Form 10-Q Mu Yan Technology Group For: Jan 31

Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.

U.S.
SECURITIES AND EXCHANGE COMMISSION

Washington,
D.C. 20549

Form
10-Q

Mark
One

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For
the quarterly period ended January 31, 2021

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For
the transition period from ______ to _______

Commission
File No. 333-198808

MU
YAN TECHNOLOGY GROUP CO., LIMITED

(Formerly,
Lepota Inc.)

(Exact
name of registrant as specified in its charter)

Nevada		EIN 47-1549749
(State or Other Jurisdiction of		(IRS Employer
Incorporation or Organization)		Identification Number)

Room
1703B, Zhongzhou Building,

No.
3088, Jintian Road, Futian District

Shenzhen
City, Guangdong Province

People’s
Republic of China 518000

(Address
of principal executive offices)

+86
0755 8325-7679

(Registrant’s
telephone number, including area code)

Securities
registered pursuant to Section 12(b) of the Act: None

Indicate
by check mark whether the registrant has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.

Yes
[X] No [ ]

Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant
to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit such files). Yes [X] No [ ]

Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

	Large accelerated filer [ ]		Accelerated filer [ ]
	Non-accelerated filer [X]		Smaller reporting company [X]
			Emerging growth company [X]

If
an emerging growth company, indicate by check mark if the registrant 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act)

Yes [ ] No [X]

As
of January 31, 2021, the registrant had 307,430,000 shares of common stock issued and outstanding.

PART
I

Item
1. Financial statements.

CONDENSED
CONSOLIDATED BALANCE SHEETS

(In
U.S. Dollars, except share data or otherwise stated)

AS
OF THE PERIOD ENDED JANUARY 31, 2021 AND THE YEAR ENDED JULY 31, 2020

	Six Months Ended			Fiscal Year Ended
	January 31, 2021			July 31, 2020
	(Unaudited)			(Audited)
Assets
Current assets
Cash and cash equivalents	$	515,925		$	864,860
Down payment to suppliers	$	35,566		$	179,426
Amount due from related parties	$	604,244		$	1,073,761
Other receivables	$	2,088,153		$	93,067
Accounts receivable		3,863			–
Inventory, net	$	194,766		$	1,212,381
Held for sale assets	$	2,240,142		$	2,075,326
Total current assets	$	5,682,659		$	5,498,821

Non-current assets
Property, plant and equipment, net	$	351,402		$	204,103
Operating lease right-of-use assets	$	419,584		$	515,589
Total non-current assets	$	770,986		$	719,692

Total assets	$	6,453,645		$	6,218,513

Liabilities and Stockholders’ Equity

Current liabilities
Accounts payable	$	476,041		$	307,415
Advance from customers	$	–		$	1,539,343
Other payables	$	145,183		$	229,195
Income tax payable	$	603,134		$	440,323
Current operating lease liabilities	$	291,606		$	257,810
Amount due to related parties	$	–		$	64,645
Total current liabilities	$	1,515,964		$	2,838,731

Non-current liabilities
Lease liabilities, non-current	$	127,978		$	257,779
Total non-current liabilities	$	127,978		$	257,779

Total liabilities	$	1,643,942		$	3,096,510

Stockholders’ deficit
Common stock ($0.001 par value, 500,000,000 shares authorized, 307,430,000 shares issued and outstanding at January 31, 2021 and July 31, 2020, respectively)⁽¹⁾	$	307,430		$	307,430
Additional paid-in capital⁽¹⁾	$	(263,298	)	$	(263,298	)
Retained profits (accumulated deficit)	$	4,457,385		$	3,058,049
Foreign currency translation reserve	$	308,186		$	19,822
Total stockholders’ equity (deficit)	$	4,809,703		$	3,122,003
Total liabilities and stockholders’ deficit	$	6,453,645		$	6,218,513

⁽¹⁾Par value of shares, additional paid-in capital and share data have been retroactively restated to give effect to the share
exchange effected on August 12, 2020. See Note 1. “Description of the Business and Organization.”

See
accompanying notes to the condensed consolidated financial statements.

MU
YAN TECHNOLOGY GROUP CO., LIMITED (fka “LEPOTA INC.”)

AND
ITS SUBSIDIARIES

CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

(In
U.S. Dollars, except share data or otherwise stated)

FOR
THE THREE AND SIX MONTHS ENDED JANUARY 31, 2021

AND

JANUARY
31, 2020

(Unaudited)

	Three months ended January 31,						Six months ended January 31,
	2021			2020			2021			2020

Revenues	$	1,607,713		$	3,089,571		$	6,158,967		$	3,089,571
Cost of revenues	$	(636,865	)	$	(1,196,521	)	$	(2,592,799	)	$	(1,196,521	)
Additional tax	$	(11,947	)	$	(9,068	)	$	(51,474	)	$	(9,068	)
Gross profit	$	958,901		$	1,883,982		$	3,514,694		$	1,883,982
Operating expenses
Selling and marketing expenses	$	(474,317	)	$	(292,380	)	$	(615,322	)	$	(292,380	)
General and administrative expenses	$	(488,901	)	$	(328,034	)	$	(815,133	)	$	(353,155	)
Research and development expenses	$	(83,694	)	$	(27,676	)	$	(170,476	)	$	(27,676	)
Total operating expenses	$	(1,046,912	)	$	(648,090	)	$	(1,600,931	)	$	(673,211	)

Other income, net	$	5,516		$	33,757		$	5,562		$	33,757

Profit before tax	$	(82,495	)	$	1,269,649		$	1,919,325		$	1,244,528

Income tax	$	(13,172	)	$	(224,738	)	$	(519,989	)	$	(224,738	)

Net profit (loss)	$	(95,667	)	$	1,044,911		$	1,399,336		$	1,019,790

Foreign currency translation differences	$	150,146		$	22,174		$	288,364		$	22,174

Total comprehensive profit	$	54,480		$	1,067,085		$	1,687,700		$	1,041,964

Earnings per share – basic and diluted⁽¹⁾	$	(0.00	)	$	0.00		$	0.00		$	0.00

Weighted average number of shares – basic and diluted⁽¹⁾		307,430,000			307,430,000			307,430,000			307,430,000

⁽¹⁾Share and per share data have been retroactively restated to give effect to the share exchange effected on August 12, 2020.
See Note 1. “Description of the Business and Organization.”

See
accompanying notes to the condensed consolidated financial statements.

MU
YAN TECHNOLOGY GROUP CO., LIMITED (fka “LEPOTA INC.”)

AND
ITS SUBSIDIARIES

CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT)

(In
U.S. Dollars, except share data or otherwise stated)

FOR
THE SIX MONTHS ENDED JANUARY 31, 2021 AND THE YEAR ENDED JULY 31, 2020

(Unaudited)

	Common Stock				Additional Paid-in			Retained			Foreign Currency		Total
	Shares		Amount		Capital			Earnings			Reserves		Equity
Balance at July 31, 2019		307,430,000	$	307,430	$	(278,130	)	$	(36,650	)	$	–	$	(7,350	)
Foreign currency translation		–	$	–	$	–		$	–		$	22,174	$	22,174
Net profit		–	$	–	$	–		$	1,019,789		$	–	$	1,019,789
Balance at January 31, 2020		307,430,000	$	307,430	$	(278,130	)	$	983,139		$	22,174	$	1,034,613

Balance at July 31, 2020		307,430,000	$	307,430	$	(263,298	)	$	3,058,049		$	19,822	$	3,122,003
Foreign currency translation		–	$	–	$	–		$	–		$	288,364	$	288,364
Net profit		–	$	–	$	–		$	1,399,336		$	–	$	1,399,336
Balance at January 31, 2021		307,430,000	$	307,430	$	(263,298	)	$	4,457,385		$	308,186	$	4,809,703

See
accompanying notes to the condensed consolidated financial statements.

MU
YAN TECHNOLOGY GROUP CO., LIMITED (fka “LEPOTA INC.”)

AND
ITS SUBSIDIARIES

CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS

(In
U.S. Dollars, except share data or otherwise stated)

FOR
THE SIX MONTHS ENDED JANUARY 31, 2021

AND

THE
SIX MONTHS ENDED JANUARY 31, 2020

(Unaudited)

	January 31, 2021			January 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	1,399,336		$	1,019,789
Adjustments for:	$			$
Depreciation	$	30,494		$	783
Operating profit before working capital changes:	$	1,429,830		$	1,020,572
(Increase) decrease in:
Accounts receivable	$	(3,753	)	$	–
Tax Payable	$	118,759		$	2,709
Other receivables	$	(1,985,648	)	$	(269,666	)
Inventories	$	1,082,060		$	(304,268	)
Accrued expense and other payables	$	(107,861	)	$	104,797
Accounts payable	$	140,090		$	333,186
Down payment to suppliers	$	153,590		$	(242,051	)
Advance from customers	$	(1,581,657	)	$	491,326
Amount due from related parties	$	540,435		$	–
Net cash used in operating activities	$	(214,155	)	$	1,136,604
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment	$	(157,836	)	$	(226,649	)
Net cash used in investing activities	$	(157,836	)	$	(226,649	)
CASH FLOWS FROM FINANCING ACTIVITIES
Sale of common shares	$	–		$	5,600
Net cash provided by financing activities	$	–		$	5,600
Effect of exchange rate changes on cash and cash equivalents	$	23,056		$	2,484
Net decrease in cash and cash equivalents	$	(348,935	)	$	918,039
Cash and cash equivalents at beginning of period	$	864,860		$	2,334
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	515,925		$	920,373
SUPPLEMENTAL CASH FLOW INFORMATION
Income tax paid	$	449,116		$	222,029
Right-of-use assets obtained in exchange for operating lease liabilities	$	419,584		$	–

See
accompanying notes to the condensed consolidated financial statements.

MU
YAN TECHNOLOGY GROUP CO., LIMITED (fka “LEPOTA INC.”)

AND
ITS SUBSIDIARIES

NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR
THE SIX MONTHS ENDED JANUARY 31, 2021 AND THE SIX MONTHS ENDED JANUARY 31, 2020

(UNAUDITED)

NOTE
1. DESCRIPTION OF THE BUSINESS AND ORGANIZATION

Mu
Yan Technology Group Co., Limited, formerly Lepota Inc. (“MYTG” or the “Company”), is a US holding company
incorporated in Nevada on December 9, 2013. Our primary business originally was in the import of cosmetics into the Russian Federation
and distribution of the products through shops and drugstores. However, since August 12, 2020, we have been engaged in the mobile
advertisement backpack business. The Company’s current address is Room 1703B, Zhongzhou
Building, No. 3088, Jintian Road, Futian District, Shenzhen City, Guangdong Province,
People’s Republic of China 518000.

On
February 18, 2020, as a result of a private transaction, 5,000,000 shares of our common stock (the “Shares”) were
transferred from Rene Lawrence to certain purchasers, including Zhao Lixin who became a 53.8% holder of the voting rights of the
Company at the time. The consideration paid for the Shares, which represented 67.3% of the issued and outstanding share capital
of the Company on a fully-diluted basis, was $257,160. The source of the cash consideration for the Shares was personal funds
of the Purchasers.

On
April 14, 2020, the Company filed a Certificate of Amendment with the Secretary of State of the State of Nevada to amend the Articles
of Incorporation of the Company by increasing the authorized common stock of the Company from 75,000,000 shares to 500,000,000
shares.

Mu
Yan Technology Holding Co., Ltd (“Mu Yan Samoa”) was incorporated in the Independent State of Samoa on April 2, 2020.
Mu Yan Samoa, together with its subsidiaries, is engaged in the mobile advertisement backpack business.

Mu
Yan (Hong Kong) Technology Co., Limited, (“Mu Yan HK”), a wholly-owned subsidiary of Mu Yan Samoa, was incorporated
in Hong Kong on January 10, 2020. On June 1, 2020, Mu Yan Samoa entered into an equity transfer agreement with the shareholder
of Mu Yan HK, under which Mu Yan Samoa agreed to pay total consideration of HKD 1,000 (approximately $128.21) in cash in exchange
for a 100% ownership interest in Mu Yan HK.

Mu
Yan (Shenzhen) Media Technology Co., Ltd. (“Mu Yan WFOE”), a wholly-owned subsidiary of Mu Yan HK, was incorporated
in the PRC on June 10, 2020.

Mu
Yan (Shenzhen) Digital Technology Co., Ltd. (“Mu Yan Shenzhen”) was incorporated in the PRC on September 30, 2019
and became a wholly-owned subsidiary of Mu Yan WFOE on July 1, 2020. Mu Yan Shenzhen sells its mobile advertisement backpacks
to consumers in the PRC and worldwide and operates primarily out of the PRC. Mu Yan Shenzhen was controlled by the same owner
immediately prior to its acquisition by Mu Yan HK. As these transactions are between entities under common control, the Company
has reported the results of operations for the periods in a manner similar to a pooling of interests and has consolidated financial
results since the initial date in which the above companies were under common control. Assets and liabilities were combined on
their carrying values and no recognition of goodwill was made.

On
August 12, 2020, the Company entered into a Share Exchange Agreement (the “Exchange Agreement”), with Mu Yan Samoa
and shareholders who together own shares constituting 100% of the issued and outstanding shares of Mu Yan Samoa and who are listed
in Annex I to the Exchange Agreement (the “Sellers”). Pursuant to the terms of the Exchange Agreement, the Sellers
transferred to the Company all of their shares of Mu Yan Samoa in exchange for the issuance of 300,000,000 shares (the “Shares”)
of the Company’s common stock (representing approximately 98% of the Company’s outstanding common stock upon issuance)
(the “Acquisition”). The Acquisition is accounted for as a reverse merger because on a post-merger basis, the former
shareholders of Mu Yan Samoa held a majority of our outstanding ordinary shares on a voting and fully diluted basis.

NOTE
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis
of Presentation

The
accompanying condensed consolidated financial statements include the balances and results of operations of the Company. The condensed
consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange
Commission (“SEC”) and in conformity with generally accepted accounting principles in the U.S. (“US GAAP”).

The
accompanying condensed consolidated financial statements are presented on the basis that the Company is a going concern. The going
concern assumption contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

Basis
of Consolidation

The
condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. Subsidiaries
are all entities over which the Company has control. Control exists when the Company has the power over the entity, exposure or
rights to variable returns from involvement in the entity and the ability to use power over the entity to affect returns through
its power over the entity. In assessing control, potential voting rights that presently are exercisable are taken into account.
The financial statements of subsidiaries are included in the condensed consolidated financial statements from the date that control
commences until the date that control ceases.

Economic
and Political Risks

The
Company’s operations are conducted in the PRC. Accordingly, the Company’s business, financial condition and results
of operations may be influenced by the political, economic, and legal environment in the PRC and by the general state of
the PRC economy.

The
Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with
companies in North America and Western Europe. These include risks associated with, among others, the political, economic and
legal environment and foreign currency exchange. The Company’s results may be adversely affected by changes in the political
and social conditions in the PRC and by changes in governmental policies with respect to laws and regulations, anti-inflationary
measures, currency conversion, remittances abroad and rates and methods of taxation.

Foreign
Currency Translation

The
Company’s reporting currency is the U.S. dollar and the functional currency is the Chinese Renminbi (“RMB”).
All assets and liabilities are translated at exchange rates at the balance sheet date, revenue and expenses are translated at
the average yearly exchange rates and equity is translated at historical exchange rates. Any translation adjustments resulting
are not included in determining net income but are included in foreign exchange adjustment to other comprehensive income, a component
of equity.

Transactions
in currencies other than the functional currencies during the period are converted into the applicable functional currencies at
the applicable rates of exchange prevailing at the dates of the transactions. Exchange gains and losses are recognized in the
statements of operations. The exchange rates utilized are as follows:

	As of and for the six months ended January 31, 2021		As of and for the six months ended January 31, 2020
Period-end CNY¥ : US$1 exchange rate		6.47		6.88
Period-average CNY¥ : US$1 exchange rate		6.66		7.02

No
representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rates used in translation.

Use
of Estimates

The
preparation of condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent liabilities at the balance
sheet date and revenue and expenses in the condensed consolidated financial statements and accompanying notes. Significant accounting
estimates reflected in the Company’s financial statements include the valuation allowance for deferred tax assets, economic
lives and impairment of property, plant and equipment, allowance for doubtful accounts, etc. Actual results could differ from
those estimates and such differences could affect the results of operations reported in future periods.

Fair
Value Measurement

Accounting
Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures,” which defines fair value,
establishes a framework for measuring fair value and expands disclosures about fair value measurements. The statement clarifies
that the exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability
in the market in which the reporting entity would transact for the asset or liability, that is, the principal or most advantageous
market for the asset or liability. It also emphasizes that fair value is a market-based measurement, not an entity-specific measurement,
and that market participant assumptions include assumptions about risk and effect of a restriction on the sale or use of an asset.

This
ASC establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy
gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements)
and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described
below:

Level
1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or
liabilities;

Level
2: Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially
the full term of the asset or liability; and

Level
3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable
(supported by little or no market activity).

At
January 31, 2021, the Company has no financial assets or financial liabilities subject to recurring fair value measurements.
The Company’s financial instruments include cash, accounts receivable, advances to suppliers, other receivables, held
for sale assets, accounts payable, other payables, taxes payable and related party receivables or payables. Management estimates
that the carrying amounts of financial instruments approximate their fair values due to their short-term nature. The fair value
of amounts with related parties is not practicable to estimate due to the related party nature of the underlying transactions.

Cash
and Cash Equivalents

The
Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents.
All cash and cash equivalents relate to cash on hand and cash at the bank as of January 31, 2021 and July 31, 2020.

The
RMB is not freely convertible into foreign currencies. Under the PRC Foreign Exchange Control Regulations and Administration of
Settlement, Sales and Payment of Foreign Exchange Regulations, the Company is permitted to exchange RMB for foreign currencies
through banks that are authorized to conduct foreign exchange business.

Accounts
Receivable

Financial
instruments that potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable. The
Company extends credit to its customers in the normal course of business and generally does not require collateral. The Company’s
credit terms are dependent upon the segment, and the customer. The Company assesses the probability of collection from each customer
at the outset of the arrangement based on a number of factors, including the customer’s payment history and its current
creditworthiness. If in management’s judgment collection is not probable, the Company does not record revenue until
the uncertainty is removed.

Management
performs ongoing credit evaluations, and the Company maintains an allowance for potential credit losses based upon its loss history
and its aging analysis. The allowance for doubtful accounts is the Company’s best estimate of the amount of credit losses
in existing accounts receivable. Management reviews the allowance for doubtful accounts each reporting period based on a detailed
analysis of trade receivables. In the analysis, management primarily considers the age of the customer’s receivable, and
also considers the creditworthiness of the customer, the economic conditions of the customer’s industry, general economic
conditions and trends, and the business relationship and history with its customers, among other factors. If any of these factors
change, the Company may also change its original estimates, which could impact the level of the Company’s future allowance
for doubtful accounts. If judgments regarding the collectability of receivables were incorrect, adjustments to the allowance may
be required, which would reduce profitability.

Accounts
receivable are recognized and carried at the original invoice amount less an allowance for any uncollectible amounts. An estimate
for doubtful accounts receivable is made when collection of the full amount is no longer probable. Bad debts are written off as
incurred. No allowance for doubtful accounts was made as of January 31, 2021 and July 31, 2020.

Inventories

Inventories
consist of raw materials and finished goods and are stated at the lower of cost, determined on a weighted average basis, or net
realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated cost
of completion and the estimated costs necessary to make the sale. When inventories are sold, their carrying amount is charged
to expense in the period in which the revenue is recognized. Write-downs for declines in net realizable value or for losses of
inventories are recognized as an expense in the period the impairment or loss occurs. The Company made no allowance for obsolete
finished goods for the six months ended January 31, 2021 and the year ended July 31, 2020.

Held
for sale assets

Held
for sale assets are stated at the lower of their cost or fair
value less cost to sell. A gain is recognized for any subsequent increase in fair value less cost to sell, but recognized
gains may not exceed the cumulative losses previously recognized.

Property,
plant and equipment

Property,
plant and equipment are carried at cost less accumulated depreciation. Depreciation is provided over the assets’ estimated
useful lives, using the straight-line method. Estimated useful lives of the property, plant and equipment are as follows:

Motor vehicles			4 years
Office equipment			3 years

The
cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or
loss is included in the statement of income. The cost of maintenance and repairs is charged to the statement of income as incurred,
whereas significant renewals and betterments are capitalized.

Impairment
of long-lived assets

The
Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount
of an asset may no longer be recoverable. Whenever there is an indication showing a permanent decrease in the amount of property,
plant and equipment, such as an evidence of obsolescence or physical damage of an asset or significant changes in the manner in
which an asset is used or is expected to be used, the Company shall recognize loss on decrease in value of property, plant and
equipment in the statement of income where the carrying amount of the asset is higher than the recoverable amount. The Company
measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected
to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less
than the carrying amount of the assets, the Company would recognize an impairment loss based on the fair value of the assets.
The Company did not record any impairment losses on long-lived assets during the six months ended January 31, 2021 and the year
ended July 31, 2020.

Operating
leases

The
Company determines if an arrangement contains a lease at inception. The Company elected the practical expedient, for all asset
classes, to account for each lease component of a contract and its associated non-lease components as a single lease component,
rather than allocating a standalone value to each component of a lease. For purposes of calculating operating lease obligations
under the standard, the Company’s lease terms may include options to extend or terminate the lease when it is reasonably
certain that the Company will exercise such option. The Company’s leases do not contain material residual value guarantees
or material restrictive covenants. Operating lease expense is recognized on a straight-line basis over the lease terms. The discount
rate used to measure a lease obligation is usually the rate implicit in the lease; however, the Company’s operating leases
generally do not provide an implicit rate. Accordingly, the Company uses its incremental borrowing rate at lease commencement
to determine the present value of lease payments. The incremental borrowing rate is an entity-specific rate that represents the
rate of interest a lessee would pay to borrow on a collateralized basis over a similar term with similar payments.

Revenue
recognition

Recognition
of revenue

Revenue
is generated through the sale of goods and rendering services. Revenue is recognized when a customer obtains control of promised
goods or services and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange
for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing and uncertainty of revenue
and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the
Company expects to receive in exchange for those goods and services. The Company applies the following five-step model in order
to determine this amount:

(i)

identification of
the promised goods and services in the contract;

	(ii)	determination of whether the promised goods and services are performance obligations, including whether they are distinct in the context of the contract;

	(iii)	measurement of the transaction price, including the constraint on variable consideration;

	(iv)	allocation of the transaction price to the performance obligations; and

	(v)	recognition of revenue when (or as) the Company satisfies each performance obligation.

The
Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is
entitled to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the
scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company
must deliver and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction
price that is allocated to the respective performance obligations when the performance obligation is satisfied or as it is satisfied.
Generally, the Company’s performance obligations are transferred to customers at a point in time, typically upon delivery.

Contract
liabilities

A
contract liability is the obligation to transfer goods to a customer for which the Company has received consideration (or an amount
of consideration is due) from the customer. If a customer pays consideration before the Company transfers goods or services to
the customer, a contract liability is recognized when the payment is made or the payment is due (whichever is earlier). The Company’s
contract liabilities comprise advances from customers, which are recognized as revenue when the Company performs under the contract.
The balances of advances from customers as of January 31, 2021 and July 31, 2020 are $nil and $1,539,343 respectively.

For
all reporting periods, the Company has not disclosed the value of unsatisfied performance obligations for all service revenue
contracts with an original expected length of one year or less, which is an optional exemption that is permitted under the adopted
rules.

Other
income and other expenses

Other
income and other expenses are recognized on an accrual basis in accordance with the substance of the relevant agreements.

Research
and development expenses

Research
and development expenses include payroll, employee benefits and other operating expenses associated with research and platform
development. To date, expenditures incurred between when the application has reached the development stage and when it is substantially
complete and ready for its intended use have been inconsequential and, as a result, the Company did not capitalize any qualifying
development costs in the accompanying condensed consolidated financial statements.

Earnings
per share

The
Company reports earnings per share in accordance with ASC 260 “Earnings Per Share,” which requires presentation of
basic and diluted earnings per share in conjunction with the disclosure of the methodology used in computing such earnings per
share. Basic earnings per share excludes dilution and is computed by dividing income available to common stockholders by the weighted
average common shares outstanding during the reporting period. Diluted earnings per share takes into account the potential dilution
that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. Further,
if the number of common shares outstanding increases as a result of a stock dividend or stock split or decreases as a result of
a reverse stock split, the computations of a basic and diluted earnings per share shall be adjusted retrospectively for all periods
presented to reflect that change in capital structure.

The
Company’s basic earnings per share is computed by dividing the net income available to holders by the weighted average number
of the Company’s ordinary shares outstanding. Diluted earnings per share reflects the amount of net income available to
each ordinary share outstanding during the period plus the number of additional shares that would have been outstanding if potentially
dilutive securities had been issued. The Company had no potentially dilutive shares as of January 31, 2021.

Share
capital

Incremental
costs directly attributable to the issue of shares are recognized as a deduction from equity.

Related
party balances and transactions

A
related party is generally defined as:

(i)
any person that holds the Company’s securities, including such person’s immediate family,

(ii)
the Company’s management,

(iii)
someone that directly or indirectly controls, is controlled by or is under common control with the Company, or

(iv)
anyone who can significantly influence the consolidated financial and operating decisions of the Company.

A
transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related
parties.

Income
taxes

The
Company accounts for income taxes using the asset and liability method prescribed by ASC 740 “Income Taxes.” Under
this method, deferred tax assets and liabilities are determined based on the difference between the consolidated financial reporting
and tax bases of assets and liabilities using enacted tax rates that will be in effect in the year in which the differences are
expected to reverse. The Company records a valuation allowance to offset deferred tax assets if based on the weight of available
evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on
deferred taxes of a change in tax rates is recognized as income or loss in the period that includes the enactment date.

The
Company does not have any material unrecognized tax benefits.

The
Company is governed by the Income Tax Laws of the PRC. The PRC federal statutory tax rate is 25%. The Company files income tax
returns with the relevant government authorities in the PRC. The Company does not believe there will be any material changes in
its unrecognized tax positions over the next 12 months.

The
Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income
tax expense. The Company does not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was
any interest expense recognized during the six months ended January 31, 2021 and the six months ended January 31, 2020. The Company’s
effective tax rate differs from the PRC federal statutory rate primarily due to non-deductible expenses, temporary differences
and preferential tax treatment.

Recently
issued and adopted accounting pronouncements

In
February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” The guidance supersedes existing guidance on accounting
for leases with the main difference being that operating leases are to be recorded in the statement of financial position as right-of-use
assets and lease liabilities, initially measured at the present value of the lease payments. For operating leases with a term
of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities.
For public business entities, the guidance is effective for fiscal years beginning after December 15, 2018, including interim
periods within those fiscal years. Early application of the guidance is permitted. In transition, entities are required to recognize
and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The Company leased
an office in Shenzhen, PRC, under an operating lease that terminates in June 2022, hence as of January 31, 2021, the Company adopted
this standard, resulting in the recognition of right-of-use assets of $419,584 and operating lease liabilities of $419,584.

In
June 2016, the FASB issued ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326), Measurement of Credit
Losses on Financial Statements.” This ASU requires a financial asset (or group of financial assets) measured at amortized
cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account
that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected
to be collected on the financial asset. This Accounting Standards Update affects entities holding financial assets and net investment
in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables,
net investments in leases, off balance sheet credit exposures, reinsurance receivables and any other financial assets not excluded
from the scope that have the contractual right to receive cash. For public business entities, the amendments in this Update are
effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. All entities
may adopt the amendments in this Update through a cumulative-effect adjustment to retained earnings as of the beginning of the
first reporting period in which the guidance is effective (that is, a modified-retrospective approach). The Company is in the
process of evaluating the impact of the adoption of this pronouncement on its financial statements.

The
Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will
have a significant impact on the Company’s financial statements.

NOTE
3. OTHER RECEIVABLES

Other
receivables consisted of the following:

	January 31, 2021		July 31, 2020
Rental deposit	$	53,899	$	49,934
Pending input VAT	$	24,246	$	17,378
Prepaid legal service fee	$	36,750	$	–
Amount due from third parties	$	1,924,608	$	–
Others	$	48,650	$	25,755
Total	$	2,088,153	$	93,067

The
Company leases an office and paid an amount equal to two months’ rent as a security deposit.

Between
August 20, 2020 and November 10, 2020, the Company’s bank account was subjected to restricted use by the People’s
Bank of China. The amount due from third parties relates to collections of sales for the said period by third parties on
behalf of the Company. On November 10, 2020, the bank account was no longer subjected to any restrictions and the Company expects
to receive the full amount by end of April 15, 2021.

NOTE
4. INVENTORIES

Inventories
consist of the following:

	January 31, 2021		July 31, 2020
Raw materials	$	96,331	$	520,972
Finished goods	$	98,435	$	691,409
Total inventories	$	194,766	$	1,212,381

There
is no inventory allowance for the six months ended January 31, 2021 and the year ended July 31, 2020.

NOTE
5. HELD FOR SALE ASSETS

Held
for sale assets relate to IT servers acquired during the year
ended July 31, 2020. Management plans to sell these IT servers by the end of April 2021.

NOTE
6. DOWN PAYMENTS TO SUPPLIERS

The
Company has made advances to third-party suppliers. These advances are down payments according to the purchase agreements made
to expedite the delivery and preferential prices for the materials and the parts for the goods that the Company sells.

NOTE
7. PROPERTY, PLANT AND EQUIPMENT

	January 31, 2021			July 31, 2020
Motor vehicles	$	377,126		$	204,654
Office equipment	$	36,757		$	28,252
Less: accumulated depreciation	$	(62,481	)	$	(28,803	)
Total	$	351,402		$	204,103

During
the six months ended January 31, 2021, the Company acquired 1 motor vehicle costing $156,219 and office equipment consisting of
2 notebook computers, costing an aggregate of $2,665 and 7 cell phones, costing an aggregate of $3,596, for a total cost of $162,480.
Depreciation expense for the six months ended January 31, 2021 and the year ended July 31, 2020 was $62,481 and $28,803, respectively.

NOTE
8. INCOME TAXES

Enterprise
income tax (“EIT”)

The
Company was incorporated under the laws of the State of Nevada and is subject to the United States federal income tax. No provision
for income taxes in the United States has been made as the Company had no United States taxable income for the six months ended
January 31, 2021 and the year ended July 31, 2020.

The
Company operates in the PRC and files tax returns in PRC jurisdictions.

The
Company’s subsidiary formed in the Independent State of Samoa is not subject to tax on its income or capital gains. In addition,
upon payment of dividends by the Company to its shareholders, no withholding tax is imposed.

The
Company’s subsidiary formed in Hong Kong is subject to a profits tax rate of 16.5% for income generated and operation in
the special administrative region.

The
Company operates in the PRC and files tax returns in PRC jurisdictions. Income generated and operations in the PRC are subject
to a tax rate of 25%.

The
full realization of the tax benefit associated with a carry forward depends predominantly upon the Company’s ability to
generate taxable income during the carry forward period.

In
assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or
all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation
of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled
reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. A
valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the
Company is able to realize their benefits, or that future deductibility is uncertain.

The
reconciliation of income taxes computed at the PRC federal statutory tax rate applicable in the PRC, to income tax expenses are
as follows:

	For the six months ended January 31, 2021			For the year ended July 31, 2020
PRC statutory tax rate		25	%		25	%
Expenses not deductible		0.3	%		0.0	%
Valuation allowance		1.8	%		0.2	%
Income tax expense		27.1	%		25.2	%

	For the six months ended January 31, 2021			For the year ended July 31, 2020
PRC statutory tax rate		25	%		25	%
Computed expected (expenses)/benefits	$	487,532		$	1,034,709
Expenses not deductible	$	5,429		$	2,833
Valuation allowance	$	27,028		$	6,596
Income tax expense	$	519,989		$	1,044,138

Value
added tax (“VAT”)

Pursuant
to the Provisional Regulations on Value-Added Tax of the PRC and its implementation regulations, unless otherwise stipulated by
relevant laws and regulations, any entity or individual engaged in the sales of goods, provision of processing, repairs and replacement
services and importation of goods into China is generally required to pay a value-added tax, or VAT, for revenues generated from
sales of products, while qualified input VAT paid on taxable purchases can be offset against such output VAT.

According
to the Announcement on Relevant Policies for Deepening Value-added Tax Reform jointly promulgated by the Chinese Ministry of Finance,
the State Administration of Taxation and the General Administration of Customs, which became effective on April 1, 2019, the taxable
goods previously subject to VAT rates of 16% and 10%, respectively, become subject to lower VAT rates of 13% and
9% respectively starting from April 1, 2019. Our sales of goods are subject to VAT rates of 13%.

NOTE
9. RELATED PARTIES TRANSACTIONS

The
Company had the following balances with related parties:

(a)
Amount due from related parties

	Relationship	For the six months ended January 31, 2021		For the year ended July 31, 2020
Hang Zhou Huo Bao Bao AD and Media Co. Ltd.	Common shareholder of Winning Match Int’l Co., Ltd which is one of the shareholders of Mu Yan Samoa	$	139,084	$	214,752
Bang Bi Tuo (Shen Zhen) Technology Co., LTD.	Mr. Zhao Lixin, CEO of this entity	$	463,614	$	859,008
Wang Zhen	He is shareholder	$	1,545	$	–

The
balances with related parties are unsecured, non-interest bearing and repayable on demand.

(b)
Amount due to a related party

				For the six months ended January 31, 2021				For the year ended July 31, 2020
Wang Zhen		He is one of the shareholders		$	–			$	64,645

The
balance with related party is unsecured, non-interest bearing and repayable on demand.

Trade in nature	For the six months ended January 31, 2021		For the year ended July 31, 2020
Purchase products from Hang Zhou Huo Bao Bao AD and Media Co. Ltd.	$	–	$	569,058
Service provided by Hang Zhou Huo Bao Bao AD and Media Co. Ltd.	$	90,073	$	–

Cash advance to related parties
Bang Bi Tuo (Shen Zhen) Technology Co., Ltd.	$	–	$	859,008
Hang Zhou Huo Bao Bao AD and Media Co. Ltd.	$	–	$	214,752
Wang Zhen	$	115,818	$	–

Repayment from related parties
Bang Bi Tuo (Shen Zhen) Technology Co., Ltd.	$	450,363	$	–
Wang Zhen	$	114,273	$	–

Cash advance from related parties
Wang Zhen	$	–	$	797,856

Repayment to related parties
Wang Zhen	$	64,645	$	733,614

NOTE
10. RESERVES

Statutory
reserve

In
accordance with the relevant laws and regulations of the PRC, the company established in the PRC is required to transfer 10% of
its annual profit after taxation prepared in accordance with the accounting regulations of the PRC to the statutory reserve until
the reserve balance reaches 50% of the company’s paid-up capital. Such reserves may be used to offset accumulated losses
or increase the registered capital of the company, subject to the approval from the PRC authorities, and are not available for
dividend distribution to the shareholders. There is no such reserve provided for the six months ended January 31, 2021 and the
year ended July 31, 2020.

Currency
translation reserve

The
currency translation reserve represents translation differences arising from translation of foreign currency financial statements
into the Company’s functional currency.

NOTE
11. LEASES

In
February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” The guidance supersedes existing guidance on accounting
for leases with the main difference being that operating leases are to be recorded in the statement of financial position as right-of-use
assets and lease liabilities, initially measured at the present value of the lease payments. For operating leases with a term
of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities.
For public business entities, the guidance is effective for fiscal years beginning after December 15, 2018, including interim
periods within those fiscal years. Early application of the guidance is permitted. In transition, entities are required to recognize
and measure leases at the beginning of the earliest period presented using a modified retrospective approach. Effective July 1,
2020, the Company adopted this standard resulting in the recognition of right-of-use assets of $419,584 and operating lease
liabilities of $419,584 as of January 31, 2021.

The
adoption of the new lease guidance did not have a material impact on the Company’s results of operations or liquidity, but
resulted in the recognition of operating lease liabilities and operating lease right-of-use assets on its balance sheets. Right-of-use
(“ROU”) assets represent the right to use an underlying asset for the lease term, and lease liabilities represent
the obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement
date based on the estimated present value of lease payments over the lease term. The Company has a lease for the office in Shenzhen,
PRC, under an operating lease expiring in June 2022, which is classified as an operating lease. There are no residual value guarantees
and no restrictions or covenants imposed by the lease. Rent expense for the six months ended January 31, 2021 and the six months
ended January 31, 2020 were $144,306 and $nil, respectively. Cash paid for the operating lease was included in the operating cash
flows.

There
are no residual value guarantees and no restrictions or covenants imposed by the lease. As of January 31, 2021, the Company has
$419,584 of right-of-use assets, $291,606 in current operating lease liabilities and $127,978 in non-current operating lease liabilities.

Significant
assumptions and judgments made as part of the adoption of this new lease standard include determining (i) whether a contract contains
a lease, (ii) whether a contract involves an identified asset, and (iii) which party to the contract directs the use of the asset.
The discount rates used to calculate the present value of lease payments were determined based on hypothetical borrowing rates
available to the Company over terms similar to the lease terms.

The
Company’s future minimum payments under long-term non-cancelable operating leases are as follows:

	January 31,2021
Within 1 year	$	305,319
After 1 year but within 5 years	$	129,501
Total lease payments	$	434,820
Less: imputed interest	$	(15,236	)
Total lease obligations	$	419,584
Less: current obligations	$	(291,606	)
Long-term lease obligations	$	127,978

Other
information:

	For the six months ended
	January 31, 2021			January 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating lease	$	148,820		$	–
Right-of-use assets obtained in exchange for operating lease liabilities	$	419,584		$	–
Remaining lease term for operating lease (years)		1			–
Weighted average discount rate for operating lease		4.75	%		–

NOTE
12. CONSOLIDATED SEGMENT DATA

Segment
information is consistent with how the chief operating decision-maker reviews the businesses, makes investing and
resource allocation decisions, and assesses operating performance. The segment data presented reflects this segment structure.
The Company reports financial and operating information in the following two segments:

	(a)	Mobile advertisement backpack. Including manufacturing and distribution of backpacks;and
	(b)	Advertising services. Providing logistic services;

Selected
information in the segment structure is presented in the following tables:

Revenues
by segment for the three and six months ended January 31, 2021 and 2020 are as follows:

	Three months ended January 31,				Six months ended January 31,
Revenues	2021		2020		2021		2020
Mobile advertisement backpack	$	1,290,676	$	3,089,571	$	5,832,660	$	3,089,571
Advertising services	$	317,037	$	–	$	326,307	$	–
Total of reportable segments and consolidated revenue	$	1,607,713	$	3,089,571	$	6,158,967	$	3,089,571

Income
from operations by segment for the three and six months ended January 31, 2021 and 2020 are as follows:

	Three months ended						Six months ended
	January 31,						January 31,
	2021			2020			2021			2020
Mobile advertisement backpack	$	724,762		$	1,893,050		$	3,310,812		$	1,893,050
Advertising services	$	92,386		$	–		$	101,656		$	–
Total of reportable segments	$	817,148		$	1,893,050		$	3,412,468		$	1,893,050
Reconciliation – Corporate	$	(899,643	)	$	(623,402	)	$	(1,493,143	)	$	(648,522	)
Total consolidated profit(loss) from operations	$	(82,495	)	$	1,269,648		$	1,919,325		$	1,244,528

Total
assets by segment as at January 31, 2021 and July 31, 2020 are as follows:

Total assets	January 31, 2021		July 31, 2020
Mobile advertisement backpack	$	3,310,812	$	4,138,837
Advertising services		165,844		–
Total of reportable segments	$	3,476,655	$	4,138,837
Reconciliation – Corporate		2,976,989		2,079,676
Consolidated total assets	$	6,453,645	$	6,218,513

NOTE
13. SUBSEQUENT EVENTS

No
subsequent events.

Item
2. Management’s discussion and analysis of financial condition and results of operation

The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with our
consolidated financial statements and the related notes included elsewhere in this report. Our consolidated financial statements
have been prepared in accordance with U.S. GAAP. In addition, our consolidated financial statements and the financial data included
in this Quarterly Report reflect our reorganization and have been prepared as if our current corporate structure had been in place
throughout the relevant periods. The following discussion and analysis contain forward-looking statements that involve risks and
uncertainties. Actual results could differ materially from those projected in the forward-looking statements.

Overview

The
Company was originally incorporated in Nevada under the name “Lepota Inc.” on December 9, 2013. It maintains its principal
executive offices at Room 1703B, Zhongzhou Building, No. 3088 Jintian Road, Futian District,
Shenzhen City, Guangdong Province, People’s Republic of China 518000. The Company was formed for the purpose of importing
and distributing cosmetics into the Russian Federation.

The
Company filed a registration statement on Form S-1 with the SEC on September 18, 2014, which was declared effective on May 4,
2016. However, because the Company did not identify
a viable business model or engage in any business prior to the share exchange discussed below, it was a shell company until
August 12, 2020.

On
February 18, 2020, as a result of a private transaction, 5,000,000 shares of the Company’s Common Stock were transferred
from Rene Lawrence, its controlling shareholder, to certain purchasers (the “Purchasers”), with Zhao Lixin, the Company’s
current CEO, becoming a 53.8% holder of the voting rights of the Company, and the Purchasers becoming the controlling shareholders.
As a result of the change of control, Iurii Iurtaev resigned as the Company’s president, chief executive officer, chief
financial officer and director and Rene Lawrence resigned as the Company’s secretary. Zhao Lixin was then named President,
Chief Executive Officer, Chief Financial Officer, Treasurer, Secretary and Chairman of the Board of Directors of the Company.

On
August 12, 2020 (the “Closing Date”), the Company closed on a share exchange (the “ Share Exchange”) with
Mu Yan Technology Holding Co., Limited, a limited liability company incorporated in Samoa (“Mu Yan Samoa”), and the
holders of 100% of the outstanding shares of Mu Yan Samoa’s common stock (the “Mu Yan Shareholders”). As a result,
Mu Yan Samoa is now a wholly owned subsidiary of the Company. Under the Share Exchange Agreement, the Mu Yan Shareholders exchanged
100% of the outstanding shares of Mu Yan Samoa’s common stock for 300,000,000 shares of the Company’s Common Stock.
As a result of the Share Exchange, effective September 22, 2020, the Company’s name was changed to Mu Yan Technology Group
Co., Limited.

For
accounting purposes, the Share Exchange was treated as a recapitalization of the Company with Mu Yan Samoa as the acquirer. When
we refer in this Quarterly Report to business and financial information for periods prior to the consummation of the Share Exchange,
we are referring to the business and financial information of Mu Yan Samoa unless the context suggests otherwise.

As
a result of the closing of the Share Exchange, the Mu Yan Shareholders own approximately 98% of the total outstanding common shares
of the Company and the former shareholders of the Company own approximately 2%. The shares issued to the Mu Yan Shareholders in
connection with the Share Exchange were not registered under the Securities Act in reliance upon the exemption from registration
provided by Section 4(a)(2) of the Securities Act, which exempts transactions by an issuer not involving any public offering.
These securities may not be offered or sold absent registration or an applicable exemption from the registration requirement.

As
a result of the recapitalization described above, management of the Company believes that the Company is no longer a shell company.
The Company’s operations now consist of the operations of Mu Yan Samoa and its subsidiaries.

An
outbreak of respiratory illness caused by a novel coronavirus (“COVID-19”) first emerged in Wuhan city, Hubei province,
China in late 2019 and has continued to expand within the PRC and globally. Since our operating subsidiary, Mu Yan Shenzhen, was
formed in September 2019 and did not commence sales of our products until January 2020, we have no comparable revenue data for
the prior six month period ended January 31, 2020, making it impossible to quantify or accurately assess the impact of
the COVID-19 pandemic on our revenues for the six month period ended January 31, 2021. However, management believes that the pandemic
did negatively impact our results of operations and anticipates that the ongoing pandemic will also have a negative effect on
the Company’s results of operations for the 2021 fiscal year, and possibly longer.

Throughout
the remainder of this Quarterly Report, when we use phrases such as “we,” “our,” “Company”
and “us,” we are referring to the Company and all of its subsidiaries, as a combined entity.

Results
of Operations for the three months ended January 31, 2021 and 2020

The following
summarizes our results of operations for the three months ended January 31, 2021 and 2020. The table and the discussion below
should be read in conjunction with our financial statements and the notes thereto appearing elsewhere in this Quarterly Report.

Revenue

Revenue
generated from selling our mobile advertisement backpack contributed $1,290,676 and $3,089,571 to our total revenue for the three
months ended January 31, 2021 and 2020, respectively. The decrease in revenue generated by mobile advertisement backpack sales
resulted from a suspension of sales during the quarter while the Company worked on upgrading and updating the hardware and the
software utilized in the mobile advertisement backpack. . During the three months ended January 31, 2021, we sold 3,423 backpacks,
whereas during the three months ended January 31, 2020, we sold 5,729. The hardware and software improvements are expected to
be completed in May of 2021

Revenue
generated from advertising services contributed $317,037 and $Nil to our total revenue for the three months ended January 31,
2021 and 2020, respectively. The increase in revenue from advertising services was due to the fact that the Company did not commence
operations in this business segment until December 2020.

Total
revenue for the three months ended January 31, 2021 and 2020 were $1,607,713 and $3,089,571, respectively.

Cost of Revenue

	Three months ended January 31,								Increase (decrease) in
	2021				2020				2021 compared to 2020
	(In U.S. dollars, except for percentages)
Net revenue for mobile advertisement backpack	$	1,290,676	100.0	%	$	3,089,571	100	%	$	(1,808,165	)	(58.5	)%
Inventory	$	565,913	44.2	%	$	1,196,521	38.7	%	$	(630,608	)	(52.7	)%
Total cost of revenue for mobile advertisement backpack	$	565,913	44.2	%	$	1,196,521	38.7	%	$	(630,608	)	(52.7	)%
Gross profit for mobile advertisement backpack	$	715,493	55.8	%	$	1,893,050	61.3	%	$	(1,177,557	)	(62.2	)%

Net revenue for advertising services	$	317,037	100.0	%	$	–	–		$	317,037		N/A
Labor	$	6,764	2.1	%	$	–	–		$	6,764		N/A
Marketing	$	64,188	19.6	%	$	–	–		$	64,188		N/A
Total cost of revenue for advertising services	$	70,952	21.7	%	$	–	–		$	70,952		N/A
Gross Profit for advertising services	$	255,355	78.3	%	$	–	–		$	255,355		N/A
Total cost of revenue	$	636,865	39.6	%	$	1,196,521	38.7	%	$	(559,656	)	(46.8	)%
Gross profit before additional tax	$	970,848	60.4	%	$	1,893,050	61.3	%	$	(922,202	)	(48.7	)%

Cost
of revenue for our mobile advertisement backpack for the three months ended January 31, 2021 and 2020 was $565,913 and $1,196,521
respectively. The significant decrease in cost of revenue for our mobile advertisement backpack was due to the fact that the Company
sold only 3,423 mobile advertisement backpacks during the three months ended January 31, 2021, compared to 5,729 mobile advertisement
backpacks sold during the three months ended January 31, 2020 and, therefore, needed to purchase commensurately fewer components
for assembly into backpacks.

For
our mobile advertisement backpack business, we outsourced the assembly processes of our products to subcontractors, and we maintained
stable relationships with them. We outsource our delivery services to two courier companies. Delivery fees are paid by the ultimate
customers upon delivery of the products. We have not experienced difficulty in obtaining inventory for our business, and we believe
we maintain good relationships with our suppliers.

Inventory
costs for our mobile advertisement backpack business were 44.2% of our total mobile advertisement backpack business revenue in
the three months ended January 31, 2021, compared with 38.7% in the three months ended January 31, 2020. The increased percentage
was mainly due to an increase in the purchase cost of the inventory.

Cost
of revenue for advertising services for the three months ended January 31, 2021 and 2020 was $70,952 and $Nil, respectively. The
increase in cost of revenue for advertising services resulted from the fact that the Company did not commence operations in this
business segment until December 2020.

Total
cost of revenue for the three months ended January 31, 2021 was $636,865 compared with the amount of $1,196,521 for the three
months ended January 31, 2020. Total cost of revenue as a percentage for the three months ended January 31, 2021 was 39.6%, compared
with 38.7% for the three months ended January 31, 2020. Gross profit for the three months ended January 31, 2021 was 60.4% compared
with 61.3% for the three months ended January 31, 2020.

Net
Profit

	Three months ended						2021 compared to 2020
	January 31,			January 31,			Amount of			% of
	2021			2020			Increase (Decrease)			Increase (Decrease)
Gross Profit for mobile advertisement backpack	$	715,493		$	1,893,050		$	(1,177,557	)		(62	)%
Gross Profit for advertising services	$	255,355		$	–		$	255,355			–
Additional Tax	$	(11,947	)	$	(9,068	)	$	(2,879	)		32	%
Gross Profit	$	958,901		$	1,883,982		$	(925,081	)		(49	)%
Operating Expenses:
Selling and Marketing Expenses	$	(474,317	)	$	(292,380	)	$	(181,937	)		(62	)%
General and Administrative Expenses	$	(488,901	)	$	(328,034	)	$	(160,867	)		49	%
Research and Development Expenses	$	(83,694	)	$	(27,676	)	$	(56,018	)		202	%
Operating Expenses	$	(1,046,912	)	$	(648,090	)	$	(398,822	)		62	%
Other Income, net	$	5,516		$	33,757		$	(28,241	)		(84	)%
Income from Operations	$	(82,495	)	$	1,269,649		$	(1,352,144	)		(106	)%
Revenue Related Tax	$	(13,172	)	$	(224,738	)	$	211,566			(94	)%
Net Profit	$	(95,667	)	$	1,044,911		$	(1,140,577	)		(109	)%

Gross
profit from our mobile advertisement backpack for the three months ended January 31, 2021 and the three months ended January 31,
2020 was $715,493 and $1,893,050, respectively. The decrease in gross profit was primarily due to the reduction in revenue that
resulted from reduced sales while the Company worked on upgrading and updating the hardware and the software utilized in the mobile
advertisement backpack. Gross profit margins for the mobile advertisement backpack for the three months ended January 31, 2021
and the three months ended January 31, 2020 were 55.8% and 61.3%, respectively. The decrease in gross profit margin was mainly
because of a promotion in which the selling price was reduced by 50% for 8,491 mobile advertisement backpacks from September 2020
to November 2020. Inventory decreased from December 2020 as sales were suspended during the quarter ended January 321, 2021, to
work on upgrading and updating the hardware and the software utilized in the mobile advertisement backpack. Management believes
that when the upgrades and updates are completed the Company’s dependence upon third party suppliers will decrease and unit
savings in production will be realized.

Net
(loss) profit for the three months ended January 31, 2021 and the three months ended January 31, 2020 were $(95,667) and $1,044,911,
respectively.

Selling
and Marketing Expenses

Our
selling and marketing expenses for the three months ended January 31, 2021 and 2020 were $474,317 and $292,380, respectively.
Selling and marketing expenses during the three months ended January 31, 2021 were comprised primarily of marketing expenses.

General
and Administrative Expenses

Our
general and administrative expenses for the three months ended January 31, 2021 and 2020 were $488,901 and $328,034, respectively.
General and administrative expenses consisted primarily of administrative payroll, office expense, depreciation charges and other
office expenses that are not directly attributable to our revenues.

Research
and Development Expenses

Our
research and development expenses for the three months ended January 31, 2021 and 2020 were $83,694 and $27,676, respectively.
Research and development expenses consist primarily of researchers’ payroll and IT services expenses.

Income
Taxes

Income
tax for the three months ended January 31, 2021 and 2020 were $13,172 and $224,738, respectively.

Results
of Operations for the six months ended January 31, 2021 and 2020

The
following summarizes our results of operations for the six months ended January 31, 2021 and 2020. The table and the discussion
below should be read in conjunction with our financial statements and the notes thereto appearing elsewhere in this Quarterly
Report.

Revenue

Revenue
generated from selling our mobile advertisement backpack contributed $5,832,660 and $3,089,571 to our total revenue for the six
months ended January 31, 2021 and 2020, respectively. The increase in mobile advertisement backpack revenue is due to the fact
that the Company’s operating subsidiary was not formed until September 30, 2019 and sold 5,729 backpacks between then and
January 31, 2020, whereas it sold 15,239 backpacks during the six months ended January 31, 2021. The hardware and software improvements
are expected to be completed in May of 2021.

Revenue
generated from advertising services contributed $326,307 and $Nil to our total revenue for the six
months ended January 31, 2021 and 2020, respectively. The increase in revenue from advertising services was
due to the fact that the Company did not commence operations in this business segment until December
2020.

Total
revenue for the six months ended January 31, 2021 and 2020 were $6,158,967 and $3,089,571, respectively.

Cost
of Revenue

	Six months ended January 31,								Increase (decrease) in 2021 compared to
	2021				2020				2020
	(In U.S. dollars, except for percentages)
Net revenue for mobile advertisement backpack	$	5,832,660	100.0	%	$	3,089,571	100	%	$	2,743,089	88.8	%
Inventory	$	2,521,848	43.2	%	$	1,196,521	38.7	%	$	1,325,327	110.8	%
Total cost of revenue for mobile advertisement backpack	$	2,521,848	43.2	%	$	1,196,521	38.7	%	$	1,325,327	110.8	%
Gross profit for mobile advertisement backpack	$	3,310,812	56.8	%	$	1,893,050	61.3	%	$	1,417,762	74.9	%
					$				$
Net revenue for advertising services	$	326,307	100.0	%	$	–	–		$	326,307	N/A
Labor	$	6,764	2.1	%	$	–	–		$	6,764	N/A
Marketing	$	64,188	19.6	%	$	–	–		$	64,188	N/A
Total cost of revenue for advertising services	$	70,952	21.7	%	$	–	–		$	70,952	N/A
Gross profit for advertising services	$	255,355	78.3	%	$	–	–		$	255,355	N/A
Total cost of revenue	$	2,592,800	42.1	%	$	1,196,521	38.7	%	$	1,396,279	116.7	%
Gross profit before additional tax	$	3,566,167	57.9	%	$	1,893,050	61.3	%	$	1,673,117	88.4	%

Cost
of revenue for our mobile advertisement backpack for the six months ended January 31, 2021 and 2020 was $2,521,848
and $1,196,521 respectively. The significant increase in cost of revenue was a result of our having sold 15,239 mobile
advertisement backpacks during the six months ended January 31, 2021 compared to 5,729 backpacks having been sold during
the six months ended January 31, 2020.

For
our mobile advertisement backpack business, we outsourced the assembly processes of our products to subcontractors, and
we maintained stable relationships with them. We outsource our delivery services to two courier companies. Delivery fees are paid
by the ultimate customers upon delivery of the products. We have not experienced difficulty in obtaining inventory for
our business, and we believe we maintain good relationships with our suppliers.

Inventory
costs for our mobile advertisement backpack business were 43.2% of our total mobile advertisement backpack business revenue in
the six months ended January 31, 2021, compared to 38.7% in the six months ended January 31, 2020. The increased
percentage was mainly due to a 50% reduction in the selling price
of our mobile advertisement backpacks due to a promotion from September 2020 to November 2020.

Cost
of revenue for advertising services for the six months ended January 31, 2021 and 2020 was $70,952 and $Nil, respectively. The
increase in cost of revenue for advertising services was due to the fact that the Company did not commence sales in this business
segment until December 2020.

For
our advertising services business, we outsource some of the business to our contractors. The labor fees represented approximately
2.1% and Nil of total cost of revenues for our advertising services segment for the six months ended January 31, 2021 and 2020,
respectively. The marketing fees represented approximately 19.6% and Nil of total cost of revenues for our advertising services
segment for the six months ended January 31, 2021 and 2020, respectively.

Labor
costs for our advertising services business for the six months ended January 31, 2021 were $6,764 compared with $Nil for the six
months ended January 31, 2020. Labor costs for our service business accounted for 2.1% of our total service revenue for the six
months ended January 31, 2021, compared with Nil for the six months ended January 31, 2020.

Marketing
costs for our advertising services business for the six months ended January 31, 2021 were $64,188 compared with $Nil for the
six months ended January 31, 2020. Marketing costs for our service business accounted for 19.6% of our total service revenue
for the six months ended January 31, 2021, compared with Nil for the six months ended January 31, 2020.

Total
cost of revenue for the six months ended January 31, 2021 was $2,592,800 compared to $1,196,521 for the six months ended
January 31, 2020. Total cost of revenue as a percentage for the six months ended January 31, 2021 was 42.1%, compared to
38.7% for the six months ended January 31, 2020. Gross profit for the six months ended January 31, 2021 was 57.9% compared
to 61.3% for the six months ended January 31, 2020.

Net
Profit

	Six months ended						2021 compared to 2020
	January 31,			January 31,			Amount of			% of
	2021			2020			Increase (Decrease)			Increase (Decrease)
Gross Profit for mobile advertisement backpack	$	3,310,812		$	1,893,050		$	1,417,762			75	%
Gross Profit for advertising services	$	255,355		$	–		$	255,355			N/A
Additional Tax	$	(51,473	)	$	(9,068	)	$	(42,405	)		467	%
Gross Profit	$	3,514,694		$	1,883,982		$	1,630,712			87	%
Operating Expenses:
Selling and Marketing Expenses	$	(615,322	)	$	(292,380	)	$	(322,942	)		110	%
General and Administrative Expenses	$	(815,133	)	$	(353,155	)	$	(461,978	)		131	%
Research and Development Expenses	$	(170,476	)	$	(27,676	)	$	(142,800	)		516	%
Operating Expenses	$	(1,600,931	)	$	(673,211	)	$	(927,720	)		138	%
Other Income, net	$	5,562		$	33,757		$	(28,195	)		(84	)%
Income from Operations	$	1,919,325		$	1,244,528		$	674,797			54	%
Revenue Related Tax	$	(519,989	)	$	(224,738	)	$	(295,251	)		131	%
Net Profit	$	1,399,336		$	1,019,790		$	379,546			37	%

Gross
profits for our mobile advertisement backpack for the six months ended January 31,
2021 and the six months ended January 31, 2020 were $3,310,812 and $1,893,050, respectively. Gross profit margin
for our mobile advertisement backpack for the six month ended January 31, 2021 and
the six months ended January 31, 2020 were 57% and 61%, respectively. The decrease in gross profit margin was principally due
to a promotion in which the selling price of the backpacks was reduced by 50% from September 2020 to November 2020, and a further
reduction in revenue that resulted from reduced sales while the Company worked on upgrading and updating the hardware and the
software utilized in the mobile advertisement backpack. Management believes that when the upgrades and updates are completed the
Company’s dependence upon third party suppliers will decrease and unit savings in production will be realized.

Gross
profit for advertising services for the six months ended January
31, 2021 and the six months ended January 31, 2020 were $255,355 and $Nil , respectively. Gross profit margin for advertising
services for the six month ended January 31, 2021 and the six months ended January 31, 2020 were 78% and Nil , respectively. The
increase in gross profit margin for advertising services was due to the fact that the Company did not commence sales in this business
segment until December 2020.

Net
profit for the six months ended January 31, 2021 and the six months ended January 31, 2020 were $1,399,336 and $1,019,790,
respectively.

Selling
and Marketing Expenses

Our
selling and marketing expenses for the six months ended January 31, 2021 and 2020 were $615,322 and $292,380, respectively. Selling
and marketing expenses during the six months ended January 31, 2021 were comprised primarily of marketing expenses.

General
and Administrative Expenses

Our
general and administrative expenses for the six months ended January 31, 2021 and 2020 were $815,133 and $353,155, respectively.
General and administrative expenses consisted primarily of administrative payroll, office expense, depreciation charges and other
office expenses that are not directly attributable to our revenues.

Research
and Development Expenses

Our
research and development expenses for the six months ended January 31, 2021 and 2020 were $170,476 and $27,676, respectively.
Research and development expenses consist primarily of researchers’ payroll and IT services expenses.

Income
Taxes

Income
tax for the six months ended January 31, 2021 and 2020 were $519,989 and $224,738, respectively.

Summary
of Cash Flows

Summary
cash flows information for the six months ended January 31, 2021 and 2020 are as follow:

	January 31,
	2021			2020
	(In U.S. Dollars)
Net cash (used in) provided by operating activities	$	(214,155	)	$	1,136,604
Net cash provided by financing activities	$	–		$	5,600
Net cash (used in) investing activities	$	(157,836	)	$	(226,649	)

Net
cash used in or provided by operating activities was $(214,155) and $1,136,604 for the six months ended January
31, 2021 and 2020, respectively. Cash used in operating activities during the six months ended January 31, 2021 was primarily
attributable to other receivables and advances from customers.

Net
cash used in investing activities during the six months ended January 31, 2021 was $(157,836), consisting entirely from
the acquisition of property, plant and equipment. Net cash used in investing activities during the six months ended January 31,
2020 was $(226,649).

Net
cash provided by or used in financing activities during the six months ended January 31, 2021 was $Nil. Net cash provided by financing
activities during the six months ended January 31, 2020 was $5,600 and was derived entirely from the sale of common shares.

Financial
Condition, Liquidity and Capital Resources

As
of January 31, 2021, we had cash on hand of $515,925, total current assets of $5,682,659 and current liabilities of $1,515,964.
The Company had revenues of $6,158,967 and generated a net profit of $1,399,336 for the six months ended January 31, 2021. We
believe that our business can generate sufficient cash flows to support the growth of our business.

Concentration
of Credit Risk

Financial
instruments that potentially expose the Company to significant concentration of credit risk consist primarily of cash and cash
equivalents and amount due from related parties. As of January 31, 2021 and January 31, 2020, substantially all of the Company’s
cash and cash equivalents were deposited with financial institutions with high-credit ratings and quality. The Company did not
have any clients constituting 10% or more of its net revenues for the six month period ended January 31, 2021 and the six month
period ended January 31, 2020.

Off-Balance
Sheet Arrangements

We
have no off-balance sheet arrangements (as that term is defined in Item 303(a)(4)(ii) of Regulation S-K) as of January 31, 2021
that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition,
revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Item
3. Quantitative and Qualitative Disclosures About Market Risk.

As
a smaller reporting company, we are not required to respond to this item.

Item
4. Controls and Procedures.

Under
the supervision and with the participation of our principal executive officer, Zhao Lixin, and principal financial officer, Feng
Wanning, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and
Rule 15d-15(e) promulgated under the Exchange Act, as of January 31, 2021. Based on this evaluation, our principal executive officer
and principal financial officer concluded that our disclosure controls and procedures were ineffective at such time to ensure
that information required to be disclosed by us in the reports filed or submitted under the Exchange Act were recorded, processed,
summarized and reported within the time periods specified in the SEC’s rules and forms. Our principal executive officer
and principal financial officer also concluded that our disclosure controls, which are designed to ensure that information required
to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to management,
were inappropriate to allow timely decisions regarding required disclosure.

Based
on management’s assessment, the Company determined that there were material weaknesses in its internal control over financial
reporting as of January 31, 2021. The material weaknesses identified were as follows:

●
Due to the small size of the Company and the lack of an accounting and finance department or a sufficient number of experienced
accounting and finance personnel, there were limited controls over information processing.

●
There was an inadequate segregation of duties consistent with control objectives as management was composed of only three persons
at January 31, 2021, and there remains an issue with inadequate segregation of duties as of the date of filing this Quarterly
Report. In order to remedy this situation, we would need to hire additional managers and staff to provide greater segregation
of duties. Currently, it is not financially feasible to hire additional managers and staff to obtain optimal segregation of duties.
Management will reassess this matter on an ongoing basis to determine whether improvement in segregation of duties is feasible.

●
The Company does not have a formal audit committee with a financial expert, and thus the Company lacks the Board of Directors
oversight role within the financial reporting process.

●
Although the financial statements and footnotes are reviewed by our management, we do not have formal policies and procedures
necessary to adequately review significant accounting transactions and the accounting treatment of those transactions.

As
a result of these material weaknesses, our management concluded that our internal control over financial reporting was not effective
as of January 31, 2021. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements
will not be prevented or detected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies,
in internal control over financial reporting that is less severe than a material weakness, yet important enough to merit attention
by those responsible for oversight of the company’s financial reporting.

Evaluation
of Internal Controls and Procedures

Management
is responsible for establishing and maintaining adequate internal control over financial reporting. As defined in Rule 13a-15(f)
under the Exchange Act, internal control over financial reporting is a process designed by, or under the supervision of, the Company’s
principal executive, principal operating and principal financial officers, or persons performing similar functions, and effected
by the Company’s Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles
generally accepted in the United States of America.

The
Company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance
of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Company’s
assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements
in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made
only in accordance with authorizations of the Company’s management and directors; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a
material effect on the financial statements.

Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes
in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Our
management assessed the effectiveness of our internal control over financial reporting at January 31, 2021, and determined that,
as of January 31, 2021, our internal control over financial reporting was not effective.

Changes
in Internal Controls over Financial Reporting

There
have been no changes to our internal controls over financial reporting that occurred during our last fiscal quarter that have
materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

PART
II — OTHER INFORMATION

Item
1. Legal Proceedings.

We
are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or
results of operations. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government
agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our Company, threatened
against or affecting our Company, or our common stock, in which an adverse decision could have a material adverse effect.

Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.

None

Item
3. Defaults Upon Senior Securities.

None

Item
4. Mine Safety Disclosures.

Not
applicable

Item
5. Other Information.

None

Item
6. Exhibits.

SIGNATURES

Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.

Date: March 22, 2021	MU YAN TECHNOLOGY GROUP CO., LIMITED

	By:	/s/ ZHAO Lixin
		ZHAO Lixin, President

Date: March 22, 2021	By:	/s/ FENG Wanning
		FENG Wanning, Treasurer and CFO

EXHIBIT
31.1

CERTIFICATION
PURSUANT TO

SECTION
302 OF THE SARBANES-OXLEY ACT OF 2002

I,
ZHAO Lixin, certify that:

1.
I have reviewed this Quarterly Report on Form 10-Q of Mu Yan Technology Group Co., Limited. (the “Company”);

2.
Based on my knowledge, this Quarterly Report does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by this Annual Report;

3.
Based on my knowledge, the financial statements, and other financial information included in this Quarterly Report, fairly present
in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods
presented in this Quarterly Report;

4.
I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
Company and have:

a.
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

b.
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;

c.
evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on
such evaluations; and

d.
disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the
period covered by the Quarterly Report that has materially affected, or is reasonably likely to materially affect, the Company’s
internal control over financial reporting.

5.
I have disclosed, based on our most recent evaluation of internal controls over financial reporting, to the Company’s auditors
and the audit committee of the Company’s Board of Directors (or persons performing the equivalent function):

a.
all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting
which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial
information; and

b.
any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s
internal controls over financial reporting.

Date: March 22, 2021	/s/ ZHAO Lixin
	ZHAO Lixin, President and Chief Executive Officer

EXHIBIT
31.2

CERTIFICATION
PURSUANT TO

SECTION
302 OF THE SARBANES-OXLEY ACT OF 2002

I,
FENG Wanning, certify that:

1.
I have reviewed this Quarterly Report on Form 10-Q of Mu Yan Technology Group Co., Limited. (the “Company”);

b.
any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s
internal controls over financial reporting.

Date: March 22, 2021	/s/ FENG Wanning
	Feng Wanning, Treasurer and Chief Financial Officer

EXHIBIT
32.1

CERTIFICATION
PURSUANT TO

18
U.S.C. SECTION 1350,

AS
ADOPTED PURSUANT TO

SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant
to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States
Code), the undersigned officer of Mu Yan Technology Group Co., Limited, a Nevada corporation (the “Corporation”),
does hereby certify, to such officer’s knowledge, that:

(1)
The Quarterly Report on Form 10-Q for the period ended January 31, 2021 (the “Form 10-Q”) of the Corporation fully
complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and

(2)
The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations
of the Corporation.

Date:
March 22, 2021

/s/
ZHAO Lixin

ZHAO
Lixin

President
and Chief Executive Officer

EXHIBIT
32.2

CERTIFICATION
PURSUANT TO

18
U.S.C. SECTION 1350,

AS
ADOPTED PURSUANT TO

SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002

(2)
The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations
of the Corporation.

Date: March 22, 2021	/s/ FENG Wanning
	FENG Wanning
	Treasurer and Chief Financial Officer

More Stories

Forex – The Rise of Online Forex Trading

How To Understand And Appreciate The Importance and Value of Candlesticks in Forex Trading!

Biggest Mistakes of Forex Traders

Is There Insurance That Protects a Business Owner From a Strike?

Small Scale Business Ideas That Work Perfectly for Affiliate Marketing

Forex – The Rise of Online Forex Trading

How To Understand And Appreciate The Importance and Value of Candlesticks in Forex Trading!

More Stories

Forex – The Rise of Online Forex Trading

How To Understand And Appreciate The Importance and Value of Candlesticks in Forex Trading!

Biggest Mistakes of Forex Traders

Related Article

Is There Insurance That Protects a Business Owner From a Strike?

Small Scale Business Ideas That Work Perfectly for Affiliate Marketing

Forex – The Rise of Online Forex Trading

How To Understand And Appreciate The Importance and Value of Candlesticks in Forex Trading!