Company: GRAN
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069627
Chunk: 21

Company: Grande Group Ltd/HK
Filing Date: 2025-07-31
Form: 20-F
Item: Item 3
Chunk 21
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 of the foreign exchange, changes in exchange rates, rising interest
rates or inflation, slowing or negative growth rate, government involvement in the allocation of resources, inability to meet financial
commitments in a timely manner, terrorism, pandemics such as the Covid-19 pandemic, political uncertainty, Russo - Ukraine
war, the outcome of the Sino - US trade dispute, civil unrest, fiscal or other economic policy of Hong Kong or other
governments, and the timing and nature of any regulatory reform.

The
current heightened tensions in international economic relations, such as the one between the United States and China, may also give
rise to uncertainties in global economic conditions and adversely affect the capital market of Hong Kong. Amid these tensions, the
U. S. government has imposed and may impose additional measures on entities in China, including sanctions. The U. S. government
has imposed and has continued to propose to impose additional, new, or higher tariffs on certain products imported from China to penalize
China for what it characterizes as unfair trade practices. China has responded by imposing, and proposing to impose additional, new,
or higher tariffs on certain products imported from the United States. Unfavorable financial market and economic conditions in Hong Kong,
Mainland China, and elsewhere in the world, and the escalations of the tensions that affect trade relations may lead to slower growth
in the global economy in general, could negatively affect our clients’ business and materially reduce demand for our services and
increase price competition among financial services firms seeking such engagements, and thus could materially and adversely affect our
business, financial condition, and results of operations. In addition, our profitability could be adversely affected due to our fixed
costs and the possibility that we would be unable to reduce our variable costs without reducing revenues or within a timeframe sufficient
to offset any decreases in revenues relating to changes in the market and economic conditions.

Given
the close tie between Hong Kong and Mainland China, the stability of the Hong Kong economy and domestic market is susceptible
to the general economic, political and regulatory environment in Mainland China. For the year ended March 31, 2024, a significant portion
of our revenue is derived from our clients which are based and operate in Mainland China. As such, our continued profitability will depend
to a material extent on the ability of our Mainland China clients to conduct fundraising activities, IPO, or securities offering in Hong Kong.
Any material adverse changes in the economic performance, political situations and regulations in relation