Company: NIVFW
Filing Date: 2025-04-22
Form Type: 20-F
Source: 0001213900-25-033966
Chunk: 17

Company: NewGenIvf Group Ltd
Filing Date: 2025-04-22
Form: 20-F
Item: Item 3
Chunk 17
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19 has had resulted in a number of
countries declaring a state of emergency and a number of countries, including the countries in Asian Pacific, imposing extensive travel
restrictions, which in turn caused a decrease in the numbers of internal clients traveling to Thailand, Cambodia or Kyrgyzstan for treatments.

These events could cause a
postponement or a reduction in the number of clients traveling to Thailand, Cambodia or Kyrgyzstan, and could in turn affect revenues
from international clients, which is the significant contributor in terms of volume. A decline in the medical tourism industry may have
a material adverse effect on NewGenIvf’s financial condition and results of operations.

Fluctuations in exchange rates could have
a material and adverse effect on NewGenIvf’s results of operations and the value of your investment.

NewGenIvf’s reporting
currency is U. S. dollars. The functional currency of NewGenIvf and its subsidiaries include Hong Kong dollar (“ HK$”),
Thai baht (“ THB”) and United States dollar (“ USD”). Accordingly, fluctuations in the value of HK$ and THB
relative to the USD could affect its results of operations due to translational remeasurements. As its international operations expand,
an increasing portion of its revenue and operating expenses may be denominated in non- HK$ and THB currencies. Accordingly, NewGenIvf’s
revenue and operating expenses will become increasingly subject to fluctuations due to changes in foreign currency exchange rates. If
NewGenIvf is not able to successfully hedge against the risks associated with currency fluctuations, NewGenIvf’s business, financial
condition and results of operations could be materially adversely affected.

Governmental control of currency conversion
may limit NewGenIvf’s ability to utilize NewGenIvf’s net revenue effectively and affect the value of your investment.

NewGenIvf’s revenue
and expenses for its businesses are substantially denominated in THB, which are currently not freely convertible currencies. A portion
of such revenue must be converted into other currencies in order to meet its foreign currency obligations. For example, NewGenIvf’s
subsidiaries will need to obtain foreign currency to make payments of declared dividends, if any, on its shares.

Under the existing foreign
exchange regulations in Thailand, NewGenIvf will be able to make current account foreign exchange transactions. However, in the future,
governments may take measures, at its discretion, to restrict access to foreign currencies for capital account and current account transactions