Company: CLIK
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001493152-25-019286
Chunk: 12

Company: Click Holdings Ltd.
Filing Date: 2025-10-24
Form: 20-F
Item: Item 3
Chunk 12
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. It is also highly uncertain what the potential impact such modified or new laws and
regulations will have on the daily business operations of JFY Corporate, Click Services and Care U, its abilities to accept foreign
investments and the listing of our Class A Ordinary Shares on a U. S. or other foreign exchanges. There remains significant
uncertainty in the interpretation and enforcement of relevant PRC cybersecurity laws and regulations. If the Draft Overseas Listing
Regulations are adopted into law in the future and becomes applicable to JFY Corporate, Click Services and Care U, if JFY Corporate,
Click Services and Care U is deemed to be an “ Operator” that are required to file for cybersecurity review before
listing in the U. S., or if the Measures for Cybersecurity Review (2021) or the PRC Personal Information Protection Law becomes
applicable to JFY Corporate, Click Services and Care U, the business operations of JFY Corporate, Click Services and Care U and the
listing of our Class A Ordinary Shares in the U. S. could be subject to the CAC’s cybersecurity review or CSRC Overseas
Issuance and Listing review in the future. If JFY Corporate, Click Services and Care U becomes subject to the CAC or CSRC review, we
cannot assure you that JFY Corporate, Click Services and Care U will be able to comply with the regulatory requirements in all
respects and the current practice of collecting and processing personal information may be ordered to be rectified or terminated by
regulatory authorities. In the event of a failure to comply, JFY Corporate, Click Services and Care U may become subject to fines
and other penalties which may have a material adverse effect on our business, operations and financial condition and may hinder our
ability to offer or continue to offer Shares to investors and cause the value of our Class A Ordinary Shares to significantly
decline or be worthless.

   7  

PRC
government recently initiated a series of regulatory actions and made a number of public statements on the regulation of business operations
in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over
China-based companies listed overseas using a variable interest entity structure, adopting new measures to extend the scope of cybersecurity
reviews, and expanding efforts in anti-monopoly enforcement.

On
February 17, 2023, with the approval of the State Council, the CSRC promulgated the Trial Administrative Measures of Overseas Securities
Offering and Listing