Company: MASK
Filing Date: 2025-06-24
Form Type: F-1
Source: 0001185185-25-000685
Chunk: 43

Company: 3 E Network Technology Group Ltd
Filing Date: 2025-06-24
Form: F-1
Chunk 43
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 Ordinary Shares to decline or become worthless.” and “— Risks Related to Doing
Business in China — Mainland China’s economic, political and social conditions, as well as changes in any government policies, laws and regulations may be quick and, could have a material adverse effect on our business and the value of our Class A Ordinary Shares.”

Implications of the Holding Foreign Companies
Accountable Act

On March 24, 2021, the SEC adopted interim
final rules relating to the implementation of certain disclosure and documentation requirements of the HFCA Act. An identified issuer
will be required to comply with these rules if the SEC identifies it as having a “non-inspection” year under a process to
be subsequently established by the SEC. In June 2021, the Senate passed the AHFCAA, which reduced the time period for the delisting
of foreign companies under the HFCA Act to two consecutive years instead of three years. If our auditors cannot be inspected
by the PCAOB for two consecutive years, the trading of our securities on any U.S. national securities exchanges, as well as
any over-the-counter trading in the U.S., will be prohibited. On September 22, 2021, the PCAOB adopted a final rule implementing
the HFCA Act, which provides a framework for the PCAOB to use when determining, as contemplated under the HFCA Act, whether the PCAOB
is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position
taken by one or more authorities in that jurisdiction. On December 2, 2021, the SEC issued amendments to finalize rules implementing
the submission and disclosure requirements in the HFCA Act. The rules apply to registrants that the SEC identifies as having filed an
annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB
is unable to inspect or investigate completely because of a position taken by an authority in foreign jurisdictions. On December 16,
2021, the PCAOB issued the Determination Report on its determinations that it is unable to inspect or investigate completely PCAOB-registered
public accounting firms headquartered in mainland China and in Hong Kong, because of positions taken by PRC authorities in those
jurisdictions.

On August 26, 2022, the Statement of Protocol
was signed by the PCAOB, the CSRC and the MOF governing inspections and investigations of audit firms based in mainland China and Hong Kong.