{"url_path":"/sec/twg/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 Exhibits**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1978057/0001213900-26-057962-index.html","accession_number":"0001213900-26-057962","cik":"0001978057","ticker":"TWG","issuer_name":"Top Wealth Group Holding Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/1978057/0001213900-26-057962-index.html","primary_entity_key":"0001978057","primary_entity_name":"Top Wealth Group Holding Ltd"},"word_count":10698,"has_tables":true,"body_markdown":"**Item\n19. Exhibits**\n\n** **\n\n**Exhibit\nNumber**\n \n**Description**\n\n1.1\n \n[Second Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 to our registration statement on Form F-1 (File No. 333-290351), as amended, initially filed with the SEC on September 18, 2025)](https://www.sec.gov/Archives/edgar/data/1978057/000121390025088899/ea025769701ex3-1_topwealth.htm)\n\n2.1*\n \n[Description of Securities](ea028831901ex2-1.htm)\n\n4.1\n \n[English Translation of Sales Agreement between the Top Wealth Group (International) Limited and Sunfun (China) Ltd., dated December 30, 2021(incorporated by reference to Exhibit 10.1 to our registration statement on Form F-1 (File No. 333-275684), as amended, initially filed with the SEC on November 21, 2023)](https://www.sec.gov/Archives/edgar/data/1978057/000121390023089176/ff12023ex10-1_topwealth.htm)\n\n4.2\n \n[English Translation of Sales Agreement between the Top Wealth Group (International) Limited and Mother Nature Health (HK) Limited, dated December 30, 2021 (incorporated by reference to Exhibit 10.2 to our registration statement on Form F-1 (File No. 333-275684), as amended, initially filed with the SEC on November 21, 2023)](https://www.sec.gov/Archives/edgar/data/1978057/000121390023089176/ff12023ex10-2_topwealth.htm)\n\n4.3\n \n[English Translation of Sales Agreement between Top Wealth Group (International) Limited and Channel Power Limited, dated December 19, 2021(incorporated by reference to Exhibit 10.3 to our registration statement on Form F-1 (File No. 333-275684), as amended, initially filed with the SEC on November 21, 2023)](https://www.sec.gov/Archives/edgar/data/1978057/000121390023089176/ff12023ex10-3_topwealth.htm)\n\n4.4\n \n[English Translation of Sales Agreement between Top Wealth Group (International) Limited and Beauty & Health International Company Limited, dated December 30, 2021 (incorporated by reference to Exhibit 10.4 to our registration statement on Form F-1 (File No. 333-275684), as amended, initially filed with the SEC on November 21, 2023)](https://www.sec.gov/Archives/edgar/data/1978057/000121390023089176/ff12023ex10-4_topwealth.htm)\n\n4.5\n \n[English Translation of Sales Agreement between Top Wealth Group (International) Limited and Beauty & Health International E-Commerce Limited, dated September 1, 2022 (incorporated by reference to Exhibit 10.5 to our registration statement on Form F-1 (File No. 333-275684), as amended, initially filed with the SEC on November 21, 2023)](https://www.sec.gov/Archives/edgar/data/1978057/000121390023089176/ff12023ex10-5_topwealth.htm)\n\n4.6\n \n[English Translation of Sales Agreement between Top Wealth Group (International) Limited and Healthkitpro International Limited, dated December 18, 2021 (incorporated by reference to Exhibit 10.6 to our registration statement on Form F-1 (File No. 333-275684), as amended, initially filed with the SEC on November 21, 2023)](https://www.sec.gov/Archives/edgar/data/1978057/000121390023089176/ff12023ex10-6_topwealth.htm)\n\n4.7\n \n[Employment Agreement between Top Wealth Group (International) Limited and Kwok Kuen Yuen, Registrant’s Chief Financial Officer, dated 20 November 2022 (incorporated by reference to Exhibit 10.7 to our registration statement on Form F-1 (File No. 333-275684), as amended, initially filed with the SEC on November 21, 2023)](https://www.sec.gov/Archives/edgar/data/1978057/000121390023089176/ff12023ex10-7_topwealth.htm)\n\n4.8\n \n[Employment Agreement between the Registrant and Kwok Kuen, YUEN, Registrant’s Chief Financial Officer, dated May 16, 2023(incorporated by reference to Exhibit 10.8 to our registration statement on Form F-1 (File No. 333-275684), as amended, initially filed with the SEC on November 21, 2023)](https://www.sec.gov/Archives/edgar/data/1978057/000121390023089176/ff12023ex10-8_topwealth.htm)\n\n4.9\n \n[English Translation of Appointment Letter of Kim Kwan Kings, WONG as the President of Top Wealth Group (International) Limited, dated September 1, 2022 (incorporated by reference to Exhibit 10.9 to our registration statement on Form F-1 (File No. 333-275684), as amended, initially filed with the SEC on November 21, 2023)](http://www.sec.gov/Archives/edgar/data/1978057/000121390023089176/ff12023ex10-9_topwealth.htm)]\n\n4.10\n \n[Director Agreement between the Registrant and Kim Kwan Kings, WONG, Registrant’s director, Chief Executive Officer and chairman of the Board, dated May 16, 2023 (incorporated by reference to Exhibit 10.10 to our registration statement on Form F-1 (File No. 333-275684), as amended, initially filed with the SEC on November 21, 2023)](https://www.sec.gov/Archives/edgar/data/1978057/000121390023089176/ff12023ex10-10_topwealth.htm)\n\n4.11\n \n[English Translation of Corporate Development Consultant Appointment Agreement between the Company and Mr. Haitong, CHEN, dated August 1, 2022 (incorporated by reference to Exhibit 10.11 to our registration statement on Form F-1 (File No. 333-275684), as amended, initially filed with the SEC on November 21, 2023)](https://www.sec.gov/Archives/edgar/data/1978057/000121390023089176/ff12023ex10-11_topwealth.htm)\n\n4.12\n \n[English Translation of Caviar Sales Agreement between the Top Wealth Group (International) Limited and Fujian Aoxuanlaisi Biotechnology Co. Ltd., dated April 30, 2022 (incorporated by reference to Exhibit 10.12 to our registration statement on Form F-1 (File No. 333-275684), as amended, initially filed with the SEC on November 21, 2023)](https://www.sec.gov/Archives/edgar/data/1978057/000121390023089176/ff12023ex10-12_topwealth.htm)\n\n \n\n94\n\n \n\n \n\n4.13\n \n[English Translation of Power of Attorney granted under the Caviar Sales Agreement by Fujian Aoxuanlaisi Biotechnology Co. Ltd. to Top Wealth Group (International) Limited, dated April 30, 2022 (incorporated by reference to Exhibit 10.13 to our registration statement on Form F-1 (File No. 333-275684), as amended, initially filed with the SEC on November 21, 2023)](http://www.sec.gov/Archives/edgar/data/1978057/000121390023089176/ff12023ex10-13_topwealth.htm)\n\n4.14\n \n[English Translation of Food Processing Factory Leasing and Service Project Agreement between Top Wealth Group (International) Limited and Sunfun (China) Limited, dated February 11, 2023 (incorporated by reference to Exhibit 10.14 to our registration statement on Form F-1 (File No. 333-275684), as amended, initially filed with the SEC on November 21, 2023)](http://www.sec.gov/Archives/edgar/data/1978057/000121390023089176/ff12023ex10-14_topwealth.htm)\n\n4.15\n \n[English Translation of Food Processing Factory Leasing and Service Project Agreement between the Top Wealth Group (International) Limited and Sunfun (China) Limited, dated July 31, 2021 (incorporated by reference to Exhibit 10.15 to our registration statement on Form F-1 (File No. 333-275684), as amended, initially filed with the SEC on November 21, 2023)](http://www.sec.gov/Archives/edgar/data/1978057/000121390023089176/ff12023ex10-15_topwealth.htm)\n\n4.16\n \n[English Translation of the Form of Sales Agreement of Top Wealth Group (International) Limited for its distributors (incorporated by reference to Exhibit 10.16 to our registration statement on Form F-1 (File No. 333-275684), as amended, initially filed with the SEC on November 21, 2023)](http://www.sec.gov/Archives/edgar/data/1978057/000121390023089176/ff12023ex10-16_topwealth.htm)\n\n4.17\n \n[English Translation of sales agreement for caviar between Fujian Longhuang Biotech Co. Limited and Fujian Aoxuanlaisi Biotechnology Co. Ltd., dated December 10, 2020 (incorporated by reference to Exhibit 10.17 to our registration statement on Form F-1 (File No. 333-275684), as amended, initially filed with the SEC on November 21, 2023)](http://www.sec.gov/Archives/edgar/data/1978057/000121390023089176/ff12023ex10-17_topwealth.htm)\n\n4.18\n \n[English Translation of Power of Attorney granted under the sales agreement for caviar by Fujian Longhuang Biotech Co. Limited to Fujian Aoxuanlaisi Biotechnology Co. Ltd., dated December 10, 2020 (incorporated by reference to Exhibit 10.18 to our registration statement on Form F-1 (File No. 333-275684), as amended, initially filed with the SEC on November 21, 2023)](http://www.sec.gov/Archives/edgar/data/1978057/000121390023089176/ff12023ex10-18_topwealth.htm)\n\n4.19\n \n[Form of Placement Agency Agreement (incorporated by reference to Exhibit 1.1 to our registration statement on Form F-1 (File No. 333-282302), as amended, initially filed with the SEC on September 24, 2024)](https://www.sec.gov/Archives/edgar/data/1978057/000121390024081238/ea021306301ex1-1_topwealth.htm)\n\n4.20\n \n[Form of Securities Purchase Agreement (incorporated by reference to Exhibit 4.1 to our registration statement on Form F-1 (File No. 333-282302), as amended, initially filed with the SEC on September 24, 2024)](https://www.sec.gov/Archives/edgar/data/1978057/000121390024081238/ea021306301ex4-1_topwealth.htm)\n\n4.21\n \n[English Translation of Food Processing Factory Leasing and Service Project Agreement between Top Wealth Group (International) Limited and Sunfun (China) Limited, dated September 10, 2024 (incorporated by reference to Exhibit 10.21 to our registration statement on Form F-1 (File No. 333-282302), as amended, initially filed with the SEC on September 24, 2024)](https://www.sec.gov/Archives/edgar/data/1978057/000121390024081238/ea021306301ex10-21_topwealth.htm)\n\n4.22\n \n[Employment Agreement by and between Mr. Kong Wai, WONG and Top Wealth Group Holding Limited (incorporated herein by reference to Exhibit 10.1 to the current report on Form 6-K filed with the Securities and Exchange Commission on January 21, 2025)](http://www.sec.gov/Archives/edgar/data/1978057/000121390025004769/ea022811401ex10-1_topwealth.htm)\n\n8.1*\n \n[List\nof Subsidiaries](ea028831901ex8-1.htm)\n\n11.1\n \n[Code of Business Conduct and Ethics (incorporated by reference to Exhibit 14.1 to our registration statement on Form F-1 (File No. 333-275684), as amended, initially filed with the SEC on November 21, 2023)](http://www.sec.gov/Archives/edgar/data/1978057/000121390023089176/ff12023ex14-1_topwealth.htm)\n\n11.2\n \n[Insider Trading Policies (incorporated herein by reference to Exhibit 11.2 to the annual report on Form 20-F for the year ended December 31, 2024 filed with the Securities and Exchange Commission on May 29, 2024)](http://www.sec.gov/Archives/edgar/data/1978057/000121390024047264/ea020599001ex11-2_topwealth.htm)\n\n12.1*\n \n[Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea028831901ex12-1.htm)\n\n12.2*\n \n[Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea028831901ex12-2.htm)\n\n13.1*\n \n[Certification by Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea028831901ex13-1.htm)\n\n15.1*\n \n[Letter from Audit Alliance LLP dated May 15, 2026](ea028831901ex15-1.htm)\n\n97.1\n \n[Executive Compensation Recovery Policy (incorporated herein by reference to Exhibit 14.2 to our registration statement on Form F-1 (File No. 333-275684), as amended, initially filed with the U.S. Securities and Exchange Commission on December 18, 2023)](http://www.sec.gov/Archives/edgar/data/1978057/000121390023096420/ff12023a1ex14-2_topwealth.htm)\n\n101.INS\n \nInline XBRL Instance Document.\n\n101.SCH\n \nInline XBRL Taxonomy Extension Schema Document.\n\n101.CAL\n \nInline XBRL Taxonomy Extension Calculation Linkbase Document.\n\n101.DEF\n \nInline XBRL Taxonomy Extension Definition Linkbase Document.\n\n101.LAB\n \nInline XBRL Taxonomy Extension Labels Linkbase Document.\n\n101.PRE\n \nInline XBRL Taxonomy Extension Presentation Linkbase Document.\n\n104\n \nCover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).\n\n \n\n*Filed herewith\n\n \n\n95\n\n \n\n \n\n**SIGNATURES**\n\n \n\nThe registrant hereby certifies that it meets\nall of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report\non its behalf.\n\n \n\n \n**Top Wealth Group Holding Limited**\n\n \n \n \n\n \nBy: \n*/s/\nKim Kwan Kings, WONG*\n\n \n \nName: \nKim Kwan Kings, WONG\n\n \n \nTitle:\nChief Executive Officer and\n\nChairman of the Board\n\n \n\nDate: May 15, 2026\n\n \n\n96\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**Top Wealth Group Holding Limited**\n\n** **\n\nReports and Financial Statements\n\nFor the years ended December 31, 2025, 2204 and\n2023\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**Top Wealth Group Holding Limited**\n\n**Reports and Index to Consolidated Financial\nInformation**\n\n**For the years ended December 31, 2025, 2024\nand 2023**\n\n \n\n \n**Page**\n\n \n \n\n[Report of independent registered public accounting firm (PCAOB ID: 7320)](#f_001)\nF-2\n\n[Report of independent registered public accounting firm (PCAOB ID: 3487)](#f_002)\nF-3\n\n[Consolidated balance sheets as of December 31, 2025 and 2024](#f_003)\nF-4\n\n[Consolidated statements of operation and other comprehensive income(loss) for the financial years ended December 31, 2025, 2024 and 2023](#f_004)\nF-5\n\n[Consolidated statements of changes in shareholders’ equity for the financial years ended December 31, 2025, 2024 and 2023](#f_005)\nF-6\n\n[Consolidated statements of cash flows for the financial years ended December 31, 2025, 2024 and 2023](#f_006)\nF-7\n\n[Notes to the consolidated financial statements for the financial years ended December 31, 2025, 2024 and 2023](#f_007)\nF-8\n– F-20\n\n \n\nF-1\n\n \n\n \n\n**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING\nFIRM**\n\n \n\n**To the Board of Directors and Stockholders\nof Top Wealth Group Holding Limited:**\n\n \n\n**Opinion on the Financial Statements**\n\n \n\nWe have audited the accompanying consolidated\nbalance sheet of Top Wealth Group Holding Limited and its subsidiaries (collectively, the “Company”) as of December 31, 2025,\nand the consolidated statements of operation and other comprehensive income/(loss), consolidated statements of changes in equity and cash\nflows for the year ended December 31, 2024 and the related notes (collectively referred to as the “financial statements”).\nIn our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December\n31, 2024 and the results of its operations and its cash flows for the year ended December 31, 2025, in conformity with accounting principles\ngenerally accepted in the United States of America.\n\n \n\n**Basis for Opinion**\n\n \n\nThese financial statements are the responsibility\nof the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our\naudits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”)\nand are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable\nrules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audits in accordance with the\nstandards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial\nstatements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged\nto perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding\nof internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s\ninternal control over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audits included performing procedures to assess\nthe risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond\nto those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.\nOur audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating\nthe overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.\n\n \n\n/s/ CHI-LLTC\n\n  \n\nWe have served as the Company’s auditor\nsince 2026.\n\n \n\nMalaysia, Perak\n\n \n\nMay 15, 2026\n\nPCAOB ID Number 7320\n\n \n\nF-2\n\n \n\n \n\n**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING\nFIRM**\n\n \n\nTo The Shareholders and the Board of Directors\nof Top Wealth Group Holding Limited\n\n** **\n\n**Opinion on the Financial Statements**\n\n \n\nWe have audited the accompanying consolidated\nbalance sheet of Top Wealth Group Holding Limited and its subsidiaries (collectively, the “Company”) as of December 31, 2024,\nand the consolidated statements of operation and other comprehensive income/(loss), consolidated statements of changes in equity and\ncash flows for the year ended December 31, 2024 and the related notes (collectively referred to as the “financial statements”).\nIn our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December\n31, 2024 and the results of its operations and its cash flows for the year ended December 31, 2024, in conformity with accounting principles\ngenerally accepted in the United States of America.\n\n \n\n**Basis for Opinion**\n\n \n\nThese financial statements are the responsibility\nof the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our\naudits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”)\nand are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable\nrules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audits in accordance with the\nstandards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the\nfinancial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were\nwe engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an\nunderstanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the\nCompany’s internal control over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audits included performing procedures to\nassess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that\nrespond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial\nstatements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well\nas evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.\n\n \n\n/s/ Audit Alliance LLP\n\n \n\nWe have served as the Company’s auditor\nsince 2025.\n\n \n\nSingapore\n\n \n\nMay 15, 2025\n\nPCAOB ID Number 3487\n\n \n\nF-3\n\n \n\n \n\n**Top Wealth Group Holding Limited**\n\n**Consolidated balance sheets**\n\n(Amounts expressed in US dollars (“$”)\nexcept for numbers of shares and par value)\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2024 \n\n  \n   \n  \n\nAssets \n   \n  \n\nCurrent assets \n   \n  \n\nCash and cash equivalents \n$2,387,158  \n$42,380 \n\nAccounts receivable, net \n 9,249,046  \n 1,563,289 \n\nInventories \n 3,545,854  \n \n-\n \n\nPrepayments \n 1,128,826  \n 1,567,448 \n\nAmount due from a related party \n 480,925  \n \n-\n \n\nDeposits paid \n 648,661  \n 605,981 \n\n  \n    \n   \n\n  \n 17,440,470  \n 3,779,098 \n\n  \n    \n   \n\nNon-current assets \n    \n   \n\nProperty, plant and equipment, net \n 72,658  \n 72,658 \n\nRight-of-use assets – operating lease \n 85,919  \n \n-\n \n\nPrepayment of long term assets \n 11,789,077  \n 15,888,928 \n\nDeferred tax assets \n 44,248  \n 44,248 \n\n  \n    \n   \n\nTotal non-current assets \n 11,991,902  \n 16,005,834 \n\n  \n    \n   \n\nTotal assets \n$29,432,372  \n$19,784,932 \n\n  \n    \n   \n\nCurrent liabilities \n    \n   \n\nAccounts payables \n 472,255  \n \n-\n \n\nAccrued expenses and other payables \n 320,954  \n 212,593 \n\nOperating lease liabilities - current \n 50,688  \n \n-\n \n\nAmount due to a related party \n \n-\n  \n 140,564 \n\nBorrowing \n 147,179  \n \n-\n \n\nCurrent income tax payable \n 644,690  \n 811,357 \n\n  \n    \n   \n\nTotal current liabilities \n 1,635,766  \n 1,164,514 \n\n  \n    \n   \n\nNon-current liabilities \n    \n   \n\nOperating lease liabilities - current \n 35,231  \n \n-\n \n\n  \n    \n   \n\nTotal liabilities \n$1,670,997  \n$1,164,514 \n\n  \n    \n   \n\nCommitments and contingencies \n \n \n  \n \n \n \n\n  \n    \n   \n\nShareholders’ equity \n    \n   \n\nClass A common stock, $0.009 par value; 2,000,000,000 shares authorized, 1,300,029 shares issued and outstanding at December 31, 2025 and Class B common stock, $0.009 par value; 200,000,000 shares authorized, 166,667 shares issued and outstanding at December 31, 2025. Common stock, $0.0001 par value, 500,000,000 shares authorized, 56,000,000 shares issued and outstanding, at December 31, 2024 \n 14,351  \n 5,600 \n\nAdditional paid-in capital \n 22,267,672  \n 16,325,412 \n\nRetained earnings \n 5,479,352  \n 2,289,406 \n\n  \n    \n   \n\nTotal shareholders’ equity \n 27,761,375  \n 18,620,418 \n\n  \n    \n   \n\nTotal liabilities and equity \n$29,432,372  \n$19,784,932 \n\n \n\n*\nGiving retroactive effect\nto all the 27,000,000 shares issued and outstanding after the Pro Rata Share Issuance on October 12, 2023, which has been treated\nas share split, from the earliest period presented.\n\n#\nGiving retroactive effect to redesignation of Class A and Class B ordinary shares, from the earliest period presented.\n\n^\nGiving retroactive effect to the 90 to 1 shares consolidation, from the earliest period presented.\n\n \n\nThe accompany notes form an integral part of these\nconsolidated financial statements.\n\n \n\nF-4\n\n \n\n \n\n**Top Wealth Group Holding Limited**\n\n**Consolidated statements of operation and other\ncomprehensive income/(loss)**\n\n(Amounts expressed in US dollars (“$”)\nexcept for numbers of shares and par value)\n\n \n\n  \nFor the year ended December 31, \n\n  \n2025  \n2024  \n2023 \n\n  \n   \n   \n  \n\nSales \n$9,129,706  \n$4,747,580  \n$16,943,287 \n\nCost of sales \n (2,320,055) \n (2,240,867) \n (11,556,006)\n\n  \n    \n    \n   \n\nGross profit \n 6,809,651  \n 2,506,713  \n 5,387,281 \n\n  \n    \n    \n   \n\nOther income \n \n-\n  \n 87  \n 2 \n\n  \n    \n    \n   \n\nSelling expenses \n (2,409,355) \n (1,419,667) \n (495,276)\n\nProvision for inventory impairment \n \n-\n  \n (1,504,397) \n \n-\n \n\nAdministrative expense \n (1,210,350) \n (1,602,251) \n (1,846,759)\n\n  \n    \n    \n   \n\nProfit (loss) before income tax \n 3,189,946  \n (2,019,515) \n 3,045,248 \n\nIncome tax expense \n \n-\n  \n \n-\n  \n (607,153)\n\n  \n    \n    \n   \n\nProfit (loss) and total comprehensive income (loss) for the year \n$3,189,946  \n$(2,019,515) \n$2,438,095 \n\nEarnings per share: \n    \n    \n   \n\nOrdinary shares \n    \n    \n   \n\n- basic \n$4.35  \n$(5.31) \n$8.13 \n\n- diluted \n$3.87  \n$(5.31) \n$8.13 \n\n  \n    \n    \n   \n\nWeighted average shares outstanding used in calculating basic and diluted earnings per share \n    \n    \n   \n\nOrdinary shares \n    \n    \n   \n\n- basic ^ \n 733,053  \n 380,419  \n 300,000*\n\n- diluted^ \n 823,793  \n 380,419  \n 300,000*\n\n \n\n* Giving retroactive effect to all the 27,000,000 shares issued and outstanding after the Pro Rata Share Issuance on October 12, 2023, which has been treated as share split, from the earliest period presented.\n\n# Giving retroactive effect to redesignation of Class A and Class B ordinary shares, from the earliest period presented.\n\n^ Giving retroactive effect to the 90 to 1 shares consolidation, from the earliest period presented.\n\n \n\nThe accompany notes form an integral part of these\nconsolidated financial statements.\n\n \n\nF-5\n\n \n\n \n\n**Top Wealth Group Holding Limited**\n\n**Consolidated statements of changes in equity**\n\n(Amounts expressed in US dollars (“$”)\nexcept for numbers of shares and par value)\n\n** **\n\n  \nCommon\nstock\noutstanding*  \nAmount  \nAdditional\n\npaid-in  \nRetained  \n  \n\n  \nClass\nA  \nClass\nB  \nClass\nA  \nClass\nB  \ncapital  \nearnings  \nTotal \n\n  \n   \n   \n   \n   \n   \n   \n  \n\nBalance\nas of January 1, 2023 \n 133,362*#^ \n 166,667*#^ \n$1,200# \n$1,500# \n$638,326  \n$1,870,826  \n$2,511,852 \n\n  \n    \n    \n    \n    \n    \n    \n   \n\nPro\nRata Share Issuance deemed as share split \n -  \n -  \n -  \n -  \n 2,699  \n -  \n 2,699 \n\n  \n    \n    \n    \n    \n    \n    \n   \n\nDeemed\ncapital reduction in reorganization \n -  \n -  \n -  \n -  \n (10) \n -  \n (10)\n\n  \n    \n    \n    \n    \n    \n    \n   \n\nProfit\nand total comprehensive income for the year \n -  \n -  \n -  \n -  \n -  \n 2,438,095  \n 2,438,095 \n\n  \n    \n    \n    \n    \n    \n    \n   \n\nBalance\nas of December 31, 2023 \n 133,362*#^ \n 166,667*#^ \n$1,200# \n$1,500# \n$641,015  \n$4,308,921  \n$4,952,636 \n\n  \n    \n    \n    \n    \n    \n    \n   \n\nNet\nproceeds from public offer \n 322,223  \n -  \n 2,900  \n -  \n 15,684,397  \n -  \n 15,687,297 \n\n  \n    \n    \n    \n    \n    \n    \n   \n\nLoss\nand total comprehensive expense for the year \n -  \n -  \n -  \n -  \n -  \n (2,019,515) \n (2,019,515)\n\n  \n    \n    \n    \n    \n    \n    \n   \n\nBalance\nas of December 31, 2024 \n 455,585*#^ \n 166,667*#^ \n$4,100# \n$1,500# \n$16,325,412  \n$2,289,406  \n$18,620,418 \n\n  \n    \n    \n    \n    \n    \n    \n   \n\nShare-based\npayment \n 124,444  \n -  \n 1,120  \n -  \n 1,657,724  \n -  \n 1,658,844 \n\n  \n    \n    \n    \n    \n    \n    \n   \n\nIssuance\nof shares and warrants \n 720,000  \n -  \n 7,631  \n -  \n 4,284,536  \n -  \n 4,292,167 \n\n  \n    \n    \n    \n    \n    \n    \n   \n\nProfit\nand total comprehensive income for the year \n -  \n -  \n \n \n  \n -  \n -  \n 3,189,946  \n 3,189,946 \n\n  \n    \n    \n    \n    \n    \n    \n   \n\nBalance\nas of December 31, 2025 \n 1,300,029  \n 166,667  \n$12,851  \n$1,500  \n$22,267,672  \n$5,479,352  \n$27,761,375 \n\n** **\n\n* Giving retroactive effect to all the 27,000,000 shares issued and outstanding after the Pro Rata Share Issuance on October 12, 2023, which has been treated as share split, from the earliest period presented.\n\n# Giving retroactive effect to redesignation of Class A and Class B ordinary shares, from the earliest period presented.\n\n^ Giving retroactive effect to the 90 to 1 shares consolidation, from the earliest period presented.\n\n \n\nThe accompany notes form an integral part of the\nconsolidated financial statements.\n\n \n\nF-6\n\n \n\n \n\n**Top Wealth Group Holding Limited**\n\n**Consolidated statements of cash flows**\n\n(Amounts expressed in US dollars (“$”)\nexcept for numbers of shares and par value)\n\n** **\n\n  \nFor the years ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nCash flows from operating activities \n   \n   \n  \n\nNet profit (loss) \n$3,189,946  \n$(2,019,515) \n$2,438,095 \n\nAdjustments for:- \n    \n    \n   \n\nDepreciation of property, plant and equipment \n \n-\n  \n 61,880  \n 233,659 \n\nDeferred tax credit \n \n-\n  \n \n-\n  \n (30,523)\n\nShare-based payment \n 1,658,844  \n \n-\n  \n \n \n \n\nProvision for inventory impairment \n **-**  \n 1,504,397  \n \n-\n \n\nChanges in operating assets and liabilities: \n    \n    \n   \n\nAccounts receivable \n (7,685,757) \n 4,409,447  \n (5,932,488)\n\nInventories \n (3,545,854) \n (1,351,188) \n 1,918,499\n\nPrepayments \n 438,622  \n (1,293,031) \n (274,417)\n\nDeposits paid \n (42,680) \n (10,918) \n (8,967)\n\nAccounts payable \n 472,255  \n \n-\n  \n (200,608)\n\nAccrued expenses and other payables \n 108,361  \n (213,080) \n 365,238 \n\nAmounts due with related parties \n (621,489) \n (19,525) \n 6,045 \n\nCurrent income tax payable \n (166,667) \n (180,913) \n 621,851 \n\n  \n    \n    \n   \n\nNet cash (used in) provided by  operating activities \n (6,194,419) \n 887,554  \n (863,616)\n\n  \n    \n    \n   \n\nCash flows from investing activities \n    \n    \n   \n\nPrepayment for long term assets \n 4,099,851  \n (15,888,928) \n \n-\n \n\n  \n    \n    \n   \n\nNet cash used in investing activities \n 4,099,851  \n (15,888,928) \n \n-\n \n\n  \n    \n    \n   \n\nCash flows from financing activities \n    \n    \n   \n\nProceeds (repayment of) from borrowings \n 147,179  \n (777,893) \n 777,893 \n\nDeemed capital reduction on reorganization \n \n-\n  \n \n-\n  \n (10)\n\nProceeds from Pro Rata Share Issuance deemed as share split \n \n-\n  \n \n-\n  \n 2,699 \n\nNet proceeds from public offer \n 4,292,167  \n 15,687,297  \n \n-\n \n\n  \n    \n    \n   \n\nNet cash provided by financing activities \n 4,439,346  \n 14,909,404  \n 780,582 \n\n  \n    \n    \n   \n\nIncrease (decrease) in cash and cash equivalents \n 2,344,778  \n (91,970) \n (83,034)\n\n  \n    \n    \n   \n\nCash and cash equivalents at beginning of year \n 42,380  \n 134,350  \n 217,384 \n\n  \n    \n    \n   \n\nCash and cash equivalents at end of year \n$2,387,158  \n$42,380  \n$134,350 \n\n  \n    \n    \n   \n\nAnalysis of the balance of cash and cash equivalents \n    \n    \n   \n\nBank balances \n$2,387,158  \n$42,380  \n$134,350 \n\n \n\nThe accompany notes form an integral part of the\nconsolidated financial statements.\n\n \n\nF-7\n\n \n\n \n\n**Top Wealth Group Holding Limited**\n\n**Notes to the consolidated financial statements**\n\n**For the years ended December 31, 2024 and 2023**\n\n** **\n\n**1.**\n**General information\nand basis of operation**\n\n \n\nTop Wealth Group Holding Limited is\na limited liability company incorporated in incorporated in the Cayman Islands. Top Wealth Group Holding Limited together with its subsidiaries\nare defined as the “Company”. As of December 31, 2025, details of the Company and its subsidiaries are as follows:\n\n \n\n**Name of entity**   **Date of incorporation**   **Holding company**   **Nature of business**\n\nTop Wealth Group Holding Limited   February 1, 2023   Winwin Development Group Limited   Investment holding\n\nTop Wealth (BVI) Group Limited   January 18, 2023   Top Wealth Group Holding Limited   Investment holding\n\nTop Wealth Group (International) Limited   September 22, 2009   Top Wealth (BVI) Group Limited   Trading of caviar\n\nTWG International Limited   December 11, 2024   Top Wealth (BVI) Group Limited   Inactive\n\nTWG Group Limited   December 12, 2024   Top Wealth Group Holding Limited   Investment holding\n\nTWG Capital Limited   December 23, 2024   TWG Group Limited   Trading of premium wine and health supplements\n\n \n\nOn March 21, 2023, the Company acquired\n100% interest in Top Wealth (BVI) Group Limited (“Top Wealth BVI”), a company incorporated in the British Virgin Islands,\nat a nominal value of US$10 from the shareholders of Winwin. On March 24, 2023, the Company, through Top Wealth BVI, acquired 100% interest\nin the Top Wealth Group (International) Limited (“Top Wealth International”), a company incorporated and operating in Hong\nKong, at a nominal consideration of US$10 from the shareholders of Winwin.\n\n \n\nTop Wealth International have been\ntrading caviar and premium wine. During the periods covered in these consolidated financial statements, the control of the entities has\nremained consistent, with Top Wealth Group Holding Limited always exercising control. Consequently, the combination has been considered\nas a corporate restructuring (“Reorganization”) of entities under common control. In compliance with ASC 805-50-45-5, the\nentities under common control are presented on a combined basis for all periods during which they were under common control. The current\ncapital structure is retroactively reflected in prior periods as if it had existed at that time.\n\n \n\nThe consolidation of Top Wealth Group\nHolding Limited and its subsidiaries has been accounted for at historical cost and prepared as if the aforementioned transactions had\nbeen effective from the beginning of the first period presented in the accompanying consolidated financial statements.\n\n \n\nF-8\n\n \n\n \n\n**2.**\n**Significant accounting\npolicies**\n\n \n\n**Basis of Presentation and Consolidation**—The consolidated financial statements are prepared on the accrual basis of accounting in accordance with accounting principles\ngenerally accepted in the United States of America (“US GAAP”) and pursuant to the regulations of the Securities and Exchange\nCommission (“SEC”), and include the accounts of the Company and its consolidated and wholly owned subsidiaries. The consolidated\nfinancial statements reflect the elimination of all significant inter-company accounts and transactions.\n\n \n\n**Use of Estimates**—The preparation\nof the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect\nthe recorded amounts of assets, liabilities, shareholders’ equity, revenues and expenses during the reporting period, and the disclosure\nof contingent liabilities at the date of the consolidated financial statements.\n\n \n\nOn an ongoing basis, management reviews\nits estimates and if deemed appropriate, those estimates are adjusted. The most significant estimates include allowance for uncollectible\naccounts receivable, inventory valuation, useful lives and impairment for property and equipment, valuation allowance for deferred tax\nassets, accruals for potential liabilities and contingencies. Actual results could vary from the estimates and assumptions that were\nused.\n\n \n\n**Cash and Cash Equivalents**—\nCash and cash equivalents consist of the Company’s demand deposit placed with financial institutions, which have original maturities\nof less than three months and unrestricted as to withdrawal and use. The Hong Kong government provides a guarantee for deposits held\nin each bank up to HK$800,000 (approximately $102,600).\n\n \n\n**Property and Equipment, net**—\nProperty and equipment included equipment and leasehold improvement and are stated at cost less accumulated depreciation. Depreciation\nis calculated by the straight-line method over the estimated useful lives of depreciable assets at the following rate:\n\n \n\nEquipment   5 to 10 years\n\nLeasehold improvement   Over the lease term\n\n \n\nCost and accumulated depreciation for\nproperty retired or disposed of are removed from the accounts, and any resulting gain or loss is included in earnings. Expenditures for\nmaintenance and repairs are charged to expense as incurred.\n\n \n\n**Impairment of Long-Lived Assets**—\nWe evaluate our long-lived assets, including property, plant and equipment and right-of-use assets – operating lease  with\nfinite lives, for impairment whenever events or changes in circumstances, such as a significant adverse change to market conditions that\nwill impact the future use of the assets, indicate that the carrying amount of an asset may not be fully recoverable. When these events\noccur, we evaluate the recoverability of long-lived assets by comparing the carrying amount of the assets to the future undiscounted\ncash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash\nflows is less than the carrying amount of the assets, we recognize an impairment loss based on the excess of the carrying amount of the\nassets over their fair value. There were no impairment recognised for the years ended December 2024 and 2023.\n\n \n\n**Accounts Receivable, net**—\nAccounts receivable are carried at the original invoiced amount. Accounts receivable are reviewed for impairment on a quarterly basis\nand are presented net of an allowance for expected credit losses. The allowance for expected credit losses is estimated based on the\nCompany’s analysis of amounts due, historical delinquencies and write-offs, and current economic conditions, together with reasonable\nand supportable forecasts of short-term economic conditions. The allowance for expected credit losses is recognized in net income (loss)\nand any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Write-offs of accounts\nreceivable, together with associated allowances for expected credit losses, are recognized in the period in which balances are deemed\nuncollectible. The Company does not have a history of significant write-offs. As of December 31, 2024 and 2023, the total allowance for\nexpected credit losses on the Company’s accounts receivable were Nil and Nil.\n\n \n\nF-9\n\n \n\n \n\n**Income Taxes**— Income\ntaxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences\nattributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective\ntax basis and operating loss, capital loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted\ntax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.\nThe effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment\ndate.\n\n  \n\nThe Company recognizes the effect\nof income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured\nat the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period\nin which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits as a component\nof general and administrative expenses.\n\n \n\nValuation allowances are established\nwhen necessary to reduce deferred tax assets to the amount expected to be realized.\n\n \n\n**Revenue Recognition**—The\nCompany recognizes revenue in accordance with Accounting Standards Update 2014-09, “Revenue from contracts with customers,”\n(Topic 606). Revenue is recognized when a customer obtains control of promised goods or services. In addition, the standard requires\ndisclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount\nof revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods. The Company applies\nthe following five-step model in order to determine this amount: (i) identification of the promised goods in the contract; (ii) determination\nof whether the promised goods are performance obligations, including whether they are distinct in the context of the contract; (iii)\nmeasurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to\nthe performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company’s\nrevenue is from sales of products. The Company recognizes as revenues the amount of the transaction price that is allocated to the respective\nperformance obligation when the performance obligation is satisfied. Generally, the Company’s performance obligations are transfer\nof products title to customers at a point in time, typically upon delivery.\n\n \n\nThe Company has two streams of revenue:\n\n \n\n1.\nthe sale of caviar products in Hong Kong.\n\n \n\n2.the sale of wine in Hong Kong\n\n \n\n3.\nthe sale of health supplement in Hong Kong\n\n \n\nAn analysis of their revenue is set\nout below:\n\n** **\n\n  \nYears ended December 31, \n\n  \n2025  \n2024  \n2023 \n\n  \n   \n   \n  \n\nSale of caviar products \n$1,629,706  \n$4,747,580  \n$12,483,195 \n\nSale of wine \n 6,000,000  \n \n-\n  \n 4,460,092 \n\nSale of health supplement \n 1,500,000  \n \n-\n  \n \n-\n \n\n  \n    \n    \n   \n\nTotal \n$9,129,706  \n$4,747,580  \n$16,943,287 \n\n** **\n\nF-10\n\n \n\n** **\n\n**Inventories** - The cost of inventories\nis computed according to the weighted average method. Cost includes the costs of purchases and materials. Inventories are evaluated based\non individual inventory items. Reserves are established to reduce the value of inventories to the lower of cost or net realizable value.\nNet realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion,\ndisposal and transportation. Excess inventories are quantities of items that exceed anticipated sales or usage for a reasonable period.\nThe Company calculates provisions based on the expiry date. Management provides full provision of for those inventories that would expire\nwithin 6 months. There can be no assurance that the amount ultimately realized for inventories will not be materially different than\nthat assumed in the calculation of the provisions. There was provision of US$ 1,504,397 recognised for the year ended December 2024 (2025\nand 2023: Nil).\n\n \n\n**Leases**— Under ASC Top\n842, “Leases”, the Company determines if an agreement is a lease at inception. Operating leases are included in operating\nlease – right to use, current portion of operating lease liability, and operating lease liability, less current portion in the\nCompany’s consolidated balance sheets.\n\n \n\nAs permitted under ASU Topic 842, the\nCompany has made an accounting policy election not to apply the recognition provisions of ASU 2016-02 to short term leases (leases with\na lease term of 12 months or less that do not include an option to purchase the underlying asset that the lessee is reasonably certain\nto exercise); instead, the Company will recognize the lease payments for short term leases on a straight-line basis over the lease term.\n\n \n\n**Foreign Currency Translation**\n- The Company’s principal country of operations is Hong Kong. The financial position and results of its operation are determined\nusing Hong Kong Dollars (“HK$”), the local currency, as the functional currency. The Company’s consolidated financial\nstatements are reported using U.S. Dollar (“US$” or “$”).\n\n \n\nThe consolidated statements of income\nand the consolidated statements of cash flows denominated in foreign currency are translated at the average rate of exchange during the\nreporting period. Assets and liabilities denominated in currencies other than the reporting currency are translated into the reporting\ncurrency at the rates of exchange prevailing at the balance sheet date. The equity denominated in the functional currency is translated\nat the historical rate of exchange at the time of capital contribution. As the cash flows are translated based on the average translation\nrate, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with\nchanges in the corresponding balances on the consolidated balance sheets.\n\n \n\nThe following table outlines the currency\nexchange rates that were used in preparing the accompanying consolidated financial statements:\n\n \n\n  \nDecember 31, \n\n  \n2025  \n2024  \n2023 \n\n  \n   \n   \n  \n\nUSD to HK$ Year End \n 7.8  \n 7.8  \n 7.8 \n\nUSD to HK$ Average Rate \n 7.8  \n 7.8  \n 7.8 \n\n \n\n**Pension Obligations** - The Company\nprovides for defined contribution plan in accordance with the Mandatory Provident Fund Schemes Ordinance in Hong Kong. A defined contribution\nplan generally specifies the periodic amount that the employer must contribute to the plan and how that amount will be allocated to the\neligible employees who perform services during the same period.\n\n \n\n**Segment Reporting and Reporting\nUnits** - As of December 31, 2025, the Company operated in Hong Kong through its subsidiaries, which primarily engaged in trading of\ncaviars.\n\n \n\nManagement determined that the Company\nfunctions as a single operating segment, and thus reports as a single reportable segment. This determination is based on rules prescribed\nby GAAP applied to the manner in which management operates the Company. The chief operating decision maker is responsible for allocating\nresources to its operations and assessing performance and obtains financial information, being the consolidated balance sheets, consolidated\nstatements of operations, and consolidated statements of cash flows, about the Company as a whole.\n\n \n\nF-11\n\n \n\n \n\n**Fair Value Measurements** - Fair\nvalue is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants\nat the measurement date. Inputs used to measure fair value are classified using the following hierarchy:\n\n \n\n \n●\nLevel 1. Unadjusted quoted\nprices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement\ndate.\n\n \n\n \n●\nLevel 2. Inputs other than\nquoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly through corroboration\nwith observable market data.\n\n \n\n \n●\nLevel 3. Inputs are unobservable\nfor the asset or liability and include situations in which there is little, if any, market activity for the asset or liability. The\ninputs used in the determination of fair value are based on the best information available under the circumstances and may require\nsignificant management judgment or estimation.\n\n \n\nThe Company’s financial instruments\ninclude cash and cash equivalents, accounts receivable, accounts payable and accrued expenses reflected as current assets and current\nliabilities. Due to the short-term nature of these instruments, management considers their carrying value to approximate their fair value.\n\n \n\n**Related parties –**We adopted\nASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions.\n\n \n\nA party is considered to be related\nto the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common\ncontrol with the Company. Related parties also include principal owners of the Company, its management, members of their immediate families\nand other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies\nof the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party\nwhich can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest\nin one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties\nmight be prevented from fully pursuing its own separate interests is also a related party.\n\n \n\n**New accounting standards**\n\n** **\n\nIn June 2016, the Financial Accounting\nStandards Board (“FASB”) issued ASU No. 2016-13 (Topic 326), Financial Instruments — Credit Losses: Measurement of\nCredit Losses on Financial Instruments, which replaces the existing incurred loss impairment model with an expected credit loss model\nand requires an asset measured at amortized cost to be presented at the net amount expected to be collected. The guidance became effective\nfor the Company beginning January 1, 2023. The adoption did not have a material impact on the Company’s consolidated financial\nstatements.\n\n \n\nOn December 14, 2023, the FASB issued\nASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” to enhance the transparency and decision\nusefulness of income tax disclosures. The amendments require that public business entities on an annual basis (1) disclose specific categories\nin the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect\nof those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pre-tax income or loss by the\napplicable statutory income tax rate). In addition, public business entities are required to provide certain qualitative disclosures\nabout the rate reconciliation and the amount of income taxes paid (net of refunds received) disaggregated (1) by federal (national),\nstate, and foreign taxes and (2) by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater\nthan 5 percent of total income taxes paid (net of refunds received). For public business entities, the standard is effective for annual\nperiods beginning after December 15, 2024. The amendments in this ASU require a cumulative effect adjustment to the opening balance\nof retained earnings (or other appropriate components of equity or net assets) as of the beginning of the annual reporting period in\nwhich an entity adopts the amendments. The Company is evaluating the impact of this standard on the Company’s consolidated financial\nstatements.\n\n** **\n\nWe have evaluated all the recently\nissued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board or\nother standards-setting bodies through the date of this report and do not believe the future adoption of any such standards will have\na material impact on our consolidated financial statements.\n\n** **\n\nF-12\n\n \n\n \n\n**3.**\n**Accounts receivable,\nnet**\n\n** **\n\n  \nAt December 31, \n\n  \n2025  \n2024 \n\n  \n   \n  \n\nAccounts receivable from third parties \n$9,249,046  \n$1,563,289 \n\nAllowance for expected credit losses \n \n-\n  \n \n-\n \n\n  \n    \n   \n\n  \n$9,249,046  \n$1,563,289 \n\n \n\nAs of December 31, 2025 and 2024, the\nCompany did not record an allowance for doubtful accounts. The accounts receivable balance primarily consists of amounts due from third-party\ncustomers.\n\n \n\nThe Company reviewed the aging and\nthe past repayment history of the accounts receivable. The Company also review the industrys. No allowance was made as they were not\nover-due and their payment history was satisfactory. Based on this assessment, management determined that no allowance was necessary\nas of the reporting dates.\n\n \n\nThe Company applies the current expected\ncredit loss (CECL) model in accordance with ASC 326.\n\n** **\n\n**4.**\n**Inventories**\n\n** **\n\n  \nAt December 31, \n\n  \n2025  \n2024 \n\n  \n   \n  \n\nFinished products \n$3,545,854  \n$1,504,397 \n\nImpairment loss \n \n-\n  \n (1,504,397)\n\n  \n    \n   \n\n  \n$3,545,854  \n$\n-\n \n\n** **\n\n**Since the exit of the sales team,\nthe revenue in the latter half of 2024 drop significantly that there was substantially unsold inventory that expired within 6 months\nfrom the day of this report. Impairment loss was made accordingly as they were not suitable for sale as a matter of food saftely.**\n\n** **\n\n**5.**\n**Deposits paid**\n\n** **\n\nThe deposits mainly related to refundable\nsecurity deposit to supplier of sturgeon farm and lease agreement of officers and processing factory in Hong Kong. Deposits are to be\nrecovered when the Company terminated the supplier agreement and upon the expiry of the leases respectively.\n\n** **\n\n**6.**\n**Property, plant and\nequipment**\n\n** **\n\n  \nAt December 31, \n\n  \n2025  \n2024 \n\n  \n   \n  \n\nEquipment \n$104,294  \n$104,294 \n\nLeasehold improvement \n 439,602  \n 439,602 \n\n  \n    \n   \n\nProperty, plant and equipment \n 543,896  \n 543,896 \n\nAccumulated depreciation \n (471,238) \n (471,238)\n\n  \n    \n   \n\n  \n$72,658  \n$72,658 \n\n** **\n\n**Depreciation included in:**\n\n \n\n  \nYears ended December 31, \n\n  \n2025  \n2024 \n\n  \n   \n  \n\nAdministrative expense \n$\n        -\n  \n$61,880 \n\n \n\nF-13\n\n \n\n \n\nThe Company evaluates the recoverability\nof long-lived assets in accordance with ASC 360, *Property, Plant, and Equipment*. Management assesses whether events or changes\nin circumstances indicate that the carrying amounts of property, plant, and equipment may not be recoverable. No impairment losses were\nrecognized for the years ended December 31, 2025 and 2024.\n\n \n\n**7.**\n**Prepayments for long\nterm assets**\n\n** **\n\n \n \nAt December 31,\n \n\n \n \n2024\n \n \n2023\n \n\n \n \n \n \n \n \n \n\nDeposits for potential acquisition of sturgeon farms (note a)\n \n$\n11,185,297\n \n \n$\n14,482,753\n \n\nDeposits for potential joint venture project (note b)\n \n \n\n-\n\n \n \n \n794,895\n \n\nDeposit for marketing expense (note c)\n \n \n603,780\n \n \n \n611,280\n \n\n \n \n \n \n \n \n \n \n \n\n \n \n$\n11,789,077\n \n \n$\n15,888,928\n \n\n** **\n\n  Note a: The Company seeks to stabilize the caviar supplies and also diversified the product line. The Company entered into memoranda of understanding with the current sturgeon farm that supplies the Company caviar products and a few other sturgeon farms. The Company paid deposits for entering non-disclosure agreement and operational ,financial and legal due diligence work. The Conpany is in the process of due diligence work and negotiations. Management assesses whether events or changes in circumstances indicate that the carrying amounts of property, plant, and equipment may not be recoverable. No impairment losses were recognized for the years ended December 31, 2024 and 2023.\n\n \n\n  Note b: The Company seeks to tapped in the Greater Bay Area of China market and entered into memoranda of understanding with an independent party to explore setting up joint venture wine business in China. The plan was put on hold and the amount was refunded.\n\n \n\n  Note c: The Company has entered into agreement with an independent party for a two-year marketing campaign to promote the Company’s products and corporate image.\n\n \n\n**8.**\n**Accrued expenses and\nother payables**\n\n** **\n\nAccrued expenses and other payables\nmainly represents accrued salaries and other payables for professional fees.\n\n \n\n**9.**\n**Borrowings**\n\n \n\nDuring the year ended December 31,\n2025, the Company has obtained finance from an acquaintance of the controlling shareholder. The amount was not collateralized, interest\nfree and repayable on demand.\n\n** **\n\n**10.**\n**Leases**\n\n** **\n\nThe Company has operating leases for\noffice and warehouse storage. The Company’s leases have remaining lease terms of 1 to 2 years.\n\n** **\n\nAs of December 31, 2025, the Company\nhas no additional material operating leases that have not yet commenced.\n\n \n\nThe following tables provide information\nabout the Company’s operating leases.\n\n** **\n\n  \nAs of December 31, \n\nRight-of-use asset – operating lease \n2025  \n2024 \n\n  \n   \n  \n\nCost \n$102,686  \n$\n         -\n \n\nAccumulated amortisation \n (16,767) \n \n-\n \n\n  \n    \n   \n\nTotal lease cost \n$85,919  \n$\n-\n \n\n \n\n   Years ended December 31, \n\nOther information  2024   2023 \n\n         \n\nNew right-of-uses asset – operating lease and lease liabilities recognized  $102,686   $\n          -\n \n\nCash paid for amounts included in the measurement of operating lease liabilities   71,538    \n-\n \n\nWeighted-average remaining lease term - operating leases   1.7    \n-\n \n\nWeighted-average discount rate - operating leases   5.02%   \n-\n%\n\n \n\nF-14\n\n \n\n \n\n**11.**\n**Income tax**\n\n** **\n\nThe Company and its subsidiaries are\nsubject to income taxes on an entity basis on income derived from the location in which each entity is domiciled.\n\n \n\nThe Company is domiciled in the Cayman\nIslands. Top Wealth BVI, TWG Group Limited and TWG Capital Limited are domiciled in the British Virgin Islands. All these companies currently\nenjoy permanent income tax holidays; accordingly, they do not accrue for income taxes.\n\n \n\nThe Company’s operating subsidiary,\nTop Wealth International incorporated in Hong Kong is subject to an income tax rate of 8.25% for first HK$2,000,000 assessable profits\nand 16.5% for the assessable profits thereafter. As Top Wealth International incurred substantial tax loss in year ended December 2024\nthere was no income tax provided. In year ended December 31, 2025, assessable profit was fully set off by tax loss brought forward. Accordingly,\nthere was no income tax provided\n\n \n\n  \nYears ended December 31, \n\nProvision for income tax \n2025  \n2024  \n2023 \n\n  \n   \n   \n  \n\nCurrent \n   \n   \n  \n\nHong Kong \n$\n            -\n  \n$\n            -\n  \n$669,016 \n\nOver provision in previous years \n \n-\n  \n \n-\n  \n (31,340)\n\n  \n    \n    \n   \n\n  \n \n-\n  \n \n-\n  \n 637,676 \n\n  \n    \n    \n   \n\nDeferred \n    \n    \n   \n\nHong Kong \n \n-\n  \n \n-\n  \n (34,998)\n\nUnder provision in previous years \n \n-\n  \n \n-\n  \n 4,475 \n\n  \n    \n    \n   \n\n  \n \n-\n  \n \n-\n  \n (30,523)\n\n  \n    \n    \n   \n\nTotal \n$\n-\n  \n$\n-\n  \n$607,153 \n\n \n\nNumerical reconciliation of income\ntax expenses to prima facie tax payable:\n\n \n\n  \nYears ended December 31, \n\n  \n2025  \n2024  \n2023 \n\n  \n   \n   \n  \n\nProfit (loss) before income tax \n$3,189,946  \n$(2,019,515) \n$3,045,248 \n\n  \n    \n    \n   \n\nTax effect at the Hong Kong profits tax rate of 16.5% \n \n526,341\n  \n (333,220) \n 502,466 \n\nTax effect of preferential tax rate \n \n-\n  \n \n-\n  \n (21,154)\n\nTax effect of income not subject to tax \n (931,707) \n \n-\n  \n \n-\n \n\nTax effect of tax loss not recognized \n \n376,437\n  \n 295,091  \n \n-\n \n\nNon-deductible expenditure \n \n28,929\n  \n 38,129  \n 153,475 \n\nOver provision in previous years \n \n \n  \n \n-\n  \n (26,865)\n\nTax effect of tax reduction \n \n \n  \n \n-\n  \n (769)\n\n  \n    \n    \n   \n\nTotal \n$ \n$\n-\n  \n 607,153 \n\n \n\nF-15\n\n \n\n \n\n**Effective income tax rate (%)**\n\n \n\n  \nYears ended December 31, \n\n  \n2024  \n2023  \n2022 \n\nEffective income tax rate – Hong Kong \n \n     -\n% \n \n     -\n% \n 19.94%\n\n \n\nThe components of deferred tax assets\nand liabilities and their movements were as follows:\n\n \n\n  \nTax losses  \nDepreciation\nallowance  \nTotal \n\n  \n   \n   \n  \n\nBalance as of December 31, 2023, 2024 and 2025 \n$\n            -\n  \n$(44,248) \n$(44,248)\n\n** **\n\n**As of December 31, 2025 and\n2024, the Company had unrecognized tax loss of USD 4,069,865 and USD 1,788,429 respectively, as sufficient available future\nprofit against which the tax loss could utilized could not be certain. Other than the tax losses, there was no material\nunrecogniszed temporary difference.**\n\n** **\n\n**There was no unsettled position\nwith the tax authorities.**\n\n \n\n**12.**\n**Commitments and contingencies**\n\n \n\nIn the ordinary course of business,\nthe Company may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The\nCompany records contingent liabilities resulting from such claims, when a loss is assessed to be probable, and the amount of the loss\nis reasonably estimable.\n\n \n\nIn the opinion of management, there\nwere no pending or threatened claims and litigation as of December 31, 2025 and through the issuance date of these consolidated financial\nstatements.\n\n \n\n**13.**\n**Supplemental Cash Flow\nInformation**\n\n** **\n\nPayments for interest and income taxes\nwere as follows:\n\n** **\n\n  \nYears ended December 31, \n\n  \n2025  \n2024  \n2023 \n\n  \n   \n   \n  \n\nInterest \n$\n-\n  \n$\n      -\n  \n$\n    -\n \n\nIncome taxes \n$166,667  \n$180,913  \n$15,825 \n\n \n\nF-16\n\n \n\n \n\n \n**14.**\n**Related party transactions**\n\n** **\n\nDuring 2025, the Company had following\nrelated party transactions: \n\n** **\n\nName  Amount   Relationship  Note\n\nWong Kim Kwan Kings   621,489   Director and former controlling shareholder of the Company  Advancement of unsecured interest free loan payable, repayable on demand\n\n \n\nDuring 2024, the Company had following\nrelated party transactions:\n\n** **\n\nName  Amount   Relationship  Note\n\nChong Kin Chung   140,564   A key management staff of the Company  Advancement of unsecured interest free loan payable, repayable on demand\n\nWong Kim Kwan Kings   160,089   Director and former controlling shareholder of the Company  Repayment of unsecured interest free loan payable, repayable on demand\n\nSnow Bear Capital Limited   429,065   Shareholder of the Company  Repayment of  unsecured interest free loan payable, repayable within one year from drawdown.\n\n \n\nDuring 2023, the Company had following\nrelated party transactions:\n\n** **\n\nName  Amount   Relationship  Note\n\nChong Kin Fai   63,735   A former director and principal owner of the Company  Repayment of unsecured interest free loan payable, repayable on demand\n\nWong Kim Kwan Kings   57,690   Director and controlling shareholder of the Company  Repayment of unsecured interest free loan payable, repayable on demand\n\nSnow Bear Capital Limited   429,065   Shareholder of the Company  Proceeds from unsecured interest free loan payable, repayable within one year from drawdown.\n\n \n\nF-17\n\n \n\n \n\nAs of December 31, 2025, the Company\nhad the following balances due with related parties:\n\n \n\nName  Amount   Relationship  Note\n\nWong Kim Kwan Kings  $480,925   Shareholder of the Company  Unsecured interest free loan payable, repayable within one year from draw down\n\n \n\nAs of December 31, 2024, the Company\nhad the following balances due with related parties:\n\n \n\nName  Amount   Relationship  Note\n\nWong Kim Kwan Kings  $140,564   Shareholder of the Company  Unsecured interest free loan payable, repayable within one year from draw down\n\n \n\n**15.**\n**Concentration and risks**\n\n** **\n\nThe Company is not exposed to significant\nfinancial risks other than the concentration risk, which is analysed as follows:\n\n** **\n\n*Customers*\n\n** **\n\nCustomers who accounted for 10% or\nmore of the Company’s revenues or with significant outstanding receivables are analysed as follows:\n\n** **\n\n \n \n**Revenue for years ended\nDecember 31,**\n \n \n**Balance as of\nDecember 31,**\n \n\n \n \n**2025**\n \n \n2024\n \n \n2023\n \n \n**2025**\n \n \n2024\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nCustomer A\n \n\n-\n%\n \n\n57\n%\n \n\n25\n%\n \n\n-\n%\n \n\n**-**\n%\n\nCustomer B\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n**-**\n \n \n \n**28**\n \n\nCustomer C\n \n \n-\n \n \n \n25\n \n \n \n35\n \n \n \n**9**\n \n \n \n**50**\n \n\nCustomer D\n \n \n18\n \n \n \n-\n \n \n \n16\n \n \n \n12\n \n \n \n**-**\n \n\nCustomer E\n \n \n-\n \n \n \n-\n \n \n \n8\n \n \n \n2\n \n \n \n**11**\n \n\nCustomer F\n \n \n-\n \n \n \n-\n \n \n \n5\n \n \n \n2\n \n \n \n**11**\n \n\nCustomer G\n \n \n16\n \n \n \n-\n \n \n \n8\n \n \n \n7\n \n \n \n**-**\n \n\nCustomer H\n \n \n-\n \n \n \n12\n \n \n \n-\n \n \n \n-\n \n \n \n**-**\n \n\nCustomer I\n \n \n42\n \n \n \n**-**\n \n \n \n**-**\n \n \n \n43\n \n \n \n**-**\n \n\nCustomer J\n \n \n12\n \n \n \n**-**\n \n \n \n**-**\n \n \n \n13\n \n \n \n**-**\n \n\nCustomer K\n \n \n12\n \n \n \n**-**\n \n \n \n**-**\n \n \n \n12\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 \n100\n%\n \n\n94\n%\n \n\n97\n%\n \n\n100\n%\n \n%\n100\n%\n\n \n\n*Major suppliers*\n\n \n\nSuppliers who accounted for 10% or\nmore of the Company’s purchase or with significant outstanding payable are analysed as follows:\n\n \n\n \n \n**Purchase for years ended\nDecember 31,**\n \n \n**Balance as of\nDecember 31,**\n \n\n \n \n**2024**\n \n \n2023\n \n \n2022\n \n \n**2024**\n \n \n2023\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nSupplier A\n \n \n**-**\n%\n \n \n100\n%\n \n \n64\n%\n \n \n-\n%\n \n \n**-**\n%\n\nSupplier B\n \n \n**13**\n \n \n \n-\n \n \n \n36\n \n \n \n**        -**\n \n \n \n** -**\n \n\nSupplier C\n \n \n**60**\n \n \n \n-\n \n \n \n-\n \n \n \n\n \n\n \n \n \n-\n \n\nSupplier D\n \n \n**5**\n \n \n \n-\n \n \n \n-\n \n \n \n**62**\n \n \n \n-\n \n\nSupplier E\n \n \n**5**\n \n \n \n-\n \n \n \n-\n \n \n \n**38**\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**83**\n%\n \n \n100\n%\n \n \n100\n%\n \n \n**100**\n%\n \n \n-\n%\n\n \n\nThe Company has an exclusive supply\nagreement with a sturgeon farm and all purchases of caviar were made from the this supplier.\n\n \n\nF-18\n\n \n\n \n\nThe Company recognizes that its dependence\non a single supplier for caviar represents a significant business risk. The Company closely monitors its relationship with the exclusive\nsupplier to ensure that the quality of products received remains high and that the risk of supply disruptions is minimized.\n\n \n\nThe Company has significant trading\nin wine, which is currently sourced from a single supplier. However, wine could be sourced from many channels. Also, the trading of wine\nis not our major business. The management believe the risk to the Company is not significant.\n\n** **\n\n**16.**\n**Equity**\n\n** **\n\nOrdinary Shares\n\n \n\nThe Company is authorized to issue one\nclass of ordinary share. The Company was established under the laws of Cayman Islands (the Cayman law) on February 1, 2023 with authorized\nshare of 500,000,000 ordinary shares of par value US$0.0001 each.\n\n \n\nUpon incorporation, 1 ordinary share\nof US$0.0001 was issued a par.\n\n \n\nOn March 1, 2023, 99 ordinary shares\nof US$0.0001 each were issued at par. All these ordinary shares rank pari-passu with the exiting share in all respect.\n\n \n\nOn April 28, 2023, 650 ordinary shares\nof US$0.0001 each were issued at par. All these ordinary shares rank pari-passu with the exiting shares in all respect.\n\n \n\nOn October 12, 2023, in contemplation\nof Company’s initial public offering, the Company further issued 26,999,250 ordinary shares in aggregate to its shareholders at\npar value, on a pro rata basis proportional to the shareholders’ existing equity interests (collectively refers as the “Pro\nRata Share Issuance”). After the Pro Rata Share Issuance, 27,000,000 Ordinary Shares are issued and outstanding. All these ordinary\nshares rank pari-passu with the exiting shares in all respect. This Pro Rata Share Issuance has treated as share split.\n\n \n\nAs of the December 31, 2023, 27,000,000\nordinary shares were issued and outstanding.\n\n \n\nOn April 18, 2024, the Company closed\nits initial public offering (the “IPO”) of 2,000,000 ordinary shares, par value $0.0001 per ordinary share at the price of\nUS$4 each, totally US$8,000,000. All these share rank pari-passu with the existing shares in all respect.\n\n \n\nOn October 14, 2024, the Company closed\nits public offering of 27,000,000 ordinary shares, par value $0.0001 per ordinary share at the price of US$0.40\neach, totally US$10,800,000. All these share rank pari-passu with the existing shares in all respect.\n\n \n\nAs of the December 31, 2024, 56,000,000\nordinary shares were issued and outstanding.\n\n \n\nF-19\n\n \n\n \n\nOn April 8, 2025, pursuant to shareholder\napproval at the 2025 Annual General Meeting, the authorized share capital was restructured from $50,000 divided into 500,000,000 ordinary\nshares of $0.0001 each to $50,000 divided into 450,000,000 Class A Ordinary Shares of $0.0001 each and 50,000,000 Class B Ordinary Shares\nof $0.0001 each. All the then-issued ordinary shares, except for the 15,000,000 held by Winwin Development Group Limited, were re-designated\nas Class A Ordinary Shares on a one-for-one basis; the 15,000,000 held by Winwin Development Group Limited were re-designated as Class\nB Ordinary Shares. All shares rank pari-passu within their class except as to voting rights.\n\n \n\nOn June 4, 2025, the Company adopted\nthe 2025 Equity Incentive Plan. Up to 11,200,000 Class A ordinary shares are reserved for issuance under the plan. On June 5, 2025, a\nregistration statement was filed for all shares reserved under the plan. The 11,200,000 Class A Ordinary Shares reserved were issued on\nJune 23, 2025.\n\n \n\nOn July 21, 2025, the Company effected\na 1-for-90 share consolidation of all issued and outstanding Class A and Class B Ordinary Shares. After the Share Consolidation, every\n90 shares of $0.0001 par value became 1 share of $0.009 par value; fractional shares were rounded up. The Share Consolidation did not\nalter the proportionate ownership of any shareholder except for adjustments due to rounding.\n\n \n\nOn August 22, 2025, at the extraordinary\ngeneral meeting of shareholders of the Company, the shareholders resolved to, amongst others, approve the increase of the authorized share\ncapital of our Company from $50,000 divided into 5,000,000 Class A Ordinary Shares of par value $0.009 each and 555,556 Class B Ordinary\nShares of par value $0.009 each to $19,800,000 divided into 2,000,000,000 Class A Ordinary Shares of par value $0.009 each and 200,000,000\nClass B Ordinary Shares of par value $0.009 each. On the same day, the shareholders also resolved to adopt a second equity incentive plan\n(the “2025 Second Equity Incentive Plan” or the “Second Plan”) to attract, retain, and provide incentives to key\nmanagement employees, directors and consultants of our Company and its affiliates, and to align the interests of such service providers\nwith those of our Company’s shareholders. Pursuant to the Second Plan, 20% of the number of Class A Ordinary Shares issued as of\nan effective date to be determined by our Company’s board of directors in its sole discretion until December 31, 2026 will be reserved\nand made available for issuance pursuant to awards granted under the Second Plan.\n\n \n\nOn December 10, 2025, the Company closed\na best-efforts offering which our Company issued and sold a total of 720,000 units, consisting of one Class A Ordinary Share, par value\n$0.009 per share, one Series A Class A Warrant and one Series B Class A Warrant at the price of $7.00 per unit, to several investors,\nand entered several securities purchase agreements with the purchasers. The securities purchase agreements contain customary representations\nand warranties and agreements of the Company and the purchasers and customary indemnification rights and obligations of the parties. On\nthe same day, 127,872 Series A Calss A Warrant were exercised and converted into 127,872 Class A Ordinary Shares.\n\n \n\nAs of the December 31, 2025, 1,300,029 Class A ordinary shares and\n166,667 Class B ordinary shares were issued and outstanding.\n\n \n\nOn January 5, 2026, the Company and\nTWG Capital Limited, a company incorporated in the British Virgin Islands and a wholly-owned subsidiary of the Company, entered into a\nsale and purchase agreement with several vendors including Winwin Development Group Limited, pursuant to which TWG Capital Limited shall\npurchase, and the vendors shall sell, the entire issued shares of Airentity International Limited (the “Target Company”),\na company incorporated in the British Virgin Islands, at a consideration of $125,858,978, which shall be satisfied by way of issuance\nof an aggregate of 14,979,854 Class A Ordinary Shares and 3,000,000 Class B Ordinary Shares (determined based on an offer price of $7.00\nper Class A Ordinary Share and Class B Ordinary Share) of the Company to the vendors. The Target Company holds 100% of Airentity Technology\nLimited (together with the Target Company, the “Target Group”), a company incorporated in Hong Kong. The Target Group is engaged\nin the development and commercialization of a wine authentication and tracking system (“WATS”) and wine trading businesses\nin the Asia Pacific Region. WATS was first deployed in 2025 and has since then been widely used by wine distributors having business relationships\nwith Winwin Development Group Limited, our Controlling Shareholder which is wholly-owned by Mr. Kim Kwan Kings, WONG, Chief Executive\nOfficer and Chairman of our Company. The transaction was completed on January 20, 2026.\n\n \n\nOn January 29, 2026, the Board resolved\nthat the number of Class A Ordinary Shares reserved for issuance and/or re-issuance (as the case may be) under the 2025 Second Equity\nIncentive Plan shall be 3,250,000 Class A Ordinary Shares. The 3,250,000 Class A Ordinary Shares reserved were issued on January 29, 2026.\n\n \n\nAs of the date of this report, the authorized\nshare capital is $19,800,000 divided into 2,000,000,000 Class A Ordinary Shares of par value $0.009 each and 200,000,000 Class B Ordinary\nShares of par value $0.009 each. 19,579,883 Class A Ordinary Shares and 3,166,667 Class B Ordinary Shares were issued and outstanding.\n\n** **\n\n**17.**\n**Subsequent event**\n\n** **\n\nThe Company evaluated subsequent events and transactions that occurred\nafter the balance sheet date through the date that these consolidated financial statements were available to be issued. Other than those\ndisclosed in Note 16 to the financial statements, there was no other subsequent event that required recognition or disclosure.\n\n \n\nF-20\n\n \n\nU.S. GAAP\n\nhttp://fasb.org/us-gaap/2026#UsefulLifeTermOfLeaseMember\n\n1\n1\n\n0001978057\nfalse\nFY\n00000\n00000\nKim Kwan Kings, 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