Note 7 – Non-marketable equity investment

On August 10, 2026, XMax Inc. entered into a Securities Purchase Agreement with Cobalt Pacific Holdings Ltd. (the “Seller”) and Aerora Technology Co., Ltd., pursuant to which the Company purchased 561,426 Ordinary Shares, par value US$0.0001 per share, of Aerora Technology Co., Ltd., a Cayman Islands exempted company (“Aerora”), from the Seller, for an aggregate purchase price of US$12,003,288 (approximately US$21.38 per Share).