Company: GRAN
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069627
Chunk: 12

Company: Grande Group Ltd/HK
Filing Date: 2025-07-31
Form: 20-F
Item: Item 3
Chunk 12
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 the current PRC
regulatory environment, it is uncertain whether we or our subsidiaries will be required to obtain approvals from the PRC government to
offer securities to foreign investors in the future, and whether we would be able to obtain such approvals. Given the uncertainties
arising from the legal system in Mainland China and Hong Kong, including uncertainties regarding the interpretation and enforcement
of the PRC laws and regulations and the significant authority of the PRC government to intervene or influence the offshore holding company
headquartered in Hong Kong, there remains significant uncertainty in the interpretation and enforcement of the Trial Administrative
Measures, PIPL, relevant Mainland China data privacy, cybersecurity laws and other regulations. It is highly uncertain how soon the legislative
or administrative regulation-making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations
will be modified or promulgated, if any. It is also highly uncertain what the potential impact such modified or new laws and regulations
will have on the daily business operations of our Operating Subsidiary and the listing of our Class A Ordinary Shares on the U. S. or
other foreign exchanges. As the Trial Administrative Measures are newly issued, there remains uncertainty as to how it will be interpreted
or implemented. Therefore, we cannot assure you that when and whether we will be subject to such filing requirements, or will be able
to get clearance from the CSRC in a timely manner, or at all, even though we believe that none of the situations that would clearly prohibit
overseas listing and offering applies to us.

Although we are currently not required to obtain
approvals from the PRC authorities to operate our business or list on the U. S. exchanges and offer securities, specifically, we are
currently not required to obtain any permission or approval from the CSRC, the CAC or any other PRC governmental authority to operate
our business or to list our securities on a U. S. securities exchange or issue securities to foreign investors, we cannot assure you
that PRC regulatory agencies, including the CAC, would take the same view as we do, and there is no assurance that we can fully or timely
comply with such laws. There remains uncertainty as to how the Measures for Cybersecurity Review (2021) will be interpreted or implemented
and the relevant PRC governmental authority may not take a view that is consistent with ours. Also, significant uncertainty exists in
relation to the interpretation and enforcement of relevant PRC cybersecurity laws and regulations.