Company: JL
Filing Date: 2025-07-28
Form Type: 20-F
Source: 0001213900-25-068049
Chunk: 26

Company: J-Long Group Ltd
Filing Date: 2025-07-28
Form: 20-F
Item: Item 3
Chunk 26
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 companies from accessing U. S. capital
markets.

On
May 20, 2020, the U. S. Senate passed the HFCA Act, which includes requirements for the SEC to identify issuers whose audit
work is performed by auditors that the PCAOB is unable to inspect or investigate completely because of a restriction imposed by a non-U. S. authority
in the auditor’s local jurisdiction. The U. S. House of Representatives passed the HFCA Act on December 2, 2020, and the
HFCA Act was signed into law on December 18, 2020. Additionally, in July 2020, the U. S. President’s Working
Group on Financial Markets issued recommendations for actions that can be taken by the executive branch, the SEC, the PCAOB or other
federal agencies and department with respect to Chinese companies listed on U. S. stock exchanges and their audit firms, in an effort
to protect investors in the United States. In response, on November 23, 2020, the SEC issued guidance highlighting certain
risks (and their implications to U. S. investors) associated with investments in China-based issuers and summarizing enhanced disclosures
the SEC recommends China-based issuers make regarding such risks.

On
March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements
in the HFCA Act. On December 2, 2021, the SEC adopted amendments to finalize rules implementing the submission and disclosure requirements
in the HFCA Act. The rules apply to public companies whose stock is registered with the SEC and are identified by the SEC 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 whose
audit work that PCAOB is unable to inspect or investigate. We will be required to comply with these rules if the SEC identifies us as
having a “non-inspection” year under a process to be subsequently established by the SEC. The final amendments require
any identified registrant to submit documentation to the SEC establishing that the registrant is not owned or controlled by a government
entity in the public accounting firm’s foreign jurisdiction, and they also require, among other things, disclosure in the registrant’s
annual report regarding the audit arrangements of, and government influence on, such registrants. Pursuant to the HFCA act, our securities
may be prohibited from trading on the Nasdaq or other U