Company: NIVFW
Filing Date: 2025-08-21
Form Type: DRS
Source: 0001213900-25-079301
Chunk: 67

Company: NewGenIvf Group Ltd
Filing Date: 2025-08-21
Form: DRS
Chunk 67
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stantially 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. However, the near-term growth prospects of the PRC economy are unclear
due to the uncertain effects of ongoing economic stress caused by policies to contain the COVID-19 pandemic, trade and national security
policies, and the elevated levels of private and public indebtedness, among others. According to the National Statistics Bureau of the
PRC, growth rate of China’s GDP for the year 2022 slowed down to 3.0% on a year-on-year basis compared to the growth rate of approximately
8.4% for the year 2021. In 2023, China’s GDP grew 5.2% while China’s 2024 GDP growth rate was 5%. A prolonged downturn in
the PRC economy generally could materially and adversely affect NewGenIvf’s results of operations.

Factors that may adversely
affect the economy and