NVFY · XMAX, Inc.

This filing discloses a two-tiered capital deployment: first, Nova LifeStyle’s indirect subsidiary Xmax Beta Holdings Ltd. substantially consolidated control over Preamble X Capital I through a $5.45 million subscription that raised its stake above 99.9%; second, that fund deployed $5.35 million to acquire a 3.680% interest in another private fund targeting SpaceX equity — a high-profile, non-public technology asset. The zero percent management fee and carried interest reflect a highly favorable economic arrangement for Xmax Beta, suggesting alignment with the fund’s manager and minimal ongoing cost exposure. Strategically, the move signals a deliberate pivot toward direct exposure to late-stage private tech, specifically through SpaceX — a company with significant growth potential but no public market liquidity or financial transparency. Because the investment flows through multiple layered entities (Cayman subsidiary → Delaware series LLC → private fund → SpaceX shares), investors face opacity on valuation, governance rights, exit mechanisms, and risk allocation. The absence of disclosures regarding SpaceX share transfer restrictions, lock-up terms, or fund-level liquidity provisions heightens execution and concentration risk. While the transaction does not involve Nova LifeStyle’s core furniture business, it materially alters the company’s asset composition and risk profile by embedding significant exposure to a single, unlisted, capital-intensive aerospace venture — with no stated hedging, diversification, or risk-mitigation safeguards in the disclosed documents.