Company: FORL
Filing Date: 2025-04-30
Form Type: 10-K
Source: 0001213900-25-037576
Chunk: 104

Company: Four Leaf Acquisition Corp
Filing Date: 2025-04-30
Form: 10-K
Item: Item 1
Chunk 104
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 influences on our combined company’s operations at any time. Any new policies, regulations,
rules, actions or laws by the PRC government may subject our combined company to material changes in operations, may cause the value of
our securities to significantly decline or be worthless, and may completely hinder our ability to offer or continue securities to investors.

Though we currently do not have any PRC subsidiary or PRC operations
and a majority of our management are located outside the PRC, we may pursue a business combination with a company doing business in the
PRC (excluding any target company whose financial statements are audited by an accounting firm that PCAOB is unable to inspect for two
consecutive years beginning in 2022 and any target company that consolidates financial results of PRC operating entities through a VIE
structure in the PRC instead of direct holdings). Notwithstanding the foregoing, the PRC government has exercised and continues to exercise
substantial control over virtually every sector of the PRC economy through regulation and state ownership. If we decide to acquire a PRC-based
company, our combined company’s ability to operate in the PRC may be harmed by changes in its laws and regulations, including those
relating to securities, taxation, environmental regulations, land use rights, property and other matters. The central or local governments
of these jurisdictions may impose new, stricter regulations or interpretations of existing regulations that would require additional expenditures
and efforts on our part to ensure our compliance with such regulations or interpretations. Accordingly, government actions in the future,
including any decision not to continue to support recent economic reforms and to return to a more centrally planned economy or regional
or local variations in the implementation of economic policies, could have a significant effect on economic conditions in the PRC or particular
regions thereof, and could require us to divest ourselves of any interest we then hold in Chinese properties.

For example, the Chinese cybersecurity regulator announced on July
2, 2021, that it had begun an investigation of Didi Global Inc. (NYSE: DIDI) and two days later ordered that the company’s app be
removed from smartphone app stores. On July 24, 2021, the General Office of the Communist Party of China Central Committee and the General
Office of the State Council jointly released the Guidelines for Further Easing the Burden of Excessive Homework and Off-campus Tutoring
for Students at the Stage of Compulsory Education, pursuant to which foreign investment in such firms via mergers and acquisitions, franchise
development