Company: CLIK
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001493152-25-019286
Chunk: 10

Company: Click Holdings Ltd.
Filing Date: 2025-10-24
Form: 20-F
Item: Item 3
Chunk 10
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 about the risks of doing business in Hong Kong, issuing an advisory saying China’s
push to exert more control over Hong Kong threatens the rule of law and endangers employees and data. The HKAA further authorizes secondary
sanctions, including the imposition of blocking sanctions, against foreign financial institutions that knowingly conduct a significant
transaction with foreign persons sanctioned under this authority. The imposition of sanctions may directly affect the foreign financial
institutions as well as any third parties or customers dealing with any foreign financial institution that are targeted. It is difficult
to predict the full impact of the Hong Kong National Security Law and HKAA on Hong Kong and companies located in Hong Kong. If a competent
authority determines that we are in violation of the Hong Kong National Security Law or the HKAA, our business operations could be materially
and adversely affected.

We
may become subject to a variety of PRC laws and other regulations regarding data security or securities offerings that are conducted
overseas and/or other foreign investment in China-based issuers, and any failure to comply with applicable laws and regulations could
have a material and adverse effect on our business, financial condition and results of operations and may hinder our ability to offer
or continue to offer Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or be worthless.

On
June 10, 2021, the Standing Committee of the National People’s Congress enacted the PRC Data Security Law, which took effect on
September 1, 2021. The law requires data collection to be conducted in a legitimate and proper manner, and stipulates that, for the purpose
of data protection, data processing activities must be conducted based on data classification and hierarchical protection system for
data security.

   6  

On
July 6, 2021, the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly
issued a document to crack down on certain activities in the securities markets and promote the high-quality development of the capital
markets, which, among other things, requires the relevant governmental authorities to strengthen cross-border oversight of law-enforcement
and judicial cooperation, to enhance supervision over China-based companies listed overseas, and to establish and improve the system
of extraterritorial application of the PRC securities laws.

On
August 20, 2021, the 30th meeting of the Standing Committee of the 13th National People’s Congress voted and passed the “ Personal
Information Protection Law of the People’s