Company: GRAN
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069627
Chunk: 23

Company: Grande Group Ltd/HK
Filing Date: 2025-07-31
Form: 20-F
Item: Item 3
Chunk 23
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 or outcome of the situation in Ukraine, as the
conflict and governmental reactions are rapidly developing and beyond their control. Prolonged unrest intensified military activities,
or more extensive sanctions impacting the region could have a material adverse effect on the global economy, and such effect could in
turn have a material adverse effect on the operations, results of operations, financial condition, liquidity and business outlook of
our business.

The
corporate finance services industry in Hong Kong is fiercely competitive, and we may lose our competitiveness to our competitors.

The
financial and securities services industry in Hong Kong is highly competitive due to the vast number of market players in providing
corporate finance advisory services similar to ours. The competitors may have longer operating history, better brand recognition and
reputation, proven track record, operations in more geographic locations, stronger human and financial resources, wider range of services
and stronger shareholders’ background than us. We expect that there will be more market players entering into the market and competition
will be intensified. New participants may enter into the market insofar as they have engaged appropriate qualified professionals and
obtained the requisite regulatory licenses and permits. Given the keen competition, we cannot assure that we will be able to maintain
our competitive edge in response to the fast-changing business environment. In addition, competition creates an unfavorable pricing
environment in the market in which we operate. Intensified competition may cause us to reduce our service fees in order to compete with
other market players, which could place significant pressure on our ability to maintain gross margins and is particularly acute during
market slowdowns, and will in turn materially and adversely affect our market share, financial condition and results of operations.

The
operation of the Operating Subsidiary is subject to extensive and evolving regulatory requirements in Hong Kong, the non-compliance with
which may result in penalties, limitations, and prohibitions on our future business activities or suspension or revocation of the licenses
of the Operating Subsidiary, and consequently may materially and adversely affect our business, financial condition, and results of operations.
In addition, we and our Operating Subsidiary may, from time to time, be subject to regulatory inquiries, investigations, and even penalties
by relevant regulatory authorities or government agencies in Hong Kong or other applicable jurisdictions, such as the PRC, where
a portion of our clients are based.

The
Hong Kong financial market and corporate finance services industry in which we operate are highly regulated. The business operations
of our Operating Subsidiary