Company: GVH
Filing Date: 2025-04-15
Form Type: DRS
Source: 0001641172-25-004806
Chunk: 12

Company: Globavend Holdings Ltd
Filing Date: 2025-04-15
Form: DRS
Chunk 12
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 15, 2022. According to the Revised Review Measures, if an “online platform operator” that is in possession of
personal data of more than one million users intends to list in a foreign country, it must apply for a cybersecurity review. Based on
a set of Q&A published on the official website of the State Cipher Code Administration in connection with the issuance of the Revised
Review Measures, an official of the said administration indicated that an online platform operator should apply for a cybersecurity review
prior to the submission of its listing application with non-PRC securities regulators. Moreover, the CAC released the draft of the Regulations
on Network Data Security Management in November 2021 for public consultation, which among other things, stipulates that a data processor
listed overseas must conduct an annual data security review by itself or by engaging a data security service provider and submit the
annual data security review report for a given year to the municipal cybersecurity department before January 31 of the following year.
Given the recency of the issuance of the Revised Review Measures and their pending effectiveness, there is a general lack of guidance
and substantial uncertainties exist with respect to their interpretation and implementation. It remains unclear whether a Hong Kong company
which collects personal information from PRC individuals shall be subject to the Revised Review Measures. We do not currently expect
the Revised Review Measures to have an impact on our business, our operations or this Offering as we do not believe that any
of our HK Subsidiaries would be deemed to be an “operator of critical information infrastructure” or a “data processor”
controlling personal information of no less than one million users, that would be required to file for cybersecurity review before listing
in the U.S., because (i) each of our HK Subsidiaries is organized and operating in Hong Kong and the Revised Review Measures remains
unclear whether it shall be applied to Hong Kong companies; (ii) each of our HK Subsidiaries operates without any subsidiary or
VIE structure in China; (iii) as of date of this prospectus, neither of our HK Subsidiaries has collected nor stored personal
information of any PRC individual clients, which also make up far less than one million users; and (iv) as of the date of this prospectus,
neither of our HK Subsidiaries has been informed by any PRC governmental authority of any requirement that it files for a cybersecurity
review. However, there remains significant uncertainty in the interpretation and enforcement of relevant P