Company: MASK
Filing Date: 2025-06-24
Form Type: F-1
Source: 0001185185-25-000685
Chunk: 107

Company: 3 E Network Technology Group Ltd
Filing Date: 2025-06-24
Form: F-1
Chunk 107
---
 having a “non-inspection” year under a process to be subsequently established
by the SEC. The SEC is assessing how to implement other requirements of the HFCA Act, including the listing and trading prohibition requirements
described above. Furthermore, on June 22, 2021, the U.S. Senate passed the AHFCA Act, which, if enacted, would amend the HFCA Act and
require the SEC to prohibit an issuer’s securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB
inspections for two consecutive years instead of three. On September 22, 2021, the PCAOB adopted a final rule implementing the HFCA Act,
which provides a framework for the PCAOB to use when determining, as contemplated under the HFCA Act, whether the PCAOB is unable to inspect
or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more
authorities in that jurisdiction. On December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure
requirements in the HFCA Act. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report
issued by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate
completely because of a position taken by an authority in foreign jurisdictions. On December 16, 2021, the PCAOB issued a Determination
Report which found that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered in:
(i) China, and (ii) Hong Kong.

Furthermore, various equity-based research organizations have recently
published reports on China-based companies after examining their corporate governance practices, related party transactions, sales practices
and financial statements, and these reports have led to special investigations and listing suspensions on U.S. national exchanges. Any
similar scrutiny on us, regardless of its lack of merit, could cause the market price of our ordinary shares to fall, divert management
resources and energy, cause us to incur expenses in defending ourselves against rumors, and increase the premiums we pay for director
and officer insurance.

<div align='center'>53</div>

Our former auditor, HTL, the independent
registered public accounting firm that issues the audit report included elsewhere in this prospectus, as an auditor of companies
that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in