Company: EGG
Filing Date: 2025-04-16
Form Type: F-1/A
Source: 0001641172-25-004947
Chunk: 32

Company: ENIGMATIG LTD
Filing Date: 2025-04-16
Form: F-1/A
Chunk 32
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 the market price of our Class A ordinary shares. In addition, the rapidly evolving nature of these industries results in significant uncertainties for any projections or estimates relating to the growth prospects or future condition of the industries in which we operate. Furthermore, if any one or more of the assumptions underlying the market data is later found to be incorrect, actual results may differ from the projections based on these assumptions.

Although our principal business operations are based in Singapore, we also conduct business operations in mainland China and Hong Kong, which could expose us to the rules, regulations and influence of regulators in those jurisdictions.

Although our principal business operations are based in Singapore, we also conduct business operations in mainland China and Hong Kong.

Our corporate services income
generated from mainland China accounted for 0.8%, 0.6% and 0.7% of our total corporate services income for the years ended September
30, 2022, 2023 and 2024, respectively. Our corporate services income generated from Hong Kong accounted for 55.5%, 5.0%
and 16.7% for the same periods, respectively. While corporate services income generated from Hong Kong has decreased significantly
since we moved our corporate headquarters to Singapore in July 2022, and the majority of our new contracts are entered into with Enigmatig
Singapore, we continue to service certain clients in Hong Kong, in particular Hong Kong-based clients who prefer to engage with our Hong
Kong entity. Our operations in mainland China and Hong Kong could expose us to the rules, regulations and influence of regulators.

Our PRC subsidiary, Enigmatig
Shanghai, was established under and is governed by the laws of the PRC. The PRC legal system is based on written statutes. Prior court
decisions may be cited for reference, but have limited precedential value. In 1979, the PRC government began to promulgate a comprehensive
system of laws and regulations governing economic matters in general, such as foreign investment, corporate organization and governance,
commerce, taxation and trade. However, since the PRC legal system continues to evolve rapidly, the interpretations of many laws, regulations
and rules are not always uniform and enforcement of these laws, regulations and rules involves uncertainties, which may limit legal protections
available to us. Uncertainties due to evolving laws and regulations could also impede the ability of a China-based company to obtain
or maintain permits or licenses required to conduct business in China. In the absence of required permits or licenses, governmental