Company: GVH
Filing Date: 2025-04-15
Form Type: DRS
Source: 0001641172-25-004806
Chunk: 28

Company: Globavend Holdings Ltd
Filing Date: 2025-04-15
Form: DRS
Chunk 28
---
 and then seeking summary judgment on the strength of the foreign
judgment, provided that the foreign judgment, among other things, is (1) for a debt or a definite sum of money (not being taxes or similar
charges to a foreign government taxing authority or a fine or other penalty), and (2) final and conclusive on the merits of the claim,
but not otherwise. Such a judgment may not, in any event, be so enforced in Hong Kong if (a) it was obtained by fraud, (b) the proceedings
in which the judgment was obtained were opposed to natural justice, (c) its enforcement or recognition would be contrary to the public
policy of Hong Kong, (d) the court of the United States was not jurisdictionally competent, or the judgment was in conflict with a prior
Hong Kong judgment.

Hong Kong has no arrangement
for the reciprocal enforcement of judgments with the United States. As a result, there is uncertainty as to the enforceability in Hong
Kong, in original actions or in actions for enforcement, of judgments of U.S. courts of civil liabilities predicated solely upon the federal
securities laws of the United States or the securities laws of any state or territory within the United States.

| 6 |

Recent Regulatory Developments in the PRC

We are aware that, recently,
the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas 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 VIE structures, adopting new measures to extend the scope of cybersecurity reviews, and expanding the
efforts in anti-monopoly enforcement. For example, on July 6, 2021, the General Office of the Communist Party of China Central Committee
and the General Office of the State Council jointly issued a document to crack down on illegal activities in the securities market and
promote the high-quality development of the capital market, which, among other things, requires the relevant governmental authorities
to strengthen cross-border oversight of law enforcement and judicial cooperation, to enhance supervision over China-based companies listed
overseas, and to establish and improve the system of extraterritorial application of the PRC securities laws. On July 10, 2021, the CAC
issued a revised draft of the Measures for Cybersecurity Review for public comments (the “Revised Draft”), which required
that, in addition to “operators of critical information infrastructure,”