Company: MASK
Filing Date: 2025-06-24
Form Type: F-1
Source: 0001185185-25-000685
Chunk: 108

Company: 3 E Network Technology Group Ltd
Filing Date: 2025-06-24
Form: F-1
Chunk 108
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 the United States pursuant
to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional standards. HTL is
headquartered in Houston, Texas, and is subject to inspection by the PCAOB on a regular basis. On June 20, 2025, we announced the appointment of GGF as our new
independent registered public accounting firm to audit our financial statements, effective June 19, 2025. GGF is an accounting firm
based in the PRC that is registered with the PCAOB and is subject to laws in the United States pursuant to which the PCAOB conducts
regular inspections to assess its compliance with the applicable professional standards. If in the future, the PCAOB concludes that
it is unable to inspect and investigate completely our auditor, we and our investors would be deprived of the benefits of such PCAOB
inspections again. In addition, the recent developments would add uncertainties to our offering and we cannot assure you whether
Nasdaq or regulatory authorities would apply additional and more stringent criteria to us after considering the effectiveness of our
former and current auditor’s audit procedures and quality control procedures, adequacy of personnel and training, or
sufficiency of resources, geographic reach or experience as it relates to the audit of our financial statements.

The SEC may propose additional rules or guidance
that could impact us if our auditors are not subject to PCAOB inspection. For example, on August 6, 2020, the President’s Working
Group on Financial Markets, or the PWG, issued the Report on Protecting United States Investors from Significant Risks from Chinese Companies
to the then President of the United States. This report recommended the SEC implement five recommendations to address companies from jurisdictions
that do not provide the PCAOB with sufficient access to fulfil its statutory mandate. Some of the concepts of these recommendations were
implemented with the enactment of the HFCA Act. However, some of the recommendations were more stringent than the HFCA Act. For example,
if a company’s auditor was not subject to PCAOB inspection, the report recommended that the transition period before a company would
be delisted would end on January 1, 2022.

On August 26, 2022, the CSRC, the MOF, and PCAOB
signed a Statement of Protocol, (the “Protocol”), governing inspections and investigations of audit firms based in China and
Hong Kong. Pursuant to the Protocol, the PCAOB has independent discretion to select any issuer audits for inspection or