal data only for as long as necessary to fulfill the purposes for which\nwe collected it, including to comply with any legal, accounting or reporting requirements.\n\n \n\nWe\nimplemented appropriate technical and organizational measures to protect our clients’ personal data from unauthorized access, use\nor disclosure, including data encryption, firewalls and other secure software development practices. Furthermore, we followed a number\nof industry standards with respect to data security and protection and IT service management, such as ISO 27001 and the Information Technology\nInfrastructure Library (“ITIL”). ISO 27001 is a widely accepted standard in the field of information security and privacy\nprotection; while ITIL is a widely accepted set of best practices for managing IT services and improving IT support and service levels.\n\n \n\n**Our\nCompetitive Strengths**\n\n \n\nWe\nbelieve that the following competitive strengths are essential for our success and differentiate us from our competitors:\n\n \n\n**Dual\nCapabilities in Cloud Services and IT Services**\n\n \n\nWe\nare uniquely positioned in the market with our dual capabilities in both cloud and IT services. By offering one-stop cloud solutions\nthat address both our clients’ cloud and IT needs, we simplify the technology landscape for our clients, allowing them to focus\non their core business without the burden of managing multiple cloud and IT service providers. This not only reduces their operational\ncomplexity, but also improves their cost efficiency.\n\n \n\nIn\nparticular, our IT infrastructure solutions provide a full range of hybrid cloud services to meet the diverse needs of modern businesses.\nOur hybrid cloud services combine the flexibility of public cloud platforms with the control and security of private cloud infrastructure.\nThis blended approach allows our clients to optimize their IT environments based on their specific workloads and data security needs.\nBy leveraging both on-premise private cloud setups and public cloud integrations, we can help our clients achieve greater efficiency\nand scalability while maintaining compliance with data sovereignty and privacy regulations. In addition to our hybrid cloud offerings,\nwe also provide professional IT services that support the entire lifecycle of our clients’ digital transformation initiatives,\nfrom initial consultation and system architecture design to ongoing management and optimization.\n\n \n\nWe\nbelieve we are well positioned to provide an integrated and comprehensive suite of cloud solutions that help companies across different\nindustries streamline and expedite their digital transformation and cloud adoption processes.\n\n \n\n**Strong\nGeographic Presence and Local Expertise in Asia-Pacific**\n\n \n\nWe\nhave strategically positioned ourselves to be a leading cloud solutions provider in Asia-Pacific. Our direct involvement in Asia-Pacific\nmarkets gives us a deep understanding of regional trends, customer behavior and economic shifts in the region. This knowledge allows\nus to anticipate market needs and adapt our offerings accordingly, ensuring relevance and competitiveness. Regular market analysis and\ncustomer feedback loops help us stay ahead of technological trends and regulatory changes, enabling us to proactively adapt our service\nofferings. Leveraging local market intelligence, we develop customized cloud solutions that specifically address the nuanced needs of\nbusinesses operating in Asia-Pacific, such as local data residency requirements and integration with regional cloud and technology service\nproviders. We have actively formed strategic partnerships with local enterprises and cloud and technology service providers. We believe\nthat these partnerships are critical to enhancing our service capabilities and embedding our solutions within the local technology ecosystem\nin Asia-Pacific.\n\n \n\n38\n\n \n\n \n\n**Established\nPartnerships with Major Cloud and Technology Service Providers**\n\n \n\nWe\nstrategically partner with globally leading cloud and technology service providers to continually enhance and expand our solution offerings,\nensuring our solutions remain at the forefront of the cloud solutions industry to maintain our competitive edge. We have partnered with\nseveral major cloud and technology service providers, giving us priority access to the latest technologies, global and regional industry\nstandards, and industry innovations. We also leverage our partnerships with these cloud and technology service providers to customize\nsolutions based on our clients’ unique needs, from data compliance and security features to performance optimizations and industry-specific\nconfigurations.\n\n \n\nOur\ncloud and technology service provider partners include top-tier cloud platforms and specialized technology companies that lead in areas\nsuch as cybersecurity, AI, and big data analytics. Our solutions and technological capabilities have been well recognized by our cloud\nand technology service provider partners. For instance, a major cloud service provider in Hong Kong highly regarded the quality of our\nservices after it partnered with us on a cloud migration project in which we demonstrated exceptional expertise and dedication in delivering\na seamless migration experience for a joint client. This cloud service provider subsequently awarded us a three-year contract to provide\nongoing cloud managed services to such joint client.\n\n \n\n**Diverse\nand Extensive Customer Base**\n\n \n\nWe\nhave a diverse and extensive customer base, including government, public utility companies, non-governmental organizations, small and\nmedium-sized enterprises, large multinational corporations and local enterprises. We believe that maintaining a diverse and extensive\ncustomer base is critical to our long-term business development, as it can ensure our financial health and operational resilience, while\ncontinually enhancing our competitive advantage. Our diverse and extensive customer base enables us to maintain revenue stability as\nwe serve companies in a wide range of industries. We are able to gain broad insights from clients in different industries, allowing us\nto apply innovations from one industry to solve challenges in another. The diverse feedback we receive from different industries can\nalso enrich our knowledge base and help us refine our service offerings. In addition, our successful delivery of solutions across industries\nhelps us build trust not only within those industries, but also with potential clients who see our track record as proof of our capabilities.\n\n \n\n**Agility\nand Responsiveness to Market and Technology Changes**\n\n \n\nOur\noperational framework is designed to be inherently agile and responsive, allowing us to quickly navigate and adapt to the ever-changing\nlandscape of market demands and technological advances. In particular, we employ data analytics and AI tools to forecast trends and identify\nshifts in the cloud solutions industry. These tools provide us with actionable insights that enable us to proactively adjust our strategies\nand maintain our competitive edge. Our strategic partnerships with leading market players also provide us with early insight into emerging\ntechnologies and market shifts, allowing us to quickly incorporate cutting-edge solutions into our offerings.\n\n \n\nIn\naddition, our solutions are designed to be modular and scalable, so they can be quickly adapted or expanded to meet new market or customer\nneeds. We believe our ability to anticipate and respond to change is a key differentiator from our peers and reinforces our reputation\nas a flexible and forward-thinking cloud solutions provider.\n\n \n\n**Our\nGrowth Strategies**\n\n \n\n**Expand\nOur Footprints in the Asia-Pacific Region and Globally**\n\n \n\nWe\naim to deepen our foothold in the Asia-Pacific region and expand globally. We currently operate in Hong Kong, Singapore, the Philippines,\nTaiwan, Indonesia, and Australia, and plan to further expand our business in these regions or countries. In particular, we plan to invest\nin targeted marketing campaigns, building local teams and establishing regional offices to better serve the unique needs of these markets.\nWe also plan to explore opportunities to enter new markets in the future where cloud adoption rates are growing rapidly, such as Southeast\nAsia, and Latin America.\n\n \n\n39\n\n \n\n \n\n**Growth\nthrough Strategic Acquisitions**\n\n \n\nWe\nplan to selectively pursue acquisitions of companies with specialized skills or unique technologies that can complement and expand our\nexisting capabilities and rapidly increase our market share. Through such acquisitions, we believe we can offer more comprehensive solutions\nto our clients and enter new market segments where these capabilities are in demand. We anticipate that by acquiring and integrating\nsmaller competitors or related businesses, we will not only improve our competitive position, but also realize economies of scale that\nwill increase our profitability.\n\n \n\n**Enhance\nOur Service Capabilities and Expand our Service Offerings**\n\n \n\nWe\nwill continue to enhance our existing cloud offerings and develop new services that address emerging market needs, such as AI, machine\nlearning, and edge computing. By staying at the forefront of technological advancements, we can provide our clients with cutting-edge\nsolutions that help them stay competitive in the digital landscape. In addition to our core cloud delivery and cloud solutions, we will\nexpand our suite of value-added services to provide clients with a more comprehensive and integrated solution. This may include advanced\nsecurity and compliance solutions, data analytics and business intelligence tools, application development and integration services,\nand more. We will also focus on developing customized and industry-specific cloud solutions that address the unique needs of different\nmarket segments. By offering tailored services, we believe we can better meet our clients’ needs and differentiate ourselves from\nthe competition.\n\n \n\n**Maintain\nStrong Relationships with Existing Partners and Establish New Collaborations**\n\n \n\nWe\nbelieve that establishing and maintaining strong relationships with our existing and potential cloud and technology service provider\npartners is critical to our long-term success. We intend to leverage our strong foundation of working with several leading global cloud\nand technology service provider partners to further expand our partner network. Specifically, we plan to actively seek new cloud and\ntechnology service provider partners who can complement our offerings and help us deliver the most advanced and reliable cloud solutions\nin the market. We will attend industry events, participate in technology forums, and engage in joint marketing initiatives to identify\nand engage potential partners.\n\n \n\n**Invest\nin and Continue to Adopt Cutting-edge Cloud Technology and AI**\n\n \n\nWe\nare devoted to innovation and plan to continuously innovate and invest in our technology, which we believe is the backbone of our cloud\nsolutions business, so as to allow us to maintain and strengthen our market leading position. We plan to upgrade our technology stack,\nincluding in the areas of cloud technology and AI, which we believe will allow us to further enhance our service offerings. We also intend\nto continue to leverage the proven, market-tested technology from our cloud and technology service provider partners, which we believe\nwill enhance our technological capabilities, lead to enhanced cost efficiency, and reduce our operating expenses.\n\n \n\n40\n\n \n\n \n\n**C.**\n**Organizational\nStructure**\n\n \n\nThe\nfollowing diagram illustrates our corporate structure as of December 31, 2025.\n\n \n\n \n\n**D.**\n**Property,\nPlants and Equipment**\n\n \n\nOur\nheadquarter is located at 8/F, Kwok Kee Group Centre, 107 How Ming Street, Kwun Tong, Hong Kong. As of the date of this Report, we do\nnot own any real estate. We do not expect to experience difficulties in renewing any of the leases when they expire. If we require additional\nspace, we expect to be able to obtain additional facilities on commercially reasonable terms. For the sake of cost control, on the premise\nof reasonable layout of production capacity, we may terminate the lease contract in advance or not renew the contract when it expires.\n\n \n\nAs\nof December 31, 2025, we had two registered trademarks in Hong Kong."}