Company: GRAN
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069627
Chunk: 27

Company: Grande Group Ltd/HK
Filing Date: 2025-07-31
Form: 20-F
Item: Item 3
Chunk 27
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 criminal penalties or injunctions, termination of contracts, and/or claims
for damages by our clients or professional party partners. If any governmental sanctions are imposed, or if we do not prevail in any
possible civil or criminal litigation, our business, results of operations, and financial condition could be adversely affected.

In
addition, responding to any action will likely result in a significant diversion of our management’s attention and resources and
an increase in professional fees. Enforcement actions and sanctions could materially harm our business, results of operations, and financial
condition.

A
portion of our clients are “ PRC domestic companies” based in Mainland China whose overseas listings are subject to CSRC review.
As long as our Operating Subsidiary engages PRC domestic companies as clients or conducts regulated activities in Hong Kong that involve
such companies, our Operating Subsidiary is subject to the regulatory oversights from the CSRC and various obligations imposed by the
Trial Administrative Measures, the violation or the alleged violation of which may result in warning, penalties, or prohibitions on the
future business activities of our Operating Subsidiary in Mainland China, and consequently may materially and adversely affect our business,
financial condition, and results of operations.

A
portion of our existing clients and potential clients are companies located in Mainland China, who are listing applicant for initial
public offerings on the HKSE or public companies listed on the HKSE. For the fiscal years ended March 31, 2025, 2024 and 2023, and until
the date of annual report, Mainland China companies who engaged our Operating Subsidiary for our Operating Subsidiary’s listing
sponsorship services for overseas listing in Hong Kong are “ PRC domestic companies” under the Trial Administrative Measures
and their overseas listings in Hong Kong are subject to CSRC’s review procedures and approval.

As
stipulated and required by the Trial Administrative Measures, as a condition for the “overseas securities companies” outside
of Mainland China, such as our Operating Subsidiary, to engage PRC domestic companies in Mainland China as clients to act as their listing
sponsors (i. e. in our case, to conduct Type 6 (advising on corporate finance activities) and Type 1 (dealing in securities) activities)
for their overseas listings outside of Mainland China, overseas securities companies, such as our Operating Subsidiary, are subject to
the filing/reporting, verification and