Company: FORL
Filing Date: 2025-04-30
Form Type: 10-K
Source: 0001213900-25-037576
Chunk: 311

Company: Four Leaf Acquisition Corp
Filing Date: 2025-04-30
Form: 10-K
Item: Item 1A
Chunk 311
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 may impose fines and penalties, limit our operations in the PRC, or take
other actions that could materially adversely affect our business, financial condition, results of operations, reputation and prospects,
as well as the value of our securities we are registering for sale, if we do not receive or maintain such permissions or approvals or
if we fail to comply with the above-mentioned regulations or other relevant rules or any other intervention or influence applies to our
business or our searching activities.

52

The above discussion is based on our management’s understanding
of the current PRC laws, rules, regulations and local market practices and we cannot assure you that our management’s understanding
is correct. We have been closely monitoring regulatory developments in the PRC regarding any necessary approvals from the CSRC or other
PRC governmental authorities required for overseas listings and a potential business combination with a target business based in and primarily
operating in the PRC. As of the date of this Annual Report, we have not received any inquiry, notice, warning, sanctions or regulatory
objection from the CSRC or other PRC governmental authorities.

If, after our initial business combination, substantially all of
our assets will be located in the PRC and substantially all of our revenue will be derived from our operations there, our results of operations
and prospects will be subject, to a significant extent, to the economic, political, social conditions and legal policies, developments
and conditions in the PRC as well as litigation and publicity surrounding PRC-based companies listed in the United States.

If we effect our initial business combination with a business located
in the PRC, a substantial portion of our operations may be conducted in the RPC, substantially all of our assets may be located in PRC
and a significant portion of our net revenues may be derived from customers where the contracting entity is located in PRC. Accordingly,
our business, financial condition, results of operations, prospects and any potential business combination and certain transactions we
may undertake may be subject, to a significant extent, to economic, political, social conditions, and legal developments in the PRC. For
example, as a result of recent proposed changes in the cybersecurity regulations in the PRC, certain Chinese technology firms would be
required to undergo a cybersecurity review before being allowed to list on foreign exchanges. This may have the effect of further narrowing
the list of potential businesses in the PRC that we intend to focus on for our initial business combination or the ability of the combined
company to list in the United