Company: FEBO
Filing Date: 2025-05-14
Form Type: 20-F
Source: 0001641172-25-010075
Chunk: 12

Company: Fenbo Holdings Ltd
Filing Date: 2025-05-14
Form: 20-F
Item: Item 3
Chunk 12
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the current and future actions or escalations by either the United States or China that affect trade relations may cause global economic
turmoil and potentially have a negative impact on our markets, our business or our results of operations, as well as the financial condition
of our customer, and we cannot provide any assurances as to whether such actions will occur or the form that they may take.

To the extent that our independent registered
public accounting firm’s audit documentation related to their audit reports for the Company is located in China or in Hong Kong,
our Ordinary Shares could be delisted and prohibited from trading on a U. S. exchange

The Holding Foreign
Countries Accountable Act, as amended, (the “ HFCAA”) prohibits foreign companies from listing their securities on U. S.
exchanges if the company’s auditor has been unavailable for PCAOB inspection or investigation for two consecutive years
beginning in 2021. On December 16, 2021, the PCAOB issued the Determination Report, which found that the PCAOB is unable to inspect
or investigate completely registered public accounting firms headquartered in (i) mainland China of the People’s Republic of
China because of a position taken by one or more authorities in mainland China; and (ii) Hong Kong, a Special Administrative Region
and dependency of the PRC, because of a position taken by one or more authorities in Hong Kong. In addition, the Determination
Report identified specific registered public accounting firms subject to these determinations.

On August 26, 2022, the PCAOB
signed a Statement of Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC (the “ SOP”).
Pursuant to the SOP, the PCAOB has independent discretion to select any issuer audits for inspection or investigation and has the unfettered
ability to transfer information to the SEC. The determinations as to mainland China and Hong Kong were vacated by the PCAOB as of December
15, 2022 as a result of the PCAOB’s having been able to conduct extensive and thorough inspections and investigations of mainland
China and Hong Kong firms in 2022 under the SOP; however, if the PCAOB encounters any impediment, in the future, to conducting an inspection
or investigation of auditors in mainland China or Hong Kong as a result of a position taken by an authority in either jurisdiction, it
may issue new determinations consistent with the HFCAA.

Although our current
independent registered public accounting firm, SR CPA & Co