Company: EUDAW
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001641172-25-006627
Chunk: 12

Company: EUDA Health Holdings Ltd
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 12
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. (“ Key Lock”), an authorized distributor of Guangdong
Cell Biotech Co. Ltd. (“ Guangdong Cell Biotech”), a prominent player in stem cell therapies and regenerative medicine, that
develops autologous cell treatments and tailored medicines for various disorders. Key Lock is responsible for promoting and selling Guangdong
Cell Biotech’s stem cell therapy packages, managing sales, market development and customer support. Pursuant to the collaboration
agreement with Key Lock, CK Health will purchase from Key Lock certain stem cell therapy services offered by Guangdong Cell Biotech at
certain pre-determined prices and market and sell these services in Singapore and Malaysia; and Key Lock will use its commercial endeavours
to ensure proper stem cell therapy services received by EUDA customers at one of Guangdong Cell Biotech’s treatment centers in China.
Stem cell therapies is a relatively new service in a nascent market in China. Once CK Health starts to sell stem cell therapies packages
in Singapore and Malaysia, it expects to incur significant marketing costs. If anticipated consumer demand, regulatory approvals, or projected
growth from these initiatives are not realized, the Company may not recover its investments, which could materially and adversely affect
its business, financial condition, and results of operations.

EUDA’s
reliance on the Southeast Asian and Chinese markets for its wellness services and stem cell therapies exposes it to regional economic,
regulatory, and competitive risks that could adversely impact its growth and profitability.

EUDA’s business
model is heavily reliant on the non-invasive healthcare markets and economies of Southeast Asia and China. These populous markets
are exposed to volatile economic conditions, stringent healthcare regulations, and shifting consumer preferences. The
Company’s wellness services (including the stem cell therapy which became available to CK Health for direct sales in
Singapore and Malaysia starting late April 2025) depend on sustained demand from aging populations and targeted consumer segments.
Economic volatility, regulatory changes, or failure to achieve broad market acceptance could hinder EUDA’s ability to meet its
expansion goals. Additionally, competition from established and emerging players in the non-invasive healthcare sector may make it
hard for us to penetrate the market and adversely impact growth prospects, operations, and its financial condition.

   8  

The
non-invasive healthcare and biotechnology industries are rapidly evolving, and if EUDA Health’s services fail to remain competitive
or gain market acceptance, its business prospects could be materially harmed.

The non-invasive healthcare market for EUDA’s wellness services (including