Company: GRAN
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069627
Chunk: 1

Company: Grande Group Ltd/HK
Filing Date: 2025-07-31
Form: 20-F
Item: Item 3
Chunk 1
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 not have physical presence or operation in Mainland China. Furthermore,
pursuant to the Basic Law of Hong Kong, national laws of Mainland China do not apply in Hong Kong unless they are listed in Annex III
of the Basic Law and applied locally by promulgation or local legislation. National laws that may be listed in Annex III are currently
limited under the Basic Law to those which fall within the scope of defense and foreign affairs as well as other matters outside the
limits of the autonomy of Hong Kong. National laws and regulations relating to data protection, cybersecurity and the anti-monopoly have
not been listed in Annex III and so do not apply directly to Hong Kong.

However, due to long-arm provisions under the current PRC laws
and regulations, there remains regulatory and legal uncertainty with respect to the implementation of laws and regulations of Mainland
China to Hong Kong. There is no guarantee that the PRC government may not choose to implement the laws of Mainland China to Hong Kong
and exercise significant direct influence and discretion over the operation of our Operating Subsidiary in the future and, it will not
have a material adverse impact on our business, financial condition and results of operations, due to changes in laws, political environment
or other unforeseeable reasons. A portion of our existing clients and potential clients are companies located in Mainland China, who are
listing applicant for IPO on the HKSE or public companies listed on the HKSE. As of the date of this annual report, the Mainland China
companies who have engaged our Operating Subsidiary for listing sponsorship services for overseas listing in Hong Kong are “ PRC
domestic companies” under theTrial Administrative Measures
of Overseas Securities Offering and Listing by Domestic Companies (the “Trial Administrative Measures”), which overseas listings in Hong Kong are subject to the China Securities Regulatory Commission (“ CSRC”)’s review
procedures and approval. For the years ended March 31, 2025 and 2024, our revenues derived from clients in Hong Kong increased by approximately
$0.6 million from $2.7 million in the year ended March 31, 2024 to $3.3 million in the year ended March 31, 2025; revenues derived from
clients in Mainland China decreased by approximately $0.9 million from $1.5 million in the year ended March 31, 2024 to $0.6 million in
the year ended March 31, 2025; and