Company: FORL
Filing Date: 2025-04-30
Form Type: 10-K
Source: 0001213900-25-037576
Chunk: 318

Company: Four Leaf Acquisition Corp
Filing Date: 2025-04-30
Form: 10-K
Item: Item 1A
Chunk 318
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 the public on July 6,
2021. These Opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas
listings by China-based companies. These Opinions proposed to take effective measures, such as promoting the construction of relevant
regulatory systems, to deal with the risks and incidents facing PRC-based overseas-listed companies and the demand for cybersecurity and
data privacy protection. As of the date of this Annual Report, no official guidance and related implementation rules have been issued
in relation to these recently issued opinions and the interpretation and implementation of the Opinions remain unclear at this stage.
We cannot assure you that we will not be required to obtain the pre-approval of the CSRC and potentially other PRC governmental authorities
to pursue any business combination with a PRC-based company.

56

If, for example, our potential initial business combination is with
a target business operating in the PRC and if the New Measures mandates clearance of cybersecurity review and other specific actions to
be completed by the target business, we may face uncertainties as to whether such clearance can be timely obtained, or at all, and incur
additional time delays to complete any such acquisition. Cybersecurity review could also result in negative publicity with respect to
our initial business combination and diversion of our managerial and financial resources. We may also be prevented from pursuing certain
investment opportunities if the PRC government considers that the potential investments will result in a significant national security
issue. In addition, due to limited business combination period that we have, we may avoid searching for a target and completing an initial
business combination that will be subject to cybersecurity review. Therefore, we may avoid searching for a company which could be deemed
as a network platform operator and possesses information of more than one million users.

Further, if the combined company, after business combination, is deemed
to be a network platform operator which holds personal information of more than one million users, it will be subject to such cybersecurity
review. The combined company could become subject to enhanced cybersecurity review or investigations launched by PRC regulators in the
future and may incur increased costs necessary to comply with existing and newly adopted laws and regulations or penalties for any failure
to comply.

Additionally, any failure or delay in the completion of the cybersecurity
review procedures or any other non-compliance with the related laws and regulations may result in fines or other penalties, including
suspension of business, website closure, and revocation of prerequisite licenses, as well as reputational damage or legal proceedings