Company: FORL
Filing Date: 2025-04-30
Form Type: 10-K
Source: 0001213900-25-037576
Chunk: 105

Company: Four Leaf Acquisition Corp
Filing Date: 2025-04-30
Form: 10-K
Item: Item 1
Chunk 105
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, and variable interest entities are banned from this sector.

As such, any future 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. Any future 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 us violation of
cybersecurity laws, anti-monopoly laws, and securities offering rules in the PRC in connection with a 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 hereof, there are no PRC laws and regulations (including
the CSRC, the CAC, or any other government entity) in force explicitly requiring that we obtain permission from PRC authorities for our
Initial Public Offering or to issue securities to foreign investors, and we have not received any inquiry, notice, warning, sanction or
any regulatory objection to our Initial Public Offering from any relevant PRC authorities. However, it is uncertain when and whether any
future 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even when such permission is obtained, whether it will be denied or rescinded.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.

55

The CSRC and other Chinese government agencies may exert more oversight
and control over offerings that are conducted overseas and foreign investment in PRC-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 PRC-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