Company: GRAN
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069627
Chunk: 29

Company: Grande Group Ltd/HK
Filing Date: 2025-07-31
Form: 20-F
Item: Item 3
Chunk 29
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, impose pecuniary penalties against our Operating Subsidiary and its responsible staff, directors, or other officers, suspend
or revoke Grande’s registration under Article 21 of the Trial Administrative Measures, or prohibit us and our Operating Subsidiary
from conducting business activities or providing services to the clients based in Mainland China, causing our Operating Subsidiary to
lose access to the Mainland China market, all of which could have a material adverse effect on our business operation, reputation, financial
condition and the results of operations. Furthermore, the Trial Administrative Measure explicitly stipulated that the CSRC may refer
the relevant information concerning the alleged misconduct or violation to CSRC’s regulatory counterparts in overseas jurisdiction,
i. e., the HKSFC in Hong Kong, which governs and regulates the business operation of our Operation Subsidiary. As a result, we and our
Operating Subsidiary could be subject to inquiries, reviews or investigations, disciplinary actions, revocation or suspension of licenses,
public or private reprimand or imposition of pecuniary penalties by the HKSFC, concerning the alleged misconduct or violation arising
from the Operating Subsidiary’s activities in Mainland China.

We
are affected by the rules and regulations governing listed companies on the HKSE.

During
the years ended March 31, 2025, 2024 and 2023 and up to the date of this annual report, we, through our Operating Subsidiary provided
corporate finance advisory services to clients who are listing applicants or listed companies or their shareholders or investors on the
HKSE. These clients are required to comply with the HK Listing Rules, the HK Takeovers Codes and other rules and regulations where applicable.
Any changes to such rules and regulations, particularly those affecting the appointment and the role of the sponsors in listing applications
and the appointment and the role of financial adviser in specific transactions, may affect the demand for and the scope of the corporate
finance advisory services which may in turn materially and adversely affect our results of operations.

Risks
Relating to our Business and Operation

We,
through our Hong Kong Operating Subsidiary, have a relatively short operating history compared to some of our established competitors
and face significant risks and challenges in a rapidly evolving market, which makes it difficult to effectively assess our future prospects.

Our
Operating Subsidiary has a relatively short operating history compared to some of our established competitors. Our Operating Subsidiary
started to provide corporate