1.

DOCUMENTS REVIEWED

1.1

the Registration Statement;

1.2

the Plan.

1.3

the third amended and restated memorandum and articles of association of the Company adopted on 7 January 2008 and became effective on 1 February 2008 (as amended on 12 September 2019) and the fourth amended and restated memorandum and articles of association of the Company adopted on  18 December 2020;

1.4

a copy of the written resolutions of all the directors of the Company passed on 26 October 2018 (the “Directors Resolutions”) and minutes of the annual general meeting of the members of the Company held on 17 December 2018 (together with the Directors Resolutions, the “Resolutions”);

1.5

a certificate of good standing of the Company dated 26 April 2022 (the “Certificate Date”); and

1.6

such other documents and made such enquiries as to questions of law as we have deemed necessary in order to render the opinion set forth below.

2.

ASSUMPTIONS

2.1

the genuineness and authenticity of all signatures and the conformity to the originals of all copies of documents (whether or not certified) examined by us and the authenticity and completeness of the originals from which such copies were taken;

2.2

the accuracy and completeness of all factual representations made in the Registration Statement, the Plan and other documents reviewed by us;

2.3

that the Resolutions were passed at one or more duly convened, constituted and quorate meetings, or by unanimous written resolutions, remain in full force and effect and have not been rescinded or amended;

2.4

the directors of the Company have acted for a proper purpose in approving the Directors Resolutions;

2.5

that there is no provision of the law of any jurisdiction, other than the Cayman Islands, which would have any implication in relation to the opinions expressed herein;

2.6

that upon issue of any shares to be sold by the Company the Company will receive consideration for the full issue price thereof which shall be equal to at least the par value thereof;

2.7

the validity and binding effect under the laws of the United States of America of the Registration Statement and that the Registration Statement will be duly filed with the Commission;

2.8

that on the date of issuance of any of the Common Shares, the Company will have sufficient authorised but unissued Common Shares;

2.9

the number of Common Shares which may be delivered pursuant to the options and awards granted under the Plan are or were within the limit provided under the Plan; and

2.10

that on the date of issuance of any options and/or awards under the Plan, the Company will be able to pay its liabilities as they become due.

3.

QUALIFICATIONS

3.1

We express no opinion with respect to the issuance of Common Shares pursuant to any provision of the Plan that purports to obligate the Company to issue Common Shares following the commencement of a winding up or liquidation.

3.2

We have made no investigation of and express no opinion in relation to the laws of any jurisdiction other than the Cayman Islands.  This opinion is to be governed by and construed in accordance with the laws of the Cayman Islands and is limited to and is given on the basis of the current law and practice in the Cayman Islands.  This opinion is issued solely for the purposes of the filing of the Registration Statement and the issuance of the Common Shares by the Company and is not to be relied upon in respect of any other matter.

4.

opinion

4.1

The Company is duly incorporated and existing under the laws of the Cayman Islands and, based on the Certificate of Good Standing, is in good standing as at the Certificate Date.  Pursuant to the Companies Act (the “Act”), a company is deemed to be in good standing if all fees and penalties under the Act have been paid and the Registrar of Companies has no knowledge that the Company is in default under the Act.

4.2

The Common Shares, when issued and paid for in accordance with the Plan, will be validly issued, fully paid and non-assessable (which term means when used herein that no further sums are required to be paid by the holders thereof in connection with the issue or holding of such shares).