{"url_path":"/sec/tghl/10-k/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/2024114/0001493152-26-023959-index.html","accession_number":"0001493152-26-023959","cik":"0002024114","ticker":"TGHL","issuer_name":"GrowHub Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/2024114/0001493152-26-023959-index.html","primary_entity_key":"0002024114","primary_entity_name":"GrowHub 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EXCHANGE COMMISSION**\n\n**WASHINGTON,\nD.C. 20549**\n\n \n\n**FORM\n20-F**\n\n \n\n☐\n**REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**OR**\n\n \n\n☒\n**ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**For\nthe fiscal year ended December 31, 2025**\n\n \n\n**OR**\n\n \n\n☐\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**OR**\n\n \n\n☐\n**SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\nDate\nof event requiring this shell company report\n\n \n\n**For\nthe transition period from           to**   \n\n \n\nCommission\nfile number: 001-42814\n\n \n\n**THE\nGROWHUB LIMITED**\n\n(Exact\nname of Registrant as specified in its charter)\n\n \n\n**N/A**\n\n(Translation\nof Registrant’s name into English)\n\n \n\n**Cayman\nIslands**\n\n(Jurisdiction\nof incorporation or organization)\n\n \n\n**1\nPaya Lebar Link 4th Floor**\n\n**Paya\nLebar Quarter One**\n\n**Singapore\n408533**\n\n**+65\n8899 0760**(Address of principal executive offices)\n\n \n\n**Chit\nWen POH, Chief Financial Officer**\n\n**Telephone:\n+65 8899 0760**\n\n**Email:\nchitwen.poh@thegrowhub.co**\n\n** **\n\n**At\nthe address of the Company set forth above**\n\n(Name,\nTelephone, E-mail and/or Facsimile number and Address of Company Contact Person)\n\n \n\n**Securities\nregistered or to be registered pursuant to Section 12(b) of the Act.**\n\n \n\n**Title\nof each class**\n \n**Trading\nSymbol(s)**\n \n\n**Name\nof each exchange on which registered**\n\n**Class\nA Ordinary Shares**\n \n**TGHL**\n \n**The\nNasdaq Capital Market**\n\n \n\nSecurities\nregistered or to be registered pursuant to Section 12(g) of the Act.\n\n \n\n**None**\n\n(Title\nof Class)\n\n \n\nSecurities\nfor which there is a reporting obligation pursuant to Section 15(d) of the Act.\n\n \n\n**None**\n\n(Title\nof Class)\n\n \n\nIndicate\nthe number of outstanding shares of each of the issuer’s classes of capital or stock as of the close of the period covered by the\nannual report.\n\n \n\n**14,866,470\nClass A Ordinary Shares, par value $0.0005 per share**\n\n**10,433,340\nClass B Ordinary Shares, par value $0.0005 per share**\n\n \n\nIndicate\nby check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.\n\n \n\nYes\n☐ No ☒\n\n \n\nIf\nthis report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section\n13 or 15(d) of the Securities Exchange Act of 1934.\n\n \n\nYes\n☐ No ☒\n\n \n\nIndicate\nby check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange\nAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)\nhas been subject to such filing requirements for the past 90 days.\n\n \n\nYes\n☒ No ☐\n\n \n\nIndicate\nby check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule\n405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant\nwas required to submit such files).\n\n \n\nYes\n☒ No ☐\n\n \n\nIndicate\nby check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth\ncompany. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company”\nin Rule 12b-2 of the Exchange Act.\n\n \n\nLarge\naccelerated filer\n☐\n \nAccelerated\nfiler\n☐\n\nNon-accelerated\nfiler\n☒\n \nEmerging\ngrowth company\n☒\n\n \n\nIf\nan emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant\nhas elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant\nto Section 13(a) of the Exchange Act. ☐\n\n \n\n**†**\nThe\nterm “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards\nBoard to its Accounting Standards Codification after April 5, 2012.\n\n \n\nIndicate\nby check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness\nof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered\npublic accounting firm that prepared or issued its audit report. ☐\n\n \n\nIf\nsecurities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant\nincluded in the filing reflect the correction of an error to previously issued financial statements. ☐\n\n \n\nIndicate\nby check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation\nreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\n \n\nIndicate\nby check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:\n\n \n\nU.S. GAAP ☒\n\nInternational\nFinancial Reporting Standards as issued by the\n\nInternational\nAccounting Standards Board ☐\n\nOther\n☐\n\n \n\n*\nIf\n“Other” has been checked in response to the previous question, indicate by check mark which financial statement item\nthe registrant has elected to follow. Item 17 ☐ Item 18 ☐\n\n \n\nIf\nthis is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange\nAct). Yes ☐ No ☒\n\n \n\n \n\n \n\n \n\n \n\n \n\n**TABLE\nOF CONTENTS**\n\n \n\n \n**Page**\n\n \n \n\n[ABOUT\nTHIS ANNUAL REPORT](#a_001)\niii\n\n[MARKET\nAND INDUSTRY DATA](#a_002)\nv\n\n[PRESENTATION\nOF FINANCIAL INFORMATION](#a_003)\nv\n\n[CAUTIONARY\nSTATEMENT REGARDING FORWARD-LOOKING STATEMENTS](#a_004)\nvi\n\n \n \n\n[PART\nI](#a_005)\n1\n\n[Item\n1. Identity of Directors, Senior Management and Advisers.](#a_006)\n1\n\n[Item\n2. Offer Statistics and Expected Timetable.](#a_007)\n1\n\n[Item\n3. Key Information.](#a_008)\n1\n\nA.\n[[Reserved]](#a_009)\n1\n\nB.\n[Capitalization\nand Indebtedness.](#a_010)\n1\n\nC.\n[Reasons\nfor the Offer and Use of Proceeds.](#a_011)\n1\n\nD.\n[Risk\nFactors.](#a_012)\n1\n\n[Item\n4. Information on the Company.](#a_013)\n22\n\nA.\n[History\nand Development of the Company.](#a_014)\n22\n\nB.\n[Business\nOverview.](#a_015)\n22\n\nC.\n[Organizational\nStructure.](#a_016)\n29\n\nD.\n[Property,\nPlants and Equipment.](#a_017)\n29\n\n[Item\n4A. Unresolved Staff Comments.](#a_018)\n29\n\n[Item\n5. Operating and Financial Review and Prospects.](#a_019)\n29\n\nA.\n[Operating\nResults.](#a_020)\n29\n\n[Item\n6. Directors, Senior Management and Employees.](#a_021)\n40\n\nA.\n[Directors\nand Senior Management.](#a_022)\n40\n\nB.\n[Compensation.](#Aa_001)\n42\n\nC.\n[Board\nPractices.](#Aa_002)\n42\n\nD.\n[Employees.](#Aa_003)\n48\n\nE.\n[Share\nOwnership.](#Aa_004)\n48\n\nF.\n[Disclosure\nof a Registrant’s Action to Recover Erroneously Awarded Compensation.](#Aa_005)\n48\n\n[Item\n7. Major Shareholders and Related Party Transactions.](#Aa_006)\n48\n\nA.\n[Major\nShareholders.](#Aa_007)\n49\n\nB.\n[Related\nParty Transactions.](#Aa_008)\n50\n\nC.\n[Interests\nof Experts and Counsel.](#Aa_009)\n50\n\n[Item\n8. Financial Information.](#Aa_010)\n50\n\nA.\n[Consolidated\nStatements and Other Financial Information.](#Aa_011)\n50\n\nB.\n[Significant\nChanges.](#Aa_012)\n50\n\n[Item\n9. The Offer and Listing.](#Aa_013)\n50\n\nA.\n[Offer\nand Listing Details.](#Aa_014)\n50\n\nB.\n[Plan\nof Distribution.](#Aa_015)\n50\n\nC.\n[Markets.](#Aa_016)\n50\n\nD.\n[Selling\nShareholders.](#Aa_017)\n51\n\nE.\n[Dilution.](#Aa_018)\n51\n\nF.\n[Expenses\nof the Issuer.](#Aa_019)\n51\n\n \n\ni\n\n \n\n \n\n[Item\n10. Additional Information.](#Aa_020)\n53\n\nA.\n[Share\nCapital.](#Aa_021)\n53\n\nB.\n[Memorandum\nand Articles of Association.](#Aa_022)\n53\n\nC.\n[Material\nContracts.](#Aa_023)\n53\n\nD.\n[Exchange\nControls.](#Aa_024)\n53\n\nE.\n[Taxation.](#Aa_025)\n53\n\nF.\n[Dividends\nand Paying Agents.](#Aa_026)\n58\n\nG.\n[Statement\nby Experts.](#Aa_027)\n58\n\nH.\n[Documents\non Display.](#Aa_028)\n58\n\nI.\n[Subsidiary\nInformation.](#Aa_029)\n59\n\nJ.\n[Annual\nReport to Security Holders.](#Aa_030)\n59\n\n[Item\n11. Quantitative and Qualitative Disclosures About Market Risk.](#Aa_031)\n59\n\n[Item\n12. Description of Securities Other than Equity Securities.](#Aa_032)\n60\n\nA.\n[Debt\nSecurities.](#Aa_033)\n60\n\nB.\n[Warrants\nand Rights.](#Aa_034)\n60\n\nC.\n[Other\nSecurities.](#Aa_035)\n60\n\nD.\n[American\nDepositary Shares.](#Aa_036)\n60\n\n \n \n \n\n[PART\nII](#Aa_037)\n61\n\n[Item\n13. Defaults, Dividend Arrearages and Delinquencies.](#Aa_038)\n61\n\n[Item\n14. Material Modifications to the Rights of Security Holders and Use of Proceeds.](#Aa_039)\n61\n\n[Item\n15. Controls and Procedures.](#Aa_040)\n61\n\n[Item\n16. [Reserved]](#Aa_041)\n62\n\n[Item\n16.A. Audit Committee Financial Expert.](#Aa_042)\n62\n\n[Item\n16.B. Code of Ethics.](#Aa_043)\n62\n\n[Item\n16.C. Principal Accountant Fees and Services.](#Aa_044)\n62\n\n[Item\n16.D. Exemptions from the Listing Standards for Audit Committees.](#Aa_045)\n63\n\n[Item\n16.E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers.](#Aa_046)\n63\n\n[Item\n16.F. Change in Registrant’s Certifying Accountant.](#Aa_047)\n63\n\n[Item\n16.G. Corporate Governance.](#Aa_048)\n63\n\n[Item\n16.H. Mine Safety Disclosure.](#Aa_049)\n63\n\n[Item\n16.I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.](#Aa_050)\n64\n\n[Item\n16.J. Insider Trading Policies.](#Aa_051)\n64\n\n[Item\n16.K. Cybersecurity.](#Aa_052)\n64\n\n \n \n\n[PART\nIII](#Aa_053)\n65\n\n[Item\n17. Financial Statements.](#Aa_054)\n65\n\n[Item\n18. Financial Statements.](#Aa_055)\n65\n\n[Item\n19. Exhibits.](#Aa_056)\n65\n\n[SIGNATURES](#Aa_057)\n66\n\n \n\nii\n\n \n\n \n\n**ABOUT\nTHIS ANNUAL REPORT**\n\n \n\n**Conventions\nWhich Apply to this Annual Report**\n\n** **\n\nThroughout\nthis annual report, we use a number of key terms and provide a number of key performance indicators used by management. Unless the context\notherwise requires, the following definitions apply throughout where the context so admits:\n\n \n\n**General**\n\n \n\n**“amended\nand restated memorandum and articles of association”**\n:\nThe\namended and restated memorandum and articles of association of the Company dated July 25, 2024.\n\n \n \n \n\n**“APAC”**\n:\nThe\nAsia–Pacific region.\n\n \n \n \n\n**“Audit\nCommittee”**\n:\nThe\naudit committee of our Board of Directors.\n\n \n \n \n\n**“Board”\nor “Board of Directors”**\n:\nThe\nboard of Directors of our Company.\n\n \n \n \n\n**“Class\nA Ordinary Shares”**\n:\nClass\nA ordinary shares in the capital of the Company of nominal or par value US$0.0005 each designated as Class A shares, and having the\nrights provided for in the articles of association of the Company, as amended or substituted from time to time.\n\n \n\n**“Class\nB Ordinary Shares”**\n:\nClass\nB ordinary shares in the capital of the Company of nominal or par value US$0.0005 each designated as Class B shares, and having the\nrights provided for in the articles of association of the Company, as amended or substituted from time to time.\n\n \n \n \n\n**“Companies\nAct”**\n \nThe\nCompanies Act (Revised) of the Cayman Islands.\n\n \n \n \n\n**“Company”\nor “GrowHub Cayman”**\n:\nTHE\nGROWHUB LIMITED, a Cayman Islands exempted company.\n\n \n \n \n\n**“Compensation\nCommittee”**\n:\nThe\ncompensation committee of our Board of Directors.\n\n \n \n \n\n**“Controlling\nShareholder”**\n\n:\n\n \n\nA\nperson who has an interest or interests (whether by record or beneficial ownership) in one or more voting shares (excluding treasury\nshares) in our Company, and the total votes attached to that share, or those shares, is not less than 50.0% of the total votes attached\nto all the voting shares (excluding treasury shares) in our Company. Chan Choon Yew Lester is the Controlling Shareholder.\n\n \n \n \n\n**“COVID-19”**\n:\nCoronavirus\ndisease 2019.\n\n \n \n \n\n**“Directors”**\n:\nThe\ndirectors of our Company.\n\n \n \n \n\n**“Executive\nOfficers”**\n:\nThe\nexecutive officers of our Company. See section titled “*Management*.”\n\n \n \n \n\n**“Fiscal\nYear” or “FY”**\n:\nFinancial\nyear ended or, as the case may be, ending December 31.\n\n \n \n \n\n**“Group”**\n:\nOur\nCompany and our subsidiaries.\n\n \n \n \n\n**“GrowHub\nCarbon”**\n:\nGrowHub\nCarbon Pte. Ltd. (Formerly known as GrowHub (Apac) Pte. Ltd.), a private company limited by shares under the laws of Singapore and\nour wholly owned subsidiary.\n\n \n\niii\n\n \n\n \n\n**“GrowHub\nBVI”**\n \nTHE\nGROWHUB INNOVATIONS COMPANY LIMITED, a BVI business company incorporated under the laws of the British Virgin Islands and our wholly\nowned subsidiary.\n\n \n \n \n\n**“GrowHub\nCapital”**\n:\nGrowHub\nCapital Pte. Ltd. (Formerly known as GrowHub Distribution (Singapore) Pte. Ltd.), a private company limited by shares under the laws\nof Singapore and our wholly owned subsidiary.\n\n \n \n \n\n**“GrowHub\nInnovations Australia”**\n:\nGrowHub\nInnovation Centre Pty Ltd, a limited by shares company under the laws of Australia and our wholly owned subsidiary.\n\n \n \n \n\n**“GrowHub\nInnovations Singapore”**\n:\nThe\nGrowHub Innovations Company Pte. Ltd., a private company limited by shares under the laws of Singapore and our wholly owned subsidiary.\n\n \n \n \n\n**“GrowHub\nJapan”**\n:\nGrowHub\nJapan Co., Ltd., a limited liability company under the laws of Japan and our wholly owned subsidiary.\n\n \n \n \n\n**“GrowHub\nMalaysia”**\n:\nGrowHub\nMalaysia Sdn. Bhd., a company limited by shares under the laws of Malaysia and our wholly owned subsidiary.\n\n \n \n \n\n**“GrowHub\nTrading”**\n:\nGrowHub\nTrading Pty Ltd, a limited by shares company under the laws of Australia and our wholly owned subsidiary.\n\n \n \n \n\n**“GrowHub\nTechnologies”**\n:\nGrowHub\nTechnologies Pte. Ltd., a private company limited by shares under the laws of Singapore and our wholly owned subsidiary.\n\n \n \n \n\n**“GrowHub\nVietnam”**\n \nGrowHub\nVietnam Limited Liability Company, a limited liability company under the laws of Vietnam and our wholly owned subsidiary.\n\n \n \n \n\n**“Listing”**\n:\nThe\nlisting and quotation of our Class A Ordinary Shares on Nasdaq.\n\n \n \n \n\n**“Nasdaq”**\n:\nThe\nNasdaq Stock Market LLC.\n\n \n \n \n\n**“Nasdaq\nListing Rules”**\n:\nThe\nNasdaq rules governing listed companies.\n\n \n\n **“Nominating\nand Corporate Governance Committee”**\n:\nThe\nnominating and corporate governance committee of our Board of Directors.\n\n \n \n \n\n**“ordinary\nresolution”**\n:\nA\nresolution passed by a simple majority of the Shareholders as, being entitled to do so, vote in person or by proxy at a general meeting\nof our Company and includes a unanimous written resolution.\n\n \n \n \n\n**“Share(s),”\n“ordinary share(s)” or “Ordinary Share(s)”**\n:\nClass\nA Ordinary Shares and Class B Ordinary Shares.\n\n \n \n \n\n**“special\nresolution”**\n:\n\nA\nresolution passed by at least two-thirds of the Shareholders as, being entitled to do so, vote in person or by proxy at a general\nmeeting of our Company and includes a unanimous written resolution.\n\n \n \n \n\n**“U.S.\nGAAP”**\n:\nAccounting\nprinciples generally accepted in the United States of America.\n\n \n \n \n\n**“Web\n3”**\n:\nAn\nidea for a new iteration of the World Wide Web, which incorporates concepts such as decentralization, blockchain technologies, and\ntoken-based economics.\n\n** **\n\niv\n\n \n\n** **\n\n**Currencies,\nUnits and Others**\n\n \n\n**“SGD”\nor “S$”**\n:\nThe\nSingapore dollar, the legal currency of Singapore.\n\n \n \n \n\n**“US$,”\n“U.S. dollars,” “USD” or “$”**\n:\nU.S.\ndollars and cents respectively, the lawful currency of the U.S.\n\n \n \n \n\n**“%”\nor “per cent.”**\n:\nPer\ncentum.\n\n \n \n \n\n**“sq.\nm.”**\n:\nSquare\nmeters.\n\n \n\nThe\nexpressions “associated company,” “related corporation” and “subsidiary” shall have the respective\nmeanings ascribed to them in the Companies Act, as the case may be.\n\n \n\nAny\ndiscrepancies in tables included herein between the total sum of amounts listed and the totals thereof are due to rounding. Accordingly,\nfigures shown as totals in certain tables may not be an arithmetic aggregation of the figures that precede them.\n\n \n\nUnless\nthe context otherwise requires, a reference to “**we**,” “**our**,” “**us**,” “**our\nGroup**” or the “**Company**” or their other grammatical variations is a reference to THE GROWHUB LIMITED and\nits subsidiaries taken as a whole. Certain of our customers and suppliers are referred to in this annual report by their trade names.\nOur contracts with these customers and suppliers are typically with an entity or entities in the relevant customer or supplier’s\ngroup of companies.\n\n \n\n**MARKET\nAND INDUSTRY DATA**\n\n** **\n\nWe\nare responsible for the information contained in this annual report. This annual report includes statistical and other industry and market\ndata that we obtained from industry publications and research, surveys and studies conducted by third parties, as well as estimates by\nour management based on such data. The market data and estimates used in this annual report involve a number of assumptions and limitations,\nand you are cautioned not to give undue weight to such data and estimates. While we believe that the information from these industry\npublications, surveys and studies is reliable, the industry in which we operate is subject to a high degree of uncertainty and risk due\nto a variety of important factors, including those described in the section titled “*Risk Factors*.” These and other\nfactors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.\n\n \n\n**PRESENTATION\nOF FINANCIAL INFORMATION** \n\n \n\nUnless\notherwise indicated, all financial information contained in this annual report is prepared and presented in accordance with U.S. GAAP.\n\n \n\nAll references in this annual report to “**U.S. dollars**,”\n“**US$**,” “**$**” and “**USD**” refer to United States dollar(s), the legal currency of\nthe United States of America, and all references to “**SGD**,” “**S$**” or “**Singapore Dollar**”\nrefer to Singapore dollar(s), the legal currency of Singapore. Unless otherwise indicated, all references to currency amounts in this\nannual report are in USD. The Company is a holding company with operations exclusively conducted in Singapore through its Singapore operating\nsubsidiary, of whose reporting currency is Singapore Dollar. This annual report contains translations of certain foreign currency amounts\ninto U.S. dollars for the convenience of the reader. Unless otherwise noted, all translations from SGD to U.S. dollars and from U.S. dollars\nto SGD in this annual report were calculated at the noon buying rate of US$0.7777 = S$1, representing the index rate stipulated by the\nfederal reserve as of December 31, 2025. No representation is made that the SGD amounts could have been, or could be, converted, realized\nor settled into US$ at such rate, or at any other rate.\n\n \n\nWe\nhave made rounding adjustments to some of the figures contained in this annual report. Accordingly, numerical figures shown as totals\nin some tables may not be exact arithmetic aggregations of the figures that preceded them.\n\n \n\nv\n\n \n\n \n\n**CAUTIONARY\nSTATEMENT REGARDING FORWARD-LOOKING STATEMENTS**\n\n \n\nThis\nannual report contains statements of a forward-looking nature. All statements other than statements of historical facts are forward-looking\nstatements. These forward-looking statements are made under the “safe harbor” provision under Section 21E of the Securities\nExchange Act of 1934, as amended, or the Exchange Act, and as defined in the Private Securities Litigation Reform Act of 1995. These\nstatements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements\nto be materially different from those expressed or implied by the forward-looking statements. In some cases, these forward-looking statements\ncan be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,”\n“aim,” “estimate,” “intend,” “plan,” “believe,” “potential,”\n“continue,” “is/are likely to” or other similar expressions. These forward-looking statements include statements\nabout:\n\n \n\n \n●\nchanges\nin political, social and economic conditions, the regulatory environment, laws and regulations and interpretation thereof in the\njurisdictions where we conduct business or expect to conduct business;\n\n \n \n \n\n \n●\nthe\nrisk that we may be unable to realize our anticipated growth strategies and expected internal growth;\n\n \n\n \n●\nchanges\nin the availability and cost of professional staff which we require to operate our business;\n\n \n\n \n●\nchanges\nin customers’ preferences and needs;\n\n \n\n \n●\nchanges\nin competitive conditions and our ability to compete under such conditions;\n\n \n\n \n●\nchanges\nin our future capital needs and the availability of financing and capital to fund such needs;\n\n \n\n \n●\nchanges\nin currency exchange rates or interest rates;\n\n \n\n \n●\nprojections\nof revenue, profits, earnings, capital structure and other financial items;\n\n \n\n \n●\nchanges\nin our plan to enter into certain new business sectors; and\n\n \n\n \n●\nother\nfactors beyond our control.\n\n \n\nWe\nhave based these forward-looking statements largely on our current expectations and projections about future events and financial trends\nthat we believe may affect our financial condition, results of operations, business strategy and financial needs.\n\n \n\nYou\nshould read these statements in conjunction with the risks disclosed in “Item 3. Key Information—D. Risk Factors” of\nthis annual report and other risks outlined in our other filings with the Securities and Exchange Commission, or the SEC. The forward-looking\nstatements made in this annual report relate only to events or information as of the date on which the statements are made in this annual\nreport. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances\nafter the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this annual report\nand the documents that we have referred to in this annual report, completely and with the understanding that our actual future results\nmay be materially different from what we expect.\n\n \n\nvi\n\n \n\n \n\n**Part\nI**"}