Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 99

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1
Chunk 99
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 combined company’s business segments may
be subject to various government and regulatory interference in the provinces in which they operate at any time. The combined company
could be subject to regulation by various political and regulatory entities, including various local and municipal agencies and government
sub-divisions. Our combined company may incur increased costs necessary to comply with existing and newly adopted laws and regulations
or penalties for any failure to comply. If the PRC government initiates an investigation into us at any time alleging violations of cybersecurity
laws, anti-monopoly laws, and securities offering rules in China in connection with the IPO or future business combination, we may have
to spend additional resources and incur additional time delays to comply with the applicable rules, and our business operations will be
affected materially and any such action could cause the value of our securities to significantly decline or be worthless.

As the date of this Annual Report, there are no PRC laws and regulations (including the CSRC, the Cyberspace Administration of China, or any other government entity) in force explicitly requiring that we obtain permission from PRC authorities for the IPO or to issue securities to foreign investors, and we have not received any inquiry, notice, warning, sanction or any regulatory objection to the IPO from any relevant PRC authorities. However, it is uncertain when and whether our combined company will be required to obtain permission from the PRC government to list on U.S. stock exchanges in the future, and even when such permission is obtained, whether it will be denied or rescinded. Any new policies, regulations, rules, actions or laws by the PRC government may subject us or our combined company to material changes in operations, may cause the value of our securities significantly decline or be worthless, and may completely hinder our ability to offer or continue securities to investors.

The CSRC and other Chinese government agencies may exert more oversight and control over offerings that are conducted overseas and foreign investment in China-based issuers. It is possible that we may need to obtain approvals or permissions from the CSRC or another PRC regulatory body if we undertake a business combination with a China-based entity. As a result, we may have to spend additional resources and incur additional time delays to complete any such business combination or be prevented from pursuing certain investment opportunities, or even could significantly affect our ability to offer or continue to offer securities to investors and cause the value of our securities to significantly decline or be worthless.

The PRC government may intervene
or influence our search for a target business or the completion of an initial business combination at