NASDAQ: YHNAU

The aggregate consideration for the Acquisition
Merger (the “Merger Consideration”) is $200,000,000 plus up to $80,000,000 worth of Earnout Consideration Shares (as defined
below). The Merger Consideration will be paid in the form of (1) 20,000,000 newly issued ordinary shares, par value of $0.001 each, of
PubCo (“PubCo Ordinary Shares”) valued at $10.00 per share, which is comprised of (A) 19,000,000 PubCo Ordinary Shares (the “Closing
Payment Shares”) which shall be issued at the Closing and (B) 1,000,000 PubCo Ordinary Shares (the “Holdback Shares”)
which shall be issued at the Closing and are subject to surrender and forfeiture for indemnification obligations under the Business Combination
Agreement; and (2) an addition of up to 8,000,000 PubCo Ordinary Shares, for a total of $80,000,000 as additional contingent consideration
(“Earnout Consideration Shares”, together with the Closing Payment Shares and the Holdback Shares, the “Merger Consideration
Shares”).

The Earnout Consideration Shares can be earned
for meeting three earnout milestones and, if such milestones are achieved, will be released to the Mingde shareholders over a three-year
period following the closing date of the Business Combination as follows:

·
First Earnout Milestone – 3,000,000 Earnout Consideration Shares shall become payable upon the closing price of PubCo’s ordinary shares, as reported on The Nasdaq Stock Market LLC (or any other national securities exchange on which such shares are then listed), reaching or exceeding $15.00 per share for 60 consecutive trading days occurring at any time during the three-year period commencing on the closing date.

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·
Second Earnout Milestone – 3,000,000 Earnout Consideration Shares shall become payable upon the closing price of PubCo’s ordinary shares, as reported on The Nasdaq Stock Market LLC (or any other national securities exchange on which such shares are then listed), reaching or exceeding $20.00 per share for 60 consecutive trading days occurring at any time during the three-year period commencing on the closing date.

·
Third Earnout Milestone – 2,000,000 Earnout Consideration Shares shall become payable upon the closing price of PubCo’s ordinary shares, as reported on The Nasdaq Stock Market LLC (or any other national securities exchange on which such shares are then listed), reaching or exceeding $25.00 per share for 60 consecutive trading days occurring at any time during the three-year period commencing on the closing date.

For the avoidance of doubt, any of the above earnout
milestones can be achieved over periods of 60 consecutive trading days that overlap in whole or in part.

On June 3, 2025, the parties to the Business Combination
Agreement entered into an amended and restated Business Combination Agreement to refine the Merger Consideration components and to incorporate
mechanisms for the Earnout Consideration Shares.

On November 7, 2025, the parties to the amended
and restated Business Combination Agreement entered into Amendment No. 1 to the amended and restated Business Combination Agreement to
further adjust the aggregate consideration for the Acquisition Merger and to adjust mechanisms for the Earnout Consideration Shares.

On December 8, 2025, the Company had entered into
an amendment (the “Trust Amendment”) to the investment management trust agreement, dated as of September 17, 2024, by and
between the Company and Continental Stock Transfer & Trust Company, to provide the Company with the discretion to extend the date
on which to commence liquidating the trust account (the “Trust Account”) established in connection with the Company’s
initial public offering (the “IPO”) by three (3) times for an additional three (3) months each time from December 19, 2025
to September 19, 2026 by depositing into the trust account an aggregate amount of $150,000 for each three-month extension. The Company
filed the fourth amended and restated memorandum and articles of association on December 8, 2025, giving the Company the right to extend
the date by which the Company has to consummate a business combination from December 19, 2025 (the date that is 15 months from the closing
date of the IPO) to September 19, 2026 (the date that is 24 months from the closing date of the IPO).

On December 15, 2025, the parties to the Business
Combination Agreement further entered into an Amendment No. 2 to the Business Combination Agreement, which serves to amend the Business
Combination Agreement to extend the Outside Closing Date (as defined in the Business Combination Agreement) to June 19, 2026.

On April 29, 2025, each of NewCo and Merger Sub was
incorporated under the laws of the Cayman Islands as an exempted company. On May 8, 2025, each of NewCo, Merger Sub, YHN and Mingde executed
that certain Joinder Agreement to the Business Combination Agreement (the “Joinder Agreement”), whereby each of NewCo and
Merger Sub have agreed, effective upon execution, that it shall become a party to the Business Combination Agreement and shall be fully
bound by, and subject to, all of the covenants, terms, representations, warranties, rights, obligations and conditions of the Business
Combination Agreement as though an original party thereto.

For further details about the Business Combination
Agreement, please refer to the registration statement on Form F-4 (Registration No. 333-287849) filed by YHNA MS I LIMITED with the SEC.

PIPE Investment

In connection with the transactions contemplated
by the Business Combination Agreement, it is expected that YHN will use commercially reasonable efforts to enter into subscription agreements,
in the form and substance as reasonably agreed upon by YHN and Mingde (the “Subscription Agreements”), with certain investors
providing for aggregate investments in of YHNA Shares through private placement, and/or backstop or redemption waiver arrangements with
potential investors, in an aggregate amount to exceed Ten Million Dollars ($10,000,000) at a price per share not less than $9.00, in each
case on terms mutually agreeable to the YHN and Mingde (the “PIPE Investment”). Mingde shall, and shall cause its affiliates
to, use commercially reasonable efforts to cause their respective representatives to, cooperate with YHN and their respective representatives
in connection with such PIPE Investment.

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Competitive Strengths

We intend to capitalize on our competitive advantages,
as described below, to find a suitable target company:

Experienced Management Team

We have a strong team with years of operational,
financial and leadership experience successfully managing and running a variety of corporations in Asia.

Our Chief Executive Officer Ms. Christy Poon brings
extensive expertise in mergers & acquisitions, intellectual property, public relations, and media marketing. She is a Partner at Norwich
Capital Limited, where she oversees corporate reorganization, fundraising, IP asset management, and advisory on U.S. public listings across
Asia. Her prior leadership roles include Vice President of Corporate Affairs & Operations at XIC Innovation Limited and General Manager
positions at JM Production and JM Network, complemented by early experience in public relations and advanced academic credentials in business,
communications, and mediation.

Ms. Yangyujia An, our Chief Financial Officer,
is the vice-chairperson of Norwich Capital Limited, a boutique firm that focuses on SPACs and provides services including sponsoring
and listing support of SPACs. Prior to that, she also worked as an investment manager at Norwich Investment Limited. We believe that Ms.
An’s experiences, in particular those in relation to SPACs, will be valuable for our initial business combination activities.

Our management team has been actively
involved in operating, advising, and expanding many companies. Their executive leadership, operational oversight, strategic
management will boost investor confidence in the team’s ability to complete a successful business combination. We believe our
management team is well-positioned to take advantage of growing acquisition opportunities.

Strong Board of Directors

We have recruited an accomplished group of leaders
to serve as members of our board of directors. Our board of directors comes from a plethora of industries where they serve as leaders,
advisors, directors, and board members for public companies, private companies, and leading venture capital firms in Asia.

Mr. Zhengming Feng, our chairman and independent
director, was a former Managing Director of SB China Venture Capital (SBCVC), a leading venture capital firm that manages both USD and
RMB funds investing in high-tech, high growth companies in TMT, clean technology, healthcare, consumer/retail, and advanced manufacturing.
His skills in managing businesses, investment, and strategic management will be a great asset for the target company.

Mr. Donghui Xu, one of our independent directors,
has an extensive background in investment, private equity, and the venture capital industry. We hope to leverage his leadership experience
in multiple prominent companies to support our management team as they guide the target company into public markets.

Ms. Min Zhang, one of our independent directors,
has strong expertise in SPAC and IPO listings. Her prior experience with de-SPAC transactions will add great value as we identify
and pursue potential targets to complete a business combination.

Our team has extensive experience in identifying,
screening, acquiring, and managing companies. We believe these are the skill sets that are essential for a successful management team.
With our board of directors’ deep understanding and experience of various industries, we could effectively position our investment
strategy, evaluation of potential acquisition candidates and complete our initial business combination.

Strong and Extensive Network to Source a Suitable
Target Company

We believe our team’s operating and transaction
experience and relationships with companies will provide us with many potential business combination targets. Over the course of their
careers, they have served in a variety of capacities, allowing them to expand their network in both Asia and the United States. These
contacts and sources include those in government, private and public companies, private equity and venture capital funds, investment bankers,
attorneys, and accountants.

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Strong M&A Expertise and de-SPAC Experience

In addition to supporting us in the areas of investment
strategy and improving the company’s processes, our team also has experience in M&A and fundraising. Our team consists of seasoned
professionals with significant M&A, capital markets, finance, and private equity experience across a wide variety of industries and
market conditions and have proven track records of producing high returns for investors.

Acquisition Strategy and Investment Criteria

Our efforts to identify a prospective target business
will not be limited to any particular industry or geographic region.

We intend to look for target company which possesses
the following core values:

●
Strong management team: We are looking for a strong group of individuals who have a strong track record of creating value. We will assess their leadership capabilities and their ability to grow the company.

●
Strong portfolio of investors: We seek a company that has well-known and trusted investors, hedge funds and private equity firms supporting them. This is an indication of investors’ confidence in the company’s potential to grow.

●
Potential to have recurring revenue: We are looking for a company that is currently generating or will generate significant cash flow through existing products, new product development, increased efficiency, and reduced costs.

●
Benefits from being publicly traded: We intend to acquire a company that will effectively utilize their public profile to get access to capital, expand their customer base, improve their investor portfolio to grow.

●
Appropriate valuations and upside potential: We will conduct rigorous due diligence and apply valuation-metrics to create the most appropriate valuation for the company. We are seeking to acquire a company that will have a strong upside potential to increase their valuation.

●
Strategic management and long-term planning: We intend to acquire a company which strategically plan ahead and are continually assessing and ensuring that their work is aligned with their strategic goals. Long-term planning allows companies to have sustainable operations in the long run and ensures that they can deliver on their promises to the investors.

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●
Innovative-led approach and risk management: We believe that balancing risk and encouraging creative insights will drive a company’s growth and that differentiated ideas bring new categories into the market to address growing customer needs. Therefore, we are seeking for a company that prioritizes innovation and can recognize which ideas to support and scale.

Our sponsor believes that conducting comprehensive
due diligence on prospective investments is particularly important within the technology industry. In evaluating a prospective initial
business combination, we expect to conduct a thorough diligence review that will encompass, among other things, meetings with incumbent
management and employees, document reviews, inspection of facilities, financial analyses, and technology reviews, as well as a review
of other information that will be made available to us.

We are not prohibited from pursuing an initial
business combination with a company that is affiliated with our sponsor, our officers, or our directors, subject to certain approvals
and consents. In the event we seek to complete our initial business combination with a company that is affiliated with our sponsor, officers,
or directors, we, or a committee of independent directors, will obtain an opinion from an independent investment banking firm that is
a member of FINRA or an independent accounting firm that our initial business combination is fair to us from a financial point of view.

Members of our management team may directly or
indirectly own our securities, and accordingly, they may have a conflict of interest in determining whether a particular target business
is an appropriate business with which to effectuate our initial business combination. Further, each of our officers and directors may
have a conflict of interest with respect to evaluating a particular business combination if the retention or resignation of any such officers
and directors was included by a target business as a condition to any agreement with respect to our initial business combination.

Each of our officers and directors presently has,
and any of them in the future may have additional, fiduciary, contractual or other obligations or duties to one or more other entities
pursuant to which such officer or director is or will be required to present a business combination opportunity to such entities. Our
fourth amended and restated memorandum and articles of association provide that we renounce our interest in any corporate opportunity
offered to any director or officer unless (i) such opportunity is expressly offered to such person solely in his or her capacity
as a director or officer of our company, (ii) such opportunity is one we are legally and contractually permitted to undertake and
would otherwise be reasonable for us to pursue and (iii) the director or officer is permitted to refer the opportunity to us without
violating another legal obligation. Accordingly, if any of our officers or directors becomes aware of a business combination opportunity
which is suitable for one or more entities to which he or she has fiduciary, contractual or other obligations or duties, he or she will
honor his or her obligations and duties to present such business combination opportunity to such entities first, and only present it to
us if such entities reject the opportunity and he or she determines to present the opportunity to us. We do not believe, however, that
the fiduciary, contractual or other obligations or duties of our officers or directors will materially affect our ability to complete
our initial business combination.

Effecting a Business Combination

General

We are not presently engaged in, and we will not
engage in, any substantive commercial business for an indefinite period of time following the IPO. We intend to utilize cash derived from
the proceeds of the IPO and the private placement of private units, our share capital, debt or a combination of these in effecting a business
combination. Although substantially all of the net proceeds of the IPO and the private placement of private units are intended to be applied
generally toward effecting a business combination, the proceeds are not otherwise being designated for any more specific purposes. Accordingly,
investors are investing without first having an opportunity to evaluate the specific merits or risks of any one or more business combinations.
A business combination may involve the acquisition of, or merger with, a company which does not need substantial additional capital but
which desires to establish a public trading market for its shares, while avoiding what it may deem to be adverse consequences of undertaking
a public offering itself. These include time delays, significant expense, loss of voting control and compliance with various U.S. Federal
and state securities laws. In the alternative, we may seek to consummate a business combination with a company that may be in its early
stages of development or growth. While we may seek to effect simultaneous business combinations with more than one target business, we
will probably have the ability, as a result of our limited resources, to effect only a single business combination.

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We Have Identified a Target Business

As discussed above, we have entered into a business
combination agreement with Mingde.

Except as discussed above, we have not selected
any other target business on which to concentrate our search for a business combination, and none of our officers, directors, initial
shareholders and other affiliates has engaged in discussions on our behalf with representatives of other companies regarding the possibility
of a potential merger, share exchange, asset acquisition or other similar business combination with us, nor have we, nor any of our agents
or affiliates, been approached by any candidates (or representatives of any candidates) with respect to a possible business combination
with our company.

Subject to the limitations that a target business
have a fair market value of at least 80% of the balance in the trust account (excluding any deferred underwriting fees and commissions
and taxes payable on the income earned on the trust account, and net of funds previously released to the company to pay our taxes) at
the time of the execution of a definitive agreement for our initial business combination, as described below in more detail, we will have
virtually unrestricted flexibility in identifying and selecting a prospective acquisition candidate. We have not established any other
specific attributes or criteria (financial or otherwise) for prospective target businesses. Accordingly, there is no basis for investors
to evaluate the possible merits or risks of the target business with which we may ultimately complete a business combination. To the extent
we effect a business combination with a company or an entity in its early stage of development or growth, including entities without established
records of sales or earnings, we may be affected by numerous risks inherent in the business and operations of early stage or potential
emerging growth companies. Although our management will endeavor to evaluate the risks inherent in a particular target business, we cannot
assure you that we will properly ascertain or assess all significant risk factors.

Sources of Target Businesses

We anticipate that target business candidates
will be brought to our attention from various unaffiliated sources, including investment bankers, venture capital funds, private equity
funds, leveraged buyout funds, management buyout funds and other members of the financial community. Target businesses may be brought
to our attention by such unaffiliated sources as a result of being solicited by us through calls or mailings. These sources may also introduce
us to target businesses they think we may be interested in on an unsolicited basis, since many of these sources will have read the prospectus
related to the IPO and know what types of businesses we are targeting. Our officers and directors, as well as their respective affiliates,
may also bring to our attention target business candidates that they become aware of through their business contacts as a result of formal
or informal inquiries or discussions they may have, as well as attending trade shows or conventions. While we do not presently anticipate
engaging the services of professional firms or other individuals that specialize in business acquisitions on any formal basis, we may
engage these firms or other individuals in the future, in which event we may pay a finder’s fee, consulting fee or other compensation
to be determined in an arm’s length negotiation based on the terms of the transaction. In no event, however, will any of our existing
officers, directors, special advisors or initial shareholders, or any entity with which they are affiliated, be paid any finder’s
fee, consulting fee or other compensation prior to, or for any services they render in order to effectuate, the consummation of a business
combination (regardless of the type of transaction). If we decide to enter into a business combination with a target business that is
affiliated with our officers, directors or initial shareholders, we will do so only if we have obtained an opinion from an independent
investment banking firm that the business combination is fair to our unaffiliated shareholders from a financial point of view. However,
as of the date of this report, there is no affiliated entity that we consider a business combination target.

Selection of a Target Business and Structuring
of a Business Combination

Subject to the limitations that a target business
have a fair market value of at least 80% of the balance in the trust account (excluding any deferred underwriting fees and commissions
and taxes payable on the income earned on the trust account, and net of funds previously released to the company to pay our taxes) at
the time of the execution of a definitive agreement for our initial business combination, as described below in more detail, our management
will have virtually unrestricted flexibility in identifying and selecting a prospective target business. We have not established any other
specific attributes or criteria (financial or otherwise) for prospective target businesses.

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We believe such factors will be important in evaluating
prospective target businesses, regardless of the location or industry in which such target business operates. However, this list is not
intended to be exhaustive. Furthermore, we may decide to enter into a business combination with a target business that does not meet these
criteria and guidelines.

Any evaluation relating to the merits of a particular
business combination will be based, to the extent relevant, on the above factors as well as other considerations deemed relevant by our
management in effecting a business combination consistent with our business objective. In evaluating a prospective target business, we
will conduct an extensive due diligence review which will encompass, among other things, meetings with incumbent management and inspection
of facilities, as well as review of financial and other information which is made available to us. This due diligence review will be conducted
either by our management or by unaffiliated third parties we may engage, although we have no current intention to engage any such third
parties.

The time and costs required to select and evaluate
a target business and to structure and complete the business combination cannot presently be ascertained with any degree of certainty.
Any costs incurred with respect to the identification and evaluation of a prospective target business with which a business combination
is not ultimately completed will result in a loss to us and reduce the amount of capital available to otherwise complete a business combination.

Fair Market Value of Target Business

Pursuant to Nasdaq listing rules, the target business
or businesses that we acquire must collectively have a fair market value equal to at least 80% of the balance of the funds in the trust
account (excluding any deferred underwriting fees and commissions and taxes payable on the income earned on the trust account, and net
of funds previously released to the company to pay our taxes) at the time of the execution of a definitive agreement for our initial business
combination, although we may acquire a target business whose fair market value significantly exceeds 80% of the trust account balance.
We currently anticipate structuring a business combination to acquire 100% of the equity interests or assets of the target business or
businesses. We may, however, structure a business combination where we merge directly with the target business or where we acquire less
than 100% of such interests or assets of the target business in order to meet certain objectives of the target management team or shareholders
or for other reasons, but we will only complete such business combination if the post-transaction company owns or acquires 50% or
more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not
to be required to register as an investment company under the Investment Company Act. Even if the post-transaction company owns or
acquires 50% or more of the voting securities of the target, our shareholders prior to the business combination may collectively own a
minority interest in the post-transaction company, depending on valuations ascribed to the target and us in the business combination
transaction. For example, we could pursue a transaction in which we issue a substantial number of new shares in exchange for all of the
outstanding capital of a target. In this case, we could acquire a 100% controlling interest in the target. However, as a result of the
issuance of a substantial number of new shares, our shareholders immediately prior to our initial business combination could own less
than a majority of our issued and outstanding shares subsequent to our initial business combination. If less than 100% of the equity interests
or assets of a target business or businesses are owned or acquired by the post-transaction company, only the portion of such business
or businesses that is owned or acquired is what will be valued for purposes of the 80% of net assets test, assuming that we obtain and
maintain a listing for our securities on Nasdaq. In order to consummate such an acquisition, we may issue a significant amount of
our debt or equity securities to the sellers of such businesses and/or seek to raise additional funds through a private offering of debt
or equity securities. Since we have no specific business combination under consideration, we have not entered into any such fund-raising arrangement
and have no current intention of doing so. The fair market value of the target business will be determined by our board of directors based
upon one or more standards generally accepted by the financial community (such as actual and potential sales, earnings, cash flow and/or
book value). If our board is not able to independently determine that the target business has a sufficient fair market value, we will
obtain an opinion from an unaffiliated, independent investment banking firm, or another independent entity that commonly renders valuation
opinions on the type of target business we are seeking to acquire, with respect to the satisfaction of such criteria. We will not be required
to obtain an opinion from an independent investment banking firm, or another independent entity that commonly renders valuation opinions
on the type of target business we are seeking to acquire, as to the fair market value if our board of directors independently determines
that the target business complies with the 80% threshold.

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We will not be required to comply with the 80%
fair market value requirement if we are delisted from Nasdaq. If Nasdaq delists our securities from trading on its exchange, we would
not be required to satisfy the fair market value requirement described above and could complete a business combination with a target business
having a fair market value substantially below 80% of the balance in the trust account.

Lack of Business Diversification

Our business combination must be with a target
business or businesses that collectively satisfy the minimum valuation standard at the time of such acquisition, as discussed above, although
this process may entail the simultaneous acquisitions of several operating businesses at the same time. Therefore, at least initially,
the prospects for our success may be entirely dependent upon the future performance of a single business. Unlike other entities which
may have the resources to complete several business combinations of entities operating in multiple industries or multiple areas of a single
industry, it is probable that we will not have the resources to diversify our operations or benefit from the possible spreading of risks
or offsetting of losses. By consummating a business combination with only a single entity, our lack of diversification may:

●
subject us to numerous economic, competitive and regulatory developments, any or all of which may have a substantial adverse impact upon the particular industry in which we may operate subsequent to a business combination, and

●
result in our dependency upon the performance of a single operating business or the development or market acceptance of a single or limited number of products, processes or services.

If we determine to simultaneously acquire several
businesses and such businesses are owned by different sellers, we will need for each of such sellers to agree that our purchase of its
business is contingent on the simultaneous closings of the other acquisitions, which may make it more difficult for us, and delay our
ability, to complete the business combination. With multiple acquisitions, we could also face additional risks, including additional burdens
and costs with respect to possible multiple negotiations and due diligence investigations (if there are multiple sellers) and the additional
risks associated with the subsequent assimilation of the operations and services or products of the acquired companies in a single operating
business.

Limited Ability to Evaluate the Target Business’
Management

Although we intend to scrutinize the management
of a prospective target business when evaluating the desirability of effecting a business combination, we cannot assure you that our assessment
of the target business’ management will prove to be correct. In addition, we cannot assure you that the future management will have
the necessary skills, qualifications or abilities to manage a public company. Furthermore, the future role of our officers and directors,
if any, in the target business following a business combination cannot presently be stated with any certainty. While it is possible that
some of our key personnel will remain associated in senior management or advisory positions with us following a business combination,
it is unlikely that they will devote their full-time efforts to our affairs subsequent to a business combination. Moreover, they
would only be able to remain with the company after the consummation of a business combination if they are able to negotiate employment
or consulting agreements in connection with the business combination. Such negotiations would take place simultaneously with the negotiation
of the business combination and could provide for them to receive compensation in the form of cash payments and/or our securities for
services they would render to the company after the consummation of the business combination. While the personal and financial interests
of our key personnel may influence their motivation in identifying and selecting a target business, their ability to remain with the company
after the consummation of a business combination will not be the determining factor in our decision as to whether or not we will proceed
with any potential business combination. Additionally, our officers and directors may not have significant experience or knowledge relating
to the operations of the particular target business.

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Following a business combination, we may seek
to recruit additional managers to supplement the incumbent management of the target business. We cannot assure you that we will have the
ability to recruit additional managers, or that any such additional managers we do recruit will have the requisite skills, knowledge or
experience necessary to enhance the incumbent management.

Shareholders May Not Have the Ability to
Approve an Initial Business Combination

In connection with any proposed business combination,
we will either (1) seek shareholder approval of our initial business combination at a meeting called for such purpose at which public
shareholders may seek to convert their public shares, regardless of whether they vote for or against or abstain from voting on the proposed
business combination, into their pro rata share of the aggregate amount then on deposit in the trust account (net of
taxes payable on the income earned on the trust account and funds previously released to the company to pay our taxes) or (2) provide
our public shareholders with the opportunity to sell their public shares to us by means of a tender offer (and thereby avoid the need
for a shareholder vote) for an amount equal to their pro rata share of the aggregate amount then on deposit in the trust
account (net of taxes payable on the income earned on the trust account and funds previously released to the company to pay our taxes),
in each case subject to the limitations described herein. Notwithstanding the foregoing, our initial shareholders have agreed, pursuant
to written letter agreements with us, not to convert any public shares held by them into their pro rata share of the
aggregate amount then on deposit in the trust account. If we determine to engage in a tender offer, such tender offer will be structured
so that each shareholder may tender any or all of his, her or its public shares rather than some pro rata portion of
his, her or its shares. The decision as to whether we will seek shareholder approval of a proposed business combination or will allow
shareholders to sell their shares to us in a tender offer will be made by us based on a variety of factors such as the timing of the transaction,
or whether the terms of the transaction would otherwise require us to seek shareholder approval. If we so choose and we are legally permitted
to do so, we have the flexibility to avoid a shareholder vote and allow our shareholders to sell their shares pursuant to Rule 13e-4 and
Regulation 14E of the Exchange Act which regulate issuer tender offers. In that case, we will file tender offer documents with
the SEC which will contain substantially the same financial and other information about the initial business combination as is required
under the SEC’s proxy rules. We will consummate our initial business combination only if we have net tangible assets of at least
$5,000,001 (after payment of underwriting fees and commissions and net of taxes payable on the income earned on the trust account and
funds previously released to the company to pay our taxes) upon such consummation and, solely if we seek shareholder approval, a majority
of the issued and outstanding ordinary shares voted are voted in favor of the business combination.

We chose our net tangible asset threshold of $5,000,001
to ensure that we would avoid being subject to Rule 419 promulgated under the Securities Act. However, if we seek to consummate an
initial business combination with a target business that imposes any type of working capital closing condition or requires us to have
a minimum amount of funds available from the trust account upon consummation of such initial business combination, our net tangible asset
threshold may limit our ability to consummate such initial business combination (as we may be required to have a lesser number of shares
converted or sold to us) and may force us to seek third party financing which may not be available on terms acceptable to us or at all.
As a result, we may not be able to consummate such initial business combination and we may not be able to locate another suitable target
within the applicable time period, if at all. Public shareholders may therefore have to wait 24 months (assuming full extension)
from the closing of the IPO in order to be able to receive a pro rata share of the trust account.

Our initial shareholders and our officers and
directors have agreed (1) to vote any ordinary shares owned by them in favor of any proposed business combination, (2) not to
convert any ordinary shares in connection with a shareholder vote to approve a proposed initial business combination and (3) not
sell any ordinary shares in any tender in connection with a proposed initial business combination. As a result, if we sought shareholder
approval of a proposed transaction we could need as little as 187,501 of our public shares (or approximately 3.1% of our public shares)
to be voted in favor of the transaction in order to have such transaction approved (assuming that only a quorum was present at the meeting,
and that the insiders do not purchase any units or shares in the after-market).

Permitted Purchases of Our Securities

If we seek shareholder approval of our initial
business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer
rules, our sponsor, initial shareholders, directors, officers or their affiliates may purchase shares in privately negotiated transactions
or in the open market either prior to or following the completion of our initial business combination.

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Additionally, at any time at or prior to our
initial business combination, subject to applicable securities laws (including with respect to material non-public information), our
sponsor, initial shareholders, directors, officers or their affiliates may enter into transactions with investors and others to
provide them incentives to acquire public shares, vote their public shares in favor of our initial business combination or not
redeem their public shares. There is no limit on the number of shares our initial shareholders, directors, officers, advisors or
their affiliates may purchase in such transactions, subject to compliance with applicable law and Nasdaq rules. However, they have
no current commitments, plans or intentions to engage in such transactions and have not formulated any terms or conditions for any
such transactions. None of the funds held in the trust account will be used to purchase shares in such transactions. If they engage
in such transactions, they will not make any such purchases when they are in possession of any material non-public information
not disclosed to the seller or if such purchases are prohibited by Regulation M under the Securities Exchange Act of 1934, as
amended, or the Exchange Act. We do not currently anticipate that such purchases, if any, would constitute a tender offer subject to
the tender offer rules under the Exchange Act or a going-private transaction subject to the going-private rules under the
Exchange Act; however, if the purchasers determine at the time of any such purchases that the purchases are subject to such rules,
the purchasers will comply with such rules. Any such purchases will be reported pursuant to Section 13 and Section 16 of the
Exchange Act to the extent such purchasers are subject to such reporting requirements. Our sponsor, directors, officers, advisors or
any of their affiliates will not make any purchases if the purchases would violate Section 9(a)(2) or Rule 10b-5 of the
Exchange Act, which are rules designed to stop potential manipulation of a company’s stock.

In addition, our officers, directors, initial
shareholders and their affiliates would structure such purchases to be in compliance with the requirements of Rule 14e-5 under
the Exchange Act, including, in pertinent part, through adherence to the following:

●
our registration statement/proxy statement filed for our business combination transaction would disclose the possibility that our sponsor, directors, officers, advisors or their affiliates may purchase shares from public stockholders outside the redemption process, along with the purpose of such purchases;

●
if our sponsor, directors, officers, advisors or their affiliates were to purchase shares from public stockholders, they would do so at a price no higher than the price offered through our redemption process;

●
our registration statement/proxy statement filed for our business combination transaction would include a representation that any of our securities purchased by our sponsor, directors, officers, advisors or their affiliates would not be voted in favor of approving the business combination transaction;

●
our sponsor, directors, officers, advisors or their affiliates would not possess any redemption rights with respect to our securities or, if they do acquire and possess redemption rights, they would waive such rights; and

●
we would disclose in a Form 8-K, before our security holder meeting to approve the business combination transaction, the following material items:

●
the amount of our securities purchased outside of the redemption offer by our sponsor, directors, officers, advisors or their affiliates, along with the purchase price;

●
the purpose of the purchases by our sponsor, directors, officers, advisors or their affiliates;

●
the impact, if any, of the purchases by our sponsor, directors, officers, advisors or their affiliates on the likelihood that the business combination transaction will be approved;

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●
the identities of company security holders who sold to our sponsor, directors, officers, advisors or their affiliates (if not purchased on the open market) or the nature of company security holders (e.g., 5% security holders) who sold to our sponsor, directors, officers, advisors or their affiliates; and

●
the number of company securities for which we received redemption requests pursuant to its redemption offer.

Our sponsor, initial shareholders, directors,
officers and their affiliates anticipate that they may identify the shareholders with whom our sponsor, initial shareholders, directors,
officers and their affiliates may pursue privately negotiated transactions by either the shareholders contacting us directly or by our
receipt of redemption requests submitted by shareholders following our mailing of proxy materials in connection with our initial business
combination. To the extent that our sponsor, initial shareholders, directors, officers and their affiliates enter into a private transaction,
they would identify and contact only potential selling or redeeming shareholders who have expressed their election to redeem their shares
for a pro rata share of the trust account or vote against our initial business combination, whether or not such shareholder has already
submitted a proxy with respect to our initial business combination but only if such shares have not already been voted at the meeting
related to our initial business combination. Our sponsor, initial shareholders, directors, officers and their affiliates will select which
shareholders to purchase shares from based on the negotiated price and number of shares and any other factors that they may deem relevant,
and will be restricted from purchasing shares if such purchases do not comply with Regulation M under the Exchange Act and the other federal
securities laws, as described above.

The purpose of any such purchases could be to
(1) increase the likelihood of obtaining shareholder approval of the business combination or (2) satisfy a closing condition in an agreement
with a target that requires us to have a minimum net worth or a certain amount of cash at the closing of our initial business combination,
where it appears that such requirement would otherwise not be met. Any such purchases may result in the completion of our initial business
combination that may not otherwise have been possible. In addition, if such purchases are made, the public “float” of our
ordinary shares may be reduced and the number of beneficial holders of our securities may be reduced, which may make it difficult to maintain
or obtain the quotation, listing or trading of our securities on a national securities exchange.

Conversion/Tender Rights

At any meeting called to approve an initial business
combination, public shareholders may seek to convert their public shares, regardless of whether they vote for or against or abstain from
voting on the proposed business combination, into their pro rata share of the aggregate amount then on deposit in the
trust account, less any taxes then due but not yet paid. Notwithstanding the foregoing, our initial shareholders have agreed, pursuant
to written letter agreements with us, not to convert any public shares held by them into their pro rata share of the
aggregate amount then on deposit in the trust account. The redemption rights will be effected under our fourth amended and restated memorandum
and articles of association and British Virgin Islands law as redemptions. If we hold a meeting to approve an initial business combination,
a holder will always have the ability to vote against a proposed business combination and not seek conversion of its shares.

Alternatively, if we engage in a tender offer,
each public shareholder will be provided the opportunity to sell his public shares to us in such tender offer. The tender offer rules
require us to hold the tender offer open for at least 20 business days. Accordingly, this is the minimum amount of time we would
need to provide holders to determine whether they want to sell their public shares to us in the tender offer or remain an investor in
our company.

Our initial shareholders, officers and directors
will not have redemption rights with respect to any ordinary shares owned by them, directly or indirectly, whether acquired prior to the
IPO or purchased by them in the IPO or in the aftermarket.

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We may also require public shareholders, whether
they are a record holder or hold their shares in “street name,” to either tender their certificates (if any) to our transfer
agent or to deliver their shares to the transfer agent electronically using Depository Trust Company’s DWAC (Deposit/Withdrawal
At Custodian) System, at the holder’s option, at any time at or prior to the vote on the business combination. Once the shares are
converted by the holder, and effectively redeemed by us under BVI law, the share registrar in the BVI will then update our register of
members to reflect all conversions. The proxy solicitation materials that we will furnish to shareholders in connection with the vote
for any proposed business combination will indicate whether we are requiring shareholders to satisfy such delivery requirements. Accordingly,
a shareholder would have from the time our proxy statement is mailed through the vote on the business combination to deliver his shares
if he wishes to seek to exercise his redemption rights. Under our fourth amended and restated memorandum and articles of association,
we will be required to provide at least 7 clear calendar days’ advance notice of any shareholder meeting, which would be the
minimum amount of time a shareholder would have to determine whether to exercise redemption rights. As a result, if we require public
shareholders who wish to convert their ordinary shares into the right to receive a pro rata portion of the funds in the
trust account to comply with the foregoing delivery requirements, holders may not have sufficient time to receive the notice and deliver
their shares for conversion. Accordingly, investors may not be able to exercise their redemption rights and may be forced to retain our
securities when they otherwise would not want to.

There is a nominal cost associated with this tendering
process and the act of certificating the shares or delivering them through the DWAC System. The transfer agent will typically charge the
tendering broker $45 and it would be up to the broker whether or not to pass this cost on to the converting holder. However, this fee
would be incurred regardless of whether or not we require holders seeking to exercise redemption rights. The need to deliver shares is
a requirement of exercising redemption rights regardless of the timing of when such delivery must be effectuated. However, in the event
we require shareholders seeking to exercise redemption rights to deliver their shares prior to the consummation of the proposed business
combination and the proposed business combination is not consummated, this may result in an increased cost to shareholders.

Any request to convert or tender such shares once
made, may be withdrawn at any time up to the vote on the proposed business combination or expiration of the tender offer. Furthermore,
if a holder of a public share delivered its certificate in connection with an election of their conversion or tender and subsequently
decides prior to the vote on the business combination or the expiration of the tender offer not to elect to exercise such rights, it may
simply request that the transfer agent return the certificate (physically or electronically).

If the initial business combination is not approved
or completed for any reason, then our public shareholders who elected to exercise their conversion or tender rights would not be entitled
to convert their shares for the applicable pro rata share of the trust account. In such case, we will promptly return
any shares delivered by public holders.

Redemption of Public Shares and Liquidation
of Trust Account if No Business Combination

If we do not complete a business combination within
24 months from the closing of the IPO (assuming full extension), our fourth amended and restated memorandum and articles of association
provide that we will: (i) as promptly as practicable cease all operations except for the purpose of making redemption and the subsequent
winding up of the Company’s affairs; (ii) as promptly as reasonably possible, but not more than ten business days thereafter,
redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account,
including interest earned on the funds held in the trust account and not previously released to us to pay our income taxes, divided by
the number of the then-outstanding public shares, which redemption will completely extinguish public shareholders’ rights as
shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible
following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject
in the case of clauses (ii) and (iii), to our obligations under BVI law to provide for claims of creditors and the requirements of
other applicable law. If we are unable to consummate our initial business combination within such time period, we will, as promptly as
possible but not more than ten business days thereafter, redeem 100% of our outstanding public shares for a pro rata portion of the
funds held in the trust account, including a pro rata portion of any interest earned on the funds held in the trust account and not necessary
to pay our taxes, then seek to liquidate and dissolve. However, we may not be able to distribute such amounts as a result of claims of
creditors which may take priority over the claims of our public shareholders. In the event of our liquidation and subsequent dissolution,
the public rights will expire and will be worthless.

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The amount in the trust account will be treated
as funds distributable under the Companies Act provided that immediately following the date on which the proposed distribution is proposed
to be made, we are able to pay our debts as they fall due in the ordinary course of business. If we are forced to liquidate the trust
account, we anticipate that we would distribute to our public shareholders the amount in the trust account calculated as of the date that
is two (2) days prior to the distribution date (including any accrued interest net of taxes payable and any portion thereof that
is released to us). Prior to such distribution, we would be required to assess all claims that may be potentially brought against us by
our creditors for amounts they are actually owed and make provision for such amounts, as creditors take priority over our public shareholders
with respect to amounts that are owed to them. We cannot assure you that we will properly assess all claims that may be potentially brought
against us. As such, our shareholders could potentially be liable for any claims of creditors to the extent of distributions received
by them as an unlawful payment in the event we enter an insolvent liquidation. Furthermore, while we will seek to have all vendors and
service providers (which would include any third parties we engaged to assist us in any way in connection with our search for a target
business) and prospective target businesses execute agreements with us waiving any right, title, interest or claim of any kind they may
have in or to any monies held in the trust account, there is no guarantee that they will execute such agreements. Nor is there any guarantee
that, even if such entities execute such agreements with us, they will not seek recourse against the trust account or that a court would
conclude that such agreements are legally enforceable.

Each of our initial shareholders and our officers
and directors have agreed to waive their respective rights to participate in any liquidation of our trust account or other assets with
respect to the insider shares and private units and to vote their insider shares, private shares and any public shares purchased in or
after the IPO (other than shares acquired outside the redemption process in connection with our initial business combination, in compliance
with Rule 14e-5 of the Exchange Act) in favor of any dissolution and plan of distribution which we submit to a vote of shareholders.
There will be no distribution from the trust account with respect to our rights, which will expire worthless.

If we are unable to complete an initial business
combination and expend all of the net proceeds of the IPO, other than the proceeds deposited in the trust account, and without taking
into account interest, if any, earned on the trust account, the initial per-share redemption price from the trust account would
be $10.05.

The proceeds deposited in the trust account could,
however, become subject to the claims of our creditors which would be prior to the claims of our public shareholders. Although we will
seek to have all vendors, including lenders for money borrowed, prospective target businesses or other entities we engage execute agreements
with us waiving any right, title, interest or claim of any kind in or to any monies held in the trust account for the benefit of our public
shareholders, there is no guarantee that they will execute such agreements or even if they execute such agreements that they would be
prevented from bringing claims against the trust account, including but not limited to, fraudulent inducement, breach of fiduciary responsibility
or other similar claims, as well as claims challenging the enforceability of the waiver, in each case in order to gain an advantage with
a claim against our assets, including the funds held in the trust account. If any third party refused to execute an agreement waiving
such claims to the monies held in the trust account, we would perform an analysis of the alternatives available to us if we chose not
to engage such third party and evaluate if such engagement would be in the best interest of our shareholders if such third party refused
to waive such claims. Examples of possible instances where we may engage a third party that refused to execute a waiver include the engagement
of a third party consultant whose particular expertise or skills are believed by management to be significantly superior to those of other
consultants that would agree to execute a waiver or in cases where management is unable to find a provider of required services willing
to provide the waiver. In any event, our management would perform an analysis of the alternatives available to it and would only enter
into an agreement with a third party that did not execute a waiver if management believed that such third party’s engagement would
be significantly more beneficial to us than any alternative. In addition, there is no guarantee that such entities will agree to waive
any claims they may have in the future as a result of, or arising out of, any negotiations, contracts or agreements with us and will not
seek recourse against the trust account for any reason.

Our sponsor has agreed that, if we liquidate the
trust account prior to the consummation of a business combination, it will be liable to pay debts and obligations to target businesses
or vendors or other entities that are owed money by us for services rendered or contracted for or products sold to us in excess of the
net proceeds of the IPO not held in the trust account, but only to the extent necessary to ensure that such debts or obligations do not
reduce the amounts in the trust account and only if such parties have not executed a waiver agreement. However, we cannot assure you that
it will be able to satisfy those obligations if it is required to do so. Accordingly, the actual per-share redemption price could
be less than $10.05 due to claims of creditors. Additionally, if we are forced to file a bankruptcy case or an involuntary bankruptcy
case is filed against us which is not dismissed, the proceeds held in the trust account could be subject to applicable bankruptcy law,
and may be included in our bankruptcy estate and subject to the claims of third parties with priority over the claims of our shareholders.
To the extent any bankruptcy claims deplete the trust account, we cannot assure you we will be able to return to our public shareholders
at least $10.05 per share.

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Competition

In identifying, evaluating and selecting a target
business, we may encounter intense competition from other entities having a business objective similar to ours. Many of these entities
are well established and have extensive experience identifying and effecting business combinations directly or through affiliates. Many
of these competitors possess greater technical, human and other resources than us and our financial resources will be relatively limited
when contrasted with those of many of these competitors. While we believe there may be numerous potential target businesses that we could
acquire with the net proceeds of the IPO, our ability to compete in acquiring certain sizable target businesses may be limited by our
available financial resources.

The following also may not be viewed favorably
by certain target businesses:

●
our obligation to seek shareholder approval of a business combination or obtain the necessary financial information to be sent to shareholders in connection with such business combination may delay or prevent the completion of a transaction;

●
our obligation to redeem public shares held by our public shareholders may reduce the resources available to us for a business combination;

●
Nasdaq may require us to file a new listing application and meet its initial listing requirements to maintain the listing of our securities following a business combination;

●
our outstanding rights and the potential future dilution they represent;

●
our obligation to pay the deferred underwriting fees and commissions to the underwriters upon consummation of our initial business combination;

●
our obligation to either repay or issue units upon conversion of up to $500,000 of working capital loans that may be made to us by our initial shareholders, officers, directors or their affiliates;

●
our obligation to register the resale of the insider shares, as well as the private units (and underlying securities) and any securities issued to our initial shareholders, officers, directors or their affiliates upon conversion of working capital loans; and

●
the impact on the target business’ assets as a result of unknown liabilities under the securities laws or otherwise depending on developments involving us prior to the consummation of a business combination.

Any of these factors may place us at a competitive
disadvantage in successfully negotiating a business combination. Our management believes, however, that our status as a public entity
and potential access to the United States public equity markets may give us a competitive advantage over privately held entities
having a similar business objective as ours in acquiring a target business with significant growth potential on favorable terms.

If we succeed in effecting a business combination,
there will be, in all likelihood, intense competition from competitors of the target business. We cannot assure you that, subsequent to
a business combination, we will have the resources or ability to compete effectively.

Facilities

We maintain our principal executive office at
2/F, Hang Seng Building, 200 Hennessy Road, Wanchai, Hong Kong.

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Employees

We have two executive officers. These individuals
are not obligated to devote any specific number of hours to our matters and intend to devote only as much time as they deem necessary
to our affairs. The amount of time they will devote in any time period will vary based on whether a target business has been selected
for the business combination and the stage of the business combination process the company is in. Accordingly, once management locates
a suitable target business to acquire, they will spend more time investigating such target business and negotiating and processing the
business combination (and consequently spend more time to our affairs) than they would prior to locating a suitable target business. We
presently expect our executive officers to devote such amount of time as they reasonably believe is necessary to our business (which could
range from only a few hours a week while we are trying to locate a potential target business to a majority of their time as we move
into serious negotiations with a target business for a business combination). We do not intend to have any full-time employees prior
to the consummation of a business combination.

Periodic Reporting and Audited Financial Statements

We will register our units, ordinary shares and
rights under the Exchange Act and have reporting obligations, including the requirement that we file annual, quarterly and current
reports with the SEC. In accordance with the requirements of the Exchange Act, our annual report will contain financial statements
audited and reported on by our independent registered public accountants.

We will provide shareholders with audited financial
statements of the prospective target business as part of any proxy solicitation sent to shareholders to assist them in assessing the
target business. In all likelihood, the financial information included in the proxy solicitation materials will need to be prepared in
accordance with U.S. GAAP or IFRS, depending on the circumstances, and the historical financial statements may be required to be
audited in accordance with the standards of the PCAOB. The financial statements may also be required to be prepared in accordance
with U.S. GAAP for the Form 8-K announcing the closing of an initial business combination, which would need to be filed
within four business days thereafter. We cannot assure you that any particular target business identified by us as a potential acquisition
candidate will have the necessary financial information. To the extent that this requirement cannot be met, we may not be able to acquire
the proposed target business.

We will be required to comply with the internal
control requirements of the Sarbanes-Oxley Act beginning for the fiscal year ending December 31, 2025. A target company may
not be in compliance with the provisions of the Sarbanes-Oxley Act regarding adequacy of their internal controls. The development
of the internal controls of any such entity to achieve compliance with the Sarbanes-Oxley Act may increase the time and costs necessary
to complete any such acquisition.

We are an emerging growth company as defined in
in Section 2(a) of the Securities Act, as modified by the JOBS Act. As such, we are eligible to take advantage of certain exemptions
from various reporting requirements that are applicable to other public companies that are not “emerging growth companies”
including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements
of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports
and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder
approval of any golden parachute payments not previously approved. If some investors find our securities less attractive as a result,
there may be a less active trading market for our securities and the prices of our securities may be more volatile. We will remain such
for up to five years. However, if we issue our non-convertible debt within a three-year period or our total revenues exceed
$1.235 billion or the market value of our ordinary shares that are held by non-affiliates exceeds $700 million on the last day
of the second fiscal quarter of any given fiscal year, we would cease to be an emerging growth company as of the following fiscal year.
As an emerging growth company, we have elected, under Section 107(b) of the JOBS Act, to take advantage of the extended transition
period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards.

Legal Proceedings

There is no material litigation, arbitration or
governmental proceeding currently pending against us or any of our officers or directors in their capacity as such, and we and our officers
and directors have not been subject to any such proceeding in the 12 months preceding the date of this report.

15

Enforceability of Civil Liabilities

There are enforcement risks related to civil liabilities
due to our sponsor having ties to Hong Kong. Moreover, three of our five officers and directors are based in China, or have ties to the
PRC and/or Hong Kong, namely Yangyujia An, our Chief Financial Officer and Director, and two of our independent directors, Zhengming Feng
and Donghui Xu. Because of such ties of our sponsor, officers and directors to the PRC and/or Hong Kong, we may be governed by PRC laws
and regulations. In addition, we may seek to acquire a company that is based in mainland China or Hong Kong in an initial business combination,
in which circumstance the uncertainties in the interpretation and enforcement of PRC laws, rules and regulations would apply to us regardless
of whether we have a VIE structure or direct ownership structure post-business combination.

There is uncertainty as to whether the courts
of the mainland China or Hong Kong would recognize or enforce judgments of U.S. courts against the officers and directors predicated upon
the civil liability provisions of the securities laws of the United States or any state. China does not have any treaties or other forms
of written arrangement with the United States that provide for the reciprocal recognition and enforcement of foreign judgments. In Hong
Kong, judgment of United States courts against us or against our directors or executive officers residing in Hong Kong, including those
based on the civil liability provisions of the U.S. federal securities laws, will not be directly enforceable in Hong Kong. There are
currently no treaties or other arrangements providing for reciprocal enforcement of foreign judgments between Hong Kong and the United
States.

Furthermore, there would be additional costs and
issues with bringing an original action in foreign courts against the combined company or the officers and directors to enforce liabilities
based upon the U.S. Federal securities laws, and they still may be fruitless.

As a result of all of the above, public shareholders
may find it more difficult to enforce liabilities and enforce judgments on individual directors and executive officers, and may have more
difficulty in protecting their interests in the face of actions taken by management, members of the board of directors or controlling
shareholders than they would as public shareholders of a U.S. company.