Company: GRAN
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069627
Chunk: 89

Company: Grande Group Ltd/HK
Filing Date: 2025-07-31
Form: 20-F
Item: Item 4
Chunk 89
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 investment management services to the individual clients, general public
or the retail investors, under the current regulatory regime in Hong Kong and Operating Subsidiary’s licensing conditions imposed
by the HKSFC.

As disclosed in “ Licenses” section below, the business and operation of our Operating Subsidiary
is strictly confined to advisory services in relation to corporate finance, that our Operating Subsidiary is not permitted to hold client
assets, i. e., establishing or maintaining any client accounts that would involve holding or controlling client funds or securities, and
accepting, managing, or safeguarding any money or securities on behalf of clients, and the Operating Subsidiary is not permitted to engage
in the brokerage, trading or dealing in securities on behalf of its clients, unless such activity relates to listing sponsor engagements
of our Operating Subsidiary under the “ Sponsor Coupling” requirement.

Therefore,
due to the business model and the nature of services of our Operating Subsidiaries, while we maintain a company website which introduces
our services and showcases our completed projects, we and our Operating Subsidiary do not advertise our services to the general public,
market our services through mass media, or publicly solicit for clients, in any jurisdiction, including Hong Kong and the Mainland China.

For the fiscal year ended March 31, 2025, we
had 15, 7 and 4 clients from Hong Kong, Mainland China, and Singapore, respectively. All of our current and former clients and projects
are originated from the professional networks of our management, referrals, and direct approach by the clients. As confirmed by our legal
advisors, we believe that we and our Operating Subsidiary are not subject to the relevant PRC law and regulations covering the marketing
or acquisition of clients for the type of services provided by us or our Operating Subsidiary, and no permissions, license, and consents
are required from the PRC authorities to solicit or acquire clients in the PRC, since: (1) we and our Operating Subsidiary have no physical
presence or operation in the Mainland China, and we and our Operating Subsidiary do not directly or indirectly, own or control any entity
or subsidiary in Mainland China; (2) we and our Operating Subsidiary do not advertise and market to the general public or the retail
investors of Mainland China, and the business and operation of the Operating Subsidiary