Company: NIVFW
Filing Date: 2025-10-31
Form Type: 424B3
Source: 0001213900-25-104469
Chunk: 65

Company: NewGenIvf Group Ltd
Filing Date: 2025-10-31
Form: 424B3
Chunk 65
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 other significant corporate actions. Such holders may take actions that are not in the
best interest of us or our other shareholders. This concentration of control may discourage, delay, or prevent a change in control of
us, which could have the effect of depriving our other shareholders of the opportunity to receive a premium for their shares as part
of a sale of us and may reduce our share price. This concentrated control will limit the ability of holders of Class A Ordinary Shares
to influence corporate matters and could discourage others from pursuing any potential merger, takeover, or other change of control transactions
that holders of Class A Ordinary Shares may view as beneficial.

Substantially all of NewGenIvf’s assets and operations are located in Thailand, Cambodia and Kyrgyzstan and they are subject to economic, legal and regulatory uncertainties in such countries.

Substantially all of NewGenIvf’s
operations and assets are based in Thailand, Cambodia and Kyrgyzstan. As a result, its businesses and operations are subject to
the changing economic conditions prevailing from time to time in such countries. Since 2020, Thailand’s economy has been experiencing
a slowdown. According to the National Economic and Social Development Board of Thailand (the “NESDB”) the GDP growth rate
of Thailand declined to minus 6.1% in 2020 and slightly recovered to 1.6% in 2021 and 2.6% in 2022. Under such conditions, the NESDB
projected that Thailand’s economy will only grow by 3.0% to 4.0% in 2023, lower than the previously growth in historical years.
Meanwhile, Cambodia’s post-pandemic economic recovery has gained momentum, but remains uneven. Traditional growth drivers, especially
manufacturing and agricultural commodities exports, have fully recovered. However, while travel and tourism have improved, the sector
remains well below pre-COVID-19 levels. The subsequent impact also caused the vendors and customers preference change, lower the willingness
travelling to Kyrgyzstan for surrogacy services. The economy is projected to grow, underpinned by merchandise exports and domestic economic
activity. Foreign direct investment, while diversified, remains affected by China’s related COVID-19 policies.

NewGenIvf also derives a
substantial portion of its revenue from Chinese clients and as such, its maintenance of PRC-sourced revenues and access to new and existing
clients from the PRC are also subject to the economic conditions of China.