Company: FEBO
Filing Date: 2025-05-14
Form Type: 20-F
Source: 0001641172-25-010075
Chunk: 37

Company: Fenbo Holdings Ltd
Filing Date: 2025-05-14
Form: 20-F
Item: Item 3
Chunk 37
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 to approve of our PRC subsidiaries’ operations; and (iii)
have not received or were denied such permissions by any PRC authorities. Given the current PRC regulatory environment, it is uncertain
when and whether we will be required to obtain permission from the PRC government to list on U. S. exchanges in the future, and even when
such permission is obtained, whether it will be denied or rescinded.

As of the date of this
Annual Report, we: (i) are not required to obtain permissions from any PRC authorities to operate or issue our Ordinary Shares to
foreign investors; (ii) are not subject to permission requirements from the China Securities Regulatory Commission (the
“ CSRC”), the Cyberspace Administration of China (the “ CAC”) or any other entity that is required to approve
of our PRC subsidiaries’ operations; and (iii) have not received or were denied such permissions by any PRC authorities. We
are also currently not required to obtain any pre-approval from Chinese authorities to list on a U. S. stock exchange, including the
NYSE, Nasdaq or any of the Nasdaq Markets. Given the current PRC regulatory environment, it is uncertain when and whether we will be
required to obtain permission from the PRC government to list on U. S. exchanges in the future, and even when such permission is
obtained, whether it will be denied or rescinded. As of the date of this Annual Report, we have not received any inquiry, notice,
warning, sanctions or regulatory objection to our recent IPO from the CSRC or other PRC governmental authorities. However, if we are
required to obtain approval in the future and are denied permission from Chinese authorities to list on U. S. exchanges, we will not
be able to continue to list on a U. S. exchange, which would materially affect the interest of our investors.

  23  

In response to recent data security
concerns arising from overseas listings of Chinese internet companies operating in the PRC, on January 4, 2022, the Cyberspace Administration
of China (the “ CAC”) issued revised measures to expand the types of businesses and circumstances that would require cybersecurity
review by the CAC. We believe that we may be directly subject to these regulatory actions or statements as our Operating Subsidiaries’
business involves the collection of user data and may implicate cybersecurity and involve any other type of restricted industry. Because
these statements