Company: MASK
Filing Date: 2025-06-24
Form Type: F-1
Source: 0001185185-25-000685
Chunk: 115

Company: 3 E Network Technology Group Ltd
Filing Date: 2025-06-24
Form: F-1
Chunk 115
---
 the Administration of Housing Provident Fund to apply for social insurance
registration and housing provident fund deposit registration within thirty (30) days of their establishment and to pay for their
employees different social insurance including pension insurance, medical insurance, work-related injury insurance, unemployment insurance
and maternity insurance as well as housing provident fund to the extent required by law. Our PRC subsidiaries could be subject to orders
by competent labor authorities for rectification if it fails to comply with such social insurance and housing provident fund related laws
and regulations, and failure to comply with the orders may further subject to administrative fines. The relevant government agencies may
examine whether an employer has made adequate payments of the requisite statutory employee benefits, and employers who fail to make adequate
payments may be subject to late payment fees, fines and/or other penalties.

Our PRC subsidiaries do not make contributions
in full for the social insurance fund and housing provident fund for their employees as required under the relevant PRC laws and regulations.
Such failure to make full contributions to social insurance fund and to comply with applicable PRC labor-related laws regarding housing
funds may subject the PRC subsidiaries to late payment penalties and other fines or labor disputes, among which, an overdue payment fine
may be levied at the rate of 5 per 10,000 as of the date of indebtedness, and further, when the payment is not made at the expiry of the
prescribed period, a fine above the overdue amount but less than its triple shall be demanded by the authoritative administrative department.
Although they have not received any order or notice from the local authorities nor any claims or complaints from their current and former
employees regarding their non-compliance in this regard, we cannot assure you that they will not be subject to any order to rectify non-compliance
in the future, nor can we assure you that there are no, or will not be any, employee complaints regarding social insurance payment or
housing provident fund contributions against it, or that it will not receive any claims in respect of social insurance payment or housing
provident fund contributions under the PRC laws and regulation. In addition, our PRC subsidiaries may incur additional costs to comply
with such laws and regulations by the PRC Government or relevant local authorities. Any such development could materially and adversely
affect its business, financial conditions and results of operations.

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Risks Related to Doing Business in Hong Kong

Hong Kong’s legal system is evolving
and