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FORM20-F OR Securities registered or to be registered pursuant to Section12(b) of the Act: Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the periodcovered by the annual report:12,550,000ordinary shares issued and outstanding as of December 31, 2024. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the SecuritiesAct. ☐Yes☒No If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant toSection13 or15(d) of the Securities Exchange Act of1934. ☐Yes☒No Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or15(d) of the SecuritiesExchange Act of 1934 during the preceding 12months (orfor such shorter period that the registrant was required to file such reports),and (2)has been subject to such filing requirements for the past 90days. ☒Yes☐No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, everyInteractive Data File required to be submitted and posted pursuant to Rule405 of RegulationS-T (§232.405 of this chapter) during thepreceding 12months (orfor such shorter period that the registrant was required to submit and post suchfiles). ☒Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerginggrowth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of theExchange Act. If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if theregistrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards†provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registeredpublic accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in thisfiling: U.S.GAAP☐International Financial Reporting Standardsas issuedby the International Accounting Standards Board☒ If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registranthas elected tofollow. ☐Item17☐Item18 If this is an annual report, indicate by check mark whether the registrant is a shell company (asdefined in Rule12b-2 of the SecuritiesExchange Act of1934). ☐Yes☒No (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVEYEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections12, 13 or15(d) ofthe Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by acourt. Table of Contents PagePART II 1.I D , S M A 1I 2.O S E T 1I 3.K I 1I 4.I C 20I 4A.U S C 38I 5.O F R P 39I 6.D , S M E 61I 7.M S R P T 68I 8.F I 69I 9.T O L 71I 10.A I 71I 11.Q Q D A M R 81I 12.D S O E S 84 I 13.D , D A D 85I 14.M M R S H U P 85I 15.C P 85I 16[R ]86I 16A.A C F E 86I 16B.C E 86I 16C.P A F S 87I 16D.E L S A C 87I 16E.P E S I A P 87I 16F.C R ’ C A 87I 16G.C G 88I 16H.M S D 88I 16I.D R F J P I .88I 16J.I T P 88I 16K.C 88 PART IIII 17.F S 89I