Company: FEBO
Filing Date: 2025-05-14
Form Type: 20-F
Source: 0001641172-25-010075
Chunk: 25

Company: Fenbo Holdings Ltd
Filing Date: 2025-05-14
Form: 20-F
Item: Item 3
Chunk 25
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 residence located in mainland China; and (C) where a PRC domestic company is seeking an indirect
overseas offering and listing in an overseas market, the issuer shall designate a major domestic operating entity responsible for all
filing procedures with the CSRC, and where an issuer makes an application for an initial public offering or listing in an overseas market,
the issuer shall submit filings with the CSRC within three business days after such application is submitted.

If it is determined in the future
that the approval of the CSRC, the CAC or any other regulatory authority is required for IPO future offerings, we may face sanctions by
the CSRC, the CAC or other PRC regulatory agencies. These regulatory agencies may impose fines and penalties on our operations in China,
limit our ability to pay dividends outside of China, limit our operations in China, delay or restrict the repatriation of the proceeds
from our IPO into China or take other actions that could have a material adverse effect on our business, financial condition, results
of operations and prospects, as well as the trading price of our securities. The CSRC, the CAC, or other PRC regulatory agencies also
may take actions requiring us, or making it advisable for us, to halt any future public offerings before settlement and delivery of our
Ordinary Shares to future investors. Consequently, if investors engage in market trading or other activities in anticipation of and prior
to settlement and delivery of our Ordinary Shares, such investors do so at the risk that settlement and delivery may not occur. In addition,
if the CSRC, the CAC or other regulatory PRC agencies later promulgate new rules requiring that we obtain their approvals for future public
offerings, we may be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain such a
waiver. Any uncertainties and/or negative publicity regarding such an approval requirement could have a material adverse effect on the
trading price of our securities.

Risks Related to Our Operating Subsidiaries’
Business Operations

We rely on one customer, and if we fail
to retain this customer or attract new customers, our business, financial condition, results of operations and growth prospects will be
harmed.

We rely on one customer who
contributed approximately 100% of our total revenues for the fiscal years ended December 31, 2024, 2023 and 2022. We do not have a long-term
agreement with our key customer and their purchases are