{"url_path":"/sec/lud/10-k/2026/item-10","section_key":"item-10","section_title":"Item 10 **","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1984124/0001213900-26-057512-index.html","accession_number":"0001213900-26-057512","cik":"0001984124","ticker":"LUD","issuer_name":"Luda Technology Group Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/1984124/0001213900-26-057512-index.html","primary_entity_key":"0001984124","primary_entity_name":"Luda Technology Group Ltd"},"word_count":4741,"has_tables":true,"body_markdown":"**ITEM 10.**\n**ADDITIONAL INFORMATION**\n\n \n\n**10.A. Share Capital**\n\n \n\nNot Applicable.\n\n \n\n81\n\n** **\n\n**10.B. Memorandum and Articles of Association**\n\n \n\nWe incorporate by reference into this Annual Report\nthe description of our Memorandum and Articles of Association of the Registrant, as currently in effect, Exhibit 3.2, and the description\nof differences in corporate laws contained in our registration statement on Form F-1 (File No. 333-283680), as amended, initially filed\nwith the SEC on December 6, 2024.\n\n \n\n**10.C. Material Contracts**\n\n \n\nWe have not entered into any material contracts\nother than in the ordinary course of business and other than those described in this annual report.\n\n \n\n**10.D. Exchange Controls**\n\n \n\n**Cayman Islands**\n\n \n\nCurrently there is no exchange control regulations\nin the Cayman Islands and Hong Kong applicable to us and shareholders.\n\n \n\n**10.E. Taxation**\n\n \n\nThe following summary of the material Cayman Islands,\nHong Kong, PRC and U.S. tax consequences of an investment in our ordinary shares is based upon laws and relevant interpretations thereof\nin effect as of the date hereof, all of which are subject to change, possibly with retroactive effect. This summary is not intended to\nbe, nor should it be construed as, legal or tax advice and is not exhaustive of all possible tax considerations. This summary also does\nnot deal with all possible tax consequences relating to an investment in our ordinary shares, such as the tax consequences under state,\nlocal, or under the tax laws of jurisdictions other than the Cayman Islands, Hong Kong, PRC and the United States. Investors should consult\ntheir own tax advisors with respect to the tax consequences of the acquisition, ownership and disposition of our ordinary shares.\n\n \n\n**Cayman Islands Taxation**\n\n** **\n\nThe following is a discussion on certain Cayman\nIslands income tax consequences of an investment in our securities. The discussion is a general summary of present law, which is subject\nto prospective and retroactive change. It is not intended as tax advice, does not consider any investor’s particular circumstances,\nand does not consider tax consequences other than those arising under Cayman Islands law.\n\n \n\nPayments of dividends and capital in respect of\nour securities will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend\nor capital to any holder of the securities nor will gains derived from the disposal of the securities be subject to Cayman Islands income\nor corporation tax.\n\n \n\nThe Cayman Islands currently levies no taxes on\nindividuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax\nor estate duty. There are no other taxes likely to be material to us levied by the Government of the Cayman Islands except for stamp duties\nwhich may be applicable on instruments executed in, or brought within, the jurisdiction of the Cayman Islands. The Cayman Islands are\na party to a double tax treaty entered into with the United Kingdom in 2010 but otherwise is not party to any double tax treaties. There\nare no exchange control regulations or currency restrictions in the Cayman Islands. Under the laws of the Cayman Islands, no stamp duty\nis payable in the Cayman Islands on the issue of shares by, or any transfers of shares of, Cayman Islands companies (except those which\nhold interests in land in the Cayman Islands).\n\n \n\nThe Company has been incorporated under the laws\nof the Cayman Islands as an exempted company with limited liability and, as such, has received an undertaking from the Governor in Cabinet\nof the Cayman Islands to the effect that, for a period of 20 years from the date of the undertaking, being April 28, 2022, no law that\nthereafter is enacted in the Cayman Islands imposing any tax or duty to be levied on profits, income or on gains or appreciation shall\napply to our Company or its operations; and that no tax to be levied on profits, income, gains or appreciations or which is in the nature\nof estate duty or inheritance tax shall be payable (a) on or in respect of the shares, debentures or other obligations of our Company;\nor (b) by way of the withholding, in whole or in part of, any relevant payment as defined in the Tax Concessions Act of the Cayman Islands. \n\n \n\n82\n\n \n\n**People’s Republic of China Taxation**\n\n \n\nAccording to the Enterprise Income Tax Law of\nthe PRC (the “Income Tax Law”) and the Implementation Regulations of Enterprise Income Tax Law of the PRC, the enterprise\nincome tax for both domestic and foreign-invested enterprises are unified at 25%.\n\n \n\nAccording to the Income Tax Law, income such as\ndividends, rental, interest and royalty from the PRC derived by a non-resident enterprise which has no establishment in the PRC or has\nestablishment but the income has no relationship with such establishment is subject to a 10% withholding tax, which may be reduced if\nthe foreign jurisdiction of incorporation has a tax treaty with the PRC that provides for a different withholding arrangement, unless\nthe relevant income is specifically exempted from tax under the applicable income tax laws, regulations, notices and decisions which relate\nto foreign invested enterprises and their investors.\n\n \n\nAccording to the Notice of the State Administration\nof Taxation on Issues Relating to the Administration of the Dividend Provision in Tax Treaties, the corporate recipients of dividends\ndistributed by PRC enterprises must satisfy the direct ownership thresholds at all times during the twelve (12) consecutive months preceding\nthe receipt of the dividends.\n\n \n\nAccording to the EIT Law and its implementation\nrules allow certain “high and new technology enterprises with strong government support” that independently own core intellectual\nproperty and meet statutory criteria to benefit from a reduced corporate income tax rate of 15%.\n\n \n\nAccording to the Administrative Regulations on\nthe Certification of High-Tech Enterprises, any enterprise that is certified as a high-tech enterprise shall be granted such status for\na period of three years if it continues to meet the qualifications of a high-tech enterprise during such period.\n\n \n\n**Hong Kong Taxation**\n\n \n\nLuda HK is incorporated in Hong Kong and was subject to 16.5% Hong\nKong profits tax on their taxable income assessable profits generated from operations arising in or derived from Hong Kong for the years\nof assessment of 2024/2025, 2023/2024 and 2022/2023. Hong Kong profits tax rates for corporations are 8.25% on assessable profits up to\nHK$2,000,000, and 16.5% on any part of assessable profits over HK$2,000,000. Under Hong Kong tax laws, Luda HK is not taxed on their foreign-sourced\nincome. In addition, payments of dividends from Luda HK to us is not subject to any withholding tax in Hong Kong.\n\n \n\n**Certain United States Federal Income Tax Considerations**\n\n** **\n\nThe following discussion is a summary of U.S.\nfederal income tax considerations generally applicable to U.S. Holders (as defined below) of the ownership and disposition of our ordinary\nshares. This summary applies only to U.S. Holders that hold our ordinary shares as capital assets (generally, property held for investment)\nand that have the U.S. dollar as their functional currency. This summary is based on U.S. federal tax laws in effect as of the date of\nthis annual report, on U.S. Treasury regulations in effect or, in some cases, proposed as of the date of this annual report, and judicial\nand administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which\ncould apply retroactively and could affect the tax consequences described below. No ruling has been sought from the Internal Revenue Service\n(“IRS”) with respect to any U.S. federal income tax considerations described below, and there can be no assurance that the\nIRS or a court will not take a contrary position. Moreover, this summary does not address the U.S. federal estate, gift, backup withholding,\nand alternative minimum tax considerations, or any state, local, and non-U.S. tax considerations, relating to the ownership and disposition\nof our ordinary shares. The following summary does not address all aspects of U.S. federal income taxation that may be important to particular\ninvestors in light of their individual circumstances or to persons in special tax situations such as:\n\n \n\n●financial institutions or financial services entities;\n\n \n\n●insurance companies;\n\n \n\n●pension plans;\n\n \n\n●cooperatives;\n\n \n\n●regulated investment companies;\n\n \n\n83\n\n \n\n●real estate investment trusts;\n\n \n\n●broker-dealers;\n\n \n\n●traders that elect to use a mark-to-market method of accounting;\n\n \n\n●governments or agencies or instrumentalities thereof;\n\n \n\n●certain former U.S. citizens or long-term residents;\n\n \n\n●tax-exempt entities (including private foundations);\n\n \n\n●persons liable for alternative minimum tax;\n\n \n\n●persons holding stock as part of a straddle, hedging, conversion or other integrated transaction;\n\n \n\n●persons whose functional currency is not the U.S. dollar;\n\n \n\n●passive foreign investment companies;\n\n \n\n●controlled foreign corporations;\n\n \n\n●persons that actually or constructively own 5% or more of the total combined voting power of all classes\nof our voting stock; or\n\n \n\n●partnerships or other entities taxable as partnerships for U.S. federal income tax purposes, or persons\nholding ordinary shares through such entities.\n\n** **\n\n**General**\n\n** **\n\nFor purposes of this discussion, a “U.S. Holder” is a beneficial\nowner of our ordinary shares that is, for U.S. federal income tax purposes:\n\n \n\n●an individual who is a citizen or resident of the United States;\n\n \n\n●a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created\nor organized in the United States or under the laws of the United States, any state thereof or the District of Columbia;\n\n \n\n●an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or\n\n \n\n●a trust that (1) is subject to the primary supervision of a court within the United States and the control\nof one or more U.S. persons for all substantial decisions, or (2) has a valid election in effect under applicable U.S. Treasury regulations\nto be treated as a U.S. person.\n\n \n\nIf a partnership (or other entity treated as a\npartnership for U.S. federal income tax purposes) is a beneficial owner of our ordinary shares, the tax treatment of a partner in the\npartnership will generally depend upon the status of the partner and the activities of the partnership. Partnerships holding our ordinary\nshares and their partners are urged to consult their tax advisors regarding an investment in our ordinary shares.\n\n \n\n84\n\n \n\n**Taxation of Dividends and Other Distributions on our Ordinary\nShares** \n\n \n\nSubject to the discussion below under “Passive\nForeign Investment Company Rules,” any cash distributions (including the amount of any PRC tax withheld) paid on our ordinary shares\nout of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles, will generally be includible\nin the gross income of a U.S. Holder as dividend income on the day actually or constructively received by the U.S. Holder. Because we\ndo not intend to determine our earnings and profits on the basis of U.S. federal income tax principles, any distribution we pay will generally\nbe treated as a “dividend” for U.S. federal income tax purposes. A non-corporate U.S. Holder will be subject to tax on dividend\nincome from a “qualified foreign corporation” at a lower applicable capital gains rate rather than the marginal tax rates\ngenerally applicable to ordinary income provided that certain holding period requirements are met. A non -U.S. corporation (other than\na corporation that is classified as a PFIC for the taxable year in which the dividend is paid or the preceding taxable year) will generally\nbe considered to be a qualified foreign corporation (i) if it is eligible for the benefits of a comprehensive tax treaty with the United\nStates that the U.S. Secretary of Treasury determines is satisfactory for purposes of this provision and includes an exchange of information\nprogram, or (ii) with respect to any dividend it pays on stock that is readily tradable on an established securities market in the United\nStates, including NYSE American. It is unclear whether dividends that we pay on our ordinary shares will meet the conditions required\nfor the reduced tax rate. However, in the event that we are deemed to be a PRC resident enterprise under the PRC Enterprise Income Tax\nLaw, we may be eligible for the benefits of the United States -PRC income tax treaty. If we are eligible for such benefits, dividends\nwe pay on our ordinary shares, would be eligible for the reduced rates of taxation described in this paragraph. You are urged to consult\nyour tax advisor regarding the availability of the lower rate for dividends paid with respect to our ordinary shares. Dividends received\non our ordinary shares will not be eligible for the dividends-received deduction allowed to corporations.\n\n \n\nDividends will generally be treated as income\nfrom foreign sources for U.S. foreign tax credit purposes and will generally constitute passive category income. Depending on the U.S.\nHolder’s individual facts and circumstances, a U.S. Holder may be eligible, subject to a number of complex limitations, to claim\na foreign tax credit not in excess of any applicable treaty rate in respect of any foreign withholding taxes imposed on dividends received\non our ordinary shares. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction,\nfor U.S. federal income tax purposes, in respect of such withholding, but only for a year in which such U.S. Holder elects to do so for\nall creditable foreign income taxes. The rules governing the foreign tax credit are complex and their outcome depends in large part on\nthe U.S. Holder’s individual facts and circumstances. Accordingly, U.S. Holders are urged to consult their tax advisors regarding\nthe availability of the foreign tax credit under their particular circumstances.\n\n** **\n\n**Taxation of Sale or Other Disposition of\nOrdinary Shares**\n\n \n\nSubject to the discussion below under “Passive\nForeign Investment Company Rules,” a U.S. Holder will generally recognize capital gain or loss upon the sale or other disposition\nof ordinary shares in an amount equal to the difference between the amount realized upon the disposition and the U.S. Holder’s adjusted\ntax basis in such ordinary shares. Any capital gain or loss will be long term if the ordinary shares have been held for more than one\nyear and will generally be U.S.-source gain or loss for U.S. foreign tax credit purposes. Long-term capital gains of non-corporate taxpayers\nare currently eligible for reduced rates of taxation. In the event that gain from the disposition of the ordinary shares is subject to\ntax in the PRC, such gain may be treated as PRC-source gain under the United States-PRC income tax treaty. The deductibility of a capital\nloss may be subject to limitations. U.S. Holders are urged to consult their tax advisors regarding the tax consequences if a foreign tax\nis imposed on a disposition of our ordinary shares, including the availability of the foreign tax credit under their particular circumstances.\n\n \n\n85\n\n** **\n\n**Passive Foreign Investment Company Rules**\n\n** **\n\nA non-U.S. corporation, such as our company,\nwill be classified as a PFIC, for U.S. federal income tax purposes for any taxable year, if either (i) 75% or more of its gross income\nfor such year consists of certain types of “passive” income or (ii) 50% or more of the value of its assets (determined on\nthe basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income.\nFor this purpose, cash and cash equivalents are categorized as passive assets and the company’s goodwill and other unbooked intangibles\nare taken into account as non-passive assets. Passive income generally includes, among other things, dividends, interest, rents, royalties,\nand gains from the disposition of passive assets. We will be treated as owning a proportionate share of the assets and earning a proportionate\nshare of the income of any other corporation in which we own, directly or indirectly, more than 25% (by value) of the stock.\n\n \n\nBased on our current composition of assets, subsidiaries and market\ncapitalization (which will fluctuate from time to time), we do not expect to be or become a PFIC for U.S. federal income tax purposes.\nHowever, no assurance can be given in this regard because the determination of whether we will be or become a PFIC is a factual determination\nmade annually that will depend, in part, upon the composition of our income and assets. Furthermore, the composition of our income and\nassets may also be affected by how, and how quickly, we use our liquid assets. Under circumstances where our revenue from activities that\nproduce passive income significantly increase relative to our revenue from activities that produce non-passive income, or where we determine\nnot to deploy significant amounts of cash for active purposes, our risk of becoming classified as a PFIC may substantially increase. In\naddition, because there are uncertainties in the application of the relevant rules, it is possible that the Internal Revenue Service may\nchallenge our classification of certain income and assets as non-passive or our valuation of our tangible and intangible assets, each\nof which may result in our becoming a PFIC for the current or subsequent taxable years. If we were classified as a PFIC for any year during\nwhich a U.S. Holder held our ordinary shares, we generally would continue to be treated as a PFIC for all succeeding years during which\nsuch U.S. Holder held our ordinary shares even if we cease to be a PFIC in subsequent years, unless certain elections are made.\n\n \n\nIf we are classified as a PFIC for any taxable\nyear during which a U.S. Holder holds our ordinary shares, and unless the U.S. Holder makes a mark -to-market election (as described below),\nthe U.S. Holder will generally be subject to special tax rules that have a penalizing effect, regardless of whether we remain a PFIC,\non (i) any excess distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a\nU.S. Holder that is greater than 125 percent of the average annual distributions paid in the three preceding taxable years or, if shorter,\nthe U.S. Holder’s holding period for the ordinary shares), and (ii) any gain realized on the sale or other disposition of ordinary\nshares. Under these rules,\n\n \n\n●the U.S. Holder’s gain or excess distribution will be allocated ratably over the U.S. Holder’s\nholding period for the ordinary shares; \n\n \n\n●the amount allocated to the current taxable year and any taxable years in the U.S. Holder’s holding\nperiod prior to the first taxable year in which we are classified as a PFIC (each, a “pre-PFIC year”), will be taxable as\nordinary income;\n\n \n\n●the amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at\nthe highest tax rate in effect for individuals or corporations, as appropriate, for that year; and\n\n \n\n●an additional tax equal to the interest charge generally applicable to underpayments of tax will be imposed\nin respect of the tax attributable to each prior taxable year, other than a pre-PFIC year, of the U.S. Holder.\n\n \n\n86\n\n \n\nIf we are treated as a PFIC for any taxable year\nduring which a U.S. Holder holds our ordinary shares, or if any of our subsidiaries is also a PFIC, such U.S. Holder would be treated\nas owning a proportionate amount (by value) of the shares of any lower-tier PFICs for purposes of the application of these rules. U.S.\nHolders are urged to consult their tax advisors regarding the application of the PFIC rules to any of our subsidiaries.\n\n \n\nAs an alternative to the foregoing rules, a U.S.\nHolder of “marketable stock” in a PFIC may make a mark-to-market election with respect to such stock, provided that such stock\nis “regularly traded” within the meaning of applicable U.S. Treasury regulations. If our ordinary shares qualify as being\nregularly traded, and an election is made, the U.S. Holder will generally (i) include as ordinary income for each taxable year that we\nare a PFIC the excess, if any, of the fair market value of ordinary shares held at the end of the taxable year over the adjusted tax basis\nof such ordinary shares and (ii) deduct as an ordinary loss the excess, if any, of the adjusted tax basis of the ordinary shares over\nthe fair market value of such ordinary shares held at the end of the taxable year, but such deduction will only be allowed to the extent\nof the amount previously included in income as a result of the mark-to-market election. The U.S. Holder’s adjusted tax basis in\nthe ordinary shares would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes\na mark-to-market election in respect of a corporation classified as a PFIC and such corporation ceases to be classified as a PFIC, the\nU.S. Holder will not be required to take into account the gain or loss described above during any period that such corporation is not\nclassified as a PFIC. If a U.S. Holder makes a mark-to-market election, any gain such U.S. Holder recognizes upon the sale or other disposition\nof our ordinary shares in a year when we are a PFIC will be treated as ordinary income and any loss will be treated as ordinary loss,\nbut such loss will only be treated as ordinary loss to the extent of the net amount previously included in income as a result of the mark-to-market\nelection.\n\n \n\nBecause a mark-to-market election cannot be made\nfor any lower-tier PFICs that we may own, a U.S. Holder may continue to be subject to the PFIC rules with respect to such U.S. Holder’s\nindirect interest in any investments held by us that are treated as an equity interest in a PFIC for U.S. federal income tax purposes.\n\n \n\nFurthermore, as an alternative to the foregoing\nrules, a U.S. Holder that owns stock of a PFIC generally may make a “qualified electing fund” election regarding such corporation\nto elect out of the PFIC rules described above regarding excess distributions and recognized gains. However, we do not intend to provide\ninformation necessary for U.S. Holders to make qualified electing fund elections which, if available, would result in tax treatment different\nfrom the general tax treatment for PFICs described above.\n\n \n\nIf a U.S. Holder owns our ordinary shares during\nany taxable year that we are a PFIC, the U.S. Holder must generally file an annual Internal Revenue Service Form 8621 and provide such\nother information as may be required by the U.S. Treasury Department, whether or not a mark-to-market election is or has been made. If\nwe are or become a PFIC, you should consult your tax advisor regarding any reporting requirements that may apply to you.\n\n \n\nYou should consult your tax advisors regarding\nhow the PFIC rules apply to your investment in our ordinary shares.\n\n \n\n**Non-U.S. Holders**\n\n \n\nCash dividends paid or deemed paid to a Non-U.S.\nHolder with respect to the ordinary shares generally will not be subject to U.S. federal income tax unless such dividends are effectively\nconnected with the Non-U.S. Holder’s conduct of a trade or business within the United States (and, if required by an applicable\nincome tax treaty, are attributable to a permanent establishment or fixed base that such holder maintains or maintained in the United\nStates).\n\n \n\nIn addition, a Non-U.S. Holder generally will\nnot be subject to U.S. federal income tax on any gain attributable to a sale or other taxable disposition of the ordinary shares unless\nsuch gain is effectively connected with its conduct of a trade or business in the United States (and, if required by an applicable income\ntax treaty, is attributable to a permanent establishment or fixed base that such holder maintains or maintained in the United States)\nor the Non-U.S. Holder is an individual who is present in the United States for 183 days or more in the taxable year of such sale or other\ndisposition and certain other conditions are met (in which case, such gain from U.S. sources generally is subject to U.S. federal income\ntax at a 30% rate or a lower applicable tax treaty rate).\n\n \n\nCash dividends and gains that are effectively\nconnected with the Non-U.S. Holder’s conduct of a trade or business in the United States (and, if required by an applicable income\ntax treaty, are attributable to a permanent establishment or fixed base that such holder maintains or maintained in the United States)\ngenerally will be subject to regular U.S. federal income tax at the same regular U.S. federal income tax rates as applicable to a comparable\nU.S. Holder and, in the case of a Non-U.S. Holder that is a corporation for U.S. federal income tax purposes, may also be subject to an\nadditional branch profits tax at a 30% rate or a lower applicable tax treaty rate. \n\n \n\n87\n\n** **\n\n**Information Reporting and Backup Withholding**\n\n** **\n\nCertain U.S. Holders are required to report information\nto the Internal Revenue Service relating to an interest in “specified foreign financial assets,” including shares issued by\na non-United States corporation, for any year in which the aggregate value of all specified foreign financial assets exceeds $50,000 (or\na higher dollar amount prescribed by the Internal Revenue Service), subject to certain exceptions (including an exception for shares held\nin custodial accounts maintained with a U.S. financial institution). These rules also impose penalties if a U.S. Holder is required to\nsubmit such information to the Internal Revenue Service and fails to do so.\n\n \n\nIn addition, dividend payments with respect to\nour ordinary shares and proceeds from the sale, exchange or redemption of our ordinary shares may be subject to additional information\nreporting to the IRS and possible U.S. backup withholding. Backup withholding will not apply, however, to a U.S. Holder who furnishes\na correct taxpayer identification number and makes any other required certification on IRS Form W-9 or who is otherwise exempt from backup\nwithholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on IRS Form W-9.\nU.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding\nrules.\n\n \n\nBackup withholding is not an additional tax. Amounts\nwithheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain a refund of any excess\namounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS and furnishing any required\ninformation. We do not intend to withhold taxes for individual shareholders. However, transactions effected through certain brokers or\nother intermediaries may be subject to withholding taxes (including backup withholding), and such brokers or intermediaries may be required\nby law to withhold such taxes.\n\n \n\nThe preceding discussion of U.S. federal tax considerations\nis for general information purposes only. It is not tax advice. Each prospective investor should consult its own tax advisor regarding\nthe particular U.S. federal, state, local and foreign tax consequences of purchasing, holding and disposing of our ordinary shares, including\nthe consequences of any proposed change in applicable laws.\n\n \n\n**10.F. Dividends and Paying Agents**\n\n \n\nNot Applicable.\n\n \n\n**10.G. Statement by Experts**\n\n \n\nNot Applicable.\n\n** **\n\n**10.H. Documents on Display**\n\n \n\nWe have previously filed with the SEC our registration\nstatements on Form F-1 (File No. 333-283680), as amended.\n\n \n\nWe are subject to periodic reporting and other\ninformational requirements of the Exchange Act as applicable to foreign private issuers. Accordingly, we are required to file reports,\nincluding annual reports on Form 20-F, and other information with the SEC. All information filed with the SEC can be obtained over the\ninternet at the SEC’s website at www.sec.gov or inspected and copied at the public reference facilities maintained by the SEC at\n100 F Street, N.E., Washington, D.C. 20549. The public may obtain information regarding the Washington, D.C. Public Reference Room by\ncalling the SEC at 1-800-SEC-0330. The SEC also maintains a web site at www.sec.gov that contains reports and other information regarding\nregistrants that make electronic filings with the SEC using its EDGAR system. As a foreign private issuer, we are exempt from the rules\nunder the Exchange Act prescribing the furnishing and content of quarterly reports and proxy statements, and officers, directors and principal\nshareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. You\nmay also visit us on the world wide web at www.ludahk.com. However, information contained on our website does not constitute a part of\nthis annual report.\n\n \n\n**10.I. Subsidiary Information**\n\n \n\nFor a listing of our subsidiaries, see “Item\n4. Information on the Company—A. History and Development of the Company”.\n\n \n\n**10.J. Annual Report to Security Holders**\n\n** **\n\nNot Applicable.\n\n \n\n88"}