{"url_path":"/sec/ncew/10-k/2026/item-6","section_key":"item-6","section_title":"Item 6 DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES**","topic":"sec","document":{"doc_type":"20-F/A","doc_date":"2026-06-08","source_url":"https://www.sec.gov/Archives/edgar/data/1968043/0001493152-26-027632-index.html","accession_number":"0001493152-26-027632","cik":"0001968043","ticker":"NCEW","issuer_name":"New Century Logistics (BVI) Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/1968043/0001493152-26-027632-index.html","primary_entity_key":"0001968043","primary_entity_name":"New Century Logistics (BVI) Ltd"},"word_count":4463,"has_tables":true,"body_markdown":"**ITEM\n6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES**\n\n \n\n**A.\nDirectors and Senior Management**\n\n \n\nThe\nfollowing table sets forth information regarding our executive officers and directors as of the date of this annual report.\n\n \n\nName \nAge  \nPosition(s)\n\nChing Shun Ngan \n53  \nChairman and Chief Executive Officer\n\nCheuk Ho Chan\n \n\n59\n  \n\nChief Financial Officer\n\nShing Kwan Lam, Henry \n50  \nDirector\n\nLong Kin Liu \n31  \nDirector\n\nMak Tsz Yeung \n41  \nIndependent Director\n\nChu Ka Ying \n36  \nIndependent Director\n\nKwok Wan Lee \n62  \nIndependent Director\n\nHo Kwan Wong \n37  \nIndependent Director\n\n \n\n**Ching\nShun Ngan, Chief Executive Officer and Director**, aged 53, has over 20 years of experience in the freight forwarding\nindustry. Mr. Ngan has comprehensive knowledge and experience in business development and operation management. Before joining NC\nLogistics, Mr. Ngan was at AE Cargo Services Ltd. (mainly engaged in international freight forwarding business) from October 1998 to\nJuly 2015, where he worked as an air freight manager, mainly responsible for reviewing and managing company operations and\nimplementing and reviewing appropriate work procedures in the air freight department. Mr. Ngan joined NCL (HK) in August 2015 and\nwas appointed as the director of NCL (HK) on May 2, 2017. Mr. Ngan is also the founder of NCEW Investment Consultancy Limited\n(formerly known as GLF Cargo Services Limited) (“NCEW (HK)”) and was appointed as the sole director of NCEW (HK) since\nits incorporation on August 15, 2016. Mr. Ngan has completed his secondary education from Christian Faith College in Hong\nKong.\n\n \n\n**Cheuk Ho Chan,\nChief Financial Officer**, aged 59, over the last two decades, Mr. Chan has held the positions of finance director, financial controller,\nand company secretary in multiple companies that are listed on the Main Board of The Stock Exchange of Hong Kong Limited. Since November\n2002, he has been serving as an independent non-executive director of Eagle Nice (International) Holdings Limited (a company listed on\nthe Stock Exchange of Hong Kong Limited with stock code 2368). Since July 2021, he has been serving as an independent non-executive director\nof EPS Creative Health Technology Group Limited (a company listed on the Stock Exchange of Hong Kong Limited with stock code 3860). Since\nJune 2023, he has been serving as an independent non-executive director Winshine Science Company Limited (a company listed on the Stock\nExchange of Hong Kong Limited with stock code 209). From\nJuly 2022 to March 2023, Mr. Chan served as an executive director at Wai Chun Bio-technology Limited (a company listed on the Stock Exchange\nof Hong Kong Limited with stock code 660). For more than two decades, he served as the chief financial officer and financial controller\nin various corporations. The majority of these companies were listed on the Hong Kong Stock Exchange, including Pine Technology Holdings\nLimited (stock code:1079), North Asia Resources Holdings Limited (stock code: 61), China Best Group Holding Limited (stock code: 370),\nChina Golden Development Holdings Limited (stock code: 162), and Surge Recreation Holdings Limited (stock code: 703). Mr. Chan earned\nhis bachelor’s degree in business administration from the Chinese University of Hong Kong in 1989, followed by a master’s\ndegree in business administration from the University of Manchester in 2003. He has been a fellow member of the Hong Kong Institute of\nCertified Public Accountants since 2003.\n\n** **\n\n**Shing\nKwan Lam, Henry, Director**, aged 50, has over 20 years of extensive experience in the international logistics industry. With more\nthan 10 years of senior management experience, he possesses a deep understanding of the complexities and dynamics of global supply chains.\nIn addition to serving as an Executive Director, Mr. Lam is also a Director of the Company’s subsidiary New Century Logistics Co., Ltd.,\nwhere he contributes to strategic decision-making and operational excellence. His leadership and expertise have been instrumental in\ndriving growth and innovation within the organization.\n\n \n\n**Long\nKin Liu, Director,**aged 31, has served as an executive director at Elegance Optical International Limited in 2018. Prior to this,\nMr. Liu has served as an auditor at Binder Dijker Otte in 2017 and an assistant to president at Jetsino Investment Limited in 2015. He\nhas approximately ten years of financial experience. Mr. Liu graduated with a Master in Science and Marketing degree from New York University\nand a Bachelor of Science in Global Finance and Business Economics from Fordham University.\n\n \n\n87\n\n  \n\n****\n\n \n\n**Mak\nTsz Yeung, Independent Director**, aged 41, has served as an executive director at China Vered Financial Holding Corporation\nLimited (HKEx stock code: 0245) from 2021 to 2025. He has over 15 years of post-qualification experience in corporate finance, commercial\ntransactions and regulatory compliance. He is currently a partner at KS Ng Law Office and also serves as a consultant at Wong Poon Chan\nLaw & Co., advising on corporate, commercial and regulatory compliance matters. Mr. Mak is a solicitor qualified in Hong Kong and\nholds professional qualifications including Chartered Financial Analyst (CFA), Fellow of the Society of Actuaries (FSA), Fellow of the\nActuarial Society of Hong Kong, and Financial Risk Manager (FRM). He holds a Bachelor of Laws from Manchester Metropolitan University\nand a Postgraduate Certificate in Laws from The University of Hong Kong.\n\n \n\n**Chu\nKa Ying, Independent Director**, aged 36, has extensive experience in company secretarial and corporate governance matters\nfor Hong Kong listed companies. She is currently serving as Company Secretary of JS Global Lifestyle Company Limited (HKEx stock code:\n1691), and previously served as Company Secretary of Green Leader Holdings Group Limited (HKEx stock code: 0061). Miss Chu has also held\ncompany secretarial positions at other Hong Kong listed companies and professional service firms. She holds a Master of Corporate Governance\nfrom Hong Kong Metropolitan University and a Bachelor of Arts (Honours) in Business Administration from Birmingham City University, and\nis an Associate Member of both The Hong Kong Chartered Governance Institute (HKCGI) and The Chartered Governance Institute in the United\nKingdom.\n\n \n\n**Kwok\nWan Lee, Independent Director**, aged 62, has over 30 years of experience in merger and acquisitions, manufacturing, banking,\nand investment management. Mr. Lee has served as an independent director of the Company since November 2024. Mr. Lee has been\nserving as the independent director at King Stone Energy Group Limited, since November 2019. Mr. Lee worked as the vice president\nand HK consultant for Elion Resources group from August 2017 to March 2019. From January 2014 to July 2017 Mr. Lee worked as the\ndirector of China-Ukraine Fund and Association. In addition, he held a series of positions with multi-national companies and OCBC\nBaking Group of Singapore in Singapore, Malaysia, Abu Dhabi of United Arab Emirates, Germany, Hong Kong, Kazakhstan and China. Mr.\nLee graduated with a Master in Finance degree from Macquarie University.\n\n \n\n**Ho\nKwan Wong, Independent Director**, aged 37, has served as independent auditor over 14 years of experience in external audit, serving\na diverse clientele ranging from private enterprises to listed corporations. With a distinguished career that includes four years as\na Director at a top-tier professional audit firm in Hong Kong, he has demonstrated strong leadership, regulatory compliance expertise,\nand a proven ability to enhance internal controls and mitigate risks. Mr. Wong holds a Bachelor of Business Administration in Accounting\nfrom Southern Cross University, Australia, and is a certified member of both CPA Australia and the Hong Kong Institute of Certified Public\nAccountants. Currently, Mr. Wong has been acting as Engagement Director at Jon Gepsom CPA Limited since November 2024, he previously\nheld the dual roles of Engagement Director and Engagement Quality Control Reviewer at Elite Partners CPA Limited from January 2020 to\nSeptember 2024, where he led audit engagements across multiple industries, including mining, manufacturing, fintech, and pre-IPO preparations.\nPrior to these, Mr. Wong has served as a Senior Manager at HLB Hodgson Impey Cheng Limited, specializing in risk assessment and financial\nreporting.\n\n \n\n**Family\nRelationships**\n\n \n\nNone\nof the directors or executive officers has a family relationship as defined in Item 401 of Regulation S-K.\n\n \n\n**Involvement\nin Certain Legal Proceedings**\n\n \n\nTo\nthe best of our knowledge, none of our directors or executive officers has, during the past 10 years, been involved in any legal proceedings\ndescribed in subparagraph (f) of Item 401 of Regulation S-K.\n\n \n\n88\n\n  \n\n****\n\n \n\n**B.\nCompensation**\n\n \n\n**Compensation\nof Directors and Executive Officers**\n\n \n\nThe\nfollowing table sets forth certain information with respect to compensation for the fiscal year ended September 30, 2025 and 2024, earned by or paid to our chief executive officer and principal executive officer, our principal financial officer, and our\nother most highly compensated executive officers whose total compensation exceeded US$100,000 (the “named executive\nofficers”).\n\n \n\n**Name and Principal Position**\n \n**Year**\n \n \n**Salary\n(US$)**\n \n \n**Bonus\n(US$)**\n \n \n**Stock\nAwards\n(US$)**\n \n \n**Option\nAwards\n(US$)**\n \n \n**Non-Equity\nIncentive\nPlan\nCompensation**\n \n \n**Deferred\nCompensation\nEarnings**\n \n \n**Other**\n \n \n**Total\n(US $)***\n \n\nChing Shun Ngan\n \n \n2025\n \n \n \n294,862\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n294,862\n \n\n(CEO and Chairman)\n \n \n2024\n \n \n \n173,809\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n    -\n \n \n \n     -\n \n \n \n-\n \n \n \n173,809\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nCheuk Ho Chan\n \n \n2025\n \n \n \n- \n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n    -\n \n \n \n     -\n \n \n \n-\n \n \n \n-\n \n\n(Chief Financial Officer)\n \n \n2024\n \n \n \n- \n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n    -\n \n \n \n     -\n \n \n \n-\n \n \n \n-\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nLong Kin Liu\n \n \n2025\n \n \n \n223,386\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n223,386\n \n\n(Director)\n \n \n2024\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nShing Kwan Henry Lam\n \n \n2025\n \n \n \n62,400\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n62,400\n \n\n(Director)\n \n \n2024\n \n \n \n235,500\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n235,500\n \n\n \n\n**Agreements\nwith Named Executive Officers**\n\n \n\nThe\nCompany is currently negotiating employment agreements with its Chief Executive Officer and Chief Financial Officer.\n\n \n\n89\n\n  \n\n \n\n**Compensation\nof Directors**\n\n \n\nThe\nfollowing table sets forth certain information with respect to compensation for the years ended September 30, 2025 and 2024 earned by\nor paid to our directors. Salary included the monthly salary, bonus and mandatory provident fund contributed by the Company.\n\n \n\n**Name and Principal Position**\n \n**Year**\n \n \n**Salary\n(US$)**\n \n \n**Bonus\n(US$)**\n \n \n**Stock\nAwards\n(US$)**\n \n \n**Option\nAwards\n(US$)**\n \n \n**Non-Equity\nIncentive\nPlan\nCompensation**\n \n \n**Deferred\nCompensation\nEarnings**\n \n \n**Other**\n \n \n**Total\n(US $)***\n \n\nChing Shun Ngan\n \n \n2025\n \n \n \n294,862\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n294,862\n \n\n(CEO and Chairman)\n \n \n2024\n \n \n \n173,809\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n173,809\n \n\nShing Kwan Lam, Henry\n \n \n2025\n \n \n \n62,400\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n     -\n \n \n \n      -\n \n \n \n \n \n \n \n62,400\n \n\n(Director)\n \n \n2024\n \n \n \n235,500\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n \n \n \n \n235,500\n \n\nLong Kin Liu\n \n \n2025\n \n \n \n223.386\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n \n \n \n \n223.386\n \n\n(Director)\n \n \n2024\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n \n \n \n \n-\n \n\nMak Tsz Yeung\n \n \n2025\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n \n \n \n \n-\n \n\n(Director)\n \n \n2024\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n \n \n \n \n-\n \n\nKwok Wan Lee\n \n \n2025\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n \n \n \n \n-\n \n\n(Director)\n \n \n2024\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n \n \n \n \n-\n \n\nChu Ka Ying\n \n \n2025\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n \n \n \n \n-\n \n\n(Director)\n \n \n2024\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n \n \n \n \n-\n \n\nHo Kwan Wong\n \n \n2025\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n \n \n \n \n-\n \n\n(Director)\n \n \n2024\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n \n \n \n \n-\n \n\n \n\n**Equity\nIncentive Plan**\n\n \n\n2025 Equity Incentive Plan\n\n \n\nIn April\n2025, the Board unanimously adopted the 2025 Equity Incentive Plan (the “2025 Plan”) which provides up to 4,100,000 ordinary\nshares that may be issued pursuant to awards granted under the 2025 Plan. In April 2025, 4,100,000 ordinary shares were awarded to several\nnon-employee consutlants.\n\n \n\nPurpose:\nThe purpose of the 2025 Plan is to attract and retain the best available personnel for positions of substantial responsibility, provide\nadditional incentive to employees, directors and consultants, and to promote the success of the Company’s\nbusiness.\n\n \n\nAdministration:\nThe 2025 Plan is administered by our board of directors, or, once constituted, the Compensation Committee of the board of directors (we\nrefer to body administering the 2025 Plan as the “Committee”).\n\n \n\nEligibility: All\nemployees, directors, and consultants of the Company are eligible to receive awards under the 2025 Plan Type and Form of Awards: The\nCommittee shall determine the type or types of equity compensation award(s) to be made to each selected Eligible Person. Under the\n2025 Plan, the Committee may grant incentive share options, non-statutory share options, restricted share, share appreciation\nrights, restricted share units, performance units, performance shares, and other share based awards. Such awards may be granted\nsingly, in combination or in tandem. Awards also may be made in combination or in tandem with, in replacement of, as alternatives\nto, or as the payment form for grants or rights under any other employee or compensation plan of the Company.\n\n \n\nTransfer\nRestrictions. Except as specifically provided in the 2025 Plan:\n\n \n\n1. all equity\ncompensation awards are non-transferable and shall not be subject in any manner to sale, transfer, anticipation, alienation, assignment,\npledge, encumbrance or charge;\n\n \n\n2. equity\ncompensation awards shall be exercised only by the relevant participant; and\n\n \n\n3. amounts\npayable or shares issuable pursuant to any equity compensation award shall be delivered only to (or for the account of) the relevant participant.\n\n \n\nThe 2025\nPlan provides that incentive share options may not be transferred except by will or the laws of descent and distribution. The Committee\nhas discretion to permit transfers of other awards where it concludes such transferability is appropriate and desirable.\n\n \n\nAmendment,\nTermination and Term of the 2025 Plan: The Committee shall have the authority to amend any award agreement at any time; provided however,\nthat no such amendment shall adversely affect the right of any participant under any outstanding award agreement in any material way without\nthe written consent of the participant, unless such amendment is required by applicable law, regulation or rule of any stock exchange\non which the shares are listed. The Board may terminate, suspend, or amend the 2025 Plan, in whole or in part, from time to time, without\nthe approval of the shareholders of the Company, unless such approval is required by applicable law, regulation or rule of any stock exchange\non which the shares are listed. No amendment or termination of the 2025 Plan shall adversely affect the right of any participant under\nany outstanding award in any material way without the written consent of the participant, unless such amendment or termination is required\nby applicable law, regulation or rule of any stock exchange on which the shares are listed. Subject to the foregoing, the Committee may\ncorrect any defect or supply an omission or reconcile any inconsistency in the 2025 Plan or in any award granted hereunder in the manner\nand to the extent it shall deem desirable, in its sole discretion, to effectuate the 2025 Plan. The Board shall have the authority to\namend the 2025 Plan to the extent necessary or appropriate to comply with applicable law, regulation or accounting rules in order to permit\nparticipants who are located outside of the United States to participate in the 2025 Plan. Notwithstanding anything to the contrary contained\nherein, no awards shall be granted on or after the tenth anniversary of the adoption of this Plan.\n\n \n\n**C.\nBoard Practices**\n\n \n\n**Board\nof Directors**\n\n \n\nOur\nboard of directors consists of seven directors. Our board of directors has determined that three Executive Director, namely Mr. Ching\nShun Ngan, Mr. Shing Kwan Lam, Henry and Mr. Long Kin Liu, and four Independent Directors, namely Mr. Mak Tsz Yeung, Ms. Chu Ka Ying,\nMr. Kwok Wan Lee and Mr. Ho Kwan Wong. Our four independent directors, Mak Tsz Yeung, Chu Ka Ying, Kwok Wan Lee and Ho Kwan Wong satisfy\nthe “independence” requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq Stock Market and Rule 10A-3 under the\nExchange Act.\n\n \n\nUnder\nBVI law, our directors owe fiduciary duties both at common law and under statute, including a statutory duty to act honestly, in good\nfaith and with a view to our best interests. When exercising powers or performing duties as a director, our directors also have a duty\nto exercise the care, diligence and skills that a reasonable director would exercise in comparable circumstances, taking into account\nwithout limitation the nature of the company, the nature of the decision and the position of the director and the nature of the responsibilities\nundertaken by him. In exercising the powers of a director, the directors must exercise their powers for a proper purpose and shall not\nact or agree to the company acting in a manner that contravenes our memorandum and articles of association or the BVI Act. In fulfilling\ntheir duty of care to us, our directors must ensure compliance with our memorandum and articles of association. We have the right to\nseek damages if a duty owed by our directors is breached.\n\n \n\nThe\nboard of directors have all the powers necessary for managing, and for directing and supervising, the business and affairs of the company,\nincluding but not limited to:\n\n \n\n \n●\nappointing\nofficers and determining the term of office of the officers;\n\n \n\n90\n\n  \n\n \n\n \n●\nauthorizing\nthe payment of donations to religious, charitable, public or other bodies, clubs, funds or associations as deemed advisable;\n\n \n \n \n\n \n●\nexercising\nthe borrowing powers of the company and mortgaging the property of the company;\n\n \n \n \n\n \n●\nexecuting\nchecks, promissory notes and other negotiable instruments on behalf of the company; and\n\n \n \n \n\n \n●\nmaintaining\nor registering a register of relevant charges of the company.\n\n \n\n**Committees\nof the Board of Directors**\n\n \n\nWe\nhave established an audit committee, a compensation committee and a nominating and corporate governance committee under the board of\ndirectors. Even though we are exempted from corporate governance standards because we are a foreign private issuer, we have voluntarily\nadopted a charter for each of the three committees. Each committee’s members and functions are described below.\n\n \n\n*Audit\nCommittee*. Our audit committee consists of Mr. Mak Tsz Yeung, Ms. Chu Ka Ying, Mr. Kwok Wan Lee and Mr. Ho Kwan Wong, with Mr. Ho\nKwan Wong serving as the chairman of our audit committee. We have determined that each member satisfies the “independence”\nrequirements of Section 5605(a)(2) of the Nasdaq Listing Rules and Rule 10A-3 under the Exchange Act. Our board also has determined that\nSection Mr. Ho Kwan Wong qualifies as an audit committee financial expert within the meaning of the SEC rules or possesses financial\nsophistication within the meaning of the Nasdaq Listing Rules. The audit committee will oversee our accounting and financial reporting\nprocesses and the audits of the financial statements of the Company. The audit committee is responsible for, among other things:\n\n \n\n \n●\nappointing\nthe independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors;\n\n \n \n \n\n  \n●\nreviewing\nwith the independent auditors any audit problems or difficulties and management’s response;\n\n \n \n \n\n  \n●\ndiscussing\nthe annual audited financial statements with management and the independent auditors;\n\n \n \n \n\n  \n●\nreviewing\nthe adequacy and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and\ncontrol major financial risk exposures;\n\n \n \n \n\n  \n●\nreviewing\nand approving all proposed related party transactions;\n\n \n \n \n\n  \n●\nmeeting\nseparately and periodically with management and the independent auditors; and\n\n \n \n \n\n  \n●\nmonitoring\ncompliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to\nensure proper compliance.\n\n \n\n*Compensation\nCommittee.*Our compensation committee consists of Mr. Mak Tsz Yeung, Ms. Chu Ka Ying and Mr. Kwok Wan Lee. Mr. Mak Tsz Yeung is the\nchairman of our compensation committee. The compensation committee will assist the board in reviewing and approving the compensation\nstructure, including all forms of compensation, relating to our directors and executive officers. Our chief executive officer may not\nbe present at any committee meeting during which his compensation is deliberated. The compensation committee is responsible for, among\nother things:\n\n \n\n \n●\nreviewing\nand approving to the board with respect to the total compensation package for our most senior executive officers;\n\n \n\n91\n\n  \n\n \n\n \n●\napproving\nreviewing and recommending to the board with respect to the compensation of our directors; and overseeing the total compensation\npackage for our executives other than the most senior executive officers;\n\n \n \n \n\n  \n●\nreviewing\nperiodically and approving any long-term incentive compensation or equity plans;\n\n \n \n \n\n  \n●\nselecting\ncompensation consultants, legal counsel or other advisors after taking into consideration all factors relevant to that person’s\nindependence from management; and\n\n \n \n \n\n  \n●\nprograms\nor similar arrangements, annual bonuses, employee pension and welfare benefit plans.\n\n \n\n*Nominating\nand Corporate Governance Committee.* Our nominating and corporate governance committee consists of Mr. Mak Tsz Yeung, Ms. Chu Ka Ying\nand Mr. Kwok Wan Lee. Kwok Wan Lee is the chairperson of our nominating and corporate governance committee. The nominating and corporate\ngovernance committee will assist the board of directors in selecting individuals qualified to become our directors and in determining\nthe composition of the board and its committees. The nominating and corporate governance committee is responsible for, among other things:\n\n \n\n \n●\nidentifying\nand recommending nominees for election or re-election to our board of directors or for appointment to fill any vacancy;\n\n \n \n \n\n  \n●\nreviewing\nannually with our board of directors its current composition in light of the characteristics of independence, age, skills, experience\nand availability of service to us;\n\n \n \n \n\n  \n●\nidentifying\nand recommending to our board the directors to serve as members of committees;\n\n \n \n \n\n  \n●\nadvising\nthe board periodically with respect to significant developments in the law and practice of corporate governance as well as our compliance\nwith applicable laws and regulations, and making recommendations to our board of directors on all matters of corporate governance\nand on any corrective action to be taken; and\n\n \n \n \n\n  \n●\nmonitoring\ncompliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to\nensure proper compliance.\n\n \n\n**Corporate\nGovernance**\n\n \n\nThe\nbusiness and affairs of the company are managed under the direction of our Board. We have conducted Board meetings regularly since inception.\nEach of our directors has attended all meetings either in person, via telephone conference, or through written consent for special meetings.\nIn addition to the contact information in this Annual Report, the Board has adopted procedures for communication with the officers and\ndirectors as the date hereof. Each shareholder will be given specific information on how he/she can direct communications to the officers\nand directors of the Company at our annual shareholders’ meetings. All communications from shareholders are relayed to the members\nof the Board.\n\n \n\nAs\na limited liability and holding company incorporated in the BVI and listed on the Nasdaq Capital Market, we are subject to the Nasdaq\nStock Market Rules corporate governance listing standards. However, Nasdaq Stock Market Rules permit a foreign private issuer like us\nto follow the corporate governance practices of its home country. Certain corporate governance practices in the BVI, which is our home\ncountry, may differ significantly from the Nasdaq Stock Market Rules.\n\n \n\nPursuant\nto Nasdaq Rule 5615(a)(3) (Exemptions from Certain Corporate Governance Requirements), the Company has adopted and follows certain BVI\npractices in lieu of certain requirements under Nasdaq Rules 5605(b)(2), 5620, 5635, 5250(b)(3) and 5250(d). As such, in lieu of Nasdaq\ncorporate governance requirements, the Company:\n\n \n\n \n●\nDoes\nnot and will not have regularly scheduled meetings at which only Independent Directors (as defined under Nasdaq Marketplace Rule\n5605(a)(2)) are present;\n\n \n \n \n\n \n●\nDoes\nnot and will not have annual meeting of shareholders;\n\n \n \n \n\n \n●\nCan\nissue securities in connection with (i) the acquisition of the stock or assets of another company; (ii) equity-based compensation\nof officers, directors, employees or consultants; (iii) a change of control; and (iv) transactions other than public offerings, each\nof the foregoing as defined under Nasdaq Rules 5635(a)(b)(c)(d) without shareholders’ approval;\n\n \n \n \n\n \n●\nDoes\nnot and will not disclose the material terms of all agreements and arrangements between any director or nominee for director, and\nany person or entity other than the Company, relating to compensation or other payment in connection with such person’s candidacy\nor service as a director of the Company; and\n\n \n \n \n\n \n●\nDoes\nnot and will not distribute annual and interim reports to shareholders.\n\n \n\n**Qualification**\n\n \n\nThere\nis currently no shareholding qualification for directors, although a shareholding qualification for directors may be fixed by our shareholders\nby ordinary resolution.\n\n \n\n**Insider\nParticipation Concerning Executive Compensation**\n\n \n\nOur\nBoard of Directors, which consists of five members, is making all determinations regarding executive officer compensation.\n\n \n\n92\n\n  \n\n \n\n**Terms\nof Directors and Officers**\n\n \n\nEach\nof our directors holds for the term, if any, fixed by the resolution of members or resolution of directors appointing him, or until his\nearlier death, resignation or removal. All of our executive officers are appointed by and serve at the discretion of our board of directors..\n\n \n\n**D.\nEmployees**\n\n \n\nSee\n“Item 4. Information on the Company-B. Business Overview-Employees.”\n\n \n\n**E.\nShare Ownership**\n\n \n\nThe\nfollowing table sets forth information concerning the beneficial ownership within the meaning of Rule 13d-3 under the Exchange Act, of\nour Ordinary Shares as of February 1, 2026 by:\n\n \n\n \n●\neach\nof our directors and executive officers; and\n\n \n \n \n\n  \n●\neach\nperson known to us to beneficially own more than 5.0% of our ordinary shares.\n\n \n\nBeneficial\nownership includes voting or investment power with respect to the securities. Except as indicated below, and subject to applicable community\nproperty laws, the persons named in the table have sole voting and investment power with respect to all Ordinary Shares shown as beneficially\nowned by them. Percentage of beneficial ownership of each listed person is based on 3,200,000 Ordinary Shares outstanding as of February 1, 2026\n\n \n\nInformation\nwith respect to beneficial ownership has been furnished by each director, officer, or beneficial owner of 5% or more of our Ordinary\nShares. Beneficial ownership is determined in accordance with the rules of the SEC and generally requires that such person have voting\nor investment power with respect to securities. In computing the number of Ordinary Shares beneficially owned by a person listed below\nand the percentage ownership of such person, Ordinary Shares underlying options, warrants, or convertible securities, held by each such\nperson that are exercisable or convertible within 60 days of the date of this Annual Report are deemed outstanding, but are not deemed\noutstanding for computing the percentage ownership of any other person.\n\n \n\n  \n\n**Ordinary Shares**\n\n**Beneficially Owned**\n \n\n  \nNumber  \nPercent \n\n**Directors and Executive Officers(1):** \n    \n   \n\n  \n    \n   \n\nChing Shun Ngan \n 1,050,000  \n 32.81%\n\nShing Kwan Lam, Henry \n -  \n - \n\nLong Kin Liu \n -  \n - \n\nMak Tsz Yeung \n -  \n - \n\nChu Ka Ying \n -  \n - \n\nKwok Wan Lee \n -  \n - \n\nHo Kwan Wong \n    \n   \n\nAll directors and executive officers as a group \n 1,050,000  \n 32.81%\n\n  \n    \n   \n\n5% Principal Shareholders: \n    \n   \n\nChi Keung Yip \n 250,000  \n 7.81%\n\nAsia International Securities Exchange Co., Ltd. (“AISE”) \n 412,500  \n 12.89%\n\nYuk Hung Sin \n 431,250  \n 13.48%\n\n \n\n \n(1)\nUnless\notherwise indicated, the business address of each of the individuals is Office A-E, 33/F, King Palace Plaza, 55 King Yip Street,\nKwun Tong, Kowloon, Hong Kong.\n\n \n\nWe\nare not aware of any arrangement that may, at a subsequent date, result in a change of control of the Company.\n\n \n\n93\n\n  \n\n \n\n**F.\nDisclosure of a registrant’s action to recover erroneously awarded compensation.**\n\n \n\nDuring\nand after the last completed fiscal year ended September 30, 2025, the Company was not required to prepare an accounting restatement,\nor any accounting restatement that required recovery of erroneously awarded compensation pursuant to the Company’s compensation\nrecovery policy required by the Nasdaq listing rules, and there was no outstanding balance as of the end of the last completed fiscal\nyear of erroneously awarded compensation to be recovered from the application of the policy to any prior restatement."}