Company: FEBO
Filing Date: 2025-05-14
Form Type: 20-F
Source: 0001641172-25-010075
Chunk: 23

Company: Fenbo Holdings Ltd
Filing Date: 2025-05-14
Form: 20-F
Item: Item 3
Chunk 23
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 to Law,” or “the Opinions,” which were made available
to the public on July 6, 2021. The Opinions emphasized the need to strengthen the administration over illegal securities activities and
the need to strengthen the supervision over overseas listings by Chinese companies.

Based on the advice of PRC counsel,
Sundial Law Firm, and our understanding of currently applicable PRC laws and regulations, the Company and its PRC subsidiary: (i) are
not currently required to obtain permissions from any PRC authorities to operate or to issue securities to foreign investors; (ii) are
not subject to permission requirements from the China Securities Regulatory Commission (the “ CSRC”), the Cyberspace Administration
of China (the “ CAC”) or any other entity that is required to approve their operations; and (iii) have not been denied any
permissions by any PRC authorities. In addition, FIL, our Hong Kong subsidiary that owns 100% of the outstanding shares of FPPL, is afforded
the legal protections of national treatment under the Foreign Investment Law of the People’s Republic of China.

If we have erroneously concluded
that these permission requirements do not apply to us, or if applicable laws, regulations or interpretations change, and it is determined
in the future that the permission requirements become applicable to us, we may be subject to review, may face challenges in addressing
these requirements and may incur substantial costs in complying with these requirements, which could result in material adverse changes
in our business operations and financial position. In addition, if we are not able to fully comply with the Measures for Cybersecurity
Review (2021 version) or if the Opinions come into effect and are determined to be applicable to us, our ability to offer or to continue
to offer securities to investors may be significantly limited or completely hindered, and our securities may significantly decline in
value or become worthless.

Given the current PRC regulatory
environment, it is uncertain whether the Company will be required to obtain permission from the PRC government to list on U. S. exchanges
in the future, and if such permission is required, whether it will be denied or later rescinded. We have been closely monitoring regulatory
developments in China regarding any necessary approvals from the CSRC or other PRC governmental authorities required for overseas listings.
As of the date of this Annual Report, we have not received any inquiry, notice, warning, sanctions or regulatory objection to our recent
IPO from the CSRC or other PRC governmental