Company: MASK
Filing Date: 2025-12-02
Form Type: POS AM
Source: 0001185185-25-001899
Chunk: 9

Company: 3 E Network Technology Group Ltd
Filing Date: 2025-12-02
Form: POS AM
Chunk 9
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 any follow-on offering of our securities or the
market for and market price of our Class A Ordinary Shares. Please see “Risk Factor — Risks Related to Doing Business
in China — Recent greater oversight by the CAC over data security, particularly for companies seeking to list on a foreign exchange, could impact our business and our proposed offering.”

Our Class A Ordinary Shares may be prohibited to
trade on a national exchange or “over-the-counter” markets under the Holding Foreign Companies Accountable Act (the
“HFCA Act”) and the Accelerating Holding Foreign Companies Accountable Act (the “AHFCAA”) if the PCAOB is
unable to inspect our auditors for two consecutive years. Under the HFCA Act, which became law on December 18, 2020, if
the public companies that have retained a registered public accounting firm to issue an audit report that (1) is located in a
foreign jurisdiction, and (2) the PCAOB has determined that it is unable to inspect or investigate completely because of a position
taken by an authority in the foreign jurisdiction for three consecutive years, will be prohibited from trading on a national
securities exchange or in the over-the-counter market by the SEC. Furthermore, on June 22, 2021, the U.S. Senate passed
the AHFCAA, which was signed into law on December 29, 2022, amending the HFCAA to require the SEC to prohibit an issuer’s
securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years
instead of three. Pursuant to the HFCA Act, the PCAOB issued a Determination Report on December 16, 2021 (the
“Determination Report”) which found that the PCAOB is unable to inspect or investigate completely registered public
accounting firms headquartered in: (1) mainland China, and (2) Hong Kong. On August 26, 2022, a Statement of
Protocol was signed by the PCAOB, the CSRC and the Ministry of Finance of the PRC (the “MOF”) governing inspections and
investigations of audit firms based in mainland China and Hong Kong (the “Statement of Protocol”). Pursuant to the
Statement of Protocol, the PCAOB conducted inspections on select registered public accounting firms subject to the Determination
Report in Hong Kong between September and November 2022. On December 15, 2022, the PCAOB board announced