Company: GINT
Filing Date: 2025-01-28
Form Type: DRS/A
Source: 0001213900-25-007208
Chunk: 67

Company: Gifts International Holdings Ltd
Filing Date: 2025-01-28
Form: DRS/A
Chunk 67
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 Ordinance, we may incur substantial legal costs and may result in business disruption and/or negative media coverage, which could adversely affect our business, results of operations and reputation. We are subject to Macau laws and regulations that are generally applicable to Macau entities, including Macau laws and regulations that result in oversight over data security. MGGB, a Macau company wholly owned by Mr.Mr.Ngai Chiu Wong, is acting as an operating unit to collect the sales receipts on behalf of the Company and is deemed as a VIE. MGGB, as a Macau registered entity, is subject to Macau laws generally applicable to Macau entities. We believe MGGB is compliant with the laws and regulations governing its existence and operations in Macau, including without limitation, laws and regulations relating to data security and anti -monopoly, According to the legal opinion issued by STA Advogados, our Macau counsel, the regulatory requirements related to data security in Macau are stipulated by Law no. 11/2009 “Law on Combatting Computer Crime” (amended by Law no. 4/2020), the relevant provisions for anti -monopolypractices in Macau are stipulated in the Macau Commercial Code, which addresses “Unfair Competition,” as well as in Law no. 9/2021 “Consumer Rights and Interests Protection Law.” Generally, violations of the provisions of Law No. 4/2020 may lead to a court order for the dissolution of a company or a public sector requirement for judicial liquidation, but only under specific circumstances. Otherwise, none of the abovementioned regulatory requirements related to data security or anti -monopolyconcerns in Macau will fundamentally affect the operation of MGGB or us to conduct business in Macau, accept foreign investments or list on U.S. and other foreign exchanges, unless under certain circumstances. These circumstances are referenced in Article13, paragraph 1 and paragraph3, item 2 of the Law No. 11/2009 on Combating Computer Crimes Law, amended by Law No. 4/2020, pursuant to which, if a crime stipulated in the Law is committed in the name of a company or in its interests, such as entering or interfering with a computer system without permission, obtaining or damaging data, manufacturing or providing criminal tools, computer forgery or computer fraud, etc., in addition to the company being subject to relevant criminal liability, the court has the authority to order the dissolution of the company