Company: MASK
Filing Date: 2025-06-24
Form Type: F-1
Source: 0001185185-25-000685
Chunk: 118

Company: 3 E Network Technology Group Ltd
Filing Date: 2025-06-24
Form: F-1
Chunk 118
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 Review, published on December 28, 2021 and effective February 15, 2022, require that any “operator
of critical information infrastructure” or any “data processor” holding personal information of at least one million
users seeking to list on a foreign stock exchange must undergo a cybersecurity review by the Cyberspace Administration of China (“CAC”).
On February 17, 2023, the CSRC released the Trial Measures and five supporting guidelines, which came into effect on March 31, 2023. According
to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill
the filing procedures and report relevant information to the CSRC; any failure to comply with such filling procedures may result in administrative
penalties, such as an order to rectify, warnings, and fines. As a supplement to the Trial Measures, the CSRC published the revised Provisions
on Strengthening Confidentiality and Archives Administration for Overseas Securities Offering and Listing, which came into effect on March
31, 2023. These provisions state that in the overseas listing activities of domestic companies, domestic companies, as well as securities
companies and securities service institutions providing relevant securities services thereof, should establish a sound system of confidentiality
and archival work, shall not disclose state secrets, or harm the state and public interests.

Because substantially all of our operations are
in mainland China historically, and we expect to generate revenue from China in the future through our operating subsidiary based in Hong
Kong, there is no assurance that we will be able to comply with all applicable PRC laws and regulations, or that the PRC government will
not intervene in our operations or offerings. Any such developments could materially and adversely affect our business, financial condition,
results of operations, and the value of our Class A Ordinary Shares.

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Risks Related to Our Class A Ordinary Shares

You may experience dilution to the extent
that our Class A Ordinary Shares are issued upon the exercise of outstanding convertible notes, warrants or other securities that we may
issue in the future.

You may experience dilution to the extent that our Class A Ordinary
Shares are issued upon the conversion of our convertible notes and exercise of our outstanding warrants, and if we issue additional equity
securities, or there are any issuances and subsequent exercises of stock options issued in the future. In addition, you may experience
further dilution to the extent that additional Class A Ordinary